Credit Card / Paypal

Hellfire8

Hi All,

Hoping for a bit of advice, I am purchasing a new car within the next couple of weeks (Private Sale) and have placed the deposit.

Now so I can pay for the time between now and the rest of the money coming to me (3 months or so) I want to pay with it on a credit card (0% interest on purchases) and then pay it off in bulk when I get the money back.

I was thinking to get the cash to add my credit card to my paypal account, send the money I need £4000 to my wifes paypal via Gift and then withdraw it into my account

I know there is a 3.4% fee plus 20p but I accept that.

Question is, do you think Paypal flag and block the transaction if I send it as a gift payment. If I send it as purchase will the fees be higher?


Help would be appreciated.

Regards

HF

Candyapple

You can't send funds from your credit card as a PPG, only cleared funds already in your Paypal account.

Hellfire8

but if I add the funds into my Paypal account under "Add Money" would that not work? [Ignore this, I understand that doesn't work]

What are the fees if I send it as a purchase between the 2 accounts?

Okay.... so if I do it as a purchase and if My wife sends me an Invoice apparently it is only the 3.4% plus 20p still.

(Standard fee for Selling via Paypal)
Standard transaction fee within the UK .4% + 20p per transaction.

Candyapple

I'm not sure if that would work TBH, but I do know I would not mess around with large sums of money and Paypal. I have heard and read about too many horror stories over the years where Paypal have frozen accounts with large sums of money in them/transactions between accounts and 6 months+ later they still remained frozen despite sending them copies of passports, driving licence, proof of address etc.

Can you not pay the vendor directly by credit card instead?

Tixy

I think trying to use paypal is a risk.

In your situation and if you need to buy before you have the money available then I'd consider looking if I could get accepted for a 0% card that offers money transfers. Although you would obviously you would end up paying a transfer fee, it wouldn't be a lot higher than paypal fees.

Then transfer the money to your current account and pay your buyer in cash.

Hellfire8

I can't purchase with the CC as it's a Private Sale.

I also have 19months Balance transfer, Thinking I could take it out as a cash advance on my empty card and then balance transfer it to my card which has the balance transfer on it. (3% fee of course)

Not sure how much I can take out as a cash advance though.

forgotmyname

How much can you take out a day £300 - £500? Transaction fee for every withdrawal. + insterest charged daily and instantly the monent its taken out. Then a % limit on the amount taken to the cards actual limit.

Get a loan instead.

Paypal a gift.. So when you turn up and they say sorry sold it to someone else, How will you get your money back?
Paypal wont be interested. You gifted them the money.

Hellfire8

Okay.... so it's been done...

Tescos do not charge a fee when doing a cash transfer into my current account, only interest. I did the following


Tesco Credit Card ---> £1800 ---> Current Account
BOS CC Balance transfer (18m Interest Free) ---> £3600 ---> Tesco Credit Card

Wait for payment to clear with a positive balance of £1800 on the Credit Card

Then do another
Tesco Credit Card ---> £1800 ---> Current Account

RDG

I think an unsecured personal loan might be cheaper if its only going to be a couple of months.

If you got a loan at say 8% for £4000 that would be about £27 for the first month and diminish each month from then on.

Hellfire8

RDG wrote: »

I think an unsecured personal loan might be cheaper if its only going to be a couple of months.

If you got a loan at say 8% for £4000 that would be about £27 for the first month and diminish each month from then on.

Quite possibly it may have saved a few ££ (the only fees I paid was £108 to Bank of Scotland for the balance transfer) but once the money hits my account I'll have enough to pay the whole card off immediately and as it shows in my bank account it doesn't get forgotten about as a loan might (that might sound silly but I hope you get what I mean)