Curve Card technique - withdraw cash on any credit card with no fee

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  • bxboards
    bxboards Posts: 1,711 Forumite
    I've e-mailed them asking the question explicitly if this is only ATM transactions that will be impacted.

    I like to invest in small startups via Seedrs etc, really just a hobby and I never put in more than 3 figures, and these have always gone via Curve onto a CC, which then gets cleared every month.

    So I've asked them explicitly in my use case as to whether this would be seen as a cash advance. I don't really care whether I see anything back from the investments, but I'd be irked if I end up paying cash advances fees ontop!
  • jtgaoler
    jtgaoler Posts: 33 Forumite
    edited 18 September 2018 at 6:13PM
    @bxboards


    I think seedrs let's you top up your account by credit card via Stripe - are there fees for that?
    It might end up cheaper...


    I'd be surprised if you get a reply from Curve any time soon, but do let us know!
  • bxboards
    bxboards Posts: 1,711 Forumite
    jtgaoler wrote: »
    @bxboards


    I think seedrs let's you top up your account by credit card via Stripe - are their fees for that?
    It might end up cheaper...


    I'd be surprised if you get a reply from Curve any time soon, but do let us know!

    Sorry, I've no idea what Stripe is so can't answer that one.

    They really need to get back as really this announcement is 'techno waffle' - talking about MCC codes etc is really not useful to an end user as we have no exposure to it and have no real idea how transactions are processed in the background. We shouldn't need to know this at all.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Name Dropper First Post
    edited 18 September 2018 at 6:54PM
    From my knowledge of banking (which is a few years old as I've had a career break!) my understanding is that MCC is used by card providers to block/approve transactions - e.g. Gambling

    I also believe any MCCs related to "financial services" can be picked up to then charge cash fees - for example similar to how Tesco dealt with Curve (they've decided MCC 8999 "other professional services" = financial/cash, primiarily because I bet the main/only merchant of 8999 was Curve!).

    Although it looked like they were charging Curve users, I'd imagine it was done based on the MCC NOT based on CRV* on the statement (e.g. Merchant Name). Otherwise Curve could simply change their Merchant name every 20 seconds to get around it, or stop putting CRV*

    IF MCC being passed does affect charges etc, it'll be very much on a provider by provider basis (e.g. Lloyds Banking Group may treat MCC 6012 (Financial Institution) as a cash advance but HSBC may not). It would also depend on the merchant's MCC - e.g. paying Lloyds off with a 'debit' card may be MCC 6012, paying HSBC off with a debit card may be something completely different. So as much as Curve are annoying by this change, I could understand their reluctence to confirm either way. It'll be a bit of trial and error and keeping a spreadsheet of merchant you used (e.g. who you paid) and the card you paid with - spot patterns etc - trial and error as above, but that could be costly if you make a big one that's on the 'error' category!

    Some card issuers (e.g. Barclaycard) allow you to see whether it's treated as Cash or Purchase. So you could try a small payment with Curve and check your transactions. I haven't got a Barclaycard anymore, so unsure whether you need to wait for it to go to approved or whether pending will show you the details. I think it's the latter.

    Annoyingly my main provider doesn't show MCC or whether it's cash or not. Today I made a small test Payment (using that card to pay itself) and my available balance has decreased by the exact amount, not the additional fees I'd expect.

    I'll leave it to go to posted and see if any cash fees appear!! My friend took out cash abroad on a Virgin card and the forex and cash fees only appeared after it was posted, not in real time.

    Will be good to see if anyone gets any sense out of Curve though, I'm reluctent to send £500 through just incase I get charged 3% cash fee or whatever!!
  • For that it's worth, I've had a reply from Curve with the MMC for a Starling topup I did via Google Pay plus Curve to a CC a while ago...




    Your underlying card will now see this transaction with the Merchant Category Code 6012 (Merchandise and Services—Customer Financial Institution).


    So if @Somerset La La La is right, it could be very hit and miss whether you're charged for cash by the underlying CC or not.
  • I topped up Starling yesterday with Curve linked to my Asda credit card.

    I now have a pending payment for the same amount on my credit card, no mention of any additional charge so far.
  • OceanSound
    OceanSound Posts: 1,482 Forumite
    First Post First Anniversary Name Dropper
    edited 19 September 2018 at 6:18PM
    Sad_Dad wrote: »
    I topped up Starling yesterday with Curve linked to my Asda credit card.

    I now have a pending payment for the same amount on my credit card, no mention of any additional charge so far.
    Careful, before you do any further payments, I'd wait till the next statement is issued. Nothing to do with Curve, But I had a major issues with M&S Credit Card (used directly).

    Topped-up transferwise (TW) account with £10. Checked M&S available balance and it had reduced by £10, so I topped-up TW account with £1500. No cash advance fee charged for the first transaction (or any of the other transactions for that matter). Come statement day,I was charged £17 in interest (about another £10 due to be charged with next months statement). When I queried it with M&S Bank support I was told transferwise had put it through as a cash transaction. Repeated messages to support has fallen on deaf ears.

    When I used Curve (with linked M&S Card) it has always gone through as a purchase. The only reason I decided to use the M&S card directly was because I was approaching the £10,000 curve limit. However, it appears that's been automatically increased now.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    First Anniversary Name Dropper First Post
    edited 19 September 2018 at 6:59PM
    How are curve displaying transactions in their app?

    Is the topup above showing in the app as "Customer Financial Institution" or similar? Mine all say Business Services still

    I think if they're going to bang on about the transparency on underlying cards, they need to let us know what it's being processed as on their own app (MCC, descriptions etc). It wouldn't affect underlying cards, but would allow for people to make a judgement call.

    I've also just thought I've got an Asda Start card, although 0.2% cashback is pants, it's added up as I've been paying other cards etc. My cash limit is still at 0, so I presume (!) cash transactions will be blocked... that'll assist me!
  • adindas
    adindas Posts: 6,813 Forumite
    First Anniversary Name Dropper First Post
    Another thread regarding this warning.

    https://forums.moneysavingexpert.com/showthread.php?t=5894945&highlight=

    I think the only way to know it to test a small transaction and see what happen.
  • Thanks for the warnings, I will hold back on the top ups and withdrawals for now.

    I have tried something else that other people have said is not possible but worked for me, no charges again so far but I guess I might get them further down the line.
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