credit card question

calis

i have just got a visa card from aib. however this is my first ever cc so i have a question: is it possible to deposit 1000 euros onto the card and use it rather than actually using the "credit" of the card ... meaning that if i only spend 900 i will have 100 left on card and still have the credit untouched. i wud rather use the card for online buying this way as i will only buy things that i have money on the card for

sorry if i sound like a n00b

dingding

It will work like this, it is actually a good way to use it as you never pay interest.:)

RainyDay

Nothing to stop you using it in this way, and you will avoid all possible interest & charges. You are missing the intrinsic benefit of the free credit period available on the card.

calis

thanks peeps for le quick reply

calis

lol went to my bank 2day to put the money on the card (aib) and they told me that they dont do that .. that i gotta get it done in the post office!!!

kazzer

Sign up for online banking then its dead simple.

BrianD

I would not recommend taking this course of action unless you are going abroad and going to use your credit card as an ATM card (though most ATM cards you can now use abroad anyway).

The main reason is fraud. If your card is compromised they have access to your deposit and your credit limit. Not recommended!

It's a false economy. You are taking €1000 out of circulation and getting nothing for it. Once you spend this you will go into credit allowance so it will not stop you overspending.

I would suggest the following - pay your credit card by direct debit. This means you enjoy the credit without the interest charge.

If you want the flexibility of a credit card but want to pay as you go when don't you try one of those 3V credit cards?

My tuppence worth (typical APR 17%, your home may be reposessed if you don't keep up repayments on this tuppence. Terms & conditions apply).

CCOVICH

BrianD wrote:

If you want the flexibility of a credit card but want to pay as you go when don't you try one of those 3V credit cards?

But these are not perfect, high enough charges and low enough limits.

BrianD

Agreed but appear to be the product best suited to the original poster. He/she wants the payment method offered by a credit card without going into debt. The options are - pay your account in full every month (if he has the money) or use the 3V system where he pays up front with the required money.

"Loading up" a credit card is just a bad use of his money!

homah_7ft

I have direct debit on my card so I know I'm never going to be hit with an interest charge. My credit limit wasn't enough when I was buying some expensive things online so I just went into a branch and asked them to transfer money from my account into my credit card. That was Bank of Ireland.

calis

that y i want to load cc ... so i can buy my uber pc parts

bounty

if your card gets stolen, the fraud insurance only covers the debit balance