Credit Card

[mcshane in the 79th]

I spent £1000 on my credit card, I paid it off within a month or so but then ended up getting a refund on the grand so I now have it as a "credit" on the credit card.

My question is can I go to my bank and get that amount transferred from the card to my savings account? Or do I have to start paying for everything on the card until it's cleared? I can't transfer anything out of the account through online banking.

Sorry it's a very dull post but want to know if it's worth walking the 4 miles to the bank tomorrow. Ta

 

[Timbo]

your right that is a very dull question.

strangly though id be interested to know the answer!

 

[The Wookiee]

I spent £1000 on my credit card, I paid it off within a month or so but then ended up getting a refund on the grand so I now have it as a "credit" on the credit card.

My question is can I go to my bank and get that amount transferred from the card to my savings account? Or do I have to start paying for everything on the card until it's cleared? I can't transfer anything out of the account through online banking.

Sorry it's a very dull post but want to know if it's worth walking the 4 miles to the bank tomorrow. Ta

Ring your credit card company and ask them to refund you - they will normally send you a chq withing 7 days

 

[clippedgull]

You will be able to get it transferred.

Credit Card companies hate anyone with a credit balance!!

 

[mcshane in the 79th]

your right that is a very dull question.

strangly though id be interested to know the answer!

"You're", not "Your"

 

[DC Rules]

lots of credit card companies don't have a full banking licence and are therefore not allowed to keep credit, however they would prefer you to use the money on the card because they are making more money from charging the shops for the privilege of accepting your card...so they won't automatically refund the money unless you ask.

 

[clapham_gull]

Don't treat it like a bank account they will probably still charge you interest bizarrely enough.

Just get them to send you a cheque.

 

[The Wookiee]

whatever you do DONT use one of the chqs, that sometimes come with your statement, and pay it into your account.

You will be charged a handling fee !!

 

[Smithy]

If you ask them to send you a cheque or transfer it to your bank account (may need to be same bank though), they will do this.

 

[sir danny cullip]

Same happened to me with MJ tickets, just ended up spending on the card until it was paid off. Had a quick look online and couldn't see any way of transferring it but may be worth asking your bank.

 

[clapham_gull]

Same happened to me with MJ tickets, just ended up spending on the card until it was paid off. Had a quick look online and couldn't see any way of transferring it but may be worth asking your bank.

Which isn't the thing to do really, it doesn't operate like a bank account.

You simply pick up the phone and ask them to send you a cheque, it's easy.

 

[Beach Hut]

whatever you do DONT use one of the chqs, that sometimes come with your statement, and pay it into your account.

You will be charged a handling fee !!

I thought they were actually banned recently and as stated under no circumstances ever use these as they will rack up a massive interest charge.

 

[clapham_gull]

Another thing not to do is to try and get the money out of a cash machine, since they charge you for the privilege...

.. and then charge interest on the money withdrawn even though the "account" is in credit.

 

[Smithy]

Another thing not to do is to try and get the money out of a cash machine, since they charge you for the privilege...

.. and then charge interest on the money withdrawn even though the "account" is in credit.

Exactly, because credit cards are not meant to be used like debit cards.

 

[Taybha]

i liked sinittas leotard

 

[mcshane in the 79th]

Sounds like ringing them and asking for the cheque is the best way forward.

How long that cheque takes to arrive in the post though is an entirely different thread...

 

[Bluejuice]

Request a cheque or bank transfer of the credit balance and then invoice the card company for the interest at whatever rate of APR you're on for the period between the balance being in credit and the cheque/transfer being issued

 

[Cian]

Another thing not to do is to try and get the money out of a cash machine, since they charge you for the privilege...

.. and then charge interest on the money withdrawn even though the "account" is in credit.

Theres times I far prefer the wrong-sided regulation of the banks in Ireland to what the UK has. What you've described is illegal here, if your account is in credit the card company can't charge any withdrawl charges or cash advance interest for taking cash out of an ATM.

However, banks are totally free to lend cash to directors to buy shares in the bank then hide it off the balance sheets by taking short term loans off other banks, and other shenanigans...

 

[clapham_gull]

Request a cheque or bank transfer of the credit balance and then invoice the card company for the interest at whatever rate of APR you're on for the period between the balance being in credit and the cheque/transfer being issued

Which they will ignore because they are under no obligation to pay you interest on money in credit.

They won't be investing the money themselves - it isn't a bank account.

This is the odd thing about them.

Stick a million pounds in there, every time you use a credit card you are still "borrowing" money.

When you are in "credit", they will lend your OWN money to you and charge you interest on it !

 

[sir danny cullip]

Which isn't the thing to do really, it doesn't operate like a bank account.

You simply pick up the phone and ask them to send you a cheque, it's easy.

Most convenient for me, didn't cause any hassle. Few purchases later I was back to where I started.