Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi all! We have been experiencing an issue on site where threads have been missing the latest postings. The platform host Vanilla are working on this issue. A workaround that has been used by some is to navigate back from 1 to 10+ pages to re-sync the thread and this will then show the latest posts. Thanks, Mike.
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Crypto.com prepaid card and Mortgage

  • 06-08-2020 10:37am
    #1
    suave.4u
    Registered Users Posts: 989 ✭✭✭


    Hi guys,

    I have a Crypto.com prepaid card and getting 2% cashback. Very happy so far.
    I load it using my AIB credit card (there are no charges so far).

    The problem is the AIB statements just show "MCO" in the description.
    Apps like Revolut do have good statement structure, but with Crypto.com card, you can only download 1 month statement and that too in a excel .CSV format. Very shabby to look at.

    I am looking for a mortgage and was wondering if this will be an issue.


Comments

  • #2
    banie01
    Registered Users, Registered Users 2 Posts: 16,926 ✭✭✭✭banie01


    From a fiduciary viewpoint, loading a pre-paid card from a Credit Card rather than a debit card wouldn't look great tbh.

    It can all too easily appear as borrowing to engage in risky investment practice or gambling.
    Even carrying a zero balance on the card, it would be far better from an underwriters viewpoint if MCO is just showing up your debit card statement as a purchase, rather than your CC statement.

    It's over a decade since I worked in finance, so DYOR, speak to a broker and get more up to date advice.
    Having it on your CC may be no issue at all, once the underwriters don't query what MCO is.
    If they do, given the economic outlook I'd expect at least a few extra hurdles between application and approval.


  • #3
    suave.4u
    Registered Users Posts: 989 ✭✭✭suave.4u


    banie01 wrote: »
    From a fiduciary viewpoint, loading a pre-paid card from a Credit Card rather than a debit card wouldn't look great tbh.

    It can all too easily appear as borrowing to engage in risky investment practice or gambling.
    Even carrying a zero balance on the card, it would be far better from an underwriters viewpoint if MCO is just showing up your debit card statement as a purchase, rather than your CC statement.

    It's over a decade since I worked in finance, so DYOR, speak to a broker and get more up to date advice.
    Having it on your CC may be no issue at all, once the underwriters don't query what MCO is.
    If they do, given the economic outlook I'd expect at least a few extra hurdles between application and approval.

    makes sense, thank you


  • #4
    Bob24
    Registered Users, Registered Users 2 Posts: 10,905 ✭✭✭✭Bob24


    Yes it is almost for sure that once the mortgage provider sees recurring "MCO” transactions on your statements they will want to know what those are, and once they realise it is for Crypto.com they will want to know what you are doing on the platform (it is not a showstopper at all in terms of getting the mortgage, but expect questions and requests for more documents).

    What they are likely to ask for is:
    - a statement / transaction history from CDC which shows a matching credit for each of the debits on your CC statement (to make sure the money debited from your AIB card indeed goes to your personal CDC account and not another one)
    - a statement / transaction history from CDC showing all your purchases with your CDC card for the past 3 or 6 months
    - they might also ask whether you are using other services on CDC and for a corresponding balance statement and transaction history (interest account, crypto broker/exchange, lending service)

    IMO using CDC itself shouldn't be a problem at all, but some things they might not like are:
    - as banie01 said, if you are using your CC to top-up large amounts on the CDC prepaid card
    - if you have active loans with CDC
    - if you are regularly trading cryptocurrencies on the platform and have a history of making losses


Advertisement