If you pay more to your credit card than you owe, does it just go on as
credit that can be used? Is there a limit on how much credit can be put
on it? Also, can you pay from a credit card to a bank account?
Thanks,
Deb
deb wrote:
> If you pay more to your credit card than you owe, does it just go on as
> credit that can be used? Is there a limit on how much credit can be put
> on it? Also, can you pay from a credit card to a bank account?
I currently have a Visa card with nearly £1K credit balance on it - I
have been using it for all sorts of purchases to reduce that balance.
The statement tells me no minimum payment is necessary etc. There is no
interest paid to me.
If I wanted that money back I can see no automatic way of getting it
unless the card company sent me the money or paid it to an account.
Colin Forrester wrote:
> deb wrote:
>> If you pay more to your credit card than you owe, does it just go on as
>> credit that can be used? Is there a limit on how much credit can be put
>> on it? Also, can you pay from a credit card to a bank account?
>
> I currently have a Visa card with nearly £1K credit balance on it - I
> have been using it for all sorts of purchases to reduce that balance.
> The statement tells me no minimum payment is necessary etc. There is no
> interest paid to me.
>
> If I wanted that money back I can see no automatic way of getting it
> unless the card company sent me the money or paid it to an account.
I've always wondered what would happen if you bought something expensive
on a credit card (say a £1000 TV). You paid the balance off in full then
the TV broke and you got a refund. The refund would go back to your card
putting it in credit.
> If you pay more to your credit card than you owe, does it just go on as
> credit that can be used? Is there a limit on how much credit can be put
> on it? Also, can you pay from a credit card to a bank account?
Yes credit cards can be in credit although it is not an intended feature of
most of them. However, the Egg Money card allows positive balances and pays
interest on any funds. The terms of my Halifax card indicate that payments
which result in credit funds *may* be automatically returned to me at their
discretion. As it is not an intended feature there isn't a "limit". MBNA
have a feature to "transfer" funds from one of their credit cards to a
current account (at cash advance rates). Not sure about any of the others
but a surplus could probably be paid via BACS by any card issuer.
On Fri, 02 Jun 2006 12:29:12 +0100, Colin Forrester
<> wrote:
>deb wrote:
>> If you pay more to your credit card than you owe, does it just go on as
>> credit that can be used? Is there a limit on how much credit can be put
>> on it? Also, can you pay from a credit card to a bank account?
>
>I currently have a Visa card with nearly £1K credit balance on it - I
>have been using it for all sorts of purchases to reduce that balance.
>The statement tells me no minimum payment is necessary etc. There is no
>interest paid to me.
>
>If I wanted that money back I can see no automatic way of getting it
>unless the card company sent me the money or paid it to an account.
Most card companies will send you a cheque for any credit balance
which finds its way onto the account for some reason. Mint did that
for me, but only after I requested it.
The Egg Money card does allow credit balances, and pays you 4%
interest on it.
Chris
Minnie Goodsoup wrote:
> Colin Forrester wrote:
>
>> deb wrote:
>>> If you pay more to your credit card than you owe, does it just go on as
>>> credit that can be used? Is there a limit on how much credit can be put
>>> on it? Also, can you pay from a credit card to a bank account?
>> I currently have a Visa card with nearly £1K credit balance on it - I
>> have been using it for all sorts of purchases to reduce that balance.
>> The statement tells me no minimum payment is necessary etc. There is no
>> interest paid to me.
>>
>> If I wanted that money back I can see no automatic way of getting it
>> unless the card company sent me the money or paid it to an account.
>
> I've always wondered what would happen if you bought something expensive
> on a credit card (say a £1000 TV). You paid the balance off in full then
> the TV broke and you got a refund. The refund would go back to your card
> putting it in credit.
>
>
Similar scenario happened to me with my Barclaycard which went £650 into
credit. Simply resolved - rang Barclaycard who sent me the net credit
balance via BACS arrived in my bank account 2 days later.
The delay was said to be because of money laundering checks rather than
a deliberate intention to hold onto the money (although they only sent
it after I asked!)
Cheers
Alan
Thank you all for your replies!
Deb
On 2 Jun 2006 04:23:46 -0700, "deb" <> wrote:
>If you pay more to your credit card than you owe, does it just go on as
>credit that can be used? Is there a limit on how much credit can be put
>on it?
Years ago it was it ploy to overpay so that cash withdrawals,
particularly overseas, would not incur interest and when overseas
(pre-internet banking etc) you could cover purchases and it was
cheaper than credit cards.
I think these "loopholes" have been closed by most credit card
companies and Barclaycard wouldn' let me overpay on their on-line site
though I could overpay if you do a transfer from your bank account to
them.
--
AnthonyL
deb wrote:
> If you pay more to your credit card than you owe, does it just go on as
> credit that can be used? Is there a limit on how much credit can be put
> on it?
Yes, a card can be in credit - I wouldn't have thought anyone, let alone
the thieving CC companies, would worry about how much you lend them for
nothing.
Irma
Inviato da X-Privat.Org - Registrazione gratuita
Chris Blunt wrote:
> On Fri, 02 Jun 2006 12:29:12 +0100, Colin Forrester
> <> wrote:
>
>> deb wrote:
>>> If you pay more to your credit card than you owe, does it just go on as
>>> credit that can be used? Is there a limit on how much credit can be put
>>> on it? Also, can you pay from a credit card to a bank account?
>> I currently have a Visa card with nearly £1K credit balance on it - I
>> have been using it for all sorts of purchases to reduce that balance.
>> The statement tells me no minimum payment is necessary etc. There is no
>> interest paid to me.
>>
>> If I wanted that money back I can see no automatic way of getting it
>> unless the card company sent me the money or paid it to an account.
>
> Most card companies will send you a cheque for any credit balance
> which finds its way onto the account for some reason. Mint did that
> for me, but only after I requested it.
ie. NO card company will send you a cheque for the credit unless you
request it.
Irma
Inviato da X-Privat.Org - Registrazione gratuita
AnthonyL <> wrote:
> On 2 Jun 2006 04:23:46 -0700, "deb" <> wrote:
>>If you pay more to your credit card than you owe, does it just go on as
>>credit that can be used? Is there a limit on how much credit can be put
>>on it?
> Years ago it was it ploy to overpay so that cash withdrawals,
> particularly overseas, would not incur interest and when overseas
> (pre-internet banking etc) you could cover purchases and it was
> cheaper than credit cards.
> I think these "loopholes" have been closed by most credit card
> companies and Barclaycard wouldn' let me overpay on their on-line site
> though I could overpay if you do a transfer from your bank account to
> them.
Although not strictly a credit card, AmEx will allow funds to be
preloaded... very handy for travelling when one wants to use the card
but has no means of paying a monthly statement.
Axel
On 3 Jun 2006 12:16:49 +0200, Irma Troll <> wrote:
>deb wrote:
>> If you pay more to your credit card than you owe, does it just go on as
>> credit that can be used? Is there a limit on how much credit can be put
>> on it?
>
>Yes, a card can be in credit - I wouldn't have thought anyone, let alone
>the thieving CC companies, would worry about how much you lend them for
>nothing.
It seems they do worry. I once wanted to use my Nationwide Visa card
to make a purchase for an amount that was higher than the credit limit
on the account. I phoned Nationwide to ask if I could transfer funds
to be credited to my account in advance of this, so that the credit
limit would not be exceeded when I made the purchase. They told me
they would not allow that, and that under no circumstances would any
purchase be allowed for an amount exceeding the credit limit on the
account.
Chris