Deposit to Credit Card

tdc

Hi to all, It is merely out of interest I ask this question. I have an Amex Platinum Cashback card. Every month when I receive my pension I transfer approximately £500 to cover my grocery and household outlay, this puts my account into credit, but by the end of the month it is approximately zero again. I first received an e-mail and then a letter from Amex telling me that my account was in credit and the money needed to be paid back into my bank account as soon as possible. I phoned Amex up and explained why I transferred the money after being paid my pension. They told me because it was a credit card account .I wasn`t supposed to do that. All I am asking is why do they not want my account to be in credit.
Thanks for any advice
Tim Cross   

[Deleted User]

Because they have a credit licence, not a deposit taking licence. It's also against their terms.  It's also not in your interests, either financially, for your credit history or for section 75.

If you want to keep the Amex card, don't put it into credit.

eskbanker

tdc said:

Thanks for any advice

Wait until the monthly statement is generated and then pay it in full....

phillw

tdc said:

All I am asking is why do they not want my account to be in credit.

There are various regulatory and business reasons.

For example you can't miss a payment and get charged a penalty if you keep it in credit.

But it doesn't matter why, it's against the T&C. Now that they've given you a written warning you're on their radar and it's time to do as they say, or risk having your account closed.

tdc

Thank you for all your helpful replies. I have taken all the advice on board. and will put them into action