Crowdcube + Amex (fees?)

I just noticed that my Amex card is linked to my recent Crowdcube investment.
Will there be an additional fee from Crowdcube or Amex on top of the 1.5% that’s currently charged? If so, I’ll need to change the card :slight_smile:
If not, points it is :slight_smile:

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Oh I hadnt considered this!! - glad you pointed this out and keen to hear if anyone has experience of this…

just found this via a quick google… looks like credit cards cannot be used for payment:

4. What happens once the target amount is reached?

Once a pitch has funded and has closed to further investment, you will receive a cooling off email, which includes a copy of the company’s Articles of Association for you to review.

During this cooling off period, which is generally no shorter than seven days, you’ll have the opportunity to review your investment before it becomes final. Once this cooling off period has expired, we’ll send you an email confirming when your payment, which includes your investment and Crowdcube’s investment fee, will be collected.

We can accept payment via Visa and Mastercard debit cards as recognised by our third party payment provider Stripe. Unfortunately, we cannot accept payment via credit card, cheque or direct transfer. We will also run you through our anti-money laundering check, an identity assessment ensuring all investors are who they claim to be. We are required to make these checks as per our regulation by the Financial Conduct Authority (FCA). Don’t worry, the anti-laundering checks are secure and have no effect on any credit scores.

We will email asking for one document to confirm your identity and one to confirm your address and provide you with information on which documents we can accept. Unfortunately, if we cannot verify your identity we will be unable to process your investment, and it may be cancelled.

But also just found this on their FAQ also… seems like mixed messages:

How can I pay for my investment?

We can accept payments via Visa and Mastercard debit, credit or prepaid cards. Payments are processed using Stripe, our third party payment provider. Unfortunately, we are unable to accept payments via cheque or direct transfer.

Exactly, I noticed the same.
And if it’s not possible to do it via credit card, then there should have been a check that didn’t allow me to add my Amex.
@HannahCrowdcube Can you help with this?

[information removed as it wasn’t relevant here]

Also be good to know if any payment is treated as a ‘cash’ payment… Looks like people used amex via crowd cube for Monzo crowdfunding but no one could confirm if it was treated as cash and subject to interest /charges

This appears to be for people taking funds out of crowdfunded investments rather than for investors… At least that’s how I read it…

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Good point, thanks. I’ve edited my post to remove that info now.

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That’s one of the main reasons I’m asking, this would completely wipe out my benefit of cashback/points from Amex. If so, I want to switch payment cards before payment is taken.

Got an email saying they’re taking payment within 36 hours and to reply to the email with questions. Might be the best way to get a definitive answer to reply to that when you get it

Afaik they used to support credit cards but not anymore. So if you added it before then it will still show

I’m in the same boat - any idea whether Amex can be used??

I am under the impression (gained from my 3 other UK stock brokers), that it is illegal in the UK to purchase shares with a credit card.

Hm… either Trading212 are doing something illegal or other stock brokers are playing it safe by not letting people use credit.

We accept bank transfers, credit and debit card payments, Skrill, Dotpay, Giropay, SafetyPay, Carte Bleue, Mister Cash, Direct eBanking, CashU and UnionPay.

from https://www.trading212.com/en/Frequently-asked-questions?cId=3

Edit: or perhaps funding an account with a credit card isn’t quite the same as buying shares directly with a credit card?

Depends on the accounts and products. Trading212 offers CFD trading, and that one is allowed to be funded with credit cards. Ditto spread betting.

My card isn’t Amex but I can confirm that credit card is accepted. That’s what I’ve used for my previous investments as I earn a little cashback. There was no Crowdcube 1.5% fee then and I wasn’t charged by my credit card for using it on CC.

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Thanks!

I also received this from Crowdcube, looks like it’s possible then and I just have to hope my payment will be taken like any other purchase without fees.

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I’ve used Amex for all my Crowdcube investments with no problem - Huzzars for EIS + Avios!

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Does that include it not being treated as a ‘cash’ payment by AMEX and getting stung for charges/interest on this? cheers

Can’t see anything on my statements to suggest so. Just the amount I invested + Crowdcube fee, paid off at the end of the month.

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