Credit balance on credit card

S

Sooze

Guest
Hi, Just wondering I have a credit card with Bank of Ireland. I owe nothing on it at the moment (always clear my full bal monthly, and use it rarely). I am just wondering if i were to say transfer cash onto my credit card, would they pay me interest at their prevailing cc interest rate? And do they deduct DIRT on this interest credit? I seem to remember i put cash on my a/c by accident a few years ago and got a cr of interest. So just wondering if it is a possible way of earning a little extra interest on my money.

I suppose then it begs the question, will they then charge me when I go to withdraw the balance? And in the case may not be worth it? Or can I just/use the cash bal with no charge?

Any thoughts appreciated...
Cheers
 
Sooze said:
Hi, Just wondering I have a credit card with Bank of Ireland. I owe nothing on it at the moment (always clear my full bal monthly, and use it rarely). I am just wondering if i were to say transfer cash onto my credit card, would they pay me interest at their prevailing cc interest rate? And do they deduct DIRT on this interest credit? I seem to remember i put cash on my a/c by accident a few years ago and got a cr of interest. So just wondering if it is a possible way of earning a little extra interest on my money.
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Some cards still pay interest, but no it won't be at the rate you pay when you owe them. It'll be quite considerably lower - so much so it'll be beaten by other savings products. I'm pretty sure DIRT is charged, but it's been a while, so I stand to be corrected.

I suppose then it begs the question, will they then charge me when I go to withdraw the balance? And in the case may not be worth it? Or can I just/use the cash bal with no charge?
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Most cards, but not all, allow you to withdraw the credit balance without charge. Of course, you could just buy something for that amount.

Both of those are something you need to check with BOI.
 
Sooze said:
I am just wondering if i were to say transfer cash onto my credit card, would they pay me interest at their prevailing cc interest rate?
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Not a hope in hell, if they were to offer it at CC rates, the majority of depositers would pile money into their accounts.
 
I also heard if some one uses your card fraudulently to withdraw money from your account when it has a large credit balance that you won't be covered under the same assurances you get if your card was used fraudulently otherwise. I couldn't find a source for that so it might not be true!

Are you asking whether you get the same interest rate your bank charge you? That's just a crazy assumption. Of course you don't.
 
tenchi-fan said:
I also heard if some one uses your card fraudulently to withdraw money from your account when it has a large credit balance that you won't be covered under the same assurances you get if your card was used fraudulently otherwise. I couldn't find a source for that so it might not be true!
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Not True
 
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