Cash Transaction

rh82

Hi,

I recently bought some crypto coins using my Credit Card without realising this would be treated as a cash transaction. I’m concerned now this will show on my credit report and impact future mortgage applications etc. 

This will be the first cash transaction and is only for 3x small amounts.

Other then this my credit history is unblemished and have a decent credit rating. I’ve no missed or late payments. CC always paid in full each month etc.

How much of a problem will this be for me?

Thanks

D3xt3r5L4b

They will show as cash transactions yes.

What size were they?

And why are you buying crypto currency on a credit card?

rh82

Couple for around 5 and one for 16.

I’m new to crypto coins so was being cautious using a credit card. Only small amounts as didn’t want to pay massive fees while I was understanding how the crypto markets work fully.

Grumpy_chap

5 pounds and 16 pounds, or 5 grand and 16 grand?

rh82

Sorry - pounds 

Grumpy_chap

In the overall scheme of things, I can only imagine this will fade to zero fairly rapidly.  At least you learned how the system works.

D3xt3r5L4b

How is using a credit card being cautious?

You're not covered for anything extra using a credit card over a debit card to purchase crypto. 

PaulW922

It probably will not make any different especially given the amounts. I think you can relax 

cymruchris

In the detail of your credit report it will show as a cash withdrawal when you dig into the data - but luckily it was for a relatively small amount, and you've realised how it works, and won't do it again. As time passes (months not weeks) these transactions will become less important - especially if your other credit file history is good. There was a poster on here recently who had taken cash out regularly as a withdrawal over a long period of time - that's something lenders would see negatively - but a specialist broker may still be able to get them a mortgage. You won't know for certain until the time comes to find your new house - but go to a broker rather than doing your own internet search - they'll know the right products that will suit your credit profile.