Can I add credit to my account to make a purchase bigger than my credit limit?

jh143746

I'm about to buy a car on a 0% credit card while waiting to get insurance money for mine which was written off when someone reversed into me. I have a credit limit of £4900 and the car I want to buy is £6500. If I put £1600 of credit on the card and then make a purchase of £6500, does that class as going over my credit limit or not?

mcpitman

For what purpose? Any purchase over £100 will have Sec75 protection. Even part payments.
As a side you may only be able to use c95% of your limit for the 0% deal.

Ebe_Scrooge

As per the above, there's little to be gained from doing that - just put a portion on card, and pay the rest in cash, you'll be covered by S75.  Pre-loading a credit card is usually against the T&Cs - some cards will physically prevent you from doing it anyway.  Also, will the seller accept a card for the full amount?  Due to the fees they get charged, most traders will only accept a nominal amount on card.

The_Fat_Controller

Ask your card provider.
I "loaded" a card by agreement and paid a balance of double the OP's intended amount to purchase a car a couple of years ago.
This was at one of the biggest car retailers in Scotland.

Ebe_Scrooge

The_Fat_Controller said:

I "loaded" a card by agreement and paid a balance of double the OP's intended amount to purchase a car a couple of years ago.

I'm curious as to what you gained from doing this?  As has previously been mentioned, you'll still get S75 protection if you pay only 1p on card.  Presumably you had the cash available, to pre-load the card, so what did you gain from pre-loading it - or did you get cash-back, air-miles or something?

The_Fat_Controller

@Ebe_Scrooge, cashback, in the good old days when Nationwide offered it.

[Deleted User]

OP isn't asking about S75, they want to buy the car on the 0% purchase card which is over their limit - thus the 95% rule will apply anyway

OP - loading cards into credit is expressly forbidden in virtually every card issuer's terms and conditions and will almost certainly result in the funds being returned to your sending account or in worst case scenario, the card closed for breaching the terms. As above, you can't get around the 95% limit bit by putting the card in credit anyway. Just pay what you can on 0% and pay the rest in cash.

born_again

jh143746 said:

I'm about to buy a car on a 0% credit card while waiting to get insurance money for mine which was written off when someone reversed into me. I have a credit limit of £4900 and the car I want to buy is £6500. If I put £1600 of credit on the card and then make a purchase of £6500, does that class as going over my credit limit or not?

Most card providers will reject a payment putting the card in credit. As it is against T/C. Also have you checked that garage will take a CC for the full amount? 

While you did not ask about S75 the people who mentioned it made valid points.
Use your CC for say £4K and debit card for the rest.

MDMD

Or call the provider and ask for an increase to the limit 

Carrot007

Ebe_Scrooge said:

 some cards will physically prevent you from doing it anyway.

I do hate it when the card companies send round the heavys for me trying to send money to them ;-) (actually may have been a bettter adverb but there is probably a better one that is not coming to mind right now!).

[Deleted User]

Carrot007 said:

Ebe_Scrooge said:

 some cards will physically prevent you from doing it anyway.

I do hate it when the card companies send round the heavys for me trying to send money to them ;-) (actually may have been a bettter adverb but there is probably a better one that is not coming to mind right now!).

Virtually might be better I guess, they can bounce payments back