Credit Card - Protection if exceeding limit

PROJECT K

Hi All,
Building a new house at present and due to pay a substantial deposit for windows for the build (almost €30k). I am wary particularly in the current economic climate of handing over a cheque so i hope to pay by credit card.
Question is, assuming i transfer the money to my credit card beforehand i.e. create a psoitive balance, can i exceed my notional limit (of €10k) and would this excess also be protected if the window manufacturer failed to deliver the goods or were not satisfactory?
I will ask my bank the same thing (UB) but would appreciate any comments - particularly if other banks allow/dont allow this...
Thanks
PK

Paulw

PROJECT K wrote: »

Question is, assuming i transfer the money to my credit card beforehand i.e. create a psoitive balance, can i exceed my notional limit (of €10k) and would this excess also be protected if the window manufacturer failed to deliver the goods or were not satisfactory?

From my understanding, no, your limit is the max spend limit on the card, no matter what your positive balance is. Also, any credit on the card is not covered by the standard card protections.

Hopefully your bank can confirm.

GerardKeating

Paulw wrote: »

From my understanding, no, your limit is the max spend limit on the card, no matter what your positive balance is. Also, any credit on the card is not covered by the standard card protections.

Hopefully your bank can confirm.

I would also doubt if a company would be willing to let the OP charge such a large amount to a card, they would lose €750 or more in fees...

PROJECT K

thanks for the replies - just off the phone form UB and they confirmed max. single transaction is the cc limit plus they wont allow this to be increased even if i have a positive balance on the card...:(

I have been told from a number of people in the past that they successfully did this, maybe a different bank allows this or is more flexible?

PROJECT K

GerardKeating wrote: »

I would also doubt if a company would be willing to let the OP charge such a large amount to a card, they would lose €750 or more in fees...

excuse my financial ignorance here GK, how would they lose that much in fees - do they have to pay a % of the transaction amount?

I wonder if i paid in three or four installments, paying off the card between each payment therfore no exceeding the limit...? didnt want to ask UB that on the phone but i dont see how that wouldnt work (provided the company allowed this)

drunkmonkey

If your any way dodgy about the supplier change to a safer bet, that fact you think something may go wrong says it all, walk away.
I've used munster joinery and they never looked for a deposit but that was only for a few thousand, 30k seems like a massive deposit.
What's that song about the ferryman?

D3PO

PROJECT K wrote: »

excuse my financial ignorance here GK, how would they lose that much in fees - do they have to pay a % of the transaction amount?

I wonder if i paid in three or four installments, paying off the card between each payment therfore no exceeding the limit...? didnt want to ask UB that on the phone but i dont see how that wouldnt work (provided the company allowed this)

Yes they pay a % transaction fee.

anyway back to the real topic. Is the 30k the total price or just the deposit ? Seems like a hell of a lot of money to expect upfront and no way should they be expecting 100% payment up front.

Id be getting back onto them and renegoting the payment terms in regards to a deposit of X in advance and then full payment on delivery / installation

PROJECT K

Its not that i think something will go wrong - its the fact that it could! The four companies i have shortlisted (inc. MJ) look for between 60 and 70% deposit with balance before arriving on site. Its a lot of money to hand over with no protection!

PROJECT K

@D3PO
thanks for that - yes i got carried away with a complex design and too many large windows (triple aluclad), lesson learnt! €30k is the average for the total window package from the 4 suppliers, deposit of 60-70% required plus balance before or in some cases on delivery. This seems pretty standard across the board - their argument is that they are providing bespoke windows that cant be used on other projects (or would be very difficult to do as they are not "standard sizes")...take it or leave it!

Oral Surgeon

PROJECT K wrote: »

@D3PO
thanks for that - yes i got carried away with a complex design and too many large windows (triple aluclad), lesson learnt! €30k is the average for the total window package from the 4 suppliers, deposit of 60-70% required plus balance before or in some cases on delivery. This seems pretty standard across the board - their argument is that they are providing bespoke windows that cant be used on other projects (or would be very difficult to do as they are not "standard sizes")...take it or leave it!

Off topic, but how many windows doors and sliders is 30k buying you??

D3PO

PROJECT K wrote: »

@D3PO
thanks for that - yes i got carried away with a complex design and too many large windows (triple aluclad), lesson learnt! €30k is the average for the total window package from the 4 suppliers, deposit of 60-70% required plus balance before or in some cases on delivery. This seems pretty standard across the board - their argument is that they are providing bespoke windows that cant be used on other projects (or would be very difficult to do as they are not "standard sizes")...take it or leave it!

assumed it was a bespoke design but wanted it clarified.

Not a whole heap you can do so outside of viewing their books to see how the accounts look or splitting payment over multiple credit cards and visa debit cards if possible to cover you.

hopefully they will accept that as a payment method.

PROJECT K

Oral Surgeon wrote: »

Off topic, but how many windows doors and sliders is 30k buying you??

1 large slider, 1 front door and 26No. windows - total area around 65sqm...:eek:

wonski

PROJECT K wrote: »

excuse my financial ignorance here GK, how would they lose that much in fees - do they have to pay a % of the transaction amount?

I wonder if i paid in three or four installments, paying off the card between each payment therfore no exceeding the limit...? didnt want to ask UB that on the phone but i dont see how that wouldnt work (provided the company allowed this)

I am pretty sure you can do this, will take some time as the payments to their credit card will take 3 working days to clear, so you are looking at making the payments over ~2 weeks period.
Not sure if the credit card provider will cover construction work to be honest, unless the company takes the money and runs away.