Hi. So I had a 28 degrees Mastercard (now latitude) for traveling like 10 years ago and I remember I could add money into it so technically my account was paid for, but I tried to see if I can still do this today but it doesn't really give me the option anymore. Is there a loop hole where I can still do this?
Or can anyone suggest any other cards that will do this that's similar to this card as I will need it for travelling soon. thanks!
Can I Make My Credit Card Account into Credit by Making an Overpayment?
Go Cat on 13/09/2023 - 00:14
Comments
Yes, you can.
I do it often
Yes, by BPAY (fee is 95 cents)
Just keep in mind that if you make a purchase using money thats over your credit limit it won't be eligible for chargebacks/credit card protection if somehting goes wrong.
Please cite some source that confirms that assertion.
If its true it creates complications where a purchase that causes your balance to cross from one side of zero to the other. Is it protected, or isn't it?
That's interesting.
and likely false…
That doesn't sound right at all. I frequently overpay my Coles and 28d near the statement dates and have never had a rejection on that basis.
You’ve made a chargeback (not a price protection/insurance claim) of an amount that exceeded the credit limit on your card?
Well not chargebacks as I've done 1 in 7 years. Insurance claims also put my account into credit frequently and I use that credit to buy more stuff that I claim later so anyway no to your statement about PP.
@MeesusEff: Yeah insurance should be fine (provided you’re not claiming amounts above the policy limits) but previously when I posted about this someone told me about the chargeback situation (like if you bought $7k of flights on it when you have a $5k limit)
@stirlo: Ahhh right I gotcha. I thought you meant if the account was in credit. I would just increase my limit but I understand not many people want to do that
Yes
If I pay extra to put it into credit, will I get 17% interest on my money?
No
You can do that, not sure what the difference is if you preload (unless near statement date) or just spend as normal and pay it off when it's due. Unless you were looking to use it as a way to withdraw money but I really wouldn't risk the cash advance fee
I think thats why i originally added money, so I wouldn't pay a cash advance fee to take cash out and also I don't have to think about paying before pay dates. So you think i would still pay the cash advance fee now for cash out?🤔
I did read a few years ago that people said they were putting a stop to it, I would lean towards yes. But you could jump on their live chat to ask they are pretty easy to get a hold of.
But if not for cash out you can overload the card so you don't have to worry about payment dates. Bpay for 95c fee or I think the service centre has a cap if you try to overpay by too much
I went on live chat. I was told you can put card in credit✔️ U can take cash out without the cash advance fees while in credit✔️. And not be changed the shopper protection fee while credit✔️ (as i dont really want that while overseas) . in case anyone wanted to know!
Sounds good, what card are you refering to eg Citi Bank Credit Card?
Latitude 28° Global Platinum Mastercard
Yes
You can bpay and pay the fee
If you had an amount owing, in the latitude portal, the third option of payment is pay any other nominated amount. Could you put a much larger amount in there? (I haven't tried this so don't know if it works but bpay def does)