Credit Card transfer payout as above my limit from refund

TrevorJ

Hi, I am in a similar situation. I have just been refunded nearly £1000 for a holiday cancellation and cannot see how to transfer the money other than paying to do so. Barclaycard will charge me to transfer the money to my bank account, yet at the same time they do not like their cardholders to be in credit! All I can see to do is use the card as much as possible and slowly use it up. If there is any credit after a while, Barclaycard will send me a cheque to remove the credit. I can't see what else I can do.

[Deleted User]

Just ask them to send you the balance. Who is telling you there is a fee, and what is it?

redux

Check that they can do this without counting this as an ordinary money transfer, which may incur a 3 or 4% fee. Or get them to agree to waive it, in case it gets automatically applied.

cymruchris

TrevorJ said:

Hi, I am in a similar situation. I have just been refunded nearly £1000 for a holiday cancellation and cannot see how to transfer the money other than paying to do so. Barclaycard will charge me to transfer the money to my bank account, yet at the same time they do not like their cardholders to be in credit! All I can see to do is use the card as much as possible and slowly use it up. If there is any credit after a while, Barclaycard will send me a cheque to remove the credit. I can't see what else I can do.

You get charged for a money transfer - as in using some of your available credit to fund your current account - they won't charge you to move a positive balance received from a  refund back to your current account. It won't be something you can do in the app - you need to give them a call, and it'll be actioned quickly and without fee. 

MallyGirl

20SmthngSver said:

cymruchris said:

MallyGirl said:

it would usually show as £3020 available to spend but the credit limit would not be changed by a refund.

That's it exactly . Then once refunded - the available to spend will return to £3k, and throughout your limit won't have changed.

You can only transfer back the amount of refund that will take you back to £0. So if you've paid £3k for your holiday - then paid off the balance making your regular payment - reached a running total of £0 balance - then got your £3k refund - your balance would be £3k positive - and you could get that £3k refunded. If in the meantime you've spend £50 on petrol and a £100 in the supermarket - they'll only refund you back down to a zero balance - so it will depend on things like statement dates - but the best thing is to give them a call - and they'll happily refund you to your current account within a day or two. 

Thanks. Just wanted to know if they will transfer me the refund value.

And the answer is that they will transfer you the positive balance, not the refund value. In the case of an empty card, like you have, then this is the same value but if you were carrying any debt already on the card then you would not get the whole of the refund value.

20SmthngSver

MallyGirl said:

20SmthngSver said:

cymruchris said:

MallyGirl said:

it would usually show as £3020 available to spend but the credit limit would not be changed by a refund.

That's it exactly . Then once refunded - the available to spend will return to £3k, and throughout your limit won't have changed.

You can only transfer back the amount of refund that will take you back to £0. So if you've paid £3k for your holiday - then paid off the balance making your regular payment - reached a running total of £0 balance - then got your £3k refund - your balance would be £3k positive - and you could get that £3k refunded. If in the meantime you've spend £50 on petrol and a £100 in the supermarket - they'll only refund you back down to a zero balance - so it will depend on things like statement dates - but the best thing is to give them a call - and they'll happily refund you to your current account within a day or two. 

Thanks. Just wanted to know if they will transfer me the refund value.

And the answer is that they will transfer you the positive balance, not the refund value. In the case of an empty card, like you have, then this is the same value but if you were carrying any debt already on the card then you would not get the whole of the refund value.

Yep that's it exactly, thanks

20SmthngSver

Hi everyone. So I just did this. I had an overdrawn balance of £168.71 on my Santander Credit Card, due to refund from hotel and she transferred to my TSB current account. There are three transactions from this:

Money out: Balance Transfer Fee £5:06
Money out: Promotional balance transfer: £168.71
Money in: Balance Transfer Fee £5.06.

Have I been charged to do this? I thought it was free. Echoing what @TrevorJ said above. What do you think @Deleted_User as you also questioned why there's a fee. 

eskbanker

20SmthngSver said:

Hi everyone. So I just did this. I had an overdrawn balance of £168.71 on my Santander Credit Card, due to refund from hotel and she transferred to my TSB current account. There are three transactions from this:

Money out: Balance Transfer Fee £5:06
Money out: Promotional balance transfer: £168.71
Money in: Balance Transfer Fee £5.06.

Have I been charged to do this? I thought it was free. Echoing what @TrevorJ said above. What do you think @Deleted_User as you also questioned why there's a fee. 

Surely the fact that the fees are shown as both 'money in' and 'money out' suggests that they cancel each other out?

20SmthngSver

I wasn't sure if it was a mistake, because she didn't say there was a charge and didn't say there was a charge that she was waiving. So was just questioning why charges were shown, and in comparison to someone above who said about charges.

eskbanker

20SmthngSver said:

I wasn't sure if it was a mistake, because she didn't say there was a charge and didn't say there was a charge that she was waiving. So was just questioning why charges were shown, and in comparison to someone above who said about charges.

Seemed to me you were asking if you'd been charged ("Have I been charged to do this?"), to which the answer would be that it appears not, based on what you posted, but you should be able to work it out from before/after balances?

In terms of why a charge and a reversal would be shown without being mentioned by the employee, perhaps she was either unaware that this is how it would be displayed, or that she felt it unimportant.

The earlier poster you referred to was talking about a different card company and failed to return to the thread in the two weeks since his interpretation was largely refuted....