Credit card... credit?
- Thread starter Diagro
- Start date
This is assuming you have a credit limit of 10k or more.
Hmmmm, try it.
It is possible to have what I guess is a "negative" balance on a CC, if you got something refunded to it and you didn't spend anything that month. I've seen it on peoples credit card statements and on searches.
Wether you can intentionally load it first, I dunno.
But you can just buy your 10k thing, and pay it straight off, you won't pay any interest, if that is what you are trying to achieve?
I believe that's called preloading - which is different to getting a refund and being in a positive balance.
Credit card lenders don't like preloading, check the T&Cs as they may charge you for preloading, and if you're preloading with 10k then it could be hefty.
All that aside, I'm presuming you're buying a car or something and want the CC protection, either way there's absolutely no need to preload it. Just buy whatever on it and as soon as the balance is on the account you can clear it - you don't have to wait for a statement etc.
Soldato
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I have a U.K. credit card which has a balance of “£0.02 CR” and it’s been like that for almost 4 years.
I overpaid by that amount when I cleared the balance and since I don’t use the card, I guess it’ll stay 2p in credit until the end of time or when the bank closes the account.
I overpaid by that amount when I cleared the balance and since I don’t use the card, I guess it’ll stay 2p in credit until the end of time or when the bank closes the account.
dlockers
D
dlockers
If you transfer me the 10k I can show you a trick.
Associate
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I would not recommend doing this as there will be no cover under section 75 rules ( chargeback rights. ) Whilst your card is in credit ( overpaid ) So if you buy dodgy goods and want a refund from card company ( and you have no luck dealing with retailer ) Won’t happen when you have overpaid card
its because you are not using the ‘proper‘ credit limit of the card
its because you are not using the ‘proper‘ credit limit of the card
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Why wouldn’t you just make the purchase and then pay the full balance when the transaction shows on the account?
You also only start paying interest from the statement after the current period. If you pay the card in full my the payment date on the statement when it comes, there is no interest. That could be the best part of 50 days after you made the initial purchase if you purchased it on the first day of the statement period.
Cash is slightly different and interest is accrued from the day you withdraw it.
Cash is slightly different and interest is accrued from the day you withdraw it.
0% bank transfer would be better no?
Otherwise you can get 0% deals on new cards (I think) and use that instead, but you'd need to check how long the 0% on the card last for or whether it's just 'for the purchase ' as you may get charged every month for not clearing the balance.
Otherwise you can get 0% deals on new cards (I think) and use that instead, but you'd need to check how long the 0% on the card last for or whether it's just 'for the purchase ' as you may get charged every month for not clearing the balance.
It only has to be over £100 purchase price, you can actually just pay a quid on CC and be covered IIRC
Yes, I think you're right
Deserves recognitionAt least you'll be able to afford a meal at Milliways!
(I actually have a savings pot that I started earlier this month called 'Milliways' that I put 1p in)
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I have a hunch his limit is not 10k to allow this. I could be wrong as he did not say his limit
Good point, my pre caffeine reply never thought about that!
Pretty easy to request a credit limit change though... unless your credit score is **** of course.