Withdrawing credit balance from credit card

AddictedMoneysaver

Just wondering - as a way of getting round some credit cards charging a fee to withdraw money from a credit card, would it be possible to send money from one paypal account to another - refuse the payment in the receiving account (thus avoiding paying any paypal fees) and would the money then end up back in the original paypal account as a positive balance (thus giving you the ability to withdraw it into your bnk account for free if the amount is over £50 or for 25p if it is below) or would it be put back onto the card automatically?

Are there any snags in this theory?

Sorry if this is the wrong section but it seemed like the most relevent one!

ShelfStacker_3

Does your card issuer treat PayPal transactions as cash advances? I presume some might do; otherwise, aside from your process being ridiculously longwinded for very little gain, I can't see a problem.

AddictedMoneysaver

I wouldn't've thought any card issuers would as Paypal is effectively a merchant paymet device just like any other online shop??

Also why is it for very little gain? Surely if you used it to transfer a large amount then it'd be worthwhile - for example if you were doing one of Martin's methods for making money from credit cards? This would elimiate the need to have an Egg or Virgin credit card to be able to withdraw money straight from a card into the bank so possibly quite useful to people who have been unable to get one of these cards?

CannyJock

You should try it out and post the findings. Do a test run of something like £5. Report back any charges and how long it took for each of the transfers.

Word of caution not to mix up your "purchases" and your "balance transfers" on the same card where they have different 0% periods or you'll be caught out and end up paying interest.

I've only got one 0% purchase card, but a deck of 0% BT cards.