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Credit card- a way to avoid cash advance fees?
Peter1234321
Posts: 1 Newbie
in Credit cards
Good afternoon,
I have a question that may seem a little odd, but please bear with me…
Is there a way to use a credit card like a debit card? For example, when getting foreign currency/ topping up a shares account/withdrawing cash etc, the use of a credit card would usually be considered a cash advance- expensive & not a great thing to have on your credit record. For situations like this, the use of a debit card is generally recommended.
However, I notice that a product was recently trialled (the Travelex Supercard) that acts as a kind of middleman for purchases. From reading around, it seems that you link a credit or debit card to the ‘Supercard’ so that any charges made on the supercard are charged back to your linked payment card. It appears that the supercard records all transactions as purchases (including cash withdrawals), and therefore you sidestep any cash advance fees if the account is linked to a credit card- rather handy. The supercard is mainly aimed at foreign travel (expensive fees are charged for sterling spends).
Is there something similar that can be used in the UK? If so, this would allow me to put 100% of my ‘spending’ onto my credit card which a) leaves my money in the bank for another month = more interest and b) allows me to accrue more cashback on my credit card. Over the course of a year this could actually be quite lucrative.
If you have any thoughts then I would love to hear them!
Many thanks,
Peter
I have a question that may seem a little odd, but please bear with me…
Is there a way to use a credit card like a debit card? For example, when getting foreign currency/ topping up a shares account/withdrawing cash etc, the use of a credit card would usually be considered a cash advance- expensive & not a great thing to have on your credit record. For situations like this, the use of a debit card is generally recommended.
However, I notice that a product was recently trialled (the Travelex Supercard) that acts as a kind of middleman for purchases. From reading around, it seems that you link a credit or debit card to the ‘Supercard’ so that any charges made on the supercard are charged back to your linked payment card. It appears that the supercard records all transactions as purchases (including cash withdrawals), and therefore you sidestep any cash advance fees if the account is linked to a credit card- rather handy. The supercard is mainly aimed at foreign travel (expensive fees are charged for sterling spends).
Is there something similar that can be used in the UK? If so, this would allow me to put 100% of my ‘spending’ onto my credit card which a) leaves my money in the bank for another month = more interest and b) allows me to accrue more cashback on my credit card. Over the course of a year this could actually be quite lucrative.
If you have any thoughts then I would love to hear them!
Many thanks,
Peter
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Have a look at Curve CardPeter1234321 wrote: »Is there something similar that can be used in the UK?0
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