Credit Card On Holiday (Abbey Zero)

BenL

Martins updated article advises that the abbey card will be £2 per month per £100 in interest at that rate on a cash purchase.

I think i will try to preload anyway by BACS to the card, oooppsseeee i must have eerrrmmm clicked on the wrong credit card to pay.

Worse that can happen? The payment gets returned to my bank account?

I'll take my laptop and hopefully e-credit card will be setup so i can see whats going on in near realtime via french free wee-fee.

I'm just running a bit short on time now for it all to be received as we only decided to go away a few days ago and the cc application was done on Monday.

When I preloaded my old Skycard/Barclaycard they sent me a letter advising that I needed to contact them to get the money back off it.

Never bothered as I was going to spend most of the money anyway during the month.

I wouldn't be around to receive a letter from abbey and i wouldn't be answering any phone calls from them whilst away as my phone will be off.

We have Euros in cash and Nationwide card for other stuff so I am happy to give it a whirl.

simon_templar_2

Benl you wont be able to preload the card.

BenL

Does it just get returned to the account it comes from?

simon_templar_2

It does not get returned straight off and they cant physically stop you paying more than the balance. However as per page 8 of the T&C's 5.7

"you should not make payments that place the account in credit. If you do, we may still restrict the use of the card and the account to the amount of your credit limit."

Degenerate

If you have internet access available on your travels, you could initiate a BACS transfer a couple of days in advance, so it hits your account the day you are drawing it.

BenL

I've got no problem with bending/breaking that t&c.

Thanks for looking it up though.

They have more to worry about with over indebted people trying to say their debts are unenforcable so it doesn't overly bother me.

Come on paperwork and card, hurry up!

I am not buying anything that I would require section 75 protection from so that isn't a concern either. (Purchases made whilst incredit are not protected as you haven't actually used credit)

BenL

Watch it now, I will have been declined on my application! lol

chattychappy

BenL wrote: »

Watch it now, I will have been declined on my application! lol

Do let us know how you get on with the pre-loading thing. Interesting the T+C comment about restricting use of the account to the credit limit. I wonder what this means - that the payment will go into a suspense account? OR is it just they are worried about their fraud exposure, money laundering or increased s75 exposure (though you say it wouldn't apply)? Perhaps they are worried about it becoming a bank account - with "regulatory ramifications".

Anyway from the way the condition is drafted it doesn't seem they are particularly targeting the cash advance loophole. Rather than "restricting" the account to the credit limit, I would have expected something like a minimum interest charge (as a % or in terms of number of days) or a "fee when in credit" to be applied to cash "advances".

An obvious way of making an advance payment without breaking the letter of the T+Cs is:

1) buy something expensive from Argos (that's not excluded from their 16 day money back deal)
2) pay it off
3) take it back for credit

SwissLe

The exchange rate used for the conversion is either a government mandated exchange rate or a wholesale exchange rate, selected by MasterCard for the applicable currency on the day the transaction is processed. That rate may differ from the rate applicable to the date the transaction occurred, or the date when the transaction is deducted from the card value.

From what I gather they follow closely to the UCC at XE.com

BenL

I don't think I can be the tester for this i'm afraid. I knew it would be tight but i wasn't banking on this level of incomptetance/delay.

I applied on the 13th May (re-launch day) early in the morning and as of today i have not had sight of any forms to sign so no way for a card before Saturday.