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Frequent Contributor
Posts: 268
Registered: ‎01-23-2009
0

Discover More

Does the Discover More card allow you to have a balance transfer check sent so that you can deposit it into your checking account? how about a direct ACH transfer into your checking account from your Discover More card?

 

Or does the card only allow credit card-to-credit card balance transfers?

Contributor
Posts: 94
Registered: ‎02-02-2009
0

Re: Discover More

Look here:

http://www.discovercard.com/customer-service/payments/cash-advance.html

 

 

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In 1900, if a father put a roof over his family's head, he was a success.
Today, it takes a roof, deck, pool, and 4-car garage. And that's just the vacation home.
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Frequent Contributor
Posts: 268
Registered: ‎01-23-2009
0

Re: Discover More

Thanks for the link.  Unfortunately everything mentioned in that link seems to refer to cash advances.  What I am wondering is whether I can get balance transfer checks from Discover More card, or direct balance transfers into a checking account.

 

 

Contributor
Posts: 94
Registered: ‎02-02-2009
0

Re: Discover More

There are two options for balance transfer as I see in my account: online or by phone. I don't thing they will send you the check then let you cash it or deposit it into your checking acc. Cap1 is different, I get BT check and purchase check with my monthly statement all the time.

If you want to get some cash w/o fee. Use paypal to transfer the money from your CC CL to checking acc and it counts as purchase. It did this all the time. Send money from my paypal to GF's then cash the money after it's cleared.

---------------
In 1900, if a father put a roof over his family's head, he was a success.
Today, it takes a roof, deck, pool, and 4-car garage. And that's just the vacation home.
---------------
Senior Contributor
Posts: 3,017
Registered: ‎06-03-2008
0

Re: Discover More

Actually, I get those checks from Discover all the time. Not sure if they are considered a cash advane or a BT when you use one though.
Contributor
Posts: 94
Registered: ‎02-02-2009
0

Re: Discover More

They are cash advance check. You can also get cash transfer directly to your checking. The rate for this type of cash access is super high.
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In 1900, if a father put a roof over his family's head, he was a success.
Today, it takes a roof, deck, pool, and 4-car garage. And that's just the vacation home.
---------------
Senior Contributor
Posts: 3,017
Registered: ‎06-03-2008
0

Re: Discover More

Ahhh. I just shred them so I never paid attention. Thanks for clarifying.
Regular Contributor
Posts: 104
Registered: ‎09-21-2008
0

Re: Discover More


mphan wrote:

 

If you want to get some cash w/o fee. Use paypal to transfer the money from your CC CL to checking acc and it counts as purchase. It did this all the time. Send money from my paypal to GF's then cash the money after it's cleared.


 

But in order to send Paypal money via credit card, doesn't the receiver have to have a "Premier" level account which then results in Paypal taking a ~3% cut off the "purchase" amount?  That seems pretty equivalent to a BT fee.

Contributor
Posts: 94
Registered: ‎02-02-2009
0

Re: Discover More

[ Edited ]

jacred wrote:

mphan wrote:

 

If you want to get some cash w/o fee. Use paypal to transfer the money from your CC CL to checking acc and it counts as purchase. It did this all the time. Send money from my paypal to GF's then cash the money after it's cleared.


 

But in order to send Paypal money via credit card, doesn't the receiver have to have a "Premier" level account which then results in Paypal taking a ~3% cut off the "purchase" amount?  That seems pretty equivalent to a BT fee.


nah, all you need is 2 emails. Setup 2 paypal accts, one links to your checking, the other one to your credit card.

 

1. Login to the first PP (CC).

2. Go to Send Money

    Send money for: Services/Other.

    Payment To: your Checking PP.

3. Change the Payment Method to your CC.

 

4. Login to your second PP (checking).

5. Use "Withdraw Funds by Electronic Transfer" to transfer it to your checking acc.

 

Monthly Limit is $500. If you need more, upgrade to Premier/Business account.

 

I use this method to get cash and keep some of my CCs active.:smileytongue: I hate chewing gum. lmao:smileyvery-happy:

Message Edited by mphan on 03-12-2009 08:44 PM
---------------
In 1900, if a father put a roof over his family's head, he was a success.
Today, it takes a roof, deck, pool, and 4-car garage. And that's just the vacation home.
---------------
Regular Contributor
Posts: 104
Registered: ‎09-21-2008
0

Re: Discover More

[ Edited ]

 


mphan wrote:

jacred wrote:

mphan wrote:

 

If you want to get some cash w/o fee. Use paypal to transfer the money from your CC CL to checking acc and it counts as purchase. It did this all the time. Send money from my paypal to GF's then cash the money after it's cleared.


 

But in order to send Paypal money via credit card, doesn't the receiver have to have a "Premier" level account which then results in Paypal taking a ~3% cut off the "purchase" amount?  That seems pretty equivalent to a BT fee.


nah, all you need is 2 emails. Setup 2 paypal accts, one links to your checking, the other one to your credit card.

 

1. Login to the first PP (CC).

2. Go to Send Money

    Send money for: Services/Other.

    Payment To: your Checking PP.

3. Change the Payment Method to your CC.

 

4. Login to your second PP (checking).

5. Use "Withdraw Funds by Electronic Transfer" to transfer it to your checking acc.

 

Monthly Limit is $500. If you need more, upgrade to Premier/Business account.

 

I use this method to get cash and keep some of my CCs active.:smileytongue: I hate chewing gum. lmao:smileyvery-happy:

Message Edited by mphan on 03-12-2009 08:44 PM

 

 

 

It looks like the Premier account is only required to receive CC payments for eBay purchases (not CC payments in general) so I was incorrect about that.

 

But the issue that remains with your above steps is that when you log into the 2nd account to withdraw the money, Paypal takes off a 1.9-4.9% fee since the payment was sent via credit card, according to their Fee chart:

 

https://www.paypal.com/us/cgi-bin/webscr?cmd=_display-pop-fees-outside

 

 

Fees

 

Receive payments funded by Credit Card, Debit Card or Buyer Credit:

 

Personal account

4.9% + $0.30 USD (limit of 5 transactions per 12 month period)** for domestic or U.S. transactions 

 

Premier/Business account

1.9% to 2.9% + $0.30 USD

 

 

How would you avoid this 1.9-4.9% fee?

 

 

 

(edited to correct copy/paste issue)

Message Edited by jacred on 03-13-2009 12:46 AM
Message Edited by jacred on 03-13-2009 12:49 AM
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