0% purchase credit card

TylerBubba92

Hi, I have a 0% purchase credit card
And at the same time, my mortgage product is up for renewal. I was wondering if my mortgage product fee would be classed as a purchase or a cash related payment
As if it would be classed as a cash related payment, that’s not 0% and wouldn’t be as smart as I was hoping

Thanks in advance.

Terry_Towelling

Good question!

Technically, paying a fee for a financial product should be classified as a purchase because you are paying for a service. You aren't taking out any cash, or taking possession of something readily converted into cash, or anything that can be used in place of cash.

However, in reality, you don't know how your mortgage provider is set up to process its transactions, so it could end up being processed by them as 'cash'. You could try asking them and hope you get a reliable/knowledgeable answer.

You would also need to check the T&Cs of your credit card provider to see what sort of transactions they regard as 'cash' because, even if your mortgage provider processes it as a 'purchase' your Issuer might still treat it as 'cash' due to the data provided in the transaction.

Hard to be more precise than that (for me, at any rate).

[Deleted User]

It also depends whether they will accept a credit card payment