Over paying a credit card to purchase an item greater than the credit limit

eskbanker

toph wrote: »

@Bris, iirc you need to pay between £100 and £30k to be protected on a credit card.

No, that's a common misconception - the item being purchased must cost between those values but any part of it can be paid by credit card to qualify for s75 protection, even a penny for anyone tempted to take it to extremes (and who can find a merchant willing to play ball!)....

https://www.moneysavingexpert.com/shopping/section75-protect-your-purchases

[Deleted User]

toph wrote: »

I seem to remember something about credit card companies having to pay interest to consumers for any excess funds and that is a possible reason why they have protections to prevent over payment.

They don't.

Deposit holding licences are separate from credit licences. They can't and won't pay interest.

toph

http://uk.creditcards.com/credit-card-news/overpaying-bill-1372.php

However, don't assume that is the case. Some cardholder agreements clearly prohibit this, such as HSBC, which says, "You should not make payments that place the Account in credit. If you do, we may still restrict the use of the Card and the Account to the amount of your credit limit."

It goes on to mention money laundering but that argument doesn’t seem to stack up. I could go out and buy a 65” 8k tv for £5k for my other half and she could then pay the money on my card. How’s that any different to doing it for a money launderer (unless I’m so naive i'm missing something obvious)

eco_warrior

I would call the merchant and see if they will accept a split debit/credit card payment. Can’t see them being fussy when they are making a big sale.

The whole putting the credit card into credit it a bad idea and bound to go wrong if attempted. Imo of course.

Ben8282

You haven't said what it is that you intend to purchase online for £10K but for that sort of amount is can hardly be an uncommon problem that people cannot put the entire amount on one credit card in one transaction.
I would contact them to discuss your difficulty. If they are reputable and considering the value of your purchase, they should be able to offer a solution.

toph

The solution could be debit card or bank transfer which isn’t ideal.

A phone call maybe the only to know for sure though.