Using Paypal to transfer money off a 0% credit card

muddymickey

Hello all

Was hoping to do as the title suggests...

I was after feedback from others who have actually done this recently, to see if there are any pitfalls ahead ?

I've got myself a 0% purchase credit card, and linked it to my Paypal account. I've had my Paypal account for a long time quite a few years) - it says my account type is "Premier" and that my status is "Verified".

I'd like to transfer around £5-6k to my wife's Paypal account, from where she can transfer it to her bank account.
My wife's Paypal account is new, although I've done the necessary steps to remove the default payment/receiving limits.

I have carried out a small test transaction (under £50) OK. I classed the payment as being to "friends/family".

Am I likely to encounter any problems if I attempt a payment of say, £6k ?

Is there any benefit in carrying out the transfer in a number of smaller amounts ?

As I said - hoping for feedback from people who've actually done this...

Cheers

Aquamania

muddymickey wrote: »

Hello all

Was hoping to do as the title suggests...

I was after feedback from others who have actually done this recently, to see if there are any pitfalls ahead ?

I've got myself a 0% purchase credit card, and linked it to my Paypal account. I've had my Paypal account for a long time quite a few years) - it says my account type is "Premier" and that my status is "Verified".

I'd like to transfer around £5-6k to my wife's Paypal account, from where she can transfer it to her bank account.
My wife's Paypal account is new, although I've done the necessary steps to remove the default payment/receiving limits.

I have carried out a small test transaction (under £50) OK. I classed the payment as being to "friends/family".

Am I likely to encounter any problems if I attempt a payment of say, £6k ?

Is there any benefit in carrying out the transfer in a number of smaller amounts ?

As I said - hoping for feedback from people who've actually done this...

Cheers

I think an attempt to pay 100 lots of £50 in rapid succession to the same person would probably soon see your, and possibly your wife's brand new, paypal account frozen.

Why don't you just ask for your wife to be an additional cardholder on the credit card account, and let her go and spend your credit? :cool:

muddymickey

Aquamania wrote: »

I think an attempt to pay 100 lots of £50 in rapid succession to the same person would probably soon see your, and possibly your wife's brand new, paypal account frozen.

Why don't you just ask for your wife to be an additional cardholder on the credit card account, and let her go and spend your credit? :cool:

Thanks. What successes have you had, have you managed large amounts OK ?

Regarding the latter point - it's to enable a purchase from an individual, so can't pay directly by card.

Aquamania

muddymickey wrote: »

Thanks. What successes have you had, have you managed large amounts OK ?

Regarding the latter point - it's to enable a purchase from an individual, so can't pay directly by card.

Why not ask to pay the individual yourself by paypal? :huh:
(You might need to agree to pay their paypal charges)

It's very easy for the recipient to set up a paypal account they don't already have one, and probably will be quite useful to them in the future. (as you know)

You'd have been better off applying for a money transfer card rather than a purchase card if a money transfer is what you wanted to achieve.

muddymickey

Aquamania wrote: »

Why not pay the individual yourself by paypal? :huh:
(You might need to agree to pay their paypal charges)

Well that might be possible, but the funds need to come from the credit card, so I'd essentially doing the same process as transferring to my other half...



Has anyone else actually been through this process, are you able to shed any light on the likely outcome ?

pjread

you know this won't be without cost even if it works, right?

Ant.Evs

When dealing with that amount of money i wouldn't want to risk it! especially knowing how funny paypal can be sometimes!

muddymickey

pjread wrote: »

you know this won't be without cost even if it works, right?

Yes I understand the fee involved.

muddymickey

I appreciate the replies , but rather than speculating on what might happen, I was wondering if anyone has actually done this ?

billchecker1

Lets be honest. Its a way of creating the 0% debt into cash, albeit at a charge of (I think) 3.4%.


I have done it before through my dads account and it went through fine. I think it was only around £1000 though.

muddymickey

billchecker1 wrote: »

I have done it before through my dads account and it went through fine. I think it was only around £1000 though.

Thank you. How recently was that ?