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Banks charging Prepaid Cards as Cash advance

edunne2010 · 2020-01-26 20:25:17

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

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#32 31-01-2020 1:39am

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irishgeo wrote: »

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

A number of reasons, it’s an interested free loan for up to 56 days which you can take out in cash, you can put the money into a savings account for 56 days and earn interest, get better rates on online purchases in sterling, using the credit card to pay itself off as in the post above etc etc.

Most attractive to me was the cash back on my credit card for online spending. I top up Revolut by 1k from my credit card and then just send it back to i the credit card again. This simple transaction was earning me 10 euro per month in cash back on my credit card.

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