I have found myself in a short term liquidity squeeze due to some poor planning. I might need approximately €15,000 for about 2-3 months.
I could do this through a short term loan but the hassle of applying and the interest are not that appealing.
One option that had crossed my mind is an apparent ‘glitch’ in the AIB credit card where you can top up Revolut via Apple Pay and it’s recognised as a purchase and not a ‘cash advance’. I found this out by accident years ago and have used for small amounts ever since.
I have a large credit card limit with AIB and rarely use it so had thought of sending €15,000 to Revolut for my short term needs. When they credit card is due to be cleared at the end of the month. I can do the same again and pay it back to clear the previous month. And again in the following month.
I think this is easy access to indefinite free credit, up to half of the max of my credit limit (not in the traditional credit card sense to buy something, but for cash). Anyone see any flaws other than a potential change in how AIB recognise these transactions across the board?
I could do this through a short term loan but the hassle of applying and the interest are not that appealing.
One option that had crossed my mind is an apparent ‘glitch’ in the AIB credit card where you can top up Revolut via Apple Pay and it’s recognised as a purchase and not a ‘cash advance’. I found this out by accident years ago and have used for small amounts ever since.
I have a large credit card limit with AIB and rarely use it so had thought of sending €15,000 to Revolut for my short term needs. When they credit card is due to be cleared at the end of the month. I can do the same again and pay it back to clear the previous month. And again in the following month.
I think this is easy access to indefinite free credit, up to half of the max of my credit limit (not in the traditional credit card sense to buy something, but for cash). Anyone see any flaws other than a potential change in how AIB recognise these transactions across the board?