Is it possible to put your credit card in credit to extend credit limit?

Champ

Hi,

This may sound like an odd question but is it possible to "top up" your credit card by putting it in credit before a transaction?

Let's say as an example you have a credit limit of 3k on your credit card. 

Now lets say you want to put a transaction of 4k on your credit card. Ordinarily this will fail because you're short 1k but how about if you credit your credit card by +1k before the transaction? So you would have 3k credit limit plus an additional (temporary) 1k top up supplementing the credit limit?

Will the theoretical transaction for 4k go through?

Bank of Ireland: Elaine

Good Morning Champ, 

Thank you for getting in contact with us here on Boards.ie. 

Can I just double check if this is related to a Euro or Sterling based Credit Card? 

Thanks, 

Elaine 

Champ

Bank of Ireland: Elaine wrote: »

Good Morning Champ, 

Thank you for getting in contact with us here on Boards.ie. 

Can I just double check if this is related to a Euro or Sterling based Credit Card? 

Thanks, 

Elaine 

Hi,

It's a Euro Credit Card.

Bank of Ireland: Elaine

Thanks Champ, 

You can certainly top up your credit card account. The balance would need to be zero first and then any amount you transfer to the card will appear as a minus (-) figure on your account online which indicates a credit balance. You can technically increase the spending power on your card this way, so for example if your credit limit is E1000 and you do not owe any money on the card and then transfer E500 to the account, your spending power will be E1500.

Just to mention, when you make a transfer on 365Online, the Mobile or tablet app, this will take one full working day to be received to your credit card. The cut off time for transfers is 3.30pm on a working day. 

I hope this helps and if you need anything else, please don't hesitate to post again. 

Elaine 

ejabrod

If the credit card is in a credit state i.e. a positive balance, are there any interest fees?

E.G. 
card limit €1,000
- spending €0 
- Lodge €1,000 
- available for spending €2,000

Are there any fees charged for having the card in credit?

Bank of Ireland: Elaine

ejabrod wrote: »

If the credit card is in a credit state i.e. a positive balance, are there any interest fees?

E.G. 
card limit €1,000
- spending €0 
- Lodge €1,000 
- available for spending €2,000

Are there any fees charged for having the card in credit?

Hi ejabrod, 

Thanks for getting in touch here. 

There are no fees applied for having your account in credit. Purchase interest is only applied if there is an owing balance on the account and it is not cleared in full by the due date. If you use the card to make a withdrawal you would be charged interest unless the account has a credit balance for the full cash withdrawal amount when this transaction is billed (this can take up to 3 working days). 

Further information on fees and charges on credit cards can be found here on our website. 

I hope this helps and if you need anything else, please don't hesitate to contact us again. 

Thanks, 
Elaine 

who is this

ejabrod wrote: »

If the credit card is in a credit state i.e. a positive balance, are there any interest fees?

E.G. 
card limit €1,000
- spending €0 
- Lodge €1,000 
- available for spending €2,000

Are there any fees charged for having the card in credit?

It's also useful for withdrawals outside eurozone. Debit cards have a minimum foreign exchange fee (not percentage for small transactions). Credit cards do not. However,  credit cards incur cash advance fee, unless they're in credit (or 0) at the end of the withdrawal.