I have found a company that will charge your credit card for "services rendered", add $100 to your charge for their trouble, and send me a cashiers' check by Fedex for whatever amount I ask for, up to my limit. Is this a legal activity? Seems like it is getting around having to go a bank to get a cash advance, but it does not sound like its on the up and up. Any inputs??? B2
Join PayPal and buy one of our memberships. CreditWorks will send you 10% of the amount of the membership for 11 months. It does not cost you anything, except for the interest, but if the card is charging you less than 19% APR, you will be making some money. http://www.creditsense.com
With the VISA and MASTERCARD policies I'm sure that even if this is not illegal that if this does turn up with the two majors that they could revoke your credit along with doing business with the company involved.
An update on what the company does. The service fee is just that, a fee. Not a surcharge. They do perform a service, not much of one, but a service, so they say they can legally charge for it. They charge a max of $100 or a minimum of 20% of the amount paid. ($100 charge would be $20, $1000 charge would be $100). Still don't quite get what they are doing, except if someone does not want to go to the bank to get a cash advance. B2
What is the difference between a fee and a surcharge??? VISA AND MASTERCARD still prohibit increasing the price you pay when using a credit card...
