Paying extra into CC account

stealthwolf

New user. Searched the forums for this but it's a bit difficult finding the appropriate search terms.

Anyhoo, just got my first CC with Capital One (platinum card). They've given me a credit limit of £2000.

Unfortunately, this isn't enough for a purchase I wish to make, which costs £2500. Can I pay the £500 into the account and then make a purchase for the item?

I have more than enough cash to pay for the item by debit card but would rather pay for credit card for the credit protection. In fact, this was the main reason for applying for a CC.

Will Capital One have a problem with this? Is it possible? Or will it cause more hassle than it's worth?


Thank you for your help in advance.

taless

Most cards will not allow a single transaction of more than their credit limit in one go.

So eventhough you have effectively 2500 to spend, you can only spend up to 2000 in one go. I'm afraid unless the shop you are dealing with allows you to split payments, you won't be able to spend with your credit card.

(Note: I have not have experience with Capital One cards, but this is such a common thing for all other cards that I believe it will most likely be applicable for Capital One cards)

belfastgirl23

the other thing is that you may not be protected legally if anything goes wrong with the transaction since the £500 is 'your' money and not theirs - not sure how it would affect the other £2k. Why not just call them up and explain what it is you want to do, you never know, they might up the limit.

inmypocketnottheirs

As long as you pay £100 by credit card you will be protected for the full value of the transaction. This is under Section 75 of the Consumer Credit Act.

comicmankev

I think if you phone them and tell them they will up your limit by £500, this is your best option first IMO

YorkshireBoy

inmypocketnottheirs wrote: »

As long as you pay £100 by credit card you will be protected for the full value of the transaction.

Are you sure? I thought so long as the purchase price was greater than £100, you could pay a deposit (of a few pounds even) on your credit card and still be fully covered.

This is under Section 25 of the Consumer Credit Act.

Section 75 I believe.

inmypocketnottheirs

You are correct on both accounts. However, due to my signature, I am sorry I can not apologise!