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HSBC credit card cash related payments


devc

Question

I have been adding funds to my account through my HSBC credit card.

However, as HSBC declined my new transaction as they claim that IG is taking the credit card payment as a cash transaction, ans requested me to contact IG to change this.

Can IG accept the funds/deposit from my credit card as a regular payment and NOT as a cash payment, so I can add funds to my account?
 

Edited by devc
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19 minutes ago, devc said:

I have been adding funds to my account through my HSBC credit card.

However, as HSBC declined my new transaction as they claim that IG is taking the credit card payment as a cash transaction, ans requested me to contact IG to change this.

Can IG accept the funds/deposit from my credit card as a regular payment and NOT as a cash payment, so I can add funds to my account?
 

Hi @devc,

IG accepts Visa and Mastercards debit and credit cards for deposits and withdrawal.
On our system it shows that the transaction was declined by your bank.

Please reach out to helpdesk.uk@ig.com for our payment team to provide you with further information.

Thank you - Arvin

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Hi @ArvinIG

Thanks for your prompt reply, agreed my bank declined the transaction, the reason given was -  IG uses credit card payments as cash transactions (something beyond my understanding). I just wanted to check with your team if that's the case can IG change the transaction type? 

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On 13/09/2022 at 09:06, devc said:

Hi @ArvinIG

Thanks for your prompt reply, agreed my bank declined the transaction, the reason given was -  IG uses credit card payments as cash transactions (something beyond my understanding). I just wanted to check with your team if that's the case can IG change the transaction type? 

I have the same issue. I see cash advance fee applied to my card starting this week. Till August, all deposits to IG were treated as shopping transactions and no fee applied.

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On 13/09/2022 at 10:06, devc said:

Hi @ArvinIG

Thanks for your prompt reply, agreed my bank declined the transaction, the reason given was -  IG uses credit card payments as cash transactions (something beyond my understanding). I just wanted to check with your team if that's the case can IG change the transaction type? 

 

19 hours ago, Sandy2018 said:

I have the same issue. I see cash advance fee applied to my card starting this week. Till August, all deposits to IG were treated as shopping transactions and no fee applied.

HI @devc @Sandy2018,

It would be best to contact helpdesk.uk@ig.com to investigate with the payment team. Feel free to send a bank statement showing the transaction, it might help.

Thank you - Arvin

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Just now, OfentseIG said:

Hello everyone, @devc @Sandy2018 @Yigit @Demolitionman

Thank you for reaching out. 

I have escalated this to our senior payments team. This was reported and we are currently conducting an investigation. I will reach out to you individually via email and on this post for further updates. 

Thank you for your patience, OfentseIG

I do apologize for the delay in responding to you all. We will do our best to chase the team for updates. Thanks, OfentseIG

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On 15/09/2022 at 13:44, Sandy2018 said:

I have the same issue. I see cash advance fee applied to my card starting this week. Till August, all deposits to IG were treated as shopping transactions and no fee applied.

Same issue, just spoke to one of the oayment team they said there is an ongoing investigation about this. Hope it can be resolved and the fees  credited back.

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On 24/10/2022 at 10:36, Demolitionman said:

Did you get any time scales at all?

we seem to be just get passed on

Hi @Demolitionmanand @Aeoniris

Unfortunately there is no declared time of when this will be resolved. If there are any updates from the relevant team, we will respond to this post once received. We kindly ask for your patience. We will however keep chasing the payments team to help resolve this issue. All the best, OfentseIG

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On 03/04/2023 at 18:20, LeoBailey1 said:

In general, credit card companies often consider transactions involving cash-like equivalents, such as purchasing virtual currencies, as cash advances rather than regular purchases. This typically comes with higher fees and interest rates.

It's best to contact IG's customer support to inquire if there is an alternative payment method that they accept for regular purchases. Or, you could use  for money operations. I hope that helps!

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