0% credit card to make pension contributions

Stevie_Sterling

Hello,

Quick query that I help someone can help with, I recently got a new 0% on purchases credit card for 22 months from Tesco bank.

Can I use this credit card to make contributions to my SIPP in order to get the additional tax relief in my SIPP without paying interest on the card??

Obviously I will make the minimum payments on the card.

Thanks in advance

SS

jonesMUFCforever

IMO no.
Does your pension provider accept credit card payments - if they do will they treat it as cash or not?
If so you will be charged a cash advance fee.

Nebulous2

As Jones has said - it's unlikely that your pension provider will accept payment by card.

You can do it indirectly though. Use your credit card to buy food and pay your food money into your pension.

Stevie_Sterling

Thanks both

chattychappy

Consider a "money transfer" card. You can pay the money into your current account and then pay into your pension.

You will probably have to pay 3%... but might get a couple of years' credit. MBNA always used to be good on money transfers.

Can't see a way you can use a "purchases" card, though. Note: you can use a purchases card to pay your tax bill, if this helps. There is a fee, but it is small.