New Halifax Reward account. Has anyone figured out a way around £500 spending?

TheMightySwordfish

Been doing it for best part of a year. Touch wood, no issues.

Alex9384

swajarbal said:

Alex9384 said:

Did this actually happen to anyone?
I use Revolut too, but then I pay my rent and energy from it. From time to time some crypto too.
I also pay my credit cards (even Halifax CC) with Halifax Reward debit cards.

I'd like to know this too. Can you pay purchase £500 on Revolut in GBP, using your Halifax debit card, then send the £500 from Revolut back to your main current account without any fees?

Yes, you can. I've done that before, but like I said, now I pay my rent and energy from Revolut. Don't want just cycling money through it without really using it for anything else.

[Deleted User]

adindas said:

TheMightySwordfish said:

Been doing it for best part of a year. Touch wood, no issues.

Alex9384 said:

Yes, you can. I've done that before, but like I said, now I pay my rent and energy from Revolut. Don't want just cycling money through it without really using it for anything else.

Hi Guys

I have done transfer from my Revolut to Euro account in a different EU countries using IBAN number.

I have not tried it to send to UK bank account.

I wonder, if ffter funding your Revolut account using debitcard, could you transfer the money out from Revolut to another UK account using bank transfer and there is no fee for it ??

Yes, it apparently works for the time being but:

Halifax makes reference to purchases - which is a Revolut top-up isn't really.
Halifax also makes reference to money transfers - which is a Revolut top-up essentially is.
Card deposits also cost Revolut money to service; so you may find they take a dislike this type of transaction.  

anxiousnow

Debit card payment into my building society account (Skipton) then transfer back out. 

Daliah

anxiousnow said:

Debit card payment into my building society account (Skipton) then transfer back out. 

This is known a money recycling. It may or may not be tolerated for much longer but in any case, I would not advertise it.

ZeroSum

AFAIK you could fund your S&S Account or Invest account using Debitcard directly. But for this they will charge you you 0.7%.

Who charges 0.7%?

Mines with vanguard & they don't charge for deposits. You could recycle into the holding account but as its an isa I don't want to mess about with that.

ZeroSum

adindas said:

ZeroSum said:

AFAIK you could fund your S&S Account or Invest account using Debitcard directly. But for this they will charge you you 0.7%.

Who charges 0.7%?

Mines with vanguard & they don't charge for deposits. You could recycle into the holding account but as its an isa I don't want to mess about with that.

Trading 212 charge 0.7% for funding your S&S or General Investment account using debit card. It is free if you use bank transfer (not debit card payment) to fund these S&S or General Investment account.

If you fund your CFD account, it is free to fund it using debit card. They do this to attract people to do more CFD trading where they make most of their money from. But I could see the way around it, where you fund the CFD account using debit card free of charge. Once they are in CFD account you could move your money to S&S ISA account or general investment account, whatever account you want to fund.

Regarding Vanguard, I also have account with https://www.vanguardinvestor.co.uk/ mainly for my SIIP account to invest in index funds. But you do not want to spend X*£500 a month just for the sake of debit card spending if you have no intention to top up your SIIP.

Hmmmm,isn't that illegal?

Vanguard, along as you have £500 invested, you can deposit whatever you want. But obviously if its SIPP or ISA complicates things

Ballard

I’ve just switched from Barclays to Halifax and hasn’t considered the £500 spend being possible that often given my credit card use for points.

Thanks to everyone who’s pointed out that I can use the debit card to part pay the credit card. Unless they change the rules I’ll be £60 a year to the good. 

redux

Ballard said:

I’ve just switched from Barclays to Halifax and hasn’t considered the £500 spend being possible that often given my credit card use for points.

Thanks to everyone who’s pointed out that I can use the debit card to part pay the credit card. Unless they change the rules I’ll be £60 a year to the good. 

Not all credit card accounts accept payment by debit card, so some people might find it worth checking in advance of a move

ZeroSum

adindas said:

ZeroSum said:

adindas said:

ZeroSum said:

AFAIK you could fund your S&S Account or Invest account using Debitcard directly. But for this they will charge you you 0.7%.

Who charges 0.7%?

Mines with vanguard & they don't charge for deposits. You could recycle into the holding account but as its an isa I don't want to mess about with that.

Trading 212 charge 0.7% for funding your S&S or General Investment account using debit card. It is free if you use bank transfer (not debit card payment) to fund these S&S or General Investment account.

If you fund your CFD account, it is free to fund it using debit card. They do this to attract people to do more CFD trading where they make most of their money from. But I could see the way around it, where you fund the CFD account using debit card free of charge. Once they are in CFD account you could move your money to S&S ISA account or general investment account, whatever account you want to fund.

Regarding Vanguard, I also have account with https://www.vanguardinvestor.co.uk/ mainly for my SIIP account to invest in index funds. But you do not want to spend X*£500 a month just for the sake of debit card spending if you have no intention to top up your SIIP.

Hmmmm,isn't that illegal?

Vanguard, along as you have £500 invested, you can deposit whatever you want. But obviously if its SIPP or ISA complicates things

Nothing Illegal

CFD account and S&S account are kept seperately. If you move your money from CFD account or General Invest Account (GIA) to S&S Account, it will count as new money to your ISA in the current tax year, so they will automatically reduce your ISA allowance for the current tax years. Once you reach your £20,000 limit they will automatically reject any money you want to add on your S&S ISA account.

Also, as I said before, I do not really fancy this method as you will need to do debit card payment regularly for ISA, SIPP for which sometimes you do not want to. Also for some people it is not just about finding a way of £500 spending each month but it could be x*£500.

Is there any method similar to pay to Saving account using debit card?? I am already aware of SBS (not longer available), PO (hassles to get your money out), RVLT.

Any info will be very much appreciated, PM is also good. Thanks for sharing. Sharing is caring.

If its free for bank transfer but charging for a card for the same thing, that's illegal 

Anyway, I've not had any issue with PO in terms of getting money out. Putting money is a different matter.

If you go back& read back through the thread there's a few other suggestions that you've ignored