Can you lodge money to save in Credit Card?

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witchymand

Registered User
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I am taking a loan of about €7,000 from the Credit union for a family holiday, but am not going on the holiday till xmas time, can I lodge this amount into my credit card and then just charge all the fares, hotel etc to the credit card?
Thanks
 
As pointed out why would you want to draw it down and start paying interest now if you don't really need it yet? If you really must or have already drawn down then it would be better to put it in Rabobank or Northern Rock and at least mitigate the interest payable a little bit. There is also some doubt about whether you are covered for fraudulent transactions on your card if it is preloaded with cash so you might want to check that out with your card provider.
 
dam099 said:
There is also some doubt about whether you are covered for fraudulent transactions on your card if it is preloaded with cash so you might want to check that out with your card provider.
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Indeed, I have queried same with the Financial Regulator. The issue is addressed, in part, in this thread.
 
I was going to lodge it now, as I was going to book the flights this week, and just use the credit card with the money that is lodged into it to pay the flights. But the remainder money would be for the hotel fee, but I know that a lot of hotels only keep your credit card number in case you cancel, so I probably wouldn't be charged for the hotel fee till I get there.
 
Why don't you borrow what you need to pay for the flights now and then take out another loan for your holiday when you are going. It may seem like more hassle but instead of paying interest on 7k for the next few months you should look at taking a loan just to cover the cost of flights. Taht way you will be paying less on interest and it will give you a chance to save also, meaning that when you are going on your holiday you wont even need to borrow as much.
 
Hel_n said:
Why don't you borrow what you need to pay for the flights now and then take out another loan for your holiday when you are going.
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.. or draw down what you need now and the rest later ?
 
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