Curve Card technique - withdraw cash on any credit card with no fee
Comments
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Would PayPal friends and family payment be picked up as "cash recycling" I wonder?Nothing I say represents any past, present or future employer.0
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Free for the standard card yes. Paid card has a few perks like double reward points and a fancy wallet, but not sure it's worth £50!
No credit check, just an ID/AML check0 -
@JakgWould PayPal friends and family payment be picked up as "cash recycling" I wonder?
As noted above, I think the key part of the Fair Use policy is that you have to be doing thisin order to gain rewards on the funding card or Curve Rewards
If you are actually just transferring money to them, I can't see how this would be a breach.
If you mean you would transfer money to them, then they would transfer it back so you could get max. e.g. Amex points, then it clearly would.
BUT, how on earth Curve could check this definitively is not clear.
Of course, they might just block you 'on suspicion', as they are perfectly entitled to withdraw their service at any time....0 -
Rewards on the funding card is only part of that clause, but it's open to interpretation because they've added it in.
How they apply it, and how it should really be worded is:Cash recycling
In addition to the fees listed above, any behaviour which Curve deems to be !!!8220;cash recycling!!!8221; is not permitted. This is where high volumes of cash (e.g. defined by a high cash to spend ratio) are taken out of an ATM using a credit card
You could also argue that they are saying:
taken out of an ATM using a credit card [full stop here] or [an]other payment card, and then used to repay the card in order to gain rewards on the funding card
Although, as they're eligible for FOS referral, they might not want to be too heavy handed - if they have too many complaints it costs them £550 (or whatever the charge is these days!) for complaint investigated by FOS.
But although they may well refer you to the FUP, or say you've broken it (particularly in relation to online transactions rather than ATM). They won't have an argument with you - I'm fairly sure they'll just refer you to terms and conditions as you say, it's effectively a free-for-all!
Clause 3.1 - They reduce your ATM limit to something like £1, which you obviously then can't cash
Clause 3.3 - And ask for lot of information you can't provide, especially if you are registered as a business but aren't actually trading
Clause 3.8 - In managing risk, they can limit your credit cards (or any debit cards they think are being abused) for any and/or all transactions
Clause 6.1.4 - They may argue it's "reasonable" to request a copy of your paypal statement in relation to certain Curve Transactions
Clause 6.1.5 - Although they need to amend it
Clause 6.1.7 - In particular, fees (/higher fees than average by taking the pee)
6.1.8, 6.1.9 and any of 7.6/7.7
I like it as a genuine useful tool, so although there are many ways I could take the mick @ 0.5% cashback it's not worth it in my view. You'd have to get something like £5k through their pronto and find a way to cash it out (e.g. Paypal etc) for it to even be remotely worth it - on say a 0% card for 30 months or whatever.0 -
In the app there is a support/chat
I don't think they have support by phone, although you could try phoning lost & stolen to see if there's any blocks on the card.
Sounds obvious I know - but make sure you have selected the correct funding source in the app and verified it through Mastercard SecureCode or whatever (I had to verify some, but not all, of my cards).
Also click on view limits to see what your limits are - Initially they're lower for new users, although I assume you're not making massive spends.
First transaction also has to be Chip and PIN by the way (in common with all cards I think)0 -
I just a message from Curve team that they do not allow to link REward Creditcard to Curve anymore and any transaction linking to this reward creditcatd will be declined.
I wonder about people personal experience.
Does Curve still allow you to link Curve Card with reward creditcard recently ?0 -
I just a message from Curve team that they do not allow to link REward Creditcard to Curve anymore and any transaction linking to this reward creditcatd will be declined.
I wonder about people personal experience.
Does Curve still allow you to link Curve Card with reward creditcard recently ?
Any chance you could copy and paste the message with personal information removed?
Have you been paying off credit card bills or withdrawing more cash than the amount you're spending? I use it purely for non-financial transactions and the odd genuine cash withdrawal and not had any message of the sort yet.0 -
Surely if you add your credit card to curve and then withdraw at the atm with the curve card your credit card issuer would still see this as a cash advance?
Potentially adding daily interest thereafter and of course making future lenders more cautious?0 -
Gazboombastic wrote: »Surely if you add your credit card to curve and then withdraw at the atm with the curve card your credit card issuer would still see this as a cash advance?
Potentially adding daily interest thereafter and of course making future lenders more cautious?
How would the credit card issuer know how or where the Curve card was used? (Curve doesn't work like e.g. Apple Pay or Android Pay).0 -
As proof of concept I recently topped up my Revolut card from Nationwide CC via Curve, then transferred out from Revolut to a current account. If I started doing this on a large scale I wonder which compliance team would shout first.0
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