Using your Gem Credit Card for PayPal or Wise purchases requires caution. Check if transactions are treated as cash advances, potentially incurring higher fees. Contact customer support, review terms, and be aware of associated charges, ensuring informed decisions align with your financial goals during the 6-month interest-free period.
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“Making a large purchase and would preferably wanna get value out of the six-month interest-free with Gem Credit Card, the person I need to pay only accepts PayPal/wise app. Does anyone know if these can be used paying with it and not be considered a cash advance payment?”
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Before using your Gem Credit Card for a large purchase through PayPal or the Wise app, it’s crucial to understand the potential implications. Generally, funding payment services with a credit card might be treated as a cash advance, subjecting you to higher fees and interest rates. However, these policies can vary, and checking the specific terms associated with your Gem Credit Card is essential.
To obtain accurate and current information, it’s recommended to contact Gem Credit Card’s customer support or review the card’s terms and conditions. They can provide clarity on whether transactions made through PayPal or Wise will be considered a cash advance. Credit card issuers may have different policies, so reaching out directly will ensure you have the most up-to-date information.
Even if the payment is not classified as a cash advance, be aware that fees may still be associated with using your credit card for transactions on these platforms. Carefully review the terms and conditions of your Gem Credit Card to understand any potential charges or restrictions that may apply when making payments through PayPal or Wise.
Ultimately, making an informed decision based on the specific details of your credit card agreement is essential. By reaching out to customer support and thoroughly reviewing the terms and conditions, you can ensure that you understand how using your Gem Credit Card for PayPal or Wise transactions may impact your finances and whether it aligns with your goals for the 6-month interest-free period.
Hope this helps.
Regards, Clive Fernandes (Financial Adviser)
Director – National Capital
Disclosure: I am the director of National Capital, a KiwiSaver advice firm. The views expressed in this article are the views of the author. The information provided is of a general nature and is not intended to be personalised financial advice. You may seek appropriate financial advice from a Financial Adviser to suit your individual circumstances or contact National Capital.
