Using currency card as a mule

JuliusCaesar · 10 April 2018 at 2:11PM

The abolition of fees on credit cards has opened up the possibility of using a currency card as a mule card.

If you get a purchase credit card with long interest-free credit period, you could spend the maximum amount on topping up a foreign currency card such as a FairFX card. Such cards then allow you to transfer the full amount into a bank account for a £5 fee, which could then be invested in an interest-paying account.

Has anyone tried this?

The_Urbanite · 10 April 2018 at 9:05PM

Using a prepaid card aimed at the travel market for things like this will likely get your account shut down and possibly blacklisted by the emoney issuer.

JuliusCaesar · 10 April 2018 at 10:29PM

Yes, but surely if you only do it once and don't need the card for travel it doesn't matter.

The_Urbanite · 11 April 2018 at 1:21PM

It's at your own risk.

Also be aware that topping up prepaid cards may well attract cash advance fees and interest. I've done a wealth of R&D in this area and concluded there are better, free ways to rip credit off 0% cards and deposit into a current account.

charliehelyes · 13 May 2018 at 8:52PM

they will treat the transaction as a 'cash' transaction and you will pay the normal cash fees not the promotional rate.

No_6 · 13 May 2018 at 10:03PM

Tesco don't apply fees to get euros on their credit card, they treat it as a purchase.
AND if it's on a 0% purchase rate for x amount of months

just found out mine is

just about to go on hols

Using currency card as a mule

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