An Idea! Paypal Creditcard Scam. Is this legal and whats the best way if so to do it

robolint

Ok i came up with an idea..

Heres my example

I have a creditcard with £1000 limit and say 6 months interest free

I create a paypal account and then use the creditcard to pay the entire limit into my paypal.

It says its "Free for £50.00 GBP or over " to transfer into your bank account so u transfer the entire lot into an account

You then have £1000 cash to put into a high interest account or maybe an ISA (Making sure to pay the montly minimum payments) and then if u wanted to leave it in longer u can just balance transfer after the free period and carry on like the usual creditcard trick.

U just carry on building up high interest until u get bored or whatever then pay back the £1000 onto the card or whatever is left owed and pocket the interest profit

Im new to the forum so i apoligize if this has been brought up b4. Just thought id mention it cus always seemed like a good idea

Any thoughts wud be great

Chris x

wigginsmum

If you accept creditcard payments into your Paypal account, they take a percentage of it, so you'd lose that.

robolint

I think it wud only be £34.20 on £1000

3.4% + 20p

robolint

I have a fully verified paypal account set up so thats not a probs but yeh dont wanna get money frozen thats for sure hehe

robolint

i dont have CC Cheques. Im quite new to all this so im not that clued up at the mo on what options i got and even what i can do with creditcards besides buy stuff lol. All i know at the mo is that i got a creditcard thats 0% interest free till Aug at the mo which is nice Not gonna be using that one though cus i got stuff on there im paying off. This is def a plan i thought of for when im debt free again

frivolous_fay

Don't credit card cheques attract interest straight away?
Also there's a fee for using them

I hate the wretched things, they go straight into the shredder when I get them in the post.

magentadreamer

Wouldn't it just be easier to get an Egg Money card and do a SBT using that as a mule. I also don't think you can add money to your paypal account from your own CC, but not looked at the T&C's for paypal so yuo might be able to.

robolint

i wud be using a different creditcard to what the paypal account i have is registed to anyways so thats not a problem

magentadreamer

Assuming that you were to use another CC this would have to be registered as you in your second paypal account so Paypal if they looked would realise you were sending money to yourself, but given the likely hood with every thing being automatic I doubt they do very manual checks unless things go wrong and money goes astray.


Also you'd need to make sure that your hypothetical 0% card did 6 month purchases and not BT's only. Still think Egg Money would be far easier!

JohalaReewi

Not sure if you can top up your paypal acount from a credit card? AFAIK, you can only use your CC to send a payment to another Paypal account. Also, Paypal are very touchy about this kind of thing and if they half suspect you are trying to beat the system they will block your account.