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  • FIRST POST
    • Monkey_B
    • By Monkey_B 11th Oct 19, 8:10 AM
    • 15Posts
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    Monkey_B
    Can a credit card have a -ve balance?
    • #1
    • 11th Oct 19, 8:10 AM
    Can a credit card have a -ve balance? 11th Oct 19 at 8:10 AM
    I have a credit card that I rarely use and therefore has a balance of zero the vast majority of the time.
    However, yesterday I received a red hot tip (yes, I know) and decided to stick on a wager. The last time I placed a bet, you had to go into an actual bookies to do it, so I am a complete novice with online gambling. I proceeded to sign up to a well known bookmakers, and the last step in the procedure asks for card details and an initial deposit (I deposited 100). Without thinking it through, I decided to use this particular credit card (Halifax clarity card) - I think my logic was that I wanted to get the bet on quickly and didn't want to mess around transferring money from my savings account to my current account.

    My question now is, when (ok, if) the bet comes in, I will have 390 sat in my betting account, that I believe I can only transfer to the associated card, i.e. my credit card. Minus the outlay, I will end up with a credit card balance of -290. Does anybody know if that is even possible, and whether/how I could transfer that into my current account? Or would I just have to switch to doing my normal spending on this card until the balance is back to zero? I'd rather not have to do the latter as the vast majority of my financial life now takes place via joint accounts, so would then have to reimburse myself. (Personal money is purely reserved for stupid stuff like this)

    Thanks
Page 1
    • stevenhp1987
    • By stevenhp1987 11th Oct 19, 8:30 AM
    • 886 Posts
    • 706 Thanks
    stevenhp1987
    • #2
    • 11th Oct 19, 8:30 AM
    • #2
    • 11th Oct 19, 8:30 AM
    I believe you only have to send the money you deposited back to the card of origin.

    If your card ends up in a negative balance for this reason, just contact your card provider and they'll transfer it to your bank account.

    Gambling with a credit card will also cost you additional amounts in cash advance charges and show on your credit report as a cash advance which will negatively impact you. It will also charge you interest from the time of the transaction until the repayment with no interest-free period as would be normal if you paid your statement off in full.

    If you must gamble, only gamble using your Debit card in future.
    • moneyhelpuser5
    • By moneyhelpuser5 11th Oct 19, 8:34 AM
    • 27 Posts
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    moneyhelpuser5
    • #3
    • 11th Oct 19, 8:34 AM
    • #3
    • 11th Oct 19, 8:34 AM
    I've been 1,000 in "negative" credit on a Halifax clarity card before. It's no problem, you can either spend it or ring them and ask them to transfer it to your CA.
    • Monkey_B
    • By Monkey_B 11th Oct 19, 8:50 AM
    • 15 Posts
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    Monkey_B
    • #4
    • 11th Oct 19, 8:50 AM
    • #4
    • 11th Oct 19, 8:50 AM
    Gambling with a credit card will also cost you additional amounts in cash advance charges and show on your credit report as a cash advance which will negatively impact you. It will also charge you interest from the time of the transaction until the repayment with no interest-free period as would be normal if you paid your statement off in full.
    Gah! Didn't know this - this bet had better come off!

    Is it worth me settling the 100 balance straight away to minimise the interest payments on the 'cash advance'? The outcome of the wager may not be known for a couple of weeks, so I will possibly have to wait to reimburse from my betting account (and that's assuming I win of course!)

    With regards to getting the card provider (Halifax) to transfer the negative balance to my current account - does it matter that my current account is with a different bank (HSBC)?
    • MallyGirl
    • By MallyGirl 11th Oct 19, 9:03 AM
    • 3,976 Posts
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    MallyGirl
    • #5
    • 11th Oct 19, 9:03 AM
    • #5
    • 11th Oct 19, 9:03 AM
    I would settle the 100 asap. It is usually referred to as a positive balance when you put a card in credit but you can ask for the amount to be transferred to any bank account
    • General Grant
    • By General Grant 11th Oct 19, 9:04 AM
    • 1,160 Posts
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    General Grant
    • #6
    • 11th Oct 19, 9:04 AM
    • #6
    • 11th Oct 19, 9:04 AM
    Gah! Didn't know this - this bet had better come off!

    Is it worth me settling the 100 balance straight away to minimise the interest payments on the 'cash advance'? The outcome of the wager may not be known for a couple of weeks, so I will possibly have to wait to reimburse from my betting account (and that's assuming I win of course!)

    With regards to getting the card provider (Halifax) to transfer the negative balance to my current account - does it matter that my current account is with a different bank (HSBC)?
    Originally posted by Monkey_B
    I have to give the obvious answer -
    YES, pay the 100 now. If you win, that can be offset against the interest already incurred.
    • Monkey_B
    • By Monkey_B 11th Oct 19, 9:20 AM
    • 15 Posts
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    Monkey_B
    • #7
    • 11th Oct 19, 9:20 AM
    • #7
    • 11th Oct 19, 9:20 AM
    Hmm, interesting. Just logged on to Halifax online banking to pay the 100, and there's no sign of the transaction. I did it at about 6 o'clock yesterday evening.
    • MallyGirl
    • By MallyGirl 11th Oct 19, 9:40 AM
    • 3,976 Posts
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    MallyGirl
    • #8
    • 11th Oct 19, 9:40 AM
    • #8
    • 11th Oct 19, 9:40 AM
    It may take a while to get posted to the account - you can probably see that your available balance is less than the actual amount showing due to the pending transaction.
    • Monkey_B
    • By Monkey_B 11th Oct 19, 9:58 AM
    • 15 Posts
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    Monkey_B
    • #9
    • 11th Oct 19, 9:58 AM
    • #9
    • 11th Oct 19, 9:58 AM
    Ah yes, thanks MallyGirl
    • garth549
    • By garth549 11th Oct 19, 12:17 PM
    • 375 Posts
    • 177 Thanks
    garth549
    Be aware that a gambling transaction on a credit card will usually count as a cash transaction (ie treated as though you'd withdrawn an equivalent amount from the cash machine on it)

    If you win then legally they have to refund the sum of your total deposits to the original card before you can take the remainder another way. In fact i'm not sure it's even possible to credit a credit card by a higher amount than the sum of the deposits.
    • sleepyjones
    • By sleepyjones 11th Oct 19, 3:47 PM
    • 4,754 Posts
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    sleepyjones
    Phone them up and explain that your card details were saved in your browser and you accidentally used the the wrong card, offer to pay the 100 + any interest / charges .... and then when it's all done ask them if they can not record it as it was a mistake?

    They might say they can't do that but it's worth a shot, I think the marker on your file for a cash advance is the biggest problem here, even over the interest.

    Might also help to talk to them before it comes off your card balance and is still "pending".
    Last edited by sleepyjones; 11-10-2019 at 3:49 PM.
    *Good Luck * Be Lucky * Stay Lucky*
    • Monkey_B
    • By Monkey_B 11th Oct 19, 8:39 PM
    • 15 Posts
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    Monkey_B
    I think the marker on your file for a cash advance is the biggest problem here, even over the interest
    I'm three years off remortgaging and no plans to go after any other credit, so hopefully the marker on my file won't have much effect on me.
    As for the interest/charges, how much can it be? I can take a few quid on the chin as a lesson learned. Any more than a tenner would be galling, particularly if I lose the bet!
    • Ben8282
    • By Ben8282 11th Oct 19, 8:47 PM
    • 3,563 Posts
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    Ben8282
    Gah! Didn't kIs it worth me settling the 100 balance straight away to minimise the interest payments on the 'cash advance'?
    Originally posted by Monkey_B
    Yes and no. The interest on 100 even if left outstanding for a full month will not be that much. Certainly not more than about 2 less if they don't apply a higher than normal rate for cash transactions.

    If your previous statement has already been paid in full, thenits ok to pay now. If it has not, any paym,ent will be applied to the balance of your previous statement and not to the unstatemented transaction so you will have to repay the full balance of the last statement first. If by chance you have a direct debit set up, such a payment will NOT reduce the amount of the direct debit.
    Hmm, interesting. Just logged on to Halifax online banking to pay the 100, and there's no sign of the transaction. I did it at about 6 o'clock yesterday evening.
    Originally posted by Monkey_B
    It would'nt have been posted to theaccount yet but should be visible in pending transactions.
    Phone them up and explain that your card details were saved in your browser and you accidentally used the the wrong card, offer to pay the 100 + any interest / charges .... and then when it's all done ask them if they can not record it as it was a mistake?

    They might say they can't do that but it's worth a shot, I think the marker on your file for a cash advance is the biggest problem here, even over the interest.

    Might also help to talk to them before it comes off your card balance and is still "pending".
    Originally posted by sleepyjones
    Not sure what you are getting at when you say ask them not to record it, but if you are referring to not reporting the cash transaction as a cash transaction in their CRA reporting, a single instance of one cash transaction for 100 will have no adverse effect whatsoever on the OP's future ability to obtain credit and can safely be disregarded.
    Last edited by Ben8282; 11-10-2019 at 8:53 PM.
    • Fingerbobs
    • By Fingerbobs 11th Oct 19, 9:07 PM
    • 770 Posts
    • 310 Thanks
    Fingerbobs
    Gambling with a credit card will also cost you additional amounts in cash advance charges
    Originally posted by stevenhp1987
    Just by way of a small clarification - the OP said they used a Halifax Clarity credit card, which is unusual in that it does not charge any fees for cash transactions. Only interest will be charged in this case.
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