"Putting money" on your credit card...

Fabio

I've often heard the term, "put some money on the card in advance sher" but never fully understood what it meant being a newbie to using credit cards!

I have used my card a good few times now and pay things off when and as they appear in my online bank (Ulster Bank). In essence it's like a debit card because of the way I use it and I'm not in debt with it.

However if you "put money" on your card does that mean transferring money to the card in advance of a vendor charging it and by doing so are there fees charged to me???

Mint Sauce

Fabio wrote: »

I've often heard the term, "put some money on the card in advance sher" but never fully understood what it meant being a newbie to using credit cards!

I have used my card a good few times now and pay things off when and as they appear in my online bank (Ulster Bank). In essence it's like a debit card because of the way I use it and I'm not in debt with it.

However if you "put money" on your card does that mean transferring money to the card in advance of a vendor charging it and by doing so are there fees charged to me???

can be handy sometimes, and often put money on me card my self, especillay if going on holiday, have noticed that if you use the card in an ATM abroad, or in the uk and n ireland, and you have money on it, ie, using it as a cash or debit card, depending on the card provider, you can avoid the cash advance fee

unclebill98

This topic was discuss a few days ago.

In relation to putting you CC into credit... Don't. UB will freeze your card straight away. BOI will call you and inform you that this is not something let you do.

Lastly, the main reason is you are not covered for the loss if your card is maxed out illegally. Wait until the transaction appears and then transfer the funds on to it.

In the end of the day every CC provider is different and they also run every cc account different. Chances are if you've not done it before they'll not let you. CC companies build up a spending profile of you, if its out of line with the way you've been doing things the card gets flagged and that could lead to a temp stop and of course this is not great if your out of the country.

Fabio

Oh right....thanks for the advice there. I suppose on reflection it makes sense that it isn't safe to do that...just keep track of what you buy and pay it when the vendor asks!

adox

I do it all the time when going on holiday and then withdraw cash through atms in the country I am visiting. Its one of the cheaper ways of getting cash abroad.

I`ve never had a problem with my bank not allowing to put the card in credit.
I always notify them when I am going abroad so they know to expect activity on the card in a certain foreign country/ies.

CSC

The main risk with putting the card in credit is if you lose the card you lose the money it is in credit by. I have dealt with scores of customers that this has happened to.

liger

unclebill98 wrote: »

This topic was discuss a few days ago.

In relation to putting you CC into credit... Don't. UB will freeze your card straight away. BOI will call you and inform you that this is not something let you do.

I got my Boi cc a few years back and they actually used this as a selling point. They told me the rate of interest on a credit balance would be better than a deposit account (not hard) and if in credit then there is no cash advance fee charged.

I'm surprised to hear this now, Oh wait its BOI, no i'm not.

unclebill98

Thats true, my BOI card had the same selling point. But not all CC providers do it now and some don't let you do it at all.

stepbar

Why o why do people not use Internet banking to drip feed money on to the credit card? Or god forbid (what normal people do) leave the money in your current a/c and put your card on direct debit?

Random

unclebill98 wrote: »

In relation to putting you CC into credit... Don't. UB will freeze your card straight away. BOI will call you and inform you that this is not something let you do.

MBNA will only advise you that you're not covered for fraud on it and AIB don't mind at all.

stepbar wrote: »

Why o why do people not use Internet banking to drip feed money on to the credit card? Or god forbid (what normal people do) leave the money in your current a/c and put your card on direct debit?

Sometimes you wanna buy something for more than your limit. Your solutions will not work in this case.

stepbar

random wrote: »

Sometimes you wanna buy something for more than your limit. Your solutions will not work in this case.

Drip feeding will work in this case.

Random

stepbar wrote: »

Drip feeding will work in this case.

Forgive me then, maybe I misunderstood. If I have a limit of 1k and want to buy something for 2k how does your method work ?

stepbar

random wrote: »

Forgive me then, maybe I misunderstood. If I have a limit of 1k and want to buy something for 2k how does your method work ?

The very words "drip feeding" would suggest releasing an amount as you need it. In this case you put a grand on the card, not your entire holiday money.

Random

stepbar wrote: »

The very words "drip feeding" would suggest releasing an amount as you need it. In this case you put a grand on the card, not your entire holiday money.

Grand so, that's cleared that up.

FGR

I was delighted when I was able to use my laser card in the states. Is it the Maestro function that allowed it or some other aspect?

I tend to use my credit card more often than not for protection purposes but it was good having the laser as a backup for the ATM.

BuffyBot

For payments, it would be the Maestro function.

finvik

i also keep money in my card whenever i travel long distance. i would like to ask you if i keep it always, does it help in Credit ranking in any way?? (this question never occurred to me before, thanx to this post)
if yes that will be a good way to increase yourrankings
Vik

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debt relief

CSC

It doesn't.