Can I load cash into my credit card ...

MrsBartolozzi

For use abroad.

My OH has applied for the Abbey card which offers free transactions when used abroad, but we have heard nothing from them yet, and as we go away soon I am assuming that it will not arrive before we go.
As we have saved up for the holiday and have enough cash (ie not strictly needing to use a credit card) I was wondering if I could just pay a big chunk of the spending money into the Visa card and use this when abroad. I know we will still have to pay the "loading" associated with this but will it eliminate all the other side affects - interest etc? (I am going to take some cash but would like the security of using a card too.)
Am I missing something? Is there another safe way of taking my money abroad. (I am unsure of whether Maestro is commonly used in Iceland so bank card is out).

Thanks in advance,
MrsB.

Mickey_Monk

You can use your Maestro card in almost all Icelandic cash machines.
(I won't say all as somebody will have to prove me wrong)

Contact the Icelandic embassy for more info 0207 259 3999

Night-owl_6

Use your Visa card - there is no fee on loading it

youknowwho

This is not a good idea at all. If you have just taken out a Credit card and then load cash onto it, then this can look like money laundering. The CC company would then probably block down your CC until they have spoken to you, and if your away thenit could bequite dificult, and also you would not have access to the money you have loaded onto the card as they will freeze it. Could happen.

Mickey_Monk

Money laundering or not.... most credit cards do not allow you to have a significant positive balance. Check the T&Cs.

If in doubt, contact your credit card issuer and ask. They will tell you if they will allow it or not.

CannyJock

Egg Money card will pay you interest on a postive balance so you're not losing out too much in interest from your savings while it's sitting there waiting to be spent - depends how soon you're going there whether you have time to apply if you don't have one.

And you'll also earn 1% cashback on your purchases too.

Believe me, you'll be needing it once you see the price of a pint over there

MrsBartolozzi

Hi it's not a new card, Youknowwho, we have had it for about 10 years - the original Tesco one so I don't think they will be too suspicious about money laundering lol.
Thanks Mickey, it's good to know about the Maestro card, will have to give it some thought... Is it commonly used to pay with there too (EPOS)?
We are camping so I was not too happy about taking a lot of cash (no hotel safe etc).
Thanks guys

MrsB.

Lavendyr

Why don't you just set the money aside in a savings account (thereby earning interest on it for the time you're away), run up the charges on your card and pay it off in full at the end of the month?

Night-owl_6

No you cant