Can this be done!

planemad

I have a credit card with 13months interest free on purchases.

I can transfer money over from my credit card to my paypal account does this count as as a purchase ?

If it does I can withdraw the money from my paypal account to my bank account and invest it into an high interest account for 13 months and just pay off the minimum payments.

Does anyone think the above is possible?

YorkshireBoy

What are the PayPal fees, and can you still make money after paying them (and the minimum payments on the card)?

planemad

There are no paypal fees for this.

andymac238

If I recall correctly, you can only 'Add funds' to your Paypal account from a registered Bank Account. I don't think you can do it with a credit card.

Plus - your credit card company might see it as a Cash Advance as opposed to a purchase, in which case the interest rate is usually hideously high!

Even if the above is ok, I still don't think you can do it - otherwise everyone would do it!

jamalfatty

If you were able to do the above which I dont think is possible, your credit card / paypal / both is likely to get flagged up as possible money laundering

planemad

andymac238 wrote: »

If I recall correctly, you can only 'Add funds' to your Paypal account from a registered Bank Account. I don't think you can do it with a credit card.

Plus - your credit card company might see it as a Cash Advance as opposed to a purchase, in which case the interest rate is usually hideously high!

Even if the above is ok, I still don't think you can do it - otherwise everyone would do it!

You may be right I was just wondering if it is possible to do, as I have no idea.

YorkshireBoy

http://www.stoozing.com/cgi-bin/forum/YaBB.pl?num=1202727207/0

One of many threads on the stoozing site discussing the subject...and one of many finding it isn't (profitably) possible.

planemad

Just checked and you can only pay in from your bank account.
I just thought this could be another way of stoozing.