Discussion in 'Credit Talk' started by $CM$, Aug 4, 2000.

  1. $CM$

    $CM$ Guest

    Paypal from (your favorite sleazy bank) X.COM is actually an excellent service. You can transfer cash from your credit cards and it shows as a purchase on your statement. Has anyone had any experience with Paypal? I was surprised to not see any Paypal info on the board, considering the impact X.COM had when it came out.

  2. Alex - Cre

    Alex - Cre Guest

    Yes, Paypal is an excellent and convenient service, and it's getting better, they now have business accounts.

    There was plenty of talk about paypal and when it first came out, actually it was all we would talk about around here. :)

    But now that just about everyone knows about it the topic has died down.

    One topic that never goes out of style around here though is Cross Country Bank.

  3. creditwork

    creditwork Well-Known Member

    Welcome back $CM$. CreditWorks has an acount with PayPal. We have tried to get people on this board to take advantage of this great service, but it is difficult to teach people new tricks. Maybe, they don't trust us, maybe they do not have the means. PayPal is a great way to take advantage of reward cards and CreditWorks' lets you purchase cash on terms. It is a win, win situation. My girlfriend is taking advantage of a 0% APR for purchases offer to purchase a couple of memberships.

    Profit from the experience.
  4. Lopez

    Lopez Guest

    $CM$, pt here, please email me thanks
  5. Pat M

    Pat M Guest

    I learned about paypal on eBay. It is a convenient way to purchase items on eBay.
  6. BarryN- Cr

    BarryN- Cr Guest

    CardMaster LTNS

    Yeah,we been playing the money moving game for a while now... its hard to put any opportunity like this past Herb, and he turned us on to it.

    Hope all is good,

  7. J. Edgar

    J. Edgar Well-Known Member

    Please note that this strategy is specifically prohibited by Paypal's terms of service. See the section of their terms of service about 'cash advances'. I suppose that you could get away with it once or twice, but if you make a habit of it they will probably cancel your account.

    Might be good for getting a 0% cash advance for a couple of months on a new high limit Platinum Card though.
  8. creditwork

    creditwork Well-Known Member

    CreditWorks' does not technically give a cash advance. You purchase a membership and receive 11 installments. The 0% APR will actually expire a lot sooner than the checks, unless the teaser offer lasts for more than 11 months.

    Profit from the experience.
  9. CardReport

    CardReport Guest

    In checking the fine print, their terms of service specifically prohibits anything "that could be construed as a cash advance." Such as if you used a credit card to put money into your PayPal account (which would be considered a "purchase"), and then requested a check or transfer out to your own bank account.

    Apparantly, they have also caught on to people depositing into PayPal with their credit card, making a payment to another person's PayPal account, and then having that person pay the money back via PayPal.

    I suppose if two people were co-operating and could trust each other, the recipient could request a check or transfer into their bank account, and then pay the money back outside of the system.

    But I don't see any way for a single individual to manage this without some kind of fraud. Any thoughts?

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  10. $CM$

    $CM$ Guest

    Yeah, actually they sent me a threatening email for some rather large transfers I made.
    I think if the dollar amount is over a certain amount, it throws up a flag.

  11. $CM$

    $CM$ Guest

    Right, what you can do is set up two different accounts. You could open an online bank account at e-trade under another name, and then use this as either the paying or receiving paypal account. Transfers can then be made to appear as regular business payments, although I must say that I know they will still catch on to that if regular large transfers are made. Not that I was involved with anything like that. Heh heh heh.


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