PingIt & Visa - Will I get charged?

MickeyDaMouse

Hi,

I want to pay off a credit account with one of my Visa cards. The reason for this is that the APR on my Visa is lower than on the credit account by quite an amount.

I can't do a balance transfer and the credit account won't accept credit card for payments.

I have the space on my credit card, it's just getting the cash without taking on excessive charges that I need to achieve.

I looked at using Paypal by setting up a second account, sending money from one to the other and this way avoiding having to withdraw cash and face extra charges for that. Sadly Paypal charge a percentage when you receive money, so I still lose cash.

Another option I've come up with is to use Barclays PingIt app to send cash from my Visa card to my bank account. I don't know enough about how this works though, so here's my question. If I use PingIt does this count on my Visa as a cash advance or just another purchase? If it's a cash advance I'll get extra charges and interest, if it's just a purchase it makes no major odds to me.

So what do people think?

Thanks

MickeyDaMouse

Just another thought,

Would it work if I was to get a prepaid debit card and transfer cash from my Visa card to it? The credit account would then accept the prepaid debit card as it's like any other debit card.

The big question is if I'd still get increased charges and interest here?

Gromitt

You can load some prepaid cards using a CC, but typically there is a 2.5% or so 'loading fee'.

I don't think Barclays Ping It supports credit cards, only debit cards?

guesswho2000

MickeyDaMouse wrote: »

Just another thought,

Would it work if I was to get a prepaid debit card and transfer cash from my Visa card to it? The credit account would then accept the prepaid debit card as it's like any other debit card.

The big question is if I'd still get increased charges and interest here?

Another consideration, prepaid cards are typically treated as credit cards for transaction purposes. My Orange cash prepaid goes through as Mastercard credit rather than debit.

MickeyDaMouse

Back to the drawing board