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'loading' cedit card to avoid cah withdrawal interest?
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suea_3
Posts: 2 Newbie
in Credit cards
Someone has suggested that if you load your card, i.e overpay so you are in credit, the company will not charge you interest on money withdrawn from cash machine. anybody know if this is true.:rotfl:
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Depends on the card issuer. Most (if not all) now hold it against the T&C to place the account in credit - doing so is likely to result in the payment being returned to it's source and / or the account being blocked / closed.Cashback Earned ¦ Nectar Points £68 ¦ Natoinwide Select £62 ¦ Aqua Reward £100 ¦ Amex Platinum £48
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If you have money to put on your credit card, why not just use that and not incur charges!!0
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If you have money to put on your credit card, why not just use that and not incur charges!!0
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Someone has suggested that if you load your card, i.e overpay so you are in credit, the company will not charge you interest on money withdrawn from cash machine. anybody know if this is true.:rotfl:Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Depends on the card issuer. Most (if not all) now hold it against the T&C to place the account in credit - doing so is likely to result in the payment being returned to it's source and / or the account being blocked / closed.
This is a good answer. Bear in mind that where interest is charged, it's calculated daily. So if you make a payment within a few days of making the withdrawal, the interest will be minimal.
If you did make an advanced payment and it was accepted, then whilst you'd escape interest you wouldn't escape any other handling fees. Of course if there was already a balance, the payment would be applied to that first and not the forthcoming cash withdrawal.0
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