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Just had an email from Revolut informing me that after the 8th July 2022 they will no longer be accepting credit cards as a top-up method. Debit card top-ups will continue to be accepted. 😔
Is Revolut realistically going to be able to survive then?
Brings Curve cashpoint withdrawals back to the fore.
I presume this new blocking policy will still apply if Apple pay is used a the middle man?
I love the reason they give for this change.
“We take our responsibility to protect customers very seriously, and putting this change in place will help to prevent funds from credit cards being misused, or in ways which would be prohibited by your credit card provider.”
Thanks so much for protecting me! 😄
The real reason is probably the UK banking licence that they’ve applied for and they’ve probably been told by the regulator to dump the credit card top-up facility for their application to be considered.
I presume this new blocking policy will still apply if Apple pay is used a the middle man?
Apple Pay is not a middleman, even though it uses a unique id.
The real reason is probably the UK banking licence that they’ve applied for and they’ve probably been told by the regulator to dump the credit card top-up facility for their application to be considered.
I hope they aren’t issued a license. Reckless promotion of crypto and trading while randomly closing down accounts.
I presume this new blocking policy will still apply if Apple pay is used a the middle man?
perhaps, the other one.
The real reason is most likely how much it is costing them to offer this facility.
There have been many cards that were useful because of free topup by card – and virtually all of them have either folded, removed that facility or introduced a charge. It’s not just rewards generating manufactured spenders who used it – but also people looking to borrow money off 0% purchases cards and others wanting a free cash advance. The greater majority of these people could top up by bank transfer if they wanted to so Revolut really have nothing to lose by withdrawing the feature.
Every route has a shelf life!
The fact that debit cards are still accepted is a plus for ease. You don’t get that feature with Starling.
Crowdcube sent an email today saying credit cards can no longer be used, suggesting the pressure was from card providers – “We’re getting in touch to let you know that we will be phasing out credit cards as a payment method on Crowdcube from the middle of May, as some of our credit card providers have raised concerns about credit being used to pay for investments of this nature.”. This is an industry thing both re gaming the system and turning card limits into cash, something they only want to do for a fee.
Crowdcube sent an email today saying credit cards can no longer be used, suggesting the pressure was from card providers – “We’re getting in touch to let you know that we will be phasing out credit cards as a payment method on Crowdcube from the middle of May, as some of our credit card providers have raised concerns about credit being used to pay for investments of this nature.”. This is an industry thing both re gaming the system and turning card limits into cash, something they only want to do for a fee.
From memory, I’ve used a credit card on Seedrs previously (but was unable to do so last month).
As you say, the industry is being proactive here!
Interesting post. Is there a list of where credit cards are accepted. If not this could be a useful resource?
Used to be able to top up HSBC WE card with nominal interest charged and able to get points. Not sure that’s the case now?
Yes think points dropped but don’t think I was ever charged interest on the WE card. Unless I missed it?
No – this has been a ‘pointless’ exercise for sometime now. However, I don’t think there is any interest charge still for such top-ups on the HSBC side (I did this as recently as last month and nothing on the related statement interest wise as long as all paid off by due date).
What about Revolut top up via Barclaycard avios card, any fees there? Trying to cash in before the loophole closes dont have time to test and wait on statement, also whats the limit, Revolut website is not working for me right now
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