using credit card instead of bank -help please!

CLAPTON

It probably would have worked Ok for the 'old rules' egg money card

-it allowed (encouraged ) credit balances
-it paid 4% on the credit balances
-it gave 1% cash back on spends
-no charge for ATM withdrawals and no interest if in credit
-free transfer of money to your bank a/c

OK not a complete banking service but would have ticked most boxes.. all acedemic now as they have withdrawn most of theses features

YorkshireBoy

never-in-doubt wrote: »

Nah, employer would not take a reference..... where do you see that?

Er...on employer BACS Direct Credit salary mandates!

I say again...

1) The employer, and their systems, will not know whether it's a current, savings, or credit card account...and they don't really care!

2) Employer wage payment instruction mandates do have a reference field. If none is provided it's left blank or, if their systems dictate it needs 'something' in there, they'll use your name or the employer's name.

YBS's Cash Transactor* account can receive salary/pension/benefit payments. You need to use a 10 digit account number as the reference here (in addition to the standard 8 digit account number and 6 digit sort code). Are you seriously of the opinion that employers, pension funds, and HM Government would say "no, you need a real current account that doesn't use references...pick another one"?


* http://www.ybs.co.uk/your_society/help/sort_codes.html (a scaled down psuedo current account, allowing DD's/SO's and offering a link card...but no debit card or chequebook).

I am clued up... you cannot pay mortgages with a CC

You're not as clued up as you think. Many people on the stoozing site have been exploiting slow-stooz and cashback cards (esp. Egg's 1%) by making their mortgage payments with them. Yes, you often need to cancel (and then reinstate later) the DD...but it is entirely possible.

dfh

I have had a YBS Cash Transactor Account which is not a real current account and my salary was paid into it for a while.

Any

never-in-doubt wrote: »

Nah, employer would not take a reference..... where do you see that? No mainstream employers will pay it into a credit card, get real. Cmmon, this is bordering ridiculous.

I've been discussing similar in another thread and argue that employers can pay money into other accounts, yes they can, but not credit card accounts and also the logistics are bonkers - what pay a % each time you need cash, high APR's and remaining in credit all the time, or of course remaining in debit all the time - eventually the CC will say no thanks and limit the account/close the account or simply reduce the limit.

A CC is designed to remain in debit - not credit!

Mate, I do the payroll for our factory and I have about 10 employees with reference numbers. I'll send it where they ask me to, none of my business where they want it as long as they give me signed bank details. NO idea whether they are all building societies or special accounts or credit cards.

However I do agree that having wages paid on to a credit card si complete rubbish.

ElkyElky

Why on earth would anyone want their wages paid onto a credit card? That is just stupid.

st999

I pay my council tax with my credit card and get cash back.

I would pay my mortgage as well if I could but as it is only £33 per month and finishes in 2 years it's not worth the hassle of looking into it.

If the interest rate goes up I might change my mind. Any ideas? I'm with the Halifax for my mortgage and Capital One credit card.

Stan

YorkshireBoy

ElkyElky wrote: »

Why on earth would anyone want their wages paid onto a credit card? That is just stupid.

(at least) 2 reasons:

1. Debt reduction/interest minimising (for example, if the family lived off the main breadwinners earnings and the spouse had significant interest bearing debt).

2. See post #12 (for a while, Egg Money's 4% interest rate beat most other easy access savings account rates).

duchy

Interesting thread.
I've thought about getting one of my regular wage payments paid onto a pre-paid creditcard (I only use it for holidays and buying on line) instead of transferring money across when needed. Any loss of interest would be minimal with current interest rates and the time saved would balance it out.
I don't think I'm stupid to consider it-if I had just one wage coming in (I work a mix of PAYE and self employed so there is always more than one payment a month) and outgoings that needed to be paid by DD it might be different-but not everyone has the same circumstances.

YorkshireBoy

duchy wrote: »

I've thought about getting one of my regular wage payments paid onto a pre-paid creditcard

That was going to be my 3rd reason in the post before yours...pin money (if paid into the old Egg Money account)

dfh

st999 wrote: »

I pay my council tax with my credit card and get cash back.

I would pay my mortgage as well if I could but as it is only £33 per month and finishes in 2 years it's not worth the hassle of looking into it.

If the interest rate goes up I might change my mind. Any ideas? I'm with the Halifax for my mortgage and Capital One credit card.

Stan

That's interesting.I never thought about it.I have a CITIcard with 1% cash back.So for a council tax bill of 1000 a year,I would be getting 10 pounds cash back.Brilliant !