What happens when your bill-payment onto your Tangerine mastercard is greater that amount owing? | Tangerine Bank | Discussion forum

I would guess yes. But, transferring it out like that could be considered to be a cash advance and attract the $3.50 cash advance fee.

This is from the Tangerine Credit Card Cardholder Agreement:

“Cash Advance” means a Transaction where funds are advanced from the Credit Card Account to a Cardholder and includes:

• a Cash Advance obtained at an Automated Banking Machine (ABM), over the phone, online or through a mobile device;
• a Balance Transfer;
• a Cash-Like Transaction; or
• using telephone or online banking to pay bills or transfer funds from your Credit Card Account.

Leave the surplus on MC. You can use it in the coming days. If I overpay my MC the balance will show a negative balance after the payment is posted. The credit limit will be restored to your maximum. The credit limit can not go over the maximum even if there is a negative balance.
i.e. Credit limit $5,000. Nothing on card. Use for a purchase of $40. The available credit is reduced by $40 to $4,960. The current balance will show $40 1-2 business days later. Pay $80 the next business day after purchase. The payment will post 1-2 business days later. Sometimes the purchase shows 1 day before the payment is posted. The credit limit will be restored to $5,000. The current balance will change to -$40.
Since a savings account pays ZERO interest (i.e. .10%) these days I pay my credit card the next business day. When close to CC statement date I use a debit card. The balance on my CC statement is small.
If your card is setup for pre-authorized payment some CC Fi's will reduce your amount owing for payments made after statement date but before statement due date. This is good. If you had a large balance you do not want to have a payment come out of your account. You have enough to pay balance once but not twice. I remember paying extra on my CC when I was going on a long holiday. I did not use the full payment. The credit was refunded by cheque when the balance was a credit on my second statement date.

If you didn't overpay it by much, for example $20000 instead of $200.00, I would agree with topgun that it makes sense just to leave surplus there and it'll be used when card is charged next time.

I often overpay my credit cards I use frequently. If balance is $1,234.56, for example, I'll pay $1,250 or even $1,300. Never had problem with that.

Loonie said
A number of years ago, I had a positive balance in a credit card account due to refunds. I didn't use the credit card for a few months. The issuer sent me a cheque for the balance. This happened on two occasions.
They said they had to do this because they were not a bank and were not allowed to hold money for clients beyond a certain time. I think it was 3 months. I no longer remember which card it was.  

The Bay (HBC) does this for the HBC credit card. They have sent me cheques after I have returned items. Usually occurs after having 3 months of a credit balance. It makes sense for a store that doesn't get a customer's business on a more regular basis .

gicjunkie said

The Bay (HBC) does this for the HBC credit card. They have sent me cheques after I have returned items. Usually occurs after having 3 months of a credit balance. It makes sense for a store that doesn't get a customer's business on a more regular basis .  

Now that you mention it, I think it was the HBC card.
I'm not up to date but aren't they discontinuing that card, or something like that. Spouse read that HBC is about to separate its online business from its in-store business. I'm not sure who gets the card.
I only have the card because of the 3 month return policy that came with it on HBC purchases, but I haven't used it in a few years as I haven't shopped there.

Edit by admin: the ensuing discussion about the HBC card was split into a new thread