Can you use a credit card like a current account and keep money in it or can you only be in debt with one?
For example could I have a balance of 500 pounds in a credit card account?
2007-05-14 03:02:13 · 11 answers · asked by cigaro19 5 in Business & Finance ➔ Personal Finance
i believe you can. but you'll probably be penalized. weird, huh?
2007-05-14 03:05:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, and I keep a particular credit card for this purpose. Before I go on holiday, I lodge to the card so that it is positive - I can the use the card to withdraw cash from ATMs without incurring cash advance fees / paying interest from day of withdrawal. It means that I am not carrying wads of cash around.Also if I am buying something expensive (over £100), and pay by credit card rather than cash/cheque/debit card and something goes wrong, you get extra protection and can claim off the credit card company and leave them to deal with the retailer.
2007-05-14 11:41:51 · answer #2 · answered by Lord Charlemount 3 · 0⤊ 0⤋
If you overpay your statement by that amount and don't charge anything else right away, yes you'll have a credit balance. Many credit card companies will just send you a check for the amount in 60 days or so if it's not used for charges.
2007-05-14 03:05:51 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
It is possible. I accidently paid a cheque into the wrong credit card account and my next card statement said that I was £20 in credit.
2007-05-14 03:05:57 · answer #4 · answered by nettyone2003 6 · 0⤊ 0⤋
Yes, it's happened to me when I've cleared my balance and then something was refunded, putting the account into +. I don't know if you can do it on a regular basis, though, and what the max. amount is you can have there. But more to the point, you wouldn't want this as you'll probably get no interest paid on it.
2007-05-14 03:06:14 · answer #5 · answered by had enough of idiots - signing off... 7 · 0⤊ 0⤋
Yes, there called pre paid credit cards. Or a bank debit card, ya know when you have an account?!
2007-05-18 02:32:14 · answer #6 · answered by Pepper 6 · 0⤊ 0⤋
Depends on the bank's policy, I used to have a Wachovia credit card that I would pre-pay but I couldn't do that with my Providian card.
2007-05-14 03:27:25 · answer #7 · answered by Blicka 4 · 0⤊ 0⤋
Of course you can, but why would you want to do that. The company isn't required to pay interest on overpayments. So you are, in effect, giving your credit card company a free loan. Heaven knows they won't give YOU one, so why should you give THEM one?
2007-05-14 03:06:11 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You could but it is not going to accrue you any interest.
2007-05-14 03:05:42 · answer #9 · answered by Boudicca 3 · 0⤊ 0⤋
yesu certainly can hehe
2007-05-14 03:16:07 · answer #10 · answered by Anonymous · 0⤊ 0⤋