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ozzywizard
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Can I have some advise please on credit cards, I have just received a capital one card with 500 credit. I wish to save up for my holidays. Is it possible to save up on this card, for example if I transfer 50 a week to this card in 4 weeks it will be 700, not really had any dealings with credit cards so not sure if it can be used for saving short term, are you allowed over your limit ?

I am a consumer helping other consumers. Together we can and will make a differance. Please double check any information or advise I may give as I like yourself am learning as I go along in life.

1) give a small donation to this site to keep it going because without this forum I would know nothing.

2) Use your experience to help somone else on another thread.

 

Please do not PM me, my mail address is my username at this site address . I will not under any circumstances give out advise or help through mail, only on the open forum, however feel free to mail me to point me towards your thread and general talk etc.

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Can I have some advise please on credit cards, I have just received a capital one card with 500 credit. I wish to save up for my holidays. Is it possible to save up on this card, for example if I transfer 50 a week to this card in 4 weeks it will be 700, not really had any dealings with credit cards so not sure if it can be used for saving short term, are you allowed over your limit ?

:confused:

A credit card is not a savings device. You card allows you to BORROW up to £500 in return for whatever rate of interest they are charging.

 

If you want to save £50 per week then transfer it into a savings account and earn a bit of interest on it.

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Its not going to earn interest as its only going to be there for a very short period of time, it would just be more convenient to have all holiday finds in the same place. Also if it was kept in my normal account it would not get saved up.

I am a consumer helping other consumers. Together we can and will make a differance. Please double check any information or advise I may give as I like yourself am learning as I go along in life.

1) give a small donation to this site to keep it going because without this forum I would know nothing.

2) Use your experience to help somone else on another thread.

 

Please do not PM me, my mail address is my username at this site address . I will not under any circumstances give out advise or help through mail, only on the open forum, however feel free to mail me to point me towards your thread and general talk etc.

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I've overpaid a capital one card before but only for about £10. All that happened was my account showed as having a credit balance and this balance was used before my credit limit

All my posts are made without prejudice and may not be reused or reproduced without my express permission (or the permission of the forums owners)!

 

17/10/2006 Recieve claim against me from lloyds TSB for £312.82

18/10/06 S.A.R - (Subject Access Request) sent

03/02/07 Claim allocated to small claims. Hearing set for 15/05/07. Lloyds ordered to file statement setting out how they calculate their charges

15/05/07 Lloyds do not attend. Judgement ordered for £192 approx, £3 travel costs and removal of default notice

29/05/07 4pm Lloyds deadline for payment of CCJ expires. Warrant of execution ready to go

19/06/07 Letter from court stating Lloyds have made a cheque payment to court

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I have (or rather had) an Egg Money Card.As well as being a credit card, if you have a positive balance it pays 4% interest. Other lenders may have similar cards. Do not touch the Egg card with a proverbial barge pole.Their ideas on ethical trading are non existent.

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That is great advise from you all, thanks heaps. I know it is an unusual request and not idea and not somthing I plan on doing long term just suits my needs for the next 6 weeks or so whilst saving for hols. I just wanted to check their was no risk in doing so and your ideas on it.

I am a consumer helping other consumers. Together we can and will make a differance. Please double check any information or advise I may give as I like yourself am learning as I go along in life.

1) give a small donation to this site to keep it going because without this forum I would know nothing.

2) Use your experience to help somone else on another thread.

 

Please do not PM me, my mail address is my username at this site address . I will not under any circumstances give out advise or help through mail, only on the open forum, however feel free to mail me to point me towards your thread and general talk etc.

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One thing that you should be aware of is that you cannot get a authorisation that exceeds your credit limit, even of the card is in credit.

 

For example, if you have a card with a £500 credit limit and a £200 positive balance, you cannot get authorisation for a charge of £550.

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You say you are going on holiday but you didn't say where.

 

I don't know what your credit file is like but I know several companies offer cards where you are not charged for paying in a foreign currency. If you are not going abroad this is not an issue but I do wonder why you don't simply have a debit card?

 

You can still make purchases on your credit card and pay the bill from the current account.

 

If you are going abroad you lose out three or four times by using any old credit card as opposed to the best buys.

The views I express here are mere speculation based on my experience. I am not qualified nor insured to give legal advice and any action you take will be at your own risk.

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Thanks heaps for all the advise, I am not going abroard so not an issue.

I am a consumer helping other consumers. Together we can and will make a differance. Please double check any information or advise I may give as I like yourself am learning as I go along in life.

1) give a small donation to this site to keep it going because without this forum I would know nothing.

2) Use your experience to help somone else on another thread.

 

Please do not PM me, my mail address is my username at this site address . I will not under any circumstances give out advise or help through mail, only on the open forum, however feel free to mail me to point me towards your thread and general talk etc.

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I use internet banking and have opened up on line an internet savings account. I just transfer money into it each month. The only way to get at it is to transfer it back to another account then withdrawer by the usual methods. I'm saving for my first holiday in 12 years. This works for me.:)

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