More efficient cash release from 0% purchase cards?

I was thinking about this last night, but not really sure if its remotely feasible as it may require a merchant bank account which I haven't yet looked into.


The two below applications are essentially ways to handle card payments without requiring an expensive card machine - one is a simple attachment which clips onto your smartphone, the other simply uses a photo of the card.


My thoughts were that (notwithstanding the processing fees) that you could effectively put a payment through your 0% purchase CC which puts the whole balance into your current account, rather than doing it month by month, using it in place of your debit card.


The only drawback would be if they required the use of a merchant bank account to receive the payments in which case it's over before it's even begun, but if it isn't required, then it could work (for now) assuming the transaction fees are worthwhile.

It appears I am not allowed to post links, but one company is called Squareup and the other is called Flint. add .com to their names to get to their homepages.

Please note (although I am new here) that I have no affiliation to these companies. Just trying to think of new ways to extract liquidity from a credit card.

Comments

  • EDIT: done a bit of research and SquareUp is US only and Flint seems to be that way as well.
  • Herbalus
    Herbalus Posts: 2,634
    First Anniversary Name Dropper First Post
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    I've thought about this also, but costs to process low levels of credit card transactions are about 3%, so it makes the whole venture a lot less profitable.
  • I'm running a webshop and my online payment gateway that can take money from my credit card and move it to my current account for no fee in a promotional period. This would be ideal for stoozing, but is it a legal transaction? What will HMRC say if they see this income of many thousand pounds? Or is it enough to say that it was a mistake and it landed on my own account so I'll book it as 'refunded'? :-)
  • HappyMJ
    HappyMJ Posts: 21,115
    Combo Breaker First Post
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    Just load up your Paypal account using the credit card then send the money to your partner/friend who withdraws it to their current account and transfers it to you.

    You can also use Neteller to effectively do the same thing.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • This sounds much easier :-)
    But does this really count as a purchase?
  • If I log in to Paypal, it offers me to top up only from my bank account :-(((
  • bizwax
    bizwax Posts: 39
    First Anniversary First Post Combo Breaker
    Forumite
    Could you look at a Bitcoin exchange. Topup your trading account with cash, then instead of trading just transfer the cash back to your bank account.

    Not sure how that would work. Anybody care to try?
  • PayPal will charge a 3.42% fee
This discussion has been closed.
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