Using currency card as a mule

JuliusCaesar

The abolition of fees on credit cards has opened up the possibility of using a currency card as a mule card.

If you get a purchase credit card with long interest-free credit period, you could spend the maximum amount on topping up a foreign currency card such as a FairFX card. Such cards then allow you to transfer the full amount into a bank account for a £5 fee, which could then be invested in an interest-paying account.

Has anyone tried this?

The_Urbanite

Using a prepaid card aimed at the travel market for things like this will likely get your account shut down and possibly blacklisted by the emoney issuer.

JuliusCaesar

Yes, but surely if you only do it once and don't need the card for travel it doesn't matter.

The_Urbanite

It's at your own risk.

Also be aware that topping up prepaid cards may well attract cash advance fees and interest. I've done a wealth of R&D in this area and concluded there are better, free ways to rip credit off 0% cards and deposit into a current account.

charliehelyes

they will treat the transaction as a 'cash' transaction and you will pay the normal cash fees not the promotional rate.

No_6

Tesco don't apply fees to get euros on their credit card, they treat it as a purchase.
AND if it's on a 0% purchase rate for x amount of months



just found out mine is just about to go on hols