Probably a dumb credit card question.

[Sterillium]

I'm fiddling about with my Barclaycard app, trying to work out if it's possible for me to send money to a business account (as a deposit for a car), but having no luck.

Is this possible? Or am I just comically inept with technology?

[Mojooo]

Its called a money transfer and usually comes with fees etc

https://www.barclaycard.co.uk/personal/customer/mo...

[Burwood]

If you deposit funds onto the card and it's in credit there is no reason to attract a fee when doing as you describe

[Sterillium]

Mojooo said:

Its called a money transfer and usually comes with fees etc

https://www.barclaycard.co.uk/personal/customer/mo...

I thought that was only to my own bank account, as opposed to the business I want to send cash to.

[RoadToad84]

I used the cash transfer option to do something similar as a work round.

Move the money from the Barclaycard to your personal account at a standard 2.5% fee, then transfer from your personal account to business account

[V8mate]

RoadToad84 said:

I used the cash transfer option to do something similar as a work round.

Move the money from the Barclaycard to your personal account at a standard 2.5% fee, then transfer from your personal account to business account

Do cash transfers also attract interest from the day of the transfer, rather than the next billing date?

[Burwood]

V8mate said:

RoadToad84 said:

I used the cash transfer option to do something similar as a work round.

Move the money from the Barclaycard to your personal account at a standard 2.5% fee, then transfer from your personal account to business account

Do cash transfers also attract interest from the day of the transfer, rather than the next billing date?

from day 1

[Mojooo]

You aint gonna be doing it for free

I am unsure if you HAVE to take it into your own bank first before transferring it to another persons/businesses bank account

i think paying a business in this way kind of defeats the point of a credit card for the credit card company as the point is they want you to use the card machine facilities.

[Sterillium]

I don't mind about the cost factor - the point of using the credit card is that it has to be a direct payment, then I am covered through Section 75 on the car purchase. This is something that was a lifesaver once before when dealing with a rogue trader.

[V8mate]

Sterillium said:

I don't mind about the cost factor - the point of using the credit card is that it has to be a direct payment, then I am covered through Section 75 on the car purchase. This is something that was a lifesaver once before when dealing with a rogue trader.

I'd be surprised if cash advances qualify. I'd imagine it would have to be a bona fide credit card payment through a terminal or payment card gateway.

[Panamax]

I'm confused. Why this "sending money"? Seems a whole bunch easier just to pay with your credit card in the usual way.

[Mojooo]

Big risk there

S75 only applies where there is an agreement between the debtor -creditor - supplier

that applies when the business has a card terminal

paying money via the way you are suggesting may not invoke this requirement as there may be no relationship between the creditor and supplier.

[anonymous-user]

I believe money transfers are excluded from Section 75.

[Sterillium]

I thought this might be the answer.

I've said I will transfer money over as a deposit (which would be easy as a bank transfer) and just wondered if there was a mechanism for doing the same with a credit card. I'll just have to call them and ask them to use their terminal.

[Burwood]

Panamax said:

I'm confused. Why this "sending money"? Seems a whole bunch easier just to pay with your credit card in the usual way.

I was confused too. Just ping the card number through their POS terminal. Then you are covered by S75 provided the purchase total is no more than 30k

[V8mate]

Sterillium said:

I thought this might be the answer.

I've said I will transfer money over as a deposit (which would be easy as a bank transfer) and just wondered if there was a mechanism for doing the same with a credit card. I'll just have to call them and ask them to use their terminal.

Many car dealers refuse to take more than a few hundred quid (e.g. a holding deposit) on a CC due to the fees.

You'd have to find one who'd accept the full amount to get cover from the CC company.

[Burwood]

V8mate said:

Sterillium said:

I thought this might be the answer.

I've said I will transfer money over as a deposit (which would be easy as a bank transfer) and just wondered if there was a mechanism for doing the same with a credit card. I'll just have to call them and ask them to use their terminal.

Many car dealers refuse to take more than a few hundred quid (e.g. a holding deposit) on a CC due to the fees.

You'd have to find one who'd accept the full amount to get cover from the CC company.

No mate, you only need to use the card for > £100 and the entire transaction is covered if < £30K (and 75A maybe more)

[cuprabob]

V8mate said:

You'd have to find one who'd accept the full amount to get cover from the CC company.

You don't have to pay the full amount with the credit card .

You only have to pay a couple of hundred quid with the credit card to get Section 75 protectiob on the full amount, irrespective of how the balance is paid.

[Sterillium]

Section 75 applies even if you just pay a pound on CC.

[Burwood]

Sterillium said:

Section 75 applies even if you just pay a pound on CC.

This. the act applies if the good/services total value is over £100 and less than 30k. Any contribution via card and it's caught. So even £1.

The limit is higher if you have a linked transaction such as finance provided by the vendor for that specific purchase such as a car -up to just over 60k