In Credit on Credit Card

Megalomaniac

Hi there,

I have been refunded some money to my credit card, meaning I am now in credit (above my credit limit). I was just wondering, is there anyway in which this money, which is basically mine, not the credit card company's, can be transferred to a bank account? Has anyone managed this? If not, I guess I will just spend on that card till I break even.

On a slightly sweeter thought, wouldn't it be great if you were in credit with a credit card company, that then paid you interest at their high rates:j

Bokkens

They will refund the money to a bank account IF asked but there is normally a fairly heavy charge for this,£10-£15 so it will probably be simpler to spend the extra back down to your credit limit.
As for your other thought that may not happen ,but if you are not in debt give stoozing a go and take your credit limit and put it in a ISA or high interest accounts and earn money on their money.
Good luck.

King_Of_Fools

You can request a cheque for the credit amount on your card (it will take a couple of weeks to arrive). And you will not be paid any interest on the credit amount!

wayoflife

Megalomaniac wrote: »

Hi there,

I have been refunded some money to my credit card, meaning I am now in credit (above my credit limit). I was just wondering, is there anyway in which this money, which is basically mine, not the credit card company's, can be transferred to a bank account? Has anyone managed this? If not, I guess I will just spend on that card till I break even.

I would just spend until you break even if you want to keep the card open. If you want to close the account they can send you a cheque free of charge


On a slightly sweeter thought, wouldn't it be great if you were in credit with a credit card company, that then paid you interest at their high rates:j

This would not happen! a card which does do this is the Egg Money Mastercard, which pays 4% on positive balances. You can also transfer positive balances into your bank account free of charge.

Cheers

lisyloo

I have been refunded some money to my credit card, meaning I am now in credit (above my credit limit).

Be careful, your money may not be insured.
Credit card comapnies insure against their losses (fraud on a negative balance).
They may not cover you against fraud on a credit balance.

Either check with the company or get it used ASAP.
If you can't use it quickly then I'd consider askinghem for a cheque.

ad44downey

Megalomaniac wrote: »

Hi there,

I have been refunded some money to my credit card, meaning I am now in credit (above my credit limit). I was just wondering, is there anyway in which this money, which is basically mine, not the credit card company's, can be transferred to a bank account? Has anyone managed this? If not, I guess I will just spend on that card till I break even.

It depends alot who the credit card company is. Most will send you a cheque or do a BACS transfer for the credit balance to your current account. But some like First Direct won't play ball at all.