Using Paypal and credit cards for cash advances

DeusXM

Hi everyone,

I've had an idea to get low-cost cash advances from a credit card to your bank account - just wanted to check if it sounds plausible.

A friend is organising a holiday and I need to wire across cash to him to make up the balance. Normally I would put this on my 0% credit card so I can pay this off in smaller installments but of course, I can't pay an individual by credit card.

However, I had an idea. If I use PayPal to transfer from my credit card to my PayPal account, in theory, this should be counted as a purchase. I can then pay the PayPal cash into my bank account, thus securing a cash advance but at the 0% rate from the card purchases (plus obviously the Paypal handling fee to transfer to an account). In other words, I'm thinking I can use Paypal to effectively get a cash advance but technically it would count as a purchase.

Does this theory sound fine in principle? Anyone tried it?

InsideInsurance

You can use PayPal to extract cash from a credit card if you pay their transaction fees.... I've known it be done using 2 separate paypal accounts and remembering one bank/ card account can only be associated with one paypal account but you may be able to do it with one.