Can I Use Credit Card Cash Advances without the Fees?

Avoid Credit Card Cash Advance Fees?

Not so fast!

If you have been working to get your credit in order, you may realize that this comes with the ability to draw money from your credit card.

Is there a way to transfer cash from your credit card to your checking account without incurring fees?

Yes, technically there is a way to get money from your credit card into your bank account.

But it’s not without fees and risks.

Technically, if you use PayPal then you could charge yourself as a merchant and have it deposit into your checking account.

The loophole appears that it would work if you had a second email address. The second address would have to be setup and linked to a checking account. You would then send money from email account one to email address two.

Basically, from your credit card to your checking accoun.  The you have cash in your checking at the cost of a credit transaction. Not the cost of a credit card cash advance.

Another option would be to transfer it to a family member who also has an account. This way they would recieve the cash. But as some users have pointed out on Quora, this is against the user rules:

Fee free transfers paypal

This user points out it would violate the terms of service. And be expensive!

Transfer your PayPal credit to yourself?

Some also have asked if you can take the PayPal credit and use it to transfer The thought is that this method would too be cheaper than a credit card cash advance. Usually, transfers to your bank account get hit with fees using this method.

Interestingly, when looking online for the answer to this question, one of the first results is the paypal community forum. Here I was expecting some kind of reply from the PayPal folks that said it would violate the Terms and Conditions.

Instead they simply reply that you can’t transfer PayPal credit to yourself. But they did say that you can send it to another’s email address. But as you can see, there’s fees attached to it.

paypal transfer to myself

Reply from Paypal Staff about PayPal Credit Transfering

People think that there are ways around these fees, but they're taking risks.

It’s safer and likely cheaper to actually get an online cash advance

If you are considering doing this PayPal transaction to youself: STOP!

This is one of the few instances where I would recommend looking at a discount online cash advance instead of messing with trying to leverage your credit. Not to mention violations of terms of service!

So the best thing to do is look for other methods. Getting an online cash advance is the better option. Here the low fees that you can manage ($15 for Cashnetusa.com for example) would be a smarter move than trying to game the PayPal system and getting yourself into trouble. The reason that PayPal has these terms of service in place is becuase they want to make sure that oppotunities for money laundering are kept to a minimum.

 

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