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Top up with Revolut and send back to credit card

  • 04-03-2024 8:03pm
    #1
    tvmediasrv
    Registered Users, Registered Users 2 Posts: 7 ✭


    Hi,

    Just wondering is there any problem with what im doing. Basically if I owe 500eur on my aib credit card due at end of month, I topup my Revolut with 500eur around 25th of the month and send it back to my personal account, then transfer to my credit card, still outstanding 500eur but I dont pay any interest on the credit due.


    Is this essentially an interest free loan?



Comments

  • #2
    Eire Go Brach
    Registered Users, Registered Users 2 Posts: 1,384 ✭✭✭Eire Go Brach


    Am I the only one confused here?



  • #3
    user060916
    Registered Users, Registered Users 2 Posts: 127 ✭✭user060916


    As long as you don't do it long term/every month I can't see anything wrong with it.



  • #4
    daheff
    Registered Users, Registered Users 2 Posts: 5,933 ✭✭✭daheff


    Is this not the equivalent of a cash withdrawal and interest is charged from the day of withdrawal?



  • #5
    irelandrover
    Registered Users, Registered Users 2 Posts: 3,878 ✭✭✭irelandrover


    Don't revolut charge for credit card top ups. And your credit card see it as a cash withdrawal. And a lot of credit cards pay off cash advances first so you'd also still be charged interest on the initial 500.



  • #6
    masterboy123
    Registered Users, Registered Users 2 Posts: 5,915 ✭✭✭masterboy123


    I have an AIB credit card and have a direct debit set up to pay bills right on time. AIB credit card to Revolut is free and I haven't paid fees.



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  • #7
    Montage of Feck
    Registered Users, Registered Users 2 Posts: 3,772 ✭✭✭Montage of Feck


    https://www.boards.ie/discussion/comment/121850321#Comment_121850321

    It's the old "run the gas off the electricity and the electricity off the gas" trick.

    🙈🙉🙊



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