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Credit cards in credit
Thehappypensioner
Posts: 2 Newbie
in Credit cards
I was wondering, if I were to over pay my credit card balance (e.g. current balance roughly £300, and If I paid £400), would they pay me interest?
If so, would this be higher than a savings account, being as how their interest on loans is so much higher than a bank? I think you can all see what I’m getting at here!
If so, would this be higher than a savings account, being as how their interest on loans is so much higher than a bank? I think you can all see what I’m getting at here!
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Comments
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No, and they might even close your account for using it incorrectly.0
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No, they would not pay you any interest, but if it happened frequently enough for their systems to pick it up you may find the card blocked.
Credit cards are not meant to be in credit (unless as a result of a refunded transaction).0 -
Thehappypensioner wrote: »I think you can all see what I’m getting at here!
Not really.0 -
Thehappypensioner wrote: »I was wondering, if I were to over pay my credit card balance (e.g. current balance roughly £300, and If I paid £400), would they pay me interest?
If so, would this be higher than a savings account, being as how their interest on loans is so much higher than a bank? I think you can all see what I’m getting at here!
With mse i changed to igloo energy they paid me 24 pence interest on my advance £100 monthly payment for dual fuel.
so would that be £2.40 on a £1000, £24.00 on £10000 and £48 on £20000? Thats better than a santander 123 account with 1.5% (yes i know itsd dropping in April).
I think you can all see what I’m not getting at here! some hope0 -
If banks gave away interest at the same rate they receive it there wouldn't be a profit, or a role for banks.Thehappypensioner wrote: »I was wondering, if I were to over pay my credit card balance (e.g. current balance roughly £300, and If I paid £400), would they pay me interest?
If so, would this be higher than a savings account, being as how their interest on loans is so much higher than a bank? I think you can all see what I’m getting at here!{Signature removed by Forum Team - if you are not sure why we have removed your signature please contact the Forum Team}0 -
Lets see....
It's a credit facility... NOT a Savings account.
Over paying could see the whole amount returned to the account it came from.Life in the slow lane0
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