Say if credit limit is $1,000, but you want to make a one off purchase of $1,200 and don't want to request a credit limit increase.
Would deposit $200 into the account work? So the account is $200 in credit.
Or is there a hard limit of $1,000 that you can't go over?
Or bank specific?
Not saying it’d work with all banks/cards but I’ve been able to do that with pretty much all the cards I’ve had.
Cheers! Thanks for confirming.
You can bpay any amount you want on top of the credit card limit.
Except for amex I believe.
I can confirm I do the same with Amex Cashback. My limit is only $2k, but as I have bpay-ed $4k and paying the closing balance normally, it looks as if I have $6k limit.
I do it often with my CBA Mastercard.
Becareful you can put in but paying fee when taking out
..
Thing like this, just call your bank instead of asking ozb to avoid regret and anger
but paying fee when taking out
What fee?
I've never been charged by the bank for using my credit card.
That's only for cash advances. OP is clear they are making a purchase.
The credit limit is the amount of the bank's money you can use. If you add your own money on top, then you can spend whatever
The only trap is that if, for some reason, you added your own money and then tried to withdraw it as cash (rather than spend it), it may be treated as a cash advance and you will pay interest from day 1. You then end up in the weird situation of owing no money on the card (because you havent spent any of the bank's money, just your own) but paying interest on a cash advance. Of course, this is easily avoided by just using your credit card to buy something instead of withdrawing money as cash.
This
Before they put this onto the 28 degrees card I used it as a debit card when I travelled Europe.
Who is the Merchant?
If buying online from JB HiFi, consider buying a Gift Card for $200 and using the Credit Card to pay the Balance.
Make sure to deposit enough over your limit to include any credit card fee imposed by the merchant on the purchase.
If you have Paypal, consider if https://www.paypal.com/au/webapps/mpp/paypal-payin4 would allow you to use your Credit Card to pay the Merchant (4x $300) if they accept it.
BNPL is certainly an option, especially when there's promotional deals.
I do this regularly on my cards. I'm sure there will be some exception somewhere, but it would be crazy for a credit card operator to (1) not wish to hold your money for you interest free, and then (2) limit how much you can spend and limit their margin.
I went to did this to make a large purchase, however the bank (CBA) told me to split into two transactions as awards points were not credited for the amount over the credit limit. So, pay half, transfer funds to credit card, pay other half.
interesting point about the rewards points… I'm in credit on my anz card due to a cashback so wonder if it's treated the same
Just beware if you split payment, even though on the same card, if your card offers extended warranty or price protection. They may require paid in full in one transaction. Need to read the fine prints.
FWIW I received all my points with ANZ even though I was in credit for some of the transactions
Thanks all for confirming, worked as expected.
Deposit $200, account is $200 in debit.