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Post by khampson on Dec 31, 2016 9:33:14 GMT
Here's my plan, I have a credit card with 2 years of 0% on new purchases, what platforms allow me to fund my account using a credit card? I will invest my limit in a peer to peer paying it off so the balance is cleared in 2 years, I usually do it on my mortgage but this time I am going to do it in p2p providing I find a suitable platform.
Thanks
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SteveT
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Post by SteveT on Dec 31, 2016 9:56:40 GMT
None that I know of. However you could use the 0% card for living costs and redeploy money from your bank account into P2P. A pretty high risk strategy though if we enter an economic downturn and P2P returns dive / defaults spike.
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Post by khampson on Dec 31, 2016 10:00:35 GMT
I think in the past I have used a credit card to fund my funding circle account but I'm not 100 percent sure, however I'm not really happy with the current set up with that platform, yes sure is not without risk but I am quite disciplined and have a cash reserve in the event of an emergency.
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SteveT
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Post by SteveT on Dec 31, 2016 10:02:17 GMT
No, FC accept debit cards but not credit cards (Ablrate is the same)
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Post by khampson on Dec 31, 2016 10:05:40 GMT
This is incorrect, I just checked my statement and I deposited £200 into my funding circle account back in November using my Santander credit card
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Post by khampson on Dec 31, 2016 10:09:37 GMT
I use my 0% cards for everything possible now (returning to my late 1990's days of stoozing) - over 17K of my P2P is effectively other people's money from the cards.Me too, Me too, I always use my interest free card that effectively a 0% loan for other investments.
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SteveT
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Post by SteveT on Dec 31, 2016 10:19:26 GMT
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Post by khampson on Dec 31, 2016 10:24:11 GMT
I definitely used my credit card to deposit funds using credit card, I used it by mistake instead of my debit card, it all went through and showed up on my credit card statement, my credit card is a Mastercard, really strange that this went through without question
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ben
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Post by ben on Dec 31, 2016 10:41:02 GMT
I have found that debit card deposits on ABL take a couple of days usually (no doubt more at Xmas, NY and Easter), so with instant returns there is a sliver of a margin to made there. The bank may show a different day on your statement but the banks are not in the habit of giving money away for nothing so they calculate it from when you actualy pay.
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Post by khampson on Dec 31, 2016 11:09:05 GMT
Just added £100 to my FC account using my Santander credit card card, it went straight through again and funds should in my account?
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mikeh
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Post by mikeh on Dec 31, 2016 11:19:34 GMT
I think most credit card companies would treat these sorts of payments as Cash advances and charge interest from the payment date. Check their small print and their interest calculations.
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Post by khampson on Dec 31, 2016 11:21:25 GMT
This could be possible, there was no fee for using it from Santander, also I paid more than the initial £200 that month on the credit card so this could explain no charges?
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stevio
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Post by stevio on Dec 31, 2016 12:31:11 GMT
Here's my plan, I have a credit card with 2 years of 0% on new purchases, what platforms allow me to fund my account using a credit card? I will invest my limit in a peer to peer paying it off so the balance is cleared in 2 years, I usually do it on my mortgage but this time I am going to do it in p2p providing I find a suitable platform. Thanks What mortgage allows CC payments? I would also say check statement to see if comes out as cash advance or normal payment
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Post by khampson on Dec 31, 2016 12:42:03 GMT
Here's my plan, I have a credit card with 2 years of 0% on new purchases, what platforms allow me to fund my account using a credit card? I will invest my limit in a peer to peer paying it off so the balance is cleared in 2 years, I usually do it on my mortgage but this time I am going to do it in p2p providing I find a suitable platform. Thanks What mortgage allows CC payments? I would also say check statement to see if comes out as cash advance or normal payment None, I just bang everything on credit card and make over payment on my mortgage
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fp
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Post by fp on Dec 31, 2016 13:59:54 GMT
FC will let you use a credit card according to the website, although its most likely treated as a cash withdrawal and will incur interest from the offset. Attachments:
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