MBNA Credit Card Trick That might work & Paypal

joseph3

tlc678910 wrote: »

Sounds like fraud to me. The card is intended for purchases and balance transfers and you would like to use a roundabout way to get hold of the cash by paying yourself. Involving a relative with a pretend ebay transaction would be just more evidence that this is dishonest and you would be getting a relative involved in fraud.

You may get away with it - you may not. If you are found out I would think worse case a fraud marker could be applied to you meaning your banks could withdraw your banking without explanation.

If you wanted money you should have just got a money transfer credit card.

Right Firstly get your facts straight before your narrow-minded naive brain of yours wanders accusations like you have just done.

Don't go around throwing the fraud term and accusing people of fraud do you understand. To answer your pathetic accusation, understand what fraud actually means # Criminal deception intended to result in financial gain!

Firstly there has been no criminal activity going on, secondly, there is no financial gain by my methods why? because i have already been given the money from the credit card company. The money has already been granted to me. It was not obtained illegally.

Now if i was to impersonate someone and gain from it then yes thats fraud!

You see what you have done, rather than actually read what i said, that brain of yours has just probably skim read everything realised that yes what I am doing is a little more complex but then rather you apply logic and reasoning like @Terry Towelling did, instead, your mind had assumed the worst and alarm bells are ringing, when everything has been perfectly explained in my essay above.

Yes, you are perfectly right that I would like to do a roundabout to avoid the 60-day purchase limit. What's the harm in that! no one is committing fraud because the end result of fraud is to have financial gain illegally when a person is not supposed to have that money lol. You see that's where your wrong mate. The money has already been given to me.

You're actually pathetic accusing me such things. Fraud marker ! have a laugh mate and go and read the law before you accuse someone of such activities, yeah, we can go back and forth and trust me after your accusation your an entertainer. Though, the question is? should I actually be entertaining you? probably not.

Pathetic about fraud! like i have stolen money. Mad man seriously you are, sorry for tone but what you said was quite offensive and wrong.

Sorry, but you accusing me of fraud was out of line mate.

joseph3

Terry_Towelling wrote: »

It doesn't really sound like fraud, @tlc678910. There's no 'real' deception, it's all out in the open and the money will be paid back in full.

Thanks for your 'essay' @joseph3. I think you may have misunderstood the thrust of my post. I understand the reasoning behind what you are proposing. My main reservation was the way in which the value would be taken from your MBNA card and routed to your PayPal account. You have clarified this by saying the chain of transactions creates the impression of a purchase to the card issuer.

I understand also the intent to have control, and the issue of clearing the balance, and how best to do it in instalments, but, regardless of your intent, I believe you would be better advised to only pay the minimum payments demanded by MBNA and to retain the surplus in an interest-bearing account. As you know, that would leave you with the wherewithal to clear the balance at the end of the promo period, and give a small amount of interest to boot.

Obviously, if you use some of the 'cash reserve' during the promo period, you would (as you say) have to make that up out of your other income/savings.

My reference to your account being frozen was slightly tongue-in-cheek and, perhaps cryptically, dovetailed in with what @born again had said about 'tipping off' - which was also tongue-in-cheek.

Ben8282 wrote: »

When I suggested applying for a 'real' purchases card you said that when you checked eligibility you were not offered the headline 20+ month 0% purchase periods but instead were offered shorter periods of between 6 - 12 months.
The obvious reason for this is that your ability to obtain credit is currently not very good. Do you not think that rather than fill this card up for no apparent reason other than to have a reserve of funds, you are not even really interested in stoozing, it would be better to repay debt and/or concentrate on putting your credit files in better shape so that you will be able to get headline rate 0% purchase offers? Adding another £5000 (or however much you actually intend to take) to your existing balances and using almost all of the available credit on this card is going to do nothing to help your situation should you need to apply for further credit in the near future.

Thanks for your response, Ben.

My credit file is perfect, I have a mortgage that's never had late payments 1 previous credit card that has been paid in full and not touched since repayment, healthy balances in my bank account with overdraft that i have never gone into and paid on time direct debits for bills etc... the odd furniture finance couple years back which was paid in full and an excellent credit card score. Your right i question why the offers was not as good as initially advertised though, during my application i feel that my yearly income before tax may have been too low as my job income fluctuates dependant on different projects. Not to sure why if im honest. Though, to my fault there were plenty other offers open to me which i did not take immediate advantage off.

When i decided for MBNA i did not notice the 60 days at the time of application till the soft check was complete at that point i thought i would go with it. My credit file has been built quite strong through my financial methods and good judgements/organisation. I would have never been accepted for an independent mortgage with my bank otherwise lol

I don't intend to apply for no further credit for the next 26 months till this credit card is paid off by that time, i have no other financial burdens or problems at all. This was all just for convenience as i have done so with my other credit card. The reason why i have not delved into my other credit cards is because of interest occurrence should i use those cards.

I dont also intend to use the whole balance either.

Again, I have to make clear that this is no different to someone else having a credit card from a company with no limit days on purchase. I just feel that because my wording may have made matters a little complex in this thread I just feel that the treatment from some in this thread is as if im making a crazy decision on financial dependence like i have no money or finances to pay this back because cleverly I just want to bypass the 60 day purchase limit, shouldn't that be an incentive to everyone here that actually this method is more savvy in insuring less risk because technically he now has more time especially with the plan he has in mind. E.g. my method.

I just feel because my method is not the norm that some users have just missed the plot and thought the worst-case scenario regarding this.

Again I would then question that in response to what you said

Ben8282 wrote: »

Adding another £5000 (or however much you actually intend to take) to your existing balances and using almost all of the available credit on this card is going to do nothing to help your situation should you need to apply for further credit in the near future

^^ Would you give this much concern or reserved thought to #PAUL (Made up person) who has a £5000 credit card with 0% purchase and no limit on purchases. Because that would be no different to me. The only difference is i have a limit of days which i am trying to bypass to have the same control as Paul. And less risk to make irrational expenditure decisions.

Because what you have said above is perfect advice for Paul also you understand.

9 times out of 10 it would probably be no, why? because people have credit cards all the time and don't present questions on forums on how they should deal with it especially when their credit file shows they handle their finances correctly(to ones who pay their bills and credits on time etc)

Because I have presented my question in such a way that it's not the norm yet tried to simplify it as best as I can it just seems that there are some on here who are finding the idea of this a little hard to grasp on to.
It should be no one's concern whether I can pay this back or not because I never asked that question. Even though, I have explained in great detail above.

The average person who intends to pay off their new 0% credit card is as follows

1. New credit card with x amount of limit and 0% interest repayment over 20 months and no limitation of days or months when to make the purchase.

2. This person goes about their business and makes all the purchases they want with a plan in mind on how much they would use and how much they would pay back to ensure the balance is paid in full within the interest period. They have no intent to use the credit card long only for the interest period.

3. Does anyone have concern? NO, Because this is the norm for many credit card users who do this for many reasons even to make their credit profile stronger. Also, they have earned income guaranteed to pay the balance used back.

NOW (ME) who intends to pay off their new 0% credit card is as follows

1. New credit card with x amount of limit and 0% interest repayment over 26 months and 60 days limitation to make purchases to take advantage of the 0% interest-free repayment period.

2. This person (ME) ALSO goes about their business and makes all the purchases they want with a plan in mind on how much they would use and how much they would pay back to ensure the balance is paid in full within the interest period. They have no intent to use the credit card long only for the interest period. Yes this person achieved this by bypassing the 60 days using his method

3. Does anyone have concern? NO, Because this is the norm for many credit card users who do this for many reasons even to make their credit profile stronger. Also, they have earned income guaranteed to pay the balance used balance back.


^^^ Do you get my point now, its the same, but the difference is on this thread a lot of people have thrown accusation and concern and with all due respect have missed the obvious by assuming the worst like as if I am a criminal lol.....

I am just paying myself so I can bypass this 60 days then i would use the balance accordingly, with immediate effect set up a direct debit with those funds as I don't intend to use it all and any funds I do use i will add to the direct debit from my own pocket in order for the credit card to be paid within that interest free period. I don't intend to use it long term and I don't intend to apply for further credit as i am financially stable generally and merely because I don't think I would need one again and if i did then i know my credit profile would be even stronger.

Yes it may take a hit temporary as i will have negative full balance for the credit because i have made a purchase for the full amount but the direct debits and balances paid every month will restore the balance in return to my credit profile scoring increasing. Moreso, i could just decide to payback 80% of what they have given me in a lump sum and just do direct debits of what i have borrowed. All in all, i have better control and thats the whole point.

In other words, i am too fussed what my credit profile is like as of now till the 26th month is ended as i dont intend to take out any future credit.

Once the balance is paid back in full by the 26th month and reflectance on my profile shows highly positive on the 27th month then yeah I may get future credit who knows for convenience. yes on my profile it would then show 2 full credit cards paid off in full for which i may close one down and removed from my credit profile, as having many credit cards even though they are in full positive balance may still hinder acceptance for future credits, loans, etc.... All in all, if one understands their credit and financial affairs properly intending to pay off loans/credits accordingly taking advantage of 0% interest-free period in conjunction to their income gains to cover it, then that person in my eyes are financially savvy. Especially if they have proven it in the past.

To be honest, i don't even know why I am even having to justify this lol like I said, many in this thread have just missed the whole point and because my method to bypass the 60 day period for purchase has set minds racing for worst, sadly, automatically makes me a fraud and someone incompetent to know how to handle their finances. I only asked for advice referring to the purchase limit of 60 days. Not for negative assumptions to be thrown around concerning my financial affordance and abilities to pay debts or get into debt trouble.

My question never gave that impression at all and I find it quite interesting how the minds of many on here raced so fast and just assumed the worst.

Thanks anyway, hope that answers your question and my apologies for the tone of this. Nothing personal.

Again, truly, thanks again.

Terry_Towelling wrote: »

It doesn't really sound like fraud, @tlc678910. There's no 'real' deception, it's all out in the open and the money will be paid back in full.

Terry, I'm going, to be honest with you mate and with all due respect to everyone here, but you seem to be the only person who understands what i have said and yes whilst you show constructive advice which I have read btw concerning the interest etc and i thank you for that.. i just wish others on here could have just presented there argument or advice a little better rather than assumptions, I'm all for tongue and cheek lol. it's just I think that fraud comment from

tlc678910 wrote: »

Sounds like fraud to me.

Just did it for me lool.

To those who have answered

below

touch1337 wrote: »

Thank you for your response : (If there are paypal fees then i shall pay them, its still worth paying those smalls fees in favour to bypassing the 60days)

tlc678910 wrote: »

Thank you for your response

Ben8282 wrote: »

Thank you for your response

!!! wrote: »

Thank you for your response

Belenus wrote: »

Thank you for your response

born_again wrote: »

Thank you for your response

Terry_Towelling wrote: »

Thank you for your response

I thank you all in advance for your responses and i apologise for the tone within this thread its nothing personal, just hope this does clarify things a little.

Thanks again

Ben8282

I have read your post with interest.
I feel that you may have misinterpreted my comments. You see, you say your credit file is perfect. That may well be so. But the problem is that you were not given very good offers by the providers of the 0% purchases cards. In fact, you were given pretty bad offers. You have suggested one possible reason for this which may or may not be correct. I was suggesting another possible explanation.
I have another question. Do you ever actually use a credit card to make purchases? You may improve your ability to obtain credit (which is not quite the same as a perfect credit history or excellent credit score) if instead of leaving your other credit card completely unused you were to actually use it and pay in full every month. Please don't take offence; this is sound advice.
You make the comparison between yourself and the imaginary Paul. Yes I would give the same advice to somebody who was experiencing difficulty in obtaining credit (i.e. the very poor offers from the other 0% purchase card providers) as, where this situation occurs in relation to an individual with an excellent repayment history, I have found the most probable cause to be the existence of high balances. But as you say that you have no intention of applying for further credit within the next 24 months, then in your case it won't matter.

There is also the question of exactly why you have applied for the 0% purchases card and why you want to borrow this money at the present time. You say that you have a healthy bank balance and have no real interest in stoozing, so it makes us wonder why you are prepared to go to what some would consider extraordinary lengths to obtain this money. I have not accused you of fraud and have said that I have insufficient knowledge of PayPal to offer an opinion on the practicality/possibility/legality of your suggestion one way or the other and have avoided doing so.

moneywow1

joseph3 wrote: »

Right Firstly get your facts straight before your narrow-minded naive brain of yours wanders accusations like you have just done.

Don't go around throwing the fraud term and accusing people of fraud do you understand. To answer your pathetic accusation, understand what fraud actually means # Criminal deception intended to result in financial gain!

Firstly there has been no criminal activity going on, secondly, there is no financial gain by my methods why? because i have already been given the money from the credit card company. The money has already been granted to me. It was not obtained illegally.

Now if i was to impersonate someone and gain from it then yes thats fraud!

You see what you have done, rather than actually read what i said, that brain of yours has just probably skim read everything realised that yes what I am doing is a little more complex but then rather you apply logic and reasoning like @Terry Towelling did, instead, your mind had assumed the worst and alarm bells are ringing, when everything has been perfectly explained in my essay above.

Yes, you are perfectly right that I would like to do a roundabout to avoid the 60-day purchase limit. What's the harm in that! no one is committing fraud because the end result of fraud is to have financial gain illegally when a person is not supposed to have that money lol. You see that's where your wrong mate. The money has already been given to me.

You're actually pathetic accusing me such things. Fraud marker ! have a laugh mate and go and read the law before you accuse someone of such activities, yeah, we can go back and forth and trust me after your accusation your an entertainer. Though, the question is? should I actually be entertaining you? probably not.

Pathetic about fraud! like i have stolen money. Mad man seriously you are, sorry for tone but what you said was quite offensive and wrong.

Sorry, but you accusing me of fraud was out of line mate.

Sounds like something a fraudster would say.

(I'm kidding by the way)

Instead of paying off the card bit by bit, why not put the cash in a 2 year fixed savings account and then pay it all off at the end?

joseph3

Ben8282 wrote: »

I have read your post with interest.
I feel that you may have misinterpreted my comments. You see, you say your credit file is perfect. That may well be so. But the problem is that you were not given very good offers by the providers of the 0% purchases cards. In fact, you were given pretty bad offers. You have suggested one possible reason for this which may or may not be correct. I was suggesting another possible explanation.
I have another question. Do you ever actually use a credit card to make purchases? You may improve your ability to obtain credit (which is not quite the same as a perfect credit history or excellent credit score) if instead of leaving your other credit card completely unused you were to actually use it and pay in full every month. Please don't take offence; this is sound advice.
You make the comparison between yourself and the imaginary Paul. Yes I would give the same advice to somebody who was experiencing difficulty in obtaining credit (i.e. the very poor offers from the other 0% purchase card providers) as, where this situation occurs in relation to an individual with an excellent repayment history, I have found the most probable cause to be the existence of high balances. But as you say that you have no intention of applying for further credit within the next 24 months, then in your case it won't matter.

There is also the question of exactly why you have applied for the 0% purchases card and why you want to borrow this money at the present time. You say that you have a healthy bank balance and have no real interest in stoozing, so it makes us wonder why you are prepared to go to what some would consider extraordinary lengths to obtain this money. I have not accused you of fraud and have said that I have insufficient knowledge of PayPal to offer an opinion on the practicality/possibility/legality of your suggestion one way or the other and have avoided doing so.

Thanks for your response, As I have mentioned previously, for initial 2 soft checks yes revisions were less than expected, MBNA was the best but to my fault there were plenty more offers available too that I did not carry out due to further hard checks with i.e natwest, halifax etc... who is to say whether I would have got a decent offer because there were many available to me after soft checks. So the probability may have been higher. My reasons for not checking with others is because I had already accepted MBNA without noticing the 60 day limitation for purchase and by then a hard check had already been made. Therefore, i won't be carrying in out further checks on my credit file because the probability for decline would increase due to an increasing number of hard checks in a short time.

Your question

Ben8282 wrote: »

Do you ever actually use a credit card to make purchases?

<<, Of course, i intend to use it, my first essay response goes into great detail which explains that. Why would i or anyone just randomly get a credit card and not use it, even if their intent was to only build a better credit history, they would still need to use and pay off the credit card accordingly to show good payment history and capabilities. But to answer your question yes i do intend to use.

Quoting from what i said before, this is just for convenience purposes to cover some bills and gifts till I receive my end of project surveyance invoice payment from my client by mid December. That's all. Don't intend to use it all as I have already said.

The previous credit card i did use it and i did pay it off in full, the logic of going back into that credit card is illogical because i would have to pay that back again but with interest. Yes i may make the odd payment with that credit card and pay it back to show activity is used within that card. But if an option for another credit card is available too with 0% interest on repayment then its only logical to use that card which I have now.

Keywords in your response: You would give the same advice to those who are having difficulty obtaining credit. Now with all due respect to you, i have not had any difficulties nor did my example of I and imaginary paul suggest that. This was just a thread to gather your intake on my method to bypass 60 days. Though I do believe you are assuming a little too much, though, i take on board your constructive advice.

Again i quote you :

Ben8282 wrote: »

so it makes us wonder why you are prepared to go to what some would consider extraordinary lengths to obtain this money

^^ Its makes you wonder? you see this is what I mean, I have explained my reasons as clear as possible to you and to others justifying everything, and yet rather than take the truth and believe what I have said, it still leaves you to question me as if I am hiding something from you all. Its quite intriguing and makes me wonder what you are thinking about or assuming.

But we'll give this another go. In response to your question

Ben8282 wrote: »

You say that you have a healthy bank balance and have no real interest in stoozing, so it makes us wonder why you are prepared to go to what some would consider extraordinary lengths to obtain this money. I have not accused you of fraud and have said that I have insufficient knowledge of PayPal to offer an opinion on the practicality/possibility/legality of your suggestion one way or the other and have avoided doing so.

1. Yes when I say I have a healthy bank balance, i.e. I was generalising that my income over the year fluctuates but it remains healthy. I.e. sometimes I have a lot of money in my account dependant on secured jobs, other times I have low money in the account because of necessities and expenditure or not securing a high paid project. But it's still healthy in a sense that I have never gone into overdrawn on my accounts. In other words there's money in my account regardless of how little or high.

2. Snoozing, I didn't even go to think this far regarding snoozing let alone know the actual term till you guys started talking about it on this thread so no I had no intent by that, but having researched its quite a clever thing should one wish to do during the interest-free periods. For me, I will not and have no interest too.

3. You said it makes you wonder/extraordinary lengths to obtain this money < Your wording reflects an impression that I am trying to secure a £10,0000 credit card and spend it all or something lol with all due respect to you but you need to stop overthinking this mate. Even though, I have explained my reason again and again which is, that I want to BYPASS THE 60 DAY PURCHASE PERIOD that's it, its really that simple mate, like seriously. Yes, I made the mistake of not realising I signed for a purchase card which only gave me 60 days to spend to take advantage of the 0% interest-free repayment period. So rather I make irrational decisions, why not bypass the 60 days using my PayPal method and take advantage of the longer repayment flexibility and option to use the limits as and when I want subject to my need and of course plans to pay it back. YES, this is Extraordinary, but an extraordinary METHOD. To gain more financial control and sensibility. It's financially Savvy.

There are no extraordinary lengths as you make out like as if I'm in desperate need for money and having financial difficulty.

4. Not at all, this was just to tie over some bills and gifts till I get paid from work and then pay this back within the 26-month interest-free period. Nothing more and nothing less mate.

5. I think the fact that you have a lack of knowledge regarding PayPal has not helped as this was the foundations behind the reasons why I opened this thread. Though, simply laymans terms paypal is basically a secure FCS approved online payment portal which allows you to store a UK bank account and bank (Debit/Credit) card to make and receive payments. Many companies allow PayPal as a form of online payment, Currys, Argos etc... when you pay for goods online. Because I have a 2 PayPal business account, I can pay myself through one PayPal account as a service. and then my other PayPal account will receive that balance. I then log into that other paypal account and withdrawal the funds into my bank account. But because i paid myself initially, the credit card will recognise that I made a purchase payment for a service or goods. They won't know who its too nor would they care. So its recognised as a purchase payment and therefore approves that payment as being before the 60 day period. Without them knowing that payment went to me. So now I benefit from using some of the funds without having to worry about using it before 60 days.

Its not fraud, nor deception its perfectly legal and clever to be honest and you know why because you would be HAPPY TO KNOW THAT ITS BEEN A SUCCESS AND I HAVE ALREADY DONE IT i contacted MBNA yesterday (Saturday morning) to confirm that the payment i made on PayPal to pay for a service was validated as a purchase, she confirmed it was. She didn't ask me who did I pay it too.

So happy days, I now have the funds like any other credit card user and now have set up direct debits to pay the loan back accordingly using those funds i won't use but then pay any remainders out of my pocket to ensure that by the end of 26 months everything is paid back.

Hope you understand now mate. There really was no reason to wonder and overthink this. It was lengthy from me but I thought it was quite explanatory what I said. You may say you did not assume or think the worst of things but I'm sorry because you did give me that impression, not only you but others on this thread too.

And if everything I have said above still doesn't make sense or you don't believe what I am saying for whatever reason or assumptions then that is your concern, not mine. Sometimes when people overthink things they create a problem or debate that was never there, to begin with.

And mine was never there, to begin with.

Thanks anyway.

David555

Glad you got things sorted!

I guess I could be classed as a “fraudster” too, I’ve literally just bought a investment house in Blackpool for around £50,000 using mainly brand new credit cards with either money transfers or balance transfer offers at 0% interest with a fee ranging from 0%-3% for 2-3 years.

Regarding my decision to use my credit cards in this way -

Most personal loan companies don’t lend for property investing

There’s interest savings to be had

I can over pay as and when I wish without penalty’s which apply to some loans

Why not be a sheep and get a mortgage like everybody else?

I don’t want to be stuck in a long contract

Again the freedom of over paying if I wanted which I prefer.

Being a cash buyer saves time as well as money on solicitor fees etc plus offering you slightly better bargaining power vs someone wanting to buy with a mortgage.

Banks I believe don’t even want to know unless you’re borrowing at least x amount.

The way I took advantage of the balance transfer offers was by sending myself money via western union online paying by my Aqua credit card which goes through as a normal purchase then transferring the Aqua balance to a transfer offer card. I later found out that topping up Revolut with a MBNA card also went through as a normal purchase avoiding any cash advance fees.

That’s not to say there wasn’t any slight hipcups along the way within the Lloyd’s group. Some balance transfers would flag up casuing my online banking to get suspended whilst they confirmed it was me, Fair enough. I went to the local branch with ID where I explained what I was doing, they had no problem with it and I was able to continue making balance transfers.

So certainly not fraud. It’s something I’ve down twice before bringing a nice amount of passive income and for sure something I’d do again in future once I’ve paid down the debt which will be cleared within 3 years to avoid paying any interest once the offers are over. I personally prefer it to snoozing. Nothing wrong with thinking outside the box or asking for advice on more unusual things let’s say...

Some people are too judgemental! I can only imagine the replies I’d of gotten if I started a thread asking how I can get x amount in cash from credit cards!

Terry_Towelling

Some people are too judgemental! I can only imagine the replies I’d of gotten if I started a thread asking how I can get x amount in cash from credit cards!

Said he, judgementally.:)

@David555, could you give us a quick explanation of the way that BT cards helped you to raise £50K. I understand the MT cards can do this but a BT card just switches an existing card debt. You certainly did well to get access to that much credit on new cards and, I suppose, you will be doing even better to get it all paid off inside 2 years (ish). That's probably why most sheep take a long-term mortgage for their sheep-folds - they can't risk/afford short-term borrowing on that scale.

Ben8282

Even at 1% your minimum repayments will add up to £500 per-month IF you have 1% minimum repayment over all the various cards.
What are you going to do when the 2 - 3 years are up?
Don't imagine for one moment you will be getting any more 0% cards with total balances in the region of £50K so chances are you will be paying credit card interest of at least about £800 per-month in interest alone plus the minimum payment on these balances, so say £1300 per-month absolute minimum payments. Hope you will be able to afford it.

unkyp

TLDR
To answer your question, yes you can do that, no fees. Hell, you can even do send to a friend via. paypal and that would work too. I have in the past done the exact same thing, but sent around 12K using a CC linked to pp (with cashback/points incentive) to a friends's paypal, the friend then took the money out in his personal bank account, sent the money back to my bank account. And I pay my CC with that same 12K back. Free points/cashback. Recently PP have now started flagging friends and family transactions done via. a CC, still ok if done via. debit card.

Rest comments, challenges are all academic. You are within your rights to do what you please with your money. Only challenge/problem you might face is MBNA/CC/PP might say you are violating their T&C's. in which case, you apologise tell them you didn't know and wont repeat this. and that should be the end of the matter. Don't do it again if that is the case.

stehouk

I find it amazing the different way's people find to exploit cc companies to gain free of interest cash, especially when using it to buy properties.