refund puts me in credit can I withdraw cash abroad?

in Credit Cards
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r2015r2015 Forumite
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I bought a new cooker and paid by credit card and it was to be delivered on Thursaday.

Well it wasn't and when I visited the store to find out why I am told it is out of stock and won't be available for another 6 weeks.

Therefor I am getting a refund of the £500.

My credit card DD was taken yesterday so my credit card balance is now zero.

I am going abroad on holiday in a few days.

I am still going to buy a new cooker, just from elsewhere and will use another credit card to retain my £500 credit if this mean I can now withdraw cash (up to £500) from foreign ATMs without paying any interest.

This is not my normal card for using abroad, it is a Capital One card, I usually use my Santander Zero credit card while abroad and don't normally withdraw cash.
over 73 but not over the hill.

Replies

  • zx81zx81 Forumite
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    You won't be charged interest if it doesn't create a negative balance, but any normal cash or forex fees will be payable.
  • eDickyeDicky Forumite
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    Your Capital One card imposes a 2.75% margin on the exchange rate plus a 3% (min £3) fee for foreign cash withdrawal.

    Your Santander Zero has no such charges and the interest will be minimal, a few pence if you pay it off within a few days.
    Evolution, not revolution
  • r2015r2015 Forumite
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    So I'm still better off using my Santander card rather than the £500 credit on my Capital One card?
    over 73 but not over the hill.
  • chattychappychattychappy Forumite
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    r2015 wrote: »
    So I'm still better off using my Santander card rather than the £500 credit on my Capital One card?

    Certainly...
  • YorkshireBoyYorkshireBoy Forumite
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    If you're not going to use the positive balance for some time, then Capital One may refund it to your bank account if you ask them. Be sure to check they won't charge a fee.

    On a side note, if you do decide to purchase the replacement cooker using the positive balance on the Capital One card you may not secure Section 75 cover.
  • r2015r2015 Forumite
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    On a side note, if you do decide to purchase the replacement cooker using the positive balance on the Capital One card you may not secure Section 75 cover.

    But I won't be using the positive balance, I'll be using the credit card that has had a refund which will go towards paying off any balance I have.

    Any other time I have had a refund it has reduced the amount of what I have to pay.

    Statement balance £309.99, refund from Amazon £9.99 £300 taken by DD.

    Isn't that how credit cards work?
    over 73 but not over the hill.
  • eDickyeDicky Forumite
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    The positive balance from the refund is your own money. S75 protection applies, in general, only to funds borrowed from the lender during normal use of the card.
    Evolution, not revolution
  • r2015r2015 Forumite
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    So I should ask Capital One to give me my money before I spend on that card again?


    Crazy!
    over 73 but not over the hill.
  • daveyjpdaveyjp Forumite
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    You don't have to get the money back. Just spend as normal and the balance will reduce.

    Some may refund te money, but I had four figures refunded to a card with zero balance and spent it over a couple of statement periods.
  • chattychappychattychappy Forumite
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    r2015 wrote: »
    So I should ask Capital One to give me my money before I spend on that card again?


    Crazy!

    Not crazy at all. Just spend down the balance.

    S75 is "crazy" - a throw back to 1974 that never anticipated modern credit card usage. So if you do indeed want the benefit of S75 protection, then you need to ensure that the transaction is "financed by the agreement" (in the words of S75). That means at least £1 must be borrowed money.
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