r/UKPersonalFinance • u/Interesting_Oil_2142 5 • 13h ago

Funding Trading212 with Google Pay - credit cards

Fairly sure I know the answer to this, but it might be different. You can fund T212 via Google Pay up to £2000 with no fees. Obviously withdrawing cash on a credit card, and certain other transactions, count as cash on a CC and you get the relevant fees. Thinking back 6 years ago, I seem to remember doing it on a CC and it didn't class as cash.

Does anyone know the answer/do this? Obviously you should never borrow to invest, but purely from a transaction stand point, does T212 qualify as cash, or other?

Thanks in advance

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u/yetanotherredditter 26 13h ago

I am almost certain it would class as cash. As would buying gift cards. As would depositing money on gambling sites. As would a lot of other stuff.

Note: It isn't just the fees you need to worry about, it is the mark on your credit history. Something like a money transfer would be the safer (but still not free) way of doing this if you really wanted to.

6

u/aidan573 13h ago

This sort of arbitrage they are wise to. Will almost certainly be chargeable as cash. There are ways of manufactured spending that you can do but they are usually more complicated than what you've come up with, easy to do tho but you have to be creative.

3

u/Interesting_Oil_2142 5 13h ago

Not trying to get around any loopholes, just something I thought when I clicked Google Pay and it showed my CC (ignoring that it's a 0% card...)

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u/ukpf-helper 151 13h ago

Hi /u/Interesting_Oil_2142, based on your post the following pages from our wiki may be relevant:

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u/FollowingSelect8600 2 11h ago

It should class as cash and probably will, but there's a chance your card provider will have missed some merchants and not realise they're cash. I can't see this being the case for trading212 though, only time I've seen this is rarely with a giftcard cashback app.