Account in credit: not allowed?

[anat0l]

I guess it could be anti-money laundering measures, and that it's not designed to be in credit. Does the T&C specifically say you can't have it in credit though.

I wonder if anyone can share experiences then from their use of the Wizard Clear Advantage Mastercard?

It has been said that putting this card into credit of some sizeable amount and then advancing on it whilst travelling is an economical method of managing money overseas.

 

[Keith009]

I wonder if anyone can share experiences then from their use of the Wizard Clear Advantage Mastercard?

It has been said that putting this card into credit of some sizeable amount and then advancing on it whilst travelling is an economical method of managing money overseas.

Well, if one doesn't need all that credit, the NAB Gold Visa debit product is the way to go. Fee-free overseas transactions, and no monthly fee so long as you have total deposit of over $5k per month.

 

[Flying Fox]

I have overpaid my Qantas Amex a few times by $3-5k and they have automatically put a hold on it. I have had to ring to get them to free it up and have been told it is a breach of conditions to have card in credit due to money laundering laws ! Usual story on hold for a while and have to speak to 2-3 people in India.
C.M.:shock:

Yes I have also heard of others who have had their Amex account suspended due to it going into credit. Stupid if you ask me.

 

[Keith009]

Card worked without a hitch ever since it went into credit.

And I've since managed to get rid of the credit thanks to the Great Singapore Sale.

 

[wijomas]

I once asked AMEX whether it's possible to pay my credit card account into credit

I wish I had these kind of problems!

I always thought paying on time, having more money in an account, not being at risk of debt etc are a good thing with credit card accounts...

It's a good thing for you, the user, but a bad thing for the bank. Banks/financial institutions like people like me - constantly maxed out, wasting hundreds of $$ in interest each month, but still keeping up the minimum payments on time every month.

It's how they make their money!

 

[tgh]

All very strange ..
We had a major credit ( charge reversal) back into our Amex account..
They offered us the option of a refund cheque but we said nah, not with interest rates the way they are.
We just left it there and cut it out. It took us a few months as it wasn't peanuts.
Maybe there are rules and rules...

 

[beardoc]

Um ok i got alarmed by some of the posts here so I rang up to check. Call centre dude said my account is running fine, because the credit is not large enough to get my account blocked. He advised that due to the government's anti-money laundering laws large credits (eg over $10k or so) will result in the account being automatically blocked for 5 days whilst a funds reversal is processed.

Account worked fine when I went to book some flights, so all good.

Thanks everyone for the advice.

I was too late to post - yes, as QF009 mentioned, it's to do with compliance with anti-laundering legislation. Several banks/financial institutions will only allow you to deposit much less than this in a credit card before they start asking questions.

 

[Rick93]

Well, I refer you to my experience with AMEX ( my wife's account ).

Many of you know the story....

GORDO

 

[drron]

Well I dont think you can just blame the anti-laundering laws.Last year I knew I was going to have a major purchase overseas more than the usual amounts i put on my Diners.I rang them to make sure it would not be declined.They took note of the amount,said thats fine but you can also put the money into the account to cover it if you wish-i did.
I have been considering going back to Amexbecause of the offers I get but you fellows ar convincing me that their hopeless management hasnt changed and once again I would get fustrated with them.

 

[WA flyer]

I have about $3000 credit on my amex MR at present due to funds being paid to the wrong card. I told yesterday and told it can only be refunded to the account from where it was paid. As that was a business account, it looks like i'll be in credit untill at least november, when the Krisflyer cc 3:1 offer ends!

 

[snufl]

I wonder if anyone can share experiences then from their use of the Wizard Clear Advantage Mastercard?

It has been said that putting this card into credit of some sizeable amount and then advancing on it whilst travelling is an economical method of managing money overseas.

I put mine into credit (about 2K) before my last trip to Hong Kong and Macau. I read all the advice on FF, followed it, and it was great. Used ATMs to get cash when needed, it was convenient and really saved me money. I also used it for some purchases. The exchange rate was good.

This will be my primary card next trip, I love collecting points but not if paying a premium.