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Balance on credit card

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  • 28-08-2012 5:50pm
    #1
    ULMarc
    Registered Users Posts: 413 ✭✭


    Hi All,

    The balance on my credit card is showing as a negative value. (-€xxx)

    I think this means that I've got money on my card and I think it's because I accidentally transferred a large sum to my card (I hope it's not the other way around!

    Can someone please confirm if my assumption is correct. Also can you please advise methods for me to transfer the money to my current account.


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    #2
    Yakuza
    Registered Users Posts: 5,141 ✭✭✭Yakuza


    Yes, a negative balance would mean your credit card "owes" you money (by virtue of your having transferred an amount over greater than the value of your current balance).

    I don't think you can transfer it back to your account, but you should be able to take out money at any ATM (to bring the balance back to zero) without any cash advance fee or interest charge as it's your money you're taking out. Be careful that you check the balance before taking out (in case some other payment has gone through in the mean time) because if you take out more money than there is a negative balance, the amount over will be treated as a cash advance and you'll be hit with fees and interest etc.


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    #3
    ULMarc
    Registered Users Posts: 413 ✭✭ULMarc


    Yakuza wrote: »
    Yes, a negative balance would mean your credit card "owes" you money (by virtue of your having transferred an amount over greater than the value of your current balance).

    I don't think you can transfer it back to your account, but you should be able to take out money at any ATM (to bring the balance back to zero) without any cash advance fee or interest charge as it's your money you're taking out. Be careful that you check the balance before taking out (in case some other payment has gone through in the mean time) because if you take out more money than there is a negative balance, the amount over will be treated as a cash advance and you'll be hit with fees and interest etc.

    Thanks for the tips. I assume that even if I overshot by a couple of euro I'd still get charged against the lot?

    I'll leave a comfortable buffer just in case. No harm having a small bit there anyway.


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    #4
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi ULMarc,

    Thanks for getting in touch.

    Yes, as Yakuza correctly stated, this means your credit card account is in credit. If you contact Credit Card Services, on 1890 251 251, a representative can arrange to have the funds transferred back to your current account. This process can take up to ten working days.

    Alternatively, it is possible to withdraw the excess at an ATM and lodge to your current account. To ensure that this will not incur you any fees or interest, we would advise that you first contact Credit Card Services to confirm there are no pending payments on the card and to not use the card for 24 hours.


    Thanks,

    Tara


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