I know I read this thread about charging on your cc to an online service but it's really just cycling the money and you get it back. It was used to show credit lines for Capitol One and Citibank. Any help?
Re: Paying yourself to show CL Yahoo states that they will terminate your account if you use it for cash advances. I transfer the money back and forth between cards. There is a $1,000 monthly limit, which kind of makes it hard to use on my new Citi account. There are some things I haven't tried yet, but am thinking about: for instance, 1) transfer money from checking to a credit card to lower interest charged, then transferring it back to checking when I need it to pay bills - not sure if they would call it a cash advance. 2) Use more than one service since all have limits, & some have fees. I don't want to trip myself up, since I was doing this with CapOne, was in a hurry, my math was incorrect, and I went over my limit. DUH. They were in the process of giving me an increase, and then didn't because of over-limit status. Sooooooooo blonde of me. If anyone has used this technique for more than $1,000 CC limit, please respond and tell us what you did. disclaimer: I printed out the TOS and studied it to see what I could do. Suggest you do the same: my boo-boo's = my money, hehe. I don't want to be responsible for some mistake of mine costing you money. I will gladly share my experiences though. Tell me if you get any new ideas when you read it. I think it is a terrific tool!! incidentally, Yahoo collects information - small price to pay IMHO. I use all their services. Now, I would not use the transfer services offered by Financial Institutions such as C2it by Citi, because I have accounts with them. I don't use wallets or other such services from them either, because I don't doubt for a minute they use that information, and who knows what for?????????????? breeze
Re: Paying yourself to show CL PayPal will increase your limit when you verify. CreditWorks will pay you back in 11 installments for memberships of $1000 or more. The PayPal transaction shows up as a purchase, so you will be getting the "teaser rate" and also getting credit for earning rewards. CreditWorks also pays you 19.47%APR so you may actually make some money in the process. The only draw back is how long it takes to get the money back. We have been paying 19.47% APR since May 1996. http://www.creditsense.com
Re: Paying yourself to show CL I don't have anything against what you do,don't get me wrong. I don't want to tie up that much money at once and get it back slowly. And the Cap One card interest rates make it unprofitable. I'm sure it works in a lot of cases. I haven't really read about what you do, but I will. Sounds like it might be interesting later. breeze
Re: Paying yourself to show CL Does Yahoo Pay direct let you keep the money in your own account that you get from the card. Paypal wont, you have to transfer it to somebody.
Re: Paying yourself to show CL So you deposit it in your own account....let it sit there...and then pull it back out?> am I following this correctly?
Re: Paying yourself to show CL PayPal does let it you keep the money in the account, you can either transfer it to a regular checking or e-mail it to someone else. They pay money market rates on your balance. http://www.creditsense.com
let it sit there yes. you can let it sit there, or you can transfer from one card to another (why not lower the average daily balance on another card at the same time?) and then transfer it back. Kill 2 birds with one stone. breeze
my opinion of paypal You transfer it from your credit card to a checking account?? That is a cash advance. According to Paypal TOS you cannot do that....... I just logged in to my paypal account and went to the "add funds" page. The only option I see is for moving money from my bank account. That is the default on their site. I do not see a page for "add funds" using a credit card. If you go to the paydirect site and register 2 credit cards, you can go to a "move money" page, an immediately transfer money from one card into your yahoo account, or directly from one card to another card. I don't care about the interest on paypal's moneymarket account. I had the account when they were X.com and I no longer trust them. They kept changing everything so fast I couldn't keep up with them. What's to keep that from happening again? Then on top of that, after I send money using a credit card, they keep authorizing that amount over and over on the credit card. After I make a payment and get confirmation that it has been received I have to go delete that card in order to stop the authorizations. Don't ask me why. To put it briefly: I don't like them anymore. I use them sometimes when I can't use anything else, but I don't like them. breeze
