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Prepaying Credit Card to Increase Limit

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  • 21-07-2014 1:37pm
    #1
    userod
    Registered Users Posts: 327 ✭✭


    Hello. I have a credit card with Ulster Bank. It has limit of €800. I am renting a car with my nephew in Galway for a few days and they say they will need to block €1000 on the card. I am just wondering if I prepay my credit card by say €400 will that mean that they will be able to block it (effectively increasing my limit to €1200?)


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    #2
    ei9go
    Registered Users Posts: 1,019 ✭✭✭ei9go


    Maybe ask the bank to increase your limit.

    Generally if you have the card a while, there is no issue with this for small amounts.


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    #3
    userod
    Registered Users Posts: 327 ✭✭userod


    Obviously I have thought about increasing the limit.

    Just wondering if anyone has a more helpful answer.


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    #4
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Well there is not an awful lot to answer with:

    800EUR limit + 400 EUR = 1200 EUR to spend :-)


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    #5
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    BuffyBot wrote: »
    Well there is not an awful lot to answer with:

    800EUR limit + 400 EUR = 1200 EUR to spend :-)

    Woah, slow down a minute!

    800
    +400
    _____
    1200



    Okay, I get it now. Cheers!


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    #6
    GerardKeating
    Registered Users Posts: 7,652 ✭✭✭GerardKeating


    userod wrote: »
    Hello. I have a credit card with Ulster Bank. It has limit of €800. I am renting a car with my nephew in Galway for a few days and they say they will need to block €1000 on the card. I am just wondering if I prepay my credit card by say €400 will that mean that they will be able to block it (effectively increasing my limit to €1200?)

    Please be aware (depending on your card issuer) there is a risk to having your card in credit, generally your card has some fraud protection, but only to the credit limit.

    So for Example, if you Credit limit was €800, and you extended this with a €400 'deposit' and you were scammed €1,100, the bank might only give you the €800 back.


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    #7
    userod
    Registered Users Posts: 327 ✭✭userod


    BuffyBot wrote: »
    Well there is not an awful lot to answer with:

    800EUR limit + 400 EUR = 1200 EUR to spend :-)
    Nervous Wreck wrote: »
    Woah, slow down a minute!

    800
    +400
    _____
    1200



    Okay, I get it now. Cheers!

    Thanks for replies, even if they were sarcastic.

    But I was worried the limit was also considered like a 'transaction limit'. So even if I had €50k pre paid on the credit card, transactions over my €800 limit will decline?


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    #8
    userod
    Registered Users Posts: 327 ✭✭userod


    GerardKeating wrote: »
    Please be aware (depending on your card issuer) there is a risk to having your card in credit, generally your card has some fraud protection, but only to the credit limit.

    So for Example, if you Credit limit was €800, and you extended this with a €400 'deposit' and you were scammed €1,100, the bank might only give you the €800 back.

    I am not worried about the risk of being scammed against so much (they are a reputable car rental agency). My main worry is if the single transaction for greater than my limit will approve assuming I have the funds available on my card. Thanks for help.


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    #9
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    The €1000 is obviously to cover the excess. Can you not just insure against it? Only €3 a day...


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    #10
    userod
    Registered Users Posts: 327 ✭✭userod


    homer911 wrote: »
    The €1000 is obviously to cover the excess. Can you not just insure against it? Only €3 a day...
    a) it is €18 per day.
    b) No. I dont want to buy that product thanks anyway


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    #11
    3DataModem
    Registered Users Posts: 3,997 ✭✭✭3DataModem


    userod wrote: »
    a) it is €18 per day.
    b) No. I dont want to buy that product thanks anyway

    If you insure sepeeately (not with car renter, with third party) it's a lot cheaper.


    Still need the high card limit though. Do you have a debit card.


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    #12
    userod
    Registered Users Posts: 327 ✭✭userod


    3DataModem wrote: »
    If you insure sepeeately (not with car renter, with third party) it's a lot cheaper.


    Still need the high card limit though. Do you have a debit card.

    Yep I have a debit card but don't think they take that.


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    #13
    guscon
    Registered Users Posts: 50 ✭✭guscon


    userod wrote: »
    Hello. I have a credit card with Ulster Bank. It has limit of €800. I am renting a car with my nephew in Galway for a few days and they say they will need to block €1000 on the card. I am just wondering if I prepay my credit card by say €400 will that mean that they will be able to block it (effectively increasing my limit to €1200?)

    I have a CC with ulster bank. Preloaded with 1500 to make a big purchase. Guess what?
    Purchase was declined because my limit was 1000, they said even if preloaded I can only still spend my limit in one go. You need to ring them to clarify. This happened june 2013.


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