Positive balance on CC

cc_geezer

About to get a new balance transfer card (no-fee, from Santander probably), but would like to know if I overpay on my LLoyds Platinum credit card, would Lloyds allow me to withdraw the positive balance to my bank account (note, my bank account is not Lloyds).


Thanks.

YorkshireBoy

The only possible answer to that question is...they might allow it.

To get a better answer, maybe you should disclose:

1. The credit limit
2. The current debt
3. The size of the resultant positive balance to be created (in comparison to the above)

...so that people could compare with what they have managed (all things being considered), without disclosing how much positive balance they successfully created and withdrew.

cc_geezer

Thanks, but without getting into specifics, I was rather referring to whether Lloyds CC can permit a withdrawal of a positive balance.

I.e. if it's Lloyds' policy to always flat out reject a positive balance, then I'd like to know this, if someone knows the answer.

PRAISETHESUN

Generally putting a CC into a positive (credit) balance is frowned upon by lenders. Lloyds seems the same - from their T&Cs:

"You must not pay us more than you owe when you make payments to your account, or transfer funds from another credit or store card if this creates a credit balance on your account. If there is a credit balance on your account at any time, we may apply it to any recent transactions not yet shown on your account, or to transactions made after the date your account goes into credit. We may also return any credit balance to the account from which the money has been sent or pay the funds into a deposit account you hold with us. We do not pay interest on any credit balances or take them into account for the purpose of any reward schemes."

In practise, I'm not sure if, or how strictly they enforce this. You could always try your luck but I wouldn't be surprised if they return the money to where it came from (and you will lose any BT fee you have already paid), and perhaps they close the account.

YorkshireBoy

PRAISETHESUN wrote: »

"...We may also...pay the funds into a deposit account you hold with us...".

...is the relevant bit.

If the OP isn't willing to go into "specifics" then neither am I. And that's a shame because they could miss out.