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Credit Card vs. Current Account

  • 01-11-2020 3:04pm
    #1
    Curious_Case
    Registered Users, Registered Users 2 Posts: 1,525 ✭✭✭


    It seems to be that it would be cheaper to simply empty my current account funds into my credit card account and use it for all shopping, online shopping and bills

    No more current account fees and credit card account costs would be just €30 per year as the payee incurs the cost of each transaction

    Obviously I'm basing this on keeping the account in credit

    Am I overlooking anything ???


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,688 ✭✭✭GerardKeating


    Curious_Case wrote: »
    Am I overlooking anything ???

    Stamp Duty would be higher in Credit Card.

    Also, can you get your salary paid into CC, and run direct debits from it.


  • #3
    Curious_Case
    Registered Users, Registered Users 2 Posts: 1,525 ✭✭✭Curious_Case


    GerardKeating wrote: »
    Stamp Duty would be higher in Credit Card.

    Also, can you get your salary paid into CC, and run direct debits from it.

    I'm self-employed and would be able to transfer regular amounts from my remaining business a/c to credit card a/c

    I think some, but not all, utility companies will accept credit card accounts for direct debits and/or standing orders

    Isn't the stamp duty currently €30 per annum ?


  • #4
    wench
    Registered Users, Registered Users 2 Posts: 1,649 ✭✭✭wench


    Check the terms of your credit card as it relates to fraud.
    Some will not cover transactions made from a positive balance the same way.


  • #5
    Curious_Case
    Registered Users, Registered Users 2 Posts: 1,525 ✭✭✭Curious_Case


    wench wrote: »
    Check the terms of your credit card as it relates to fraud.
    Some will not cover transactions made from a positive balance the same way.

    Interesting stuff - thank you !!!


  • #6
    Truckermal
    Registered Users, Registered Users 2 Posts: 6,047 ✭✭✭Truckermal


    I have a AIB Platinum card which allows cashback on purchases which equates to about 200 quid per annum which more than pays the fee plus I have a 7K limit.


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  • #7
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    Direct debits would be main problem I'd imagine, it's pretty much the only thing I use my current account for. There is a discount with many of the utility companies when you agree to direct debit.


  • #8
    Curious_Case
    Registered Users, Registered Users 2 Posts: 1,525 ✭✭✭Curious_Case


    Truckermal wrote: »
    I have a AIB Platinum card which allows cashback on purchases which equates to about 200 quid per annum which more than pays the fee plus I have a 7K limit.

    I'd transfer to AIB Platinum but I think I'd have to settle for a lower limit than I have at present ( similar to yours and something of a safety net )


  • #9
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    phormium wrote: »
    Direct debits would be main problem I'd imagine, it's pretty much the only thing I use my current account for. There is a discount with many of the utility companies when you agree to direct debit.

    Lots of utilities accept a credit card number for direct debits. Vodafone and Netflix to name two. You'll pay a slightly higher 'admin charge' with easytrip (toll tag) vs. a debit card but they will also accept a credit card for DDs.


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