Credit card in credit?

Legacy_user

Hi wise folk!

OH and I are saving towards a wedding and I'd like to pay the deposits by credit card so that we're insured. To save faff I was thinking of just paying a few hundred straight into my credit card account as it keeps it separate from my other funds and it won't be hanging around long enough to accrue interest in a savings account anyway. But can I keep a credit card account in credit in this way?

Thanks for your advice!

[Deleted User]

It's against the terms of your card.

You may get away with it, but you may equally have the cash returned and the account closed.

Section 75 also only applied when using credit.

chattychappy

Agree with zx81.

Also, bear in mind that S75 isn't really "insurance". Subject to provisos, the most it does is make the CC jointly and severally liable in the case of misrepresentation or breach of contract. This is still not to be sniffed at, especially if you're booking something in advance and the trader goes bust. But it wouldn't help if, for example, you had to postpone your wedding because of some unforeseen event.

System

Understood thanks Chatty

Shakin_Steve

Also remember to make sure that you pay the supplier directly, there have been problems lately where CC providers refuse to pay out if payment was taken by a third party or intermediary.

Edi81

Would wedding insurance be more useful?

dresdendave

Sensible idea to pay deposits for future events by CC, but use the card as intended, make payments, wait for statement, pay in full.
No reason to complicate things by preloading card.

[Deleted User]

if you want to keep it separate from your other funds, you could use a pre-paid card.

System

Great suggestion thank you

PeacefulWaters

Deleted User wrote: »

if you want to keep it separate from your other funds, you could use a pre-paid card.

That wouldn't provide S75 protection.

Geoff1963

Could you make some of the payments earlier than necessary ? They might offer a discount for that.