Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • johnpartington
    • By johnpartington 9th Jul 18, 6:46 PM
    • 3Posts
    • 0Thanks
    johnpartington
    0% spending card
    • #1
    • 9th Jul 18, 6:46 PM
    0% spending card 9th Jul 18 at 6:46 PM
    I want to use a new 0% card to pay off a car loan, I could go with a money transfer card but I see 'spending' cards have no fee, so would my over the phone payment to the loan lender be classed as spending?
Page 1
    • zx81
    • By zx81 9th Jul 18, 6:47 PM
    • 19,380 Posts
    • 20,706 Thanks
    zx81
    • #2
    • 9th Jul 18, 6:47 PM
    • #2
    • 9th Jul 18, 6:47 PM
    If they accept it, which they probably won't, it is likely to go through as a cash transaction.
    • johnpartington
    • By johnpartington 9th Jul 18, 7:13 PM
    • 3 Posts
    • 0 Thanks
    johnpartington
    • #3
    • 9th Jul 18, 7:13 PM
    • #3
    • 9th Jul 18, 7:13 PM
    How could it be cash transaction? Its not a withdrawal or balance/money transfer so surely it would just show as a payment to a company ie a purchase?
    • zx81
    • By zx81 9th Jul 18, 7:32 PM
    • 19,380 Posts
    • 20,706 Thanks
    zx81
    • #4
    • 9th Jul 18, 7:32 PM
    • #4
    • 9th Jul 18, 7:32 PM
    It surely wouldn't.

    It'll likely show as a payment of cash as you're paying off a loan, just like any other cash transaction.

    You don't have to get a fistful of fivers out of a wall for it to be a cash transaction.
    • Brynsam
    • By Brynsam 10th Jul 18, 2:01 AM
    • 1,676 Posts
    • 1,232 Thanks
    Brynsam
    • #5
    • 10th Jul 18, 2:01 AM
    • #5
    • 10th Jul 18, 2:01 AM
    I think you might find this is theoretical - check if the loan company accepts payments by card.
    • johnpartington
    • By johnpartington 10th Jul 18, 7:11 PM
    • 3 Posts
    • 0 Thanks
    johnpartington
    • #6
    • 10th Jul 18, 7:11 PM
    • #6
    • 10th Jul 18, 7:11 PM
    Thanks, I checked and they do and i am still struggling to see how it would not be seen as a purchase? do the card company sit and monitor to whom you are paying money on the card and whether you actually 'purchased' anything or not. If I dont ask for it to be transferred to another card or into my bank are they not just happy that the debt is now on their card?
    • zx81
    • By zx81 10th Jul 18, 7:16 PM
    • 19,380 Posts
    • 20,706 Thanks
    zx81
    • #7
    • 10th Jul 18, 7:16 PM
    • #7
    • 10th Jul 18, 7:16 PM
    It all depends on the category code used by the merchant.

    You may also be aware that things like gambling and currency are also classes as cash. This will have been explained to you in your terms and conditions that you agreed to.
    • SnowTiger
    • By SnowTiger 10th Jul 18, 9:10 PM
    • 3,488 Posts
    • 2,454 Thanks
    SnowTiger
    • #8
    • 10th Jul 18, 9:10 PM
    • #8
    • 10th Jul 18, 9:10 PM
    Thanks, I checked and they do and i am still struggling to see how it would not be seen as a purchase?
    Originally posted by johnpartington
    What do you intend to purchase from the loan company?

    do the card company sit and monitor to whom you are paying money on the card and whether you actually 'purchased' anything or not.
    Originally posted by johnpartington
    The simple answer is yes. The credit card company will be aware of the type of purchase you make.

    I purchased a new cooker from AO recently. This is what appears on my online credit card statment:



    My credit card provider has details about the company I bought my cooker from, along with the type of business they do.
    • foxy-stoat
    • By foxy-stoat 11th Jul 18, 12:25 PM
    • 3,041 Posts
    • 1,711 Thanks
    foxy-stoat
    • #9
    • 11th Jul 18, 12:25 PM
    • #9
    • 11th Jul 18, 12:25 PM
    I want to use a new 0% card to pay off a car loan, I could go with a money transfer card but I see 'spending' cards have no fee, so would my over the phone payment to the loan lender be classed as spending?
    Originally posted by johnpartington
    Do a money transfer, and at the end of the intro rate do a balance transfer, repeat the balance transfer shuffle until you have cleared the balance, probably need 3 cards to be safe.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,553Posts Today

6,815Users online

Martin's Twitter