Are you absolutely sure this is still the case? Revolut changed their merchant code a few years ago, I can't recall the exact date. Transactions should now be correctly identified as money transfers.Revolut via Apple Pay and it’s recognised as a purchase and not a ‘cash advance’.
It stopped working for me through Google pay but I recently set auto top-up with an AIB credit card and it's working again. Not sure if it would work for such a large sum though.Are you absolutely sure this is still the case? Revolut changed their merchant code a few years ago, I can't recall the exact date. Transactions should now be correctly identified as money transfers.
To clarify, I was asking if AIB identifies such a transaction as 'cash', or as a 'purchase', and therefore if one can avail of an jnterest free period.It stopped working for me through Google pay but I recently set auto top-up with an AIB credit card and it's working again. Not sure if it would work for such a large sum though.
Avant are still offering that facility. I didn't avail of it, but they basically said they transfer the cash straight to your bank account. I think the interest free period though was 6 months (I may be wrong, it's a couple of months ago since I spoke with them). Seems exactly what you need.Another option might be to change providers.
Avant Money usually have 0% deals on Balance Transfers for 9 months or 0% on Money Transfers for 12 months on new accounts. You might be minded to apply for one of their cards. (However, I’m not sure you would get a €15k credit limit as a new customer.)
I used their money transfer facility at 0% for 12 months a good few years ago when they were offering the deal to existing customers. You could have 95% of your credit limit transferred to a current account. I transferred €15k at 0% for 12 months which got me out of a major bind during a period of tight liquidity. You’ll need to just repay the monthly minimum on time and make sure it’s all paid off before the 12 month period expires, otherwise you’re onto the 22% interest rate.
To clarify, I was asking if AIB identifies such a transaction as 'cash', or as a 'purchase', and therefore if one can avail of an jnterest free period.
No cash advance fee or interest on credit card statement so looks like a purchase.To clarify, I was asking if AIB identifies such a transaction as 'cash', or as a 'purchase', and therefore if one can avail of an jnterest free period.
In the past, I used this to maximise my Cashback from KBC's credit card. I paid off the CC every month, so never paid interest.I did this as recently as June and was not charged any cash advance fees. I got cashback from the CC for the purchase
Yes, it seems to be. I do it all the time in normal course of events and have never been charged a cash advance fee. It’s treated as a transaction so I actually get cash back as others have said.Are you absolutely sure this is still the case? Revolut changed their merchant code a few years ago, I can't recall the exact date. Transactions should now be correctly identified as money transfers.
Cost is 0 if it works. As long as the credit card is cleared in full within a month there is no interest. So as long as I only draw less than half my total limit, I can then fully repay it at the end of the month by paying over an equal amount to Revolut and then back to the credit card immediately, just rolling the interest free period for another 30 days each time.Assume it is flawed.
What is the cost to you?
€15,000 @ 20% = €3,000 a year.
or say €300 a month.
This is probably ok.
But why don't you do it. Then apply for an overdraft and clear it as quickly as possible. It would halve the costs.
I think if you "borrow" €15,000 on your credit card and repay it a week later, you will be charged one week's interest.
Brendan
Very interesting, I’ll look into this as an option too. Thank you.Another option might be to change providers.
Avant Money usually have 0% deals on Balance Transfers for 9 months or 0% on Money Transfers for 12 months on new accounts. You might be minded to apply for one of their cards. (However, I’m not sure you would get a €15k credit limit as a new customer.)
I used their money transfer facility at 0% for 12 months a good few years ago when they were offering the deal to existing customers. You could have 95% of your credit limit transferred to a current account. I transferred €15k at 0% for 12 months which got me out of a major bind during a period of tight liquidity. You’ll need to just repay the monthly minimum on time and make sure it’s all paid off before the 12 month period expires, otherwise you’re onto the 22% interest rate.
It’s always worked for me once I do it via Apple Pay. The risk I think is that as you say, repeated big sums get flagged somehow. I have done it for relatively large amounts in the past and no problem but that could change I guess.It stopped working for me through Google pay but I recently set auto top-up with an AIB credit card and it's working again. Not sure if it would work for such a large sum though.
I’ve just looked into this and it appears based on initial online application (subject to U/W of course) they’ll give me €12,000 limit with essentially a 9 months interest free loan as you said. Amazing. Thank you. Whoever said there was no such thing as free lunch…Another option might be to change providers.
Avant Money usually have 0% deals on Balance Transfers for 9 months or 0% on Money Transfers for 12 months on new accounts. You might be minded to apply for one of their cards. (However, I’m not sure you would get a €15k credit limit as a new customer.)
I used their money transfer facility at 0% for 12 months a good few years ago when they were offering the deal to existing customers. You could have 95% of your credit limit transferred to a current account. I transferred €15k at 0% for 12 months which got me out of a major bind during a period of tight liquidity. You’ll need to just repay the monthly minimum on time and make sure it’s all paid off before the 12 month period expires, otherwise you’re onto the 22% interest rate.
I did the Avant money transfer option years ago to out in a term deposit. Worked out well, but rates were higher then.In the past, I used this to maximise my Cashback from KBC's credit card. I paid off the CC every month, so never paid interest.
I would wonder does the merchant code used by Google/Apple Pay (which is what thr Revolut top ups appear as to the AIB CC) count towards the Cashback scheme that AIB offer.
As for Avant and their "Money Transfer" option, I've been considering using it to get €10K, send this to TradeRepublic, net €132 after DIRT over 6 months (while paying Avant back from Salary over 6 months). Borrowing from Peter to get interest from Paul I know.
Could they also freeze the account ending up in the customer support limbo that others have reported with such Fintechs when things don't go to plan?It does work but it is frown upon in Revolut's T&C. If you top up and do the transfer cycle too often, Revolut do flag it and does send you warning email about violating the T&C.
Hard to know, I supposed they could freeze it since you would be violating the T&C but they gave warning first the last time.Could they also freeze the account ending up in the customer support limbo that others have reported with such Fintechs when things don't go to plan?
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