Halifax Purchase Card Preloading

valbg

Hi,

I'm planning a bigger purchase(as I recently moved to a new flat) that I want to split into a few months and the 20 months Halifax Purchase card sounds tempting. My only concern is that I'm not sure if it allows preloading, and if it doesn't and if my limit is too low then, I'd have no use of it ....

So does anyone has this card, currently featured by MSE and is preloading (adding extra money on top) a possibility?

Thanks in advance!
:beer:

Herbalus

http://www.halifax.co.uk/creditcards/clarity-card/#Can_I_put_money_on_my_card

"Can I put money on my card to increase my available credit whilst on holiday?

Credit cards are not designed to be used this way. Using the card in this way breaches the product's Terms & Conditions, which state:

7.7 You must not make payments or transfer funds from another credit or store card to your account that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money was sent."

Whilst it's not the same card, I'd suggest it applies to all Halifax cards.

valbg

Mmm, yeah, I've read that, but I think they make (more) money on you being in credit on Clarity Card as the APR starts being counted from the moment of purchase, whereas on the purchase card (as long you pay the minimum repayment) you have 20 months with 0% APR, so I'd think it is different.

So is AMEX the only card that supports preloading then?

Herbalus

I wasn't aware that Amex supported pre-loading. It's something to do with licences I think - credit card companies operate under credit licences so aren't supposed to take deposits.

And credit card companies don't make the majority of their money from interest anyway - that comes from merchant fees. They take a small % from the retailer for every transaction you make.

saver861

From what I recall, I think they can charge you for being in debit!

chattychappy

Herbalus wrote: »

I wasn't aware that Amex supported pre-loading. It's something to do with licences I think - credit card companies operate under credit licences so aren't supposed to take deposits.

Spot on. Deposit taking is subjected to different regulation. Lenders are not meant to permit customers to run a credit balance, either tacitly or otherwise. That's not to say a credit balance can't ever arise and be lawful - eg through error or refunds. But not as a matter of routine.