Sending Paypal payment requests to yourself to avoid cash advance fees

[MoobyTheGoldenCalf]

I have a credit card with $20K limit and 0% interest on purchases through 9/2008.

Could I send a paypal payment request to myself for say $10K at a different email I own and pay it through this CC? Thus avoiding cash advance fees and having the charge recorded as a purchase which would then qualify for the 0% through September? Obviously, I would have to pay the paypal fees, but this CC also has 1% cash back on purchases, so that would be somewhat negated.

Is this legal? Would Paypal or my CC balk at something like this?

 

[Pepsei]

it'll probably work if you have 2 paypal accounts... i don't remember how much the fee is.

 

[aphex]

you seriously trust $10,000 with paypal?

 

[OdiN]

If you don't have another paypal account, you can just send it to me, and I'll forward whatever is left after fees.

 

[jme5343]

Originally posted by: OdiN
If you don't have another paypal account, you can just send it to me, and I'll forward whatever is left after fees.

:laugh:

 

[MoobyTheGoldenCalf]

Originally posted by: OdiN
If you don't have another paypal account, you can just send it to me, and I'll forward whatever is left after fees.

Thanks, I'll consider that advice and let you know.... lol


Why would I need 2 paypal accounts though? You don't need a paypal account to send cash, just a CC. I would send the request to my other email, then use my CC to send to payment to my Paypal account.

 

[her209]

If you have to ask, you're probably going to FPMITA prison.

 

[Ika]

Originally posted by: her209
If you have to ask, you're probably going to FPMITA prison.

:laugh:

 

[randay]

did you forget the fact that paypal will tax your ass?

 

[Schfifty Five]

You will get hit w/ like $300 in paypal fees.

Is that worth it?

 

[Spikesoldier]

something tells me that paypal wont allow you to send yourself money, but something also tells me that paypal wouldnt mind collecting those fees either.

 

[intogamer]

I would not recommend it, as you'll set off ze paypal alarms. Take a look in Google Checkout though.

 

[goog40]

Use Google Checkout, they aren't charging any fees until February. Many people do max out their cards repeatedly with GCO to get the rewards, but obviously they don't like that and have been cracking down on it.

 

[kranky]

If your PP account has no established history of payments that big, I would not chance it. What happens if they freeze your account for one of their "investigations" that drags on for 3-4 months, while you can't get your money?

 

[Vette73]

Originally posted by: goog40
Use Google Checkout, they aren't charging any fees until February. Many people do max out their cards repeatedly with GCO to get the rewards, but obviously they don't like that and have been cracking down on it.

Sending money to themselves?

 

[TheNewbie]

Originally posted by: aphex
you seriously trust $10,000 with paypal?

 

[Maiora]

This is a VERY bad idea for several reasons. First of all, this is paypal you're dealing with and there's little disputing the fact. Second $10k WILL set off red flags on ANY EFT. Third (closely related to second) this amount WILL trigger a fraud alert on the charged account. They will investigate and when its found out the same identity (SSN) is linked to the account you could be facing legal and financial issues from sidestepping fees per your cardholder agreement. That typical 19.9% APR and cash advance fee will PALE in comparison to the loss you could face and possible permanent criminal record you may have in the outcome. It's fraud, they won't look at it nicely no matter what and my advice is do NOT do it.

 

[RossMAN]

Originally posted by: kranky
If your PP account has no established history of payments that big, I would not chance it. What happens if they freeze your account for one of their "investigations" that drags on for 3-4 months, while you can't get your money?

and he's stuck paying credit card interest during those 3-4 months.

Again very bad idea!

 

[sao123]

Say it with me... Money Laundering...
Dont forget the fabric softener...