Pre loading credit card with money? 14 February 2015 at 8:41PM in Stoozing: free cash from credit cards 5 replies 3K views

hinsp

HI. i am going on holiday next week and have ordered the halifax credit card to save money and get the best exchange rate when spending abroad. However I have already saved the majority of spending money for my holiday. So my question is, once I get my card, can I go into the bank and "pre load" some money on the card to avoid paying interest on the amount I do borrow whilst spending?

So for example I get a card with a limit of £2000. before I went on holiday could I go in the bank and pay £1000. even tho I havnt bought anything yet? just to avoid paying interest?
your help would be appreciated.

Many thanks

YorkshireBoy

When you get the card, be sure to read the T&Cs. Start with condition 16.9

If you can't wait till then, the T&Cs are on their website.

a&akay

hinsp wrote: »

HI. i am going on holiday next week and have ordered the halifax credit card to save money and get the best exchange rate when spending abroad. However I have already saved the majority of spending money for my holiday. So my question is, once I get my card, can I go into the bank and "pre load" some money on the card to avoid paying interest on the amount I do borrow whilst spending?

So for example I get a card with a limit of £2000. before I went on holiday could I go in the bank and pay £1000. even tho I havnt bought anything yet? just to avoid paying interest?
your help would be appreciated.

Many thanks

A complete guess on my part as I've only got my experiences to go on. You can definitely pre-load a 123, as I've just done this successfully to £800. However I had an owing balance on the card so surmise that their algorithm was not programmed to take off what I owed and send the excess back to whence it came. However I tried the same with M&S where I was already in credit to the tune of £2, ie they owe me, and it was immediately reversed. I'll attempt what you suggest on my Santander Zero next time we go abroad for my forecast spending money, but make sure I already owe them before doing so. May work, but it's in the gift of their algorithm on such things ie computer says yes, or no. Pence is involved but nothing ventured nothing gained.

YorkshireBoy

a&akay wrote: »

A complete guess on my part as I've only got my experiences to go on. You can definitely pre-load a 123, as I've just done this successfully to £800. However I had an owing balance on the card so surmise that their algorithm was not programmed to take off what I owed and send the excess back to whence it came. However I tried the same with M&S where I was already in credit to the tune of £2, ie they owe me, and it was immediately reversed. I'll attempt what you suggest on my Santander Zero next time we go abroad for my forecast spending money, but make sure I already owe them before doing so. May work, but it's in the gift of their algorithm on such things ie computer says yes, or no. Pence is involved but nothing ventured nothing gained.

The fact remains that both Santander cards' T&Cs*, like Clarity, prohibit pre-loading, so it's a dangerous game to play...particularly when £500 of ATM withdrawals over a fortnight costs around £2.39 in interest at 27.9% APR


* With 1-2-3 it's condition 17.5 (can't be bothered going upstairs for my Zero T&Cs for the condition in there!).

Fruit_and_Nut_Case

hinsp wrote: »

...have ordered the halifax credit card...

For your sake I hope you have applied for the correct Halifax card for your purposes. And what has this got to do with stoozing anyway?

a&akay

YorkshireBoy wrote: »

The fact remains that both Santander cards' T&Cs*, like Clarity, prohibit pre-loading, so it's a dangerous game to play...particularly when £500 of ATM withdrawals over a fortnight costs around £2.39 in interest at 27.9% APR


* With 1-2-3 it's condition 17.5 (can't be bothered going upstairs for my Zero T&Cs for the condition in there!).

Well aware of that condition which is why I'm probing it. It's not been reversed still as my balance draws down daily as we use our cards. It will soon show us owing them as my wife is on my account and she likes spending:D. I had to use my Barclaycard balance transfer within 60 days. That facility has now been withdrawn as I expected. I've now successfully stoozed the full £7.2k available on real spending before their deadline even if some of this is future spending.