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Banks charging Prepaid Cards as Cash advance

  • 26-01-2020 9:25pm
    #1
    edunne2010
    Registered Users Posts: 103 ✭✭


    Watchout some banks are now charging for toping up prepaid cards such s Revolut.


«1

Comments

  • #2
    Sarn
    Registered Users, Registered Users 2 Posts: 3,087 ✭✭✭Sarn


    I presume this is if topping up from a credit card?


  • #3
    edunne2010
    Registered Users Posts: 103 ✭✭edunne2010


    Yes,


  • #4
    lawred2
    Registered Users, Registered Users 2 Posts: 24,424 ✭✭✭✭lawred2


    edunne2010 wrote: »
    Watchout some banks are now charging for toping up prepaid cards such s Revolut.

    Would that not be construed as anti competitive?


  • #5
    edunne2010
    Registered Users Posts: 103 ✭✭edunne2010


    I agree, since when did banks do anything right. All they do is charge for everything.


  • #6
    Bikerman2019
    Closed Accounts Posts: 992 ✭✭✭Bikerman2019


    What bank is doing this and how much?
    I use a revolut topped up from AIB.


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  • #7
    edunne2010
    Registered Users Posts: 103 ✭✭edunne2010


    Avantcard


  • #8
    banie01
    Registered Users, Registered Users 2 Posts: 16,870 ✭✭✭✭banie01


    Bikerman2019 wrote: »
    What bank is doing this and how much?
    I use a revolut topped up from AIB.

    Ditto, top up from an AIB visa and not seen any charge for it.


  • #9
    edunne2010
    Registered Users Posts: 103 ✭✭edunne2010


    2.50


  • #10
    Sarn
    Registered Users, Registered Users 2 Posts: 3,087 ✭✭✭Sarn


    lawred2 wrote: »
    Would that not be construed as anti competitive?

    With credit cards they’d just say they’re invoking their cash advance fee. Not surprising that some are doing this.


  • #11
    lawred2
    Registered Users, Registered Users 2 Posts: 24,424 ✭✭✭✭lawred2


    Sarn wrote: »
    With credit cards they’d just say they’re invoking their cash advance fee. Not surprising that some are doing this.

    Do they do the same for purchasing gift cards or vouchers?


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  • #12
    edunne2010
    Registered Users Posts: 103 ✭✭edunne2010


    Just letting people know, as Banks are starting to charge for Prepaid Topups.

    AIB Credit No Charge
    Avantcard/MBNA 2.50


  • #13
    Sleeper12
    Registered Users, Registered Users 2 Posts: 17,139 ✭✭✭✭Sleeper12


    No changes from Bank Of Ireland yet


  • #14
    Trampas
    Registered Users, Registered Users 2 Posts: 7,732 ✭✭✭Trampas


    Pure and simple trying to stop people moving to competition. Cartel stuff if you ask me


  • #15
    Bikerman2019
    Closed Accounts Posts: 992 ✭✭✭Bikerman2019


    No no no. What you are actually doing is a cash withdrawal so its a fee. If you top up a card from a CREDIT card and then put the card into an atm, it's a free cash withdrawal from your credit card.

    Do you get charged a fee by topping up via debit card? I expect not.


  • #16
    Johnny Sausage
    Closed Accounts Posts: 890 ✭✭✭Johnny Sausage


    Bikerman2019 wrote: »
    No no no. What you are actually doing is a cash withdrawal so its a fee. If you top up a card from a CREDIT card and then put the card into an atm, it's a free cash withdrawal from your credit card.

    Do you get charged a fee by topping up via debit card? I expect not.

    Don't let facts get in the way of some outrage


  • #17
    Sleeper12
    Registered Users, Registered Users 2 Posts: 17,139 ✭✭✭✭Sleeper12


    Bikerman2019 wrote:
    Do you get charged a fee by topping up via debit card? I expect not.


    I don't pay fees for using my BOI mastercard credit card to top up. The reason op started the thread is because these fees aren't the norm


  • #18
    Fann Linn
    Registered Users, Registered Users 2 Posts: 7,808 ✭✭✭Fann Linn


    If peeps aren't happy they could move I suppose.


  • #19
    irishgeo
    Registered Users, Registered Users 2 Posts: 9,515 ✭✭✭irishgeo


    Why would you use a credit card to top up a pre paid credit card?


  • #20
    [Deleted User]
    Posts: 7,499 ✭✭✭ [Deleted User]


    irishgeo wrote: »
    Why would you use a credit card to top up a pre paid credit card?

    Porno,porno,porno


  • #21
    Sleeper12
    Registered Users, Registered Users 2 Posts: 17,139 ✭✭✭✭Sleeper12


    Mr.S wrote:
    In the case of Revolut - better FX and no foreign transaction fee vs an Irish credit card.


    Plus the ability to buy foreign currency when it dips. I needed 5k sterling by the end of 2019 to pay for a trip to Peru. I managed to exchange most of the money to sterling when it dipped to 1.06. Had I used my mastercard to pay when it was due I would have paid around 1.18.

    I never looked into it though, I'm not sure if I have the same protection paying by prepaid card compared to a credit card. Revolut being prepaid is more a debit card than a credit card.


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  • #22
    Bikerman2019
    Closed Accounts Posts: 992 ✭✭✭Bikerman2019


    Sleeper12 wrote: »
    Plus the ability to buy foreign currency when it dips. I needed 5k sterling by the end of 2019 to pay for a trip to Peru. I managed to exchange most of the money to sterling when it dipped to 1.06. Had I used my mastercard to pay when it was due I would have paid around 1.18.

    I never looked into it though, I'm not sure if I have the same protection paying by prepaid card compared to a credit card. Revolut being prepaid is more a debit card than a credit card.


    By putting anything through a credit card, you are getting a loan. So in effect, this is about getting charged for borrowing money. Unless you have a credit balance on the card and its your own money? Otherwise, you are borrowing money from avantcard, putting it on you revolut and it is an interest free loan. Very cute, but they have rumbled it.


  • #23
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,360 Mod ✭✭✭✭Jim2007


    Bikerman2019 wrote: »
    What bank is doing this and how much?
    I use a revolut topped up from AIB.

    They are not a charity, so why the hell should they give their services away for free??


  • #24
    Bikerman2019
    Closed Accounts Posts: 992 ✭✭✭Bikerman2019


    Jim2007 wrote: »
    They are not a charity, so why the hell should they give their services away for free??
    I agree completely


  • #25
    edunne2010
    Registered Users Posts: 103 ✭✭edunne2010


    Bikerman2019 wrote: »
    No no no. What you are actually doing is a cash withdrawal so its a fee. If you top up a card from a CREDIT card and then put the card into an atm, it's a free cash withdrawal from your credit card.

    Do you get charged a fee by topping up via debit card? I expect not.

    From speaking to the person, she topped up her Relvolut Card with her Avandcard Credit Card.

    TOPUPS SEEMED TO BE CLASSED AS CASH ADVANCE, Hence the charge.


  • #26
    Bikerman2019
    Closed Accounts Posts: 992 ✭✭✭Bikerman2019


    edunne2010 wrote: »
    From speaking to the person, she topped up her Relvolut Card with her Avandcard Credit Card.

    TOPUPS SEEMED TO BE CLASSED AS CASH ADVANCE, Hence the charge.
    Yes it would be. It is not a purchase as such. As I explained earlier, they are closing off a workaround that can be used to get interest free loans.


    Top up the revolut card fee free, then stick the revolut card into an atm and take the money out.


    Surprised the banks never copped this scam before now.


  • #27
    Johnny Sausage
    Closed Accounts Posts: 890 ✭✭✭Johnny Sausage


    Awful lot of hysteria over a 2.50 charge for putting a cash advance on a prepaid card

    Should definitely go on Joe Duffy with this imo


  • #28
    Bikerman2019
    Closed Accounts Posts: 992 ✭✭✭Bikerman2019


    Mr.S wrote: »
    It’s hardly a “scam” though.
    If its diddling a credit card to get interest free money, or even milking a credit card before its handed bank under the pretence of insolvency, it could well be.


  • #29
    Eric Cartman
    Registered Users, Registered Users 2 Posts: 26,280 ✭✭✭✭Eric Cartman


    Sleeper12 wrote: »
    No changes from Bank Of Ireland yet

    revolut will be shut down by the time they get around to that.


  • #30
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,786 ✭✭✭The J Stands for Jay


    irishgeo wrote: »
    Why would you use a credit card to top up a pre paid credit card?

    To avoid ripoff FX rates. Curve gets round this problem.


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  • #31
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,786 ✭✭✭The J Stands for Jay


    Bikerman2019 wrote: »
    If its diddling a credit card to get interest free money, or even milking a credit card before its handed bank under the pretence of insolvency, it could well be.

    Topping up the revolut card, which is then used to pay the previous month's balance on the credit card, giving another month of free interest.


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