Reply
Regular Contributor
Posts: 134
Registered: ‎07-07-2011
0

Anyone use the Square App/Reader for cash advances?

I set mine up a while ago, and use for craigslist sales as well as cashing out rebate visa, mastercard american exprress gift cards. It then is auto transfered into my checking account within a few days.

 

Just wanted to see if anyone has used it for any type of self cash advance.

Thanks~


12/28 EX 745( FAKO)
12/28 DCU 742 FICO
12/28 WM TU 796 FICO
Walmart Discover 15k |CSP 14.4k | Penfed Cash Rewards 9k |DCU 7.5k | Chase Freedom 8k | FNFG 5k | Discover 6.4k| BOA 4k | BCE 3k


Super Contributor
Posts: 5,217
Registered: ‎12-11-2011
0

Re: Anyone use the Square App/Reader for cash advances?

[ Edited ]

jagshere wrote:

I set mine up a while ago, and use for craigslist sales as well as cashing out rebate visa, mastercard american exprress gift cards. It then is auto transfered into my checking account within a few days.

 

Just wanted to see if anyone has used it for any type of self cash advance.

Thanks~


I think it is technically against the T&Cs to do that. 

;
Regular Contributor
Posts: 134
Registered: ‎07-07-2011
0

Re: Anyone use the Square App/Reader for cash advances?


jsucool76 wrote:

jagshere wrote:

I set mine up a while ago, and use for craigslist sales as well as cashing out rebate visa, mastercard american exprress gift cards. It then is auto transfered into my checking account within a few days.

 

Just wanted to see if anyone has used it for any type of self cash advance.

Thanks~


I think it is technically against the T&Cs to do that. 


Ill have to do some reading then. I dont do cash advances, havent needed one ina few years, but its a nice option(in case) if its not against the TOS of either the card issuer or square.

Thanks~


12/28 EX 745( FAKO)
12/28 DCU 742 FICO
12/28 WM TU 796 FICO
Walmart Discover 15k |CSP 14.4k | Penfed Cash Rewards 9k |DCU 7.5k | Chase Freedom 8k | FNFG 5k | Discover 6.4k| BOA 4k | BCE 3k


Super Contributor
Posts: 5,217
Registered: ‎12-11-2011
0

Re: Anyone use the Square App/Reader for cash advances?

I just remember reading about someone swiping their own card to hit a spending threshold for a bonus or something and apparently it was against the T&C/TOS, I assume it is the same thing with your idea. I mean...I used my card on my own square, but I charged myself $1 to make sure it worked when I first received mine. 

;
Valued Contributor
Posts: 2,505
Registered: ‎11-11-2010
0

Re: Anyone use the Square App/Reader for cash advances?

[ Edited ]

Using Square to swipe your own credit card is against TOS. In fact all merchant accounts impose this restriction, not just Square. Violating TOS can get your name on to TMF (terminated merchant file), a universal blacklist for merchant account.

 

Technically speaking, this includes any prepaid/gift card in your name. Don't you have any bill that you can do split payment to liquidate those cards?

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Regular Contributor
Posts: 134
Registered: ‎07-07-2011
0

Re: Anyone use the Square App/Reader for cash advances?

Thanks for the reply. I have used it for bills  in the past, however there is always a small amount left that does in fact never get used. thats why I did it that way.


12/28 EX 745( FAKO)
12/28 DCU 742 FICO
12/28 WM TU 796 FICO
Walmart Discover 15k |CSP 14.4k | Penfed Cash Rewards 9k |DCU 7.5k | Chase Freedom 8k | FNFG 5k | Discover 6.4k| BOA 4k | BCE 3k


Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.