Curve Card technique - withdraw cash on any credit card with no fee
Comments
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OceanSound wrote: »Using monzo app on android.
On my app the add money button is at the bottom.
I tap 'add money' and the next screen is:
Just been chatting to Monzo support. He said the add money using debit card feature is not available for new monzo users.
Ah, I see. I've had my account a while.
I've just replied to your PM.
On my Personal Account screen I have a monzo.me link. You don't appear to have that either.
Monzo will stop accepting debt card top ups on 2nd October for all customers.0 -
Ouch that passing of MCC's is bad. I don't appear to have been hit yet (using it to pay other credit cards), but I think I'll just take the interest hit as if they deem their MCCs to be cash transaction ('financial services' or whatever normally is) I'll be hit with interest & cash fee charge!
Nearly at my 50k limit anyway, but that's curve done for me for good unless they reverse it.
Also - I'm pretty sure I've not had any notice of variation. Curve in their blog follow-up comment admit it's to help responsible lending blah blah blah (lies, they don't care they aren't a credit provider!). Making such a significant change, I hope all those affected by charges complain and follow up to the FOS if Curve don't refund all charges...0 -
Somerset_La_La_La wrote: »Ouch that passing of MCC's is bad. I don't appear to have been hit yet (using it to pay other credit cards), but I think I'll just take the interest hit as if they deem their MCCs to be cash transaction ('financial services' or whatever normally is) I'll be hit with interest & cash fee charge!
Nearly at my 50k limit anyway, but that's curve done for me for good unless they reverse it.
Also - I'm pretty sure I've not had any notice of variation. Curve in their blog follow-up comment admit it's to help responsible lending blah blah blah (lies, they don't care they aren't a credit provider!). Making such a significant change, I hope all those affected by charges complain and follow up to the FOS if Curve don't refund all charges...
It's quite ironic, isn't it, considering how strongly Curve objected when Tesco started charging cash fees on Curve transactions without bothering to tell anybody...0 -
After the chat with support last night, the monzo.me/[my username] link appeared on the app. Support agent told me to enable 'payment with friends' feature within app settings. After enabling, my username became recognized when using link monzo.me/[my username].Ah, I see. I've had my account a while.
I've just replied to your PM.
On my Personal Account screen I have a monzo.me link. You don't appear to have that either.
Monzo will stop accepting debt card top ups on 2nd October for all customers.0 -
Just got 2 curve cards but not sure if they are going to be that useful to me now.
Am I correct in thinking it is only cash withdrawals that are affected.
Will I still be able to pay a credit card bill with the curve card that is linked to a different credi card?
Any other possible uses from a stoozing point of view or is it a case of trying different things?
I've got 60 days to spend 20k on my new purchase card so could do with some suggestions (e.g. manufactured spending)
Cheers,
Sad_Dad0 -
@Sad_Dad
That's the million dollar question.
Curve, as usual, is providing almost no useful information. Even if the Curve/credit card route still works, they probably don't want to be seen encouraging it.
It is strange that their email announcing they will pass on the MCC ("Enhancing Your Experience with Curve" - nice) only specifically talks about ATM withdrawals:
How will ATM withdrawals with credit cards be affected?
This change also means that from now on your card issuer will be able to identify cash withdrawals from your payment card. Your card issuer may charge you when withdrawing cash from a credit card. In principle, withdrawing cash with a credit card is not recommended, as it may affect your credit score, and can lead to debt. To avoid this, we strongly recommend that you only withdraw cash from a debit account.
It's also not clear exactly when exactly the change will or even has come into effect - they're introducing the new system "this week", according to the email.
At the moment, if you want to know whether 'cash-like' transactions will also be charged to a credit card as cash, I think you'd just have to test the waters at some point _next week_ and see what happens, if you want to be absolutely sure.
I've queried in the app how a previous transaction would now be handled by Curve, but hardly expect a reply soon, if at all. Last time I contacted Curve, it took a _long_ time to get a reply.
IMO, you couldn't ever 'pay a credit card' with Curve - it definitely never worked with Tesco for me.
Of greater interest is whether topups to e.g. Monzo and/or Starling (settle up and monzo.me included) will be treated as cash advances. This was the 'cleanest' route for getting cash from a credit card.0 -
It's also not clear exactly when exactly the change will or even has come into effect - they're introducing the new system "this week", according to the email.
The blog post on the Curve web site originally said it came into effect on 14th September - last Friday. I've just rechecked the post and it now says "Monday 17th of September".
Either way it should already be in.0 -
IMO, you couldn't ever 'pay a credit card' with Curve - it definitely never worked with Tesco for me.
Of greater interest is whether topups to e.g. Monzo and/or Starling (settle up and monzo.me included) will be treated as cash advances. This was the 'cleanest' route for getting cash from a credit card.
Paying off a Tesco CC with curve has never worked for me either.
I would suspect that they might start classifying Monzo/Starling/Revolut as a pre-paid card, which many CC companies typically treat as a cash transaction... but the only way would be to try next week when the changes have happened0 -
Thanks for your replies.
I've got Starling and Revolut, have I got this right, you can top-up both accounts using a Curve Card (that is linked to a credit card) and you may or may not be charged a cash advance fee depending on whether the new changes have been implemented.
If so, I can give this a go today and see what happens.0 -
@Sad_Dad
Yes, exactly.
You may even find that it doesn't get charged as cash for one (maybe Starling, because it is a full bank?) but it does get charged as cash for the other.
There's no real way of knowing what Merchant Category Code (MCC) Curve passes on to the acquirer, except by:
1) trial and error
2) asking Curve (they don't seem to be telling anyone...)
For Starling, it's also not clear if there is any difference between topping up *in app* and topping up using the *Settle Up link*. You may well find there is no difference, but again, there's no info...
As Monzo is cancelling top ups for all users from start of October, question is only whether paying via monzo.me will be treated as cash.0
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