Topping up using external credit card and transaction limits

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1

Hi,

I haven’t yet created my Monzo account but am considering it. Is it possible to top-up my Monzo account using an existing credit (not debit) card from another bank? If yes, do you charge a fee for that?

I’ve used things like TransferWise before, and they allow to top-up using a bank transfer for free, but they charge 0.4% if a credit (not debit) card is used.

Also, what are the transaction limits for topping-up by credit card? TransferWise has a £2000 limit per transaction but allow many such transactions in a row. DiPocket has a £500 limit per day, which isn’t ideal.

Cheers

2

You can only top up your :monzo: account with a debit card.

Edit: As far as top-up limits, you can see the initial and subsequent limits here:

The withdrawal and spending limits specific to you are viewable in the app once you’ve activated your account. All of them are also listed here:

3 Likes
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Hello, I’ve been looking for information on this - why is it not possible to top up using a credit card?

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It’s not possible because you would be avoiding the credit card issuer’s fees for a cash advance on your credit card.

In other words… cash credit without fee.

1 Like
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@enanram Look into DiPocket. I can top-up my account there with a credit card (fee free).

If you live in the UK you can also look into getting a Halifax account with a Clarity credit card (Mastercard).

6

That’s interesting. So if I have a credit card with a £5k limit, I can transfer £2.5k into my Monzo account, and when payment is due all I have to do is transfer a further £2.5k into my Monzo account and pay off the original £2.5k due on my CC, without incurring any fees? Handy for having free long-term cash credit. Who needs an overdraft?

I can see how that can happen if the CC company sees the transfer to DiPocket as a purchase payment rather than a cash advance. Not sure that the CC companies will continue to allow this transaction as a purchase once they realise it’s not.

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Do you mean DiPocket? That scheme doesn’t sound very useful given you’re not spending

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Yes. I assume that’s what you suggested (DiPocket) for moving credit card funds to a bank account without fee?

It’s a £2.5k credit line. You can spend up to £2.5k and keep paying it off every month without incurring fees… if what you suggest is correct.

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Do you mean DiPocket?

Yes. I assume that’s what you suggested (DiPocket) for moving credit card funds to a bank account without fee?

You kept saying Monzo.

That scheme doesn’t sound very useful given you’re not spending

It’s a £2.5k credit line. You can spend up to £2.5k and keep paying it off every month without incurring fees… if what you suggest is correct.

DiPocket has small limits per month for CC top-ups. You won’t be able to top-up 2.5k in a month.

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People do use Revolut (and other prepaid providers) to avoid Cash Advance fees, however some people have reported that banks and credit card providers are getting more savvy to this workaround and some do now class it as a cash advance. American Express purposely stopped working with Curve because of this too. Generally, you need to test whether your credit card classes it as a cash advance or not.

@alexr I’m guessing Monzo don’t do it because they aim for the Current Account to replace the Prepaid card so do not need to provide this service. You can’t do this with a credit card and generic bank accounts (unless you ask your credit card provider to with associated fees).

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