Putting money in credit card

Happyhouse22

Have a credit card but limit is only €1,000.

Want to purchase goods valued at about €7,000. Can I just transfer money to my credit card and use the card as normal (have done this before with smaller amounts- always less than double the usual limit- but wondering if it will work on this larger amount)


If not what other options are available, presume they won’t want to be paid by bank transfer or cheque?

GerardKeating

Happyhouse22 wrote: »

Can I just transfer money to my credit card and use the card as normal

Depends, some cards might have an upper limit for single transactions (AIB debit cards used to be €2,500, but now higher). Only your card issuer can anser this for you.

One thing to remember, most credit card have some form of "fraud protection", but it is limited to your credit limit, for example, you have a limit of €1,000, you tranfer in €5,000, some scammer hit your card and take the €6,000 then you might be only covered for the first grand stolen..

The J Stands for Jay

It's usually wise to let your credit card company know before you make a large purchase so it doesn't get blocked.

Davy

Happyhouse22 wrote: »

If not what other options are available, presume they won’t want to be paid by bank transfer or cheque?

Its worth asking. Some places will accept the EFT but may want it done in advance or done while in their presence.

You could get a bank draft for a small fee from your bank.

3DataModem

Just be aware you will not have credit card buyer protection for this purchase. If you lost or had your card stolen with the large credit balance, or the card is compromised, you would not be protected.

Raoul Duke III

I don't know if this is still the case (as haven't been anywhere thanks to pandemic) but usually if going to a non-EU country, I will overpay my credit card such that it has a positive balance.
Then, when I withdraw cash from an ATM on it, I pay no fees and I notice the exchange rate applied is better than if I had used my normal debit card to make the same withdrawal. Can add up to a reasonable saving.

AIB Visa card.