deposit on credit card

Sabrina2000

thats a good idea, from CC to paypal then out in cash, what do the costs amount to in the end?

anselld

Sabrina2000 wrote: »

thats a good idea, from CC to paypal then out in cash, what do the costs amount to in the end?

It is against the PayPal user agreement 9.(s)
https://www.paypal.com/uk/webapps/mpp/ua/useragreement-full#9
.

macman

Who is the 'someone' you are paying to? If it's an agency, they can accept or not accept credit cards, it's up to them. But if they do, you will be charged the merchant fee as mentioned above.
If it's a private LL, then most unlikely that they will have facilities for processing credit card payments. You can do a cash withdrawal on your CC, but of course you will pay immediate interest on this

rosie383

macman wrote: »

Who is the 'someone' you are paying to? If it's an agency, they can accept or not accept credit cards, it's up to them. But if they do, you will be charged the merchant fee as mentioned above.
If it's a private LL, then most unlikely that they will have facilities for processing credit card payments. You can do a cash withdrawal on your CC, but of course you will pay immediate interest on this

My CC would also charge extra on top for a cash withdrawal as well as interest.

jjlandlord

anselld wrote: »

... which is credit.

I don't want to continue on this so last post:

It's been claimed "it's not money, it's credit", which is incorrect.

Paying via CC or debit card, or cash, is paying with money (it's not paying with potatoes, is it?).
The fact that the money was obtained through a loan is not relevant.


What can be relevant with CC payments:
- there is a possibility of chargeback.
- there are fees for the person accepting CC payments (hence me mentioning that a letting agent accepting CC for deposit, etc. will almost certainly pass on these fees).

eddddy

Sabrina2000 wrote: »

thats a good idea, from CC to paypal then out in cash, what do the costs amount to in the end?

Hi Sabrina

Looking at some of your recent posts, it seems that:

1) You have insufficient income to satisfy the agent, so you want to put forward your pensioner parents as guarantors

2) You have insufficient savings to cover the deposit, so you want to borrow it

3) Your proposed agent/LL is using a tenant referencing company, who also provide rent insurance. So the LL may be insuring the rent.


If things go wrong, and it turns out that a tenant can't afford the rent, many private LLs would just evict and write off their losses. But rent insurance companies don't do that.

I've no experience of the insurance company you mention, but other companies might send debt collectors to the guarantors' house, take the guarantors to court, and enforce a judgement (e.g. by sending in bailiffs to seize goods.)

It's best that potential guarantors fully understand that from the outset.

anselld

jjlandlord wrote: »

I don't want to continue on this so last post:

It's been claimed "it's not money, it's credit", which is incorrect.

Paying via CC or debit card, or cash, is paying with money (it's not paying with potatoes, is it?).
The fact that the money was obtained through a loan is not relevant.


What can be relevant with CC payments:
- there is a possibility of chargeback.
- there are fees for the person accepting CC payments (hence me mentioning that a letting agent accepting CC for deposit, etc. will almost certainly pass on these fees).

The point I was making (perhaps too briefly) was that they are not the same for either merchant or purchaser.

For the merchant the fee structure is completely different. Merchants choose what methods they accept; some cash only, some cash + debit, some cash + debit + credit card. Some exclude Amex, etc, etc.

For the purchaser the consequences of payment by cash from own funds vs cash extracted by whatever means on credit are very different.

So it seems (to me at least and I accept you disagree) that it is false to assume that money from own funds and credit card payment may be treated interchangeably, which was the message conveyed (in my mind) by the statement "money is money".

jjlandlord

anselld wrote: »

The point I was making (perhaps too briefly) was that they are not the same for either merchant or purchaser.

It isn't what you wrote. Case closed.
There was not point confusing OP with irrelevant and incorrect considerations.

anselld

jjlandlord wrote: »

It isn't what you wrote. Case closed.
There was not point confusing OP with irrelevant and incorrect considerations.

I can see you like to have the final say. Thats fine.

The OP will find out whether or not it is relevant when they try to pay by credit card. Hopefully they are successful.

Sabrina2000

It is actually a very interesting subject. The question arrises - What is money?

Since 1971 what most people think is money is not. It is just currency.

If its cash, or credit, its the same thing, its just units of currency.

so the answer I was looking for, it is the same thing paying from credit card or cash or bank transfer. As long as something is paid for it all amounts to the same thing.