Over paying credit card for a large purchase

andy69_2

Hello,

I want to purchase a holiday and the holiday company want to payment in one transaction. 
I have a limit on my credit card which is about 3k short if what the holiday costs. 

Can I overpay my credit card by the 3k so I'm in a positive balance which will then allow me to pay the holiday in one transaction?

Cheers

grumbler

There is no a definite answer to this question - it depends. All providers won't like such big overpayment, but their reaction is difficult to predict. And it's wrong to assume that their system is designed correctly to allow a payment exceeding the credit limit if the account is in credit.

Gerry1

You may find that the system won't allow an online inpayment that would take a credit card account into significant credit.

Prior to the launch of Halifax Clarity and Barclaycard Rewards I used a Santander Zero card.  This has no fees for overseas cash advances but does charge interest from the withdrawal date.

Before a holiday I tried to top-up online but found the Computer Says No.

However, paying in cash over the counter did work.

lr1277

Could you ask for a higher limit to cover the increased spend? Your card company may agree if you let them know how and when you are going to pay it off?

My card company doubled my admittedly (somewhat) low limit when I told them what I needed the money for and how I was going to pay it back. This was when they knew I was unemployed so income was not a factor. Also they kept the higher limit even though the initial reason was a one-off.

If you choose to pay off the money immediately, ensure the transaction is a confirmed transaction and not a pending transaction, otherwise you might go into positive territory.

Also remember when asking for the higher limit, if not paying off the transaction immediately, you need to calculate your spend over 2 months plus some as the limit you wil request. As theoretically you could not pay the bill off till your next statement is due.

NoodleDoodleMan

andy69_2 said:

Hello,

I want to purchase a holiday and the holiday company want to payment in one transaction. 
I have a limit on my credit card which is about 3k short if what the holiday costs. 

Can I overpay my credit card by the 3k so I'm in a positive balance which will then allow me to pay the holiday in one transaction?

Cheers

A couple of years ago I used a credit card to settle payment for an item that cost twice as much as the card limit - by prior arrangement with the merchant.

Half the cost went on to the card balance - I then transferred that amount to the card account without delay which quickly restored the full credit limit - the seller was advised and then took the remaining amount.

I'd be tempted to ask the holiday company if they'd accept such an arrangement - they'll get their money quickly - worth a try.

born_again

andy69_2 said:

Hello,

I want to purchase a holiday and the holiday company want to payment in one transaction. 
I have a limit on my credit card which is about 3k short if what the holiday costs. 

Can I overpay my credit card by the 3k so I'm in a positive balance which will then allow me to pay the holiday in one transaction?

Cheers

Speak to them.
Rule of thumb now is no. As you are not allowed to put a card in a credit balance.

MrFrugalFever

What is the reason for using the CC? S.75 protection?

km1500

if you pay your ctedit card by faster payment you can send any amount including an amount that would put it in credit

NoodleDoodleMan

Not all credit cards will accept a transaction that puts the balance into credit - our M&S card won't do that.

paul_c123

MrFrugalFever said:

What is the reason for using the CC? S.75 protection?

S75 won't apply if paid using a credit balance.

MrFrugalFever

paul_c123 said:

MrFrugalFever said:

What is the reason for using the CC? S.75 protection?

S75 won't apply if paid using a credit balance.

That’s why I was asking the question.

I think the OP’s only solution is to apply for another CC, perhaps one with cashback or rewards in the hope the limit is sufficient enough but that is never known until a full application has been processed.

Assuming the vendor will not entertain the above mentioned idea of splitting the payment in to two.