Positive Balance with Credit Card
Discussion
I have just recieved my first credit card (I'm 19)
It has a limit of £500, but I want to buy something for around £1500 on it.
Would it be possible to transfer £1000 onto the card, so that I am in positive credit, and then spend the full £1500, thus being £500 in debt?
From what I have read, banks don't seem massively keen on people doing this, something about stopping laundering?
Cheers, Dan.
It has a limit of £500, but I want to buy something for around £1500 on it.
Would it be possible to transfer £1000 onto the card, so that I am in positive credit, and then spend the full £1500, thus being £500 in debt?
From what I have read, banks don't seem massively keen on people doing this, something about stopping laundering?
Cheers, Dan.
Last year I wanted to load up my Amex card ahead of using it to buy a new kitchen, but was told this could not be done due to money laundering issues. I was offered a higher credit limit which I accepted and it covered the entire cost of the new kitchen. I then paid the Amex bill in one transaction and asked for my credit limit to be put back to where it was before, which was done. All in all, a good deal.
Why do this? Got to get your BA Airmiles..!
R.
Why do this? Got to get your BA Airmiles..!
R.
Paying by credit card can offer higher levels of consumer protection than paying by cash. Something in the consumer credit act I think.
If a company goes bust before delivering your goods you stand a good chance of claiming your money back if you'd paid by credit card.
If you paid by cash you're at the bottom of the list of creditors and unlikely to to see your money, or goods again.
Also some cards offer extended warrenty type cover. I think one of mine did but never looked into it.
If a company goes bust before delivering your goods you stand a good chance of claiming your money back if you'd paid by credit card.
If you paid by cash you're at the bottom of the list of creditors and unlikely to to see your money, or goods again.
Also some cards offer extended warrenty type cover. I think one of mine did but never looked into it.
I live in Malaysia, and our ATM cards do not work overseas, because of previous issues with fraud (60K pound on my amex) I have several credit cards each with small limit,(so if they get cloned the limit on each is low) when I go overseas I transfer money to my Singapore bank Visa card so it has a positve balance, never had a problem with the bank. So because on money laundering risks UK banks don't allow this but Malyasian and Singapre banks do. I wonder which country actually has the worst record for money laundering?
Berw said:
I live in Malaysia, and our ATM cards do not work overseas, because of previous issues with fraud (60K pound on my amex) I have several credit cards each with small limit,(so if they get cloned the limit on each is low) when I go overseas I transfer money to my Singapore bank Visa card so it has a positve balance, never had a problem with the bank. So because on money laundering risks UK banks don't allow this but Malyasian and Singapre banks do. I wonder which country actually has the worst record for money laundering?
according to a lot of people who know, the UK and the US are very near the top of the listAndy OH said:
Is there a specific reason you want to pay the full amount by credit card? Why not pay £1,000 cash and the rest on the card especially if you have the cash already.
I pay for nearly everything with my credit card to the point where sometimes I may pay it off twice in one month if I am spending a lot. The reason being you do get some good protection on certain purchases and also I get 1% cash back (being a tight git I like the fact they pay me to have their card). Always pay my card off and never incurred interest on payments.Gassing Station | Finance | Top of Page | What's New | My Stuff