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.

 

fix credit with cash

5 Quick Actions to Fix Your Credit

Take these 5 steps towards fixing your credit

One of the first steps to getting your household financials in order is to make sure that you take steps to fix your credit.

While there are reasons to get an online cash advance, there are an equal number of reasons to try your best to avoid it. On the internet, there are also a number of bad apples out there who do not do a good job of looking after your best interests. These bad actors may make recovering from financial whirlpool even harder

1. Check your credit score

Before you can fix your credit, you’ll need to know what you score is to measure. There are a number of services out there to check your credit score quickly online. Really though, you should stick with one of the main three credit bureaus in the US that report your scores. You can choose any one of them to get your score:

  • Equifax – www.equifax.com P.O. Box 740241. Atlanta, GA 30374-0241. 1-800-685-1111.
  • Experian – www.experian.com P.O. Box 2104. Allen, TX 75013-0949. 1-888-EXPERIAN (397-3742)
  • TransUnion – www.transunion.com P.O. Box 1000. Chester, PA 19022. 1-800-916-8800.

You get one free credit report check per year, as mandated by the government. So, you won’t have to worry about shelling out money to get back on the right track.

2. Stop using credit cards to fix your credit

Fix your credit freezing card

Fix your credit by cutting down on credit card charges. Freeze cards if you have to.

If you’re serious about fixing your credit, you need to stop the cycle of changing things that you cannot afford. If you’re worried about needing them for true emergencies, you can always freeze your cards…. literally.

Ideally you should take this to also mean stopping the use of online cash advances if possible. While they are good for an emergency, just like credit cards, they can get out of control if they are not properly used. There are also alternatives to payday loans that can help you get your finances in order.

3. Add up all your bills

Before you can make a budget, you need to have an idea of what all the bills out there are that you need to pay off. At this point, the numbers may be overwhelming. Just gather up all of your bills and write down what you need to pay off.

4. Make a rough plan

Budgets can be overwhelming. Since we are right now just looking at what to do in the present, we’re not going to worry about budgeting out all the little things. Just know generally how much you can set aside to pay off your debt and bills. One of the problems with waiting until the end of the month is that then you may not have any money left over for your bills. Instead, pay the bills as soon as you get your paycheck.

5. Spend only in cash

Multiple studies show that we spend less using cash and are at least more aware of how much we spend when we use cash. Use this mindhack to help get your financials back in check. You can go back to using cards responsibly and get off cash only after your finances are back in check.