It is an option to use your credit card as a normal bank account.
Banks are able to accept deposits into a credit card account; however, you will need to check with your employer that they are able to make payment into a credit card account as many insist on a saving or current account.
You also need to keep in mind that the 16-digit number on your credit card is not always the same as the account number, so, for example if your card is lost/stolen/replaced the 16-digit number will change. This means that you will have to notify your employer of these changes to ensure your salary is paid into the correct account.
Using your credit card as a transactional tool – if you are pre-funding the balance and don’t use your limit – means you won’t have to pay debit interest.
The same is also true if you pay the outstanding balance on your statement in full each month on or before the payment due date (within 55 days). You can also benefit from a higher earn rate on your rewards programme and build a solid credit history.
If you use the account as a savings account, and keep a credit balance, you can earn credit interest. This is often a tiered rate depending on the amount. It’s wise to compare the interest on a savings account with a credit card to ensure you get the best rate.
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