Money transfer credit card - best rate options? Pay yourself using reader?

mking007

looking for a money transfer card (transfer money to bank account directly) currently nbma is 2.99% for 28 months

but was looking at the option to get it for 1.75% by getting a personal card reader izettle.
if I got a 0% credit card for purchases then pay myself into my bank account. then pay it off monthly as normally, would that work?

I know the card reader is currently £22 but factoring that in, it would still work out cheaper plus I've a card reader as well.

anyone done something similar?

onlyfoolsandparking

Yes it can be done but only if you have a Merchant account, that is an account connected usually to a business account for processing card payments. I don't know if it is possible to pay into your own personal account without a business/merchant account although I could be wrong its been quite a few years since I operated a business taking card payments and I know rules change fast these days.

Rockye

It can be done by a Merchant account.

Terry_Towelling

Are you a retailer? To get a transaction from your card, through a POS device and onto a Visa/MasterCard you will need to have a contract with a processor (izettle, presumably). In turn, that provider will process your transactions through Visa/MasterCard for you and will be wanting to charge you a certain amount and will probably expect a minimum monthly sum from you.

I haven't studied izettle at all so I have no idea what a contract with them would entail but it is surely unlikely that they will sell you everything, set up a contract with you and then allow you to simply process 1 transaction for a fee of 1.75% and finish.

They will probably want to know your turnover in order to create a proper charging structure for what they believe to be your retail business (that isn't).

Why not give it a try and report back here with how you got on?

[Deleted User]

Depends on what the transaction gets classed as.

It might not get classed as a purchase

onlyfoolsandparking

Terry_Towelling wrote: »

Are you a retailer? To get a transaction from your card, through a POS device and onto a Visa/MasterCard you will need to have a contract with a processor (izettle, presumably). In turn, that provider will process your transactions through Visa/MasterCard for you and will be wanting to charge you a certain amount and will probably expect a minimum monthly sum from you.

I haven't studied izettle at all so I have no idea what a contract with them would entail but it is surely unlikely that they will sell you everything, set up a contract with you and then allow you to simply process 1 transaction for a fee of 1.75% and finish.

They will probably want to know your turnover in order to create a proper charging structure for what they believe to be your retail business (that isn't).

Why not give it a try and report back here with how you got on?

Yes that is/was my understanding too, when I used to take cards for my business (about 5 years ago now) I had to show my bank my typical turnover plus give them an approximation of how many times in a month I would potentially take card as payment. Once I had given these figures they set me up with a merchant account (Global pay) and off I went, my typical charges were 0.75% for Visa/MasterCard payments and £0.27 per debit card transaction.

!!! wrote: »

Depends on what the transaction gets classed as.

It might not get classed as a purchase

I don't think it matters what it gets classed as I don't believe it can be done without being some sort of business/retailer with a merchant account.