Large balance in credit,why charge?

lisyloo

I draw cash free of charge from my in credit Egg Money card and do so frequently.

Egg Money is different as it's not a pure credit card.
It's a hybrid debit/credit card.

You are probably safer putting this into credit because it's designer to be used that way.

Putting a credit card in credit is a bad idea as you could lose all your money.

Milarky

knowledgeman wrote: »

You should not pay your account into credit

Its a no no and by doing so you could end up having trouble getting the funds back

credit cards are just that and shouldn't be used as bank accounts

That's precisely the point. Halifax (this particular card issuer) even states that it will reverse any 'in-credit' balance to the payer. But as this is NOT the payer's money then they should pass it on (as a cheque) themselves to the payee - our OP

Another point, this refund surely comes under section 75 of the Consumer Protection Act? If so that makes Halifax jointly liable for reimbursing the customer. They themselves would therefore have to fork out a cheque rather than put the customer's account in-credit (breaking their own rules)

Halifax just sound rather silly about this and the OP should recontact them and ask for a cheque refund (or fee fee BACS transfer if they want) and if the Halifax people say 'That'll be 3%' then say 'Fine! Transfer whatever amount leaves me with a nil balance including your fees - then I'd like to make a formal complaint' (as they would have grounds) and just see how quickly they come to their senses.

regularsaver1

Just ask for a cheque refund. i don't think there will be the fee this way

Tweetinat

If you have a large amount of money as a credit balance, then I would move it to a savings account as, in addition to the other posts above re: risks, you most likely won't be earning any interest on the balance.