Can you feed a regular savings a/c from a Credit Card?

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Can you feed a regular savings a/c from a Credit Card?

If yes, does the credit card company treat it as a cash advance and start charging interest straight away.
 
MBNA let you write credit card cheques so I guess they could be lodged in a deposit account.

It would be totally insane to do that though. They'll of course start charging interest straight away as it is a cash advance. Whatever way you get the money they'll treat it as a cash advance.

Does the regular saver T&Cs let you reduce the payment or take a break on making payments?
 
You can set up direct debits from credit cards-I have done it before, e.g. to pay a Voadafone bill.

They didn't count as cash advances.

However, I don't know if it would work in the same way to feed a savings account.
 
They're not going to let you buy financial products (deposits in this case) with a credit card on free credit. Everyone would be doing it if you could. This is very different from paying a normal bill for a product or non-financial service.
 
Apologies, your phrasing made it seem like you were under some doubt on the point. This thread has me in a state of shock.:eek: Apologies to OP too.
 
I don't know if the OP is asking the question because:

(a) they have run out of cash and can't continue a regular savings plan thereby losing out on the higher rate of interest and want to fund through credit (a bad idea IMHO); or

(b) they want to take advantage of an interest free period (e.g. first 6 months) and fund the savings plan in that way (a good idea, but probably a non-runner).

Perhaps they could clarify?
 
My question was just of sheer curiousity.

I would say they would treat it as a cash advance. (changing massive interest in the process)

Credit card cheques are a rip off big time.

I took out an MBNA credit card years ago & it took ages for them to stop sending me those things.
 
If you were looking to invest by taking advantage of the interest free period on purchases offered by some credit cards - one way is to buy Prize Bonds. They can be bought with a credit card. Buy them on a new interest free credit card - cash them in a few weeks before the interest free period ends - and any prize money you get is a non taxed money for free. Risk free. You have to make the minimum repayment on the credit card each month (usually 3%).
Not a mainstream investment idea - but worth a go ?
 
If you spend over 5k I think Ulster Bank give you 40 "reward" on the Zinc card.
 
They don't mention it as a feature of the Zinc card on on the Ulster Bank site anymore, so I'm not sure that it still applies.
 
irishlinks said:
If you were looking to invest by taking advantage of the interest free period on purchases offered by some credit cards - one way is to buy Prize Bonds.
Click to expand...

That's an idea I toyed with myself while trying to think of ways to turn the interest free period into cold hard cash but I don't think the prize bonds T&Cs allow it.

You have to hold the prize bonds for at least 3 months before cashing them in. Prize bond FAQ .

Although if you moved the balance to another credit card with an introductory interest free period it should work.
 
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That is what I meant - take out a new card with the 6 or 9 months interest free credit offer - then buy the prize bonds and cash them in just before the offer period ends - I wasn't trying to say that you buy them at the start of the month and cas them in before the end of the month.
 
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