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Valued Contributor
jsickz32
Posts: 1,815
Registered: ‎06-25-2012

Re: Paypal Smart Connect Cash Advance Loophole

If i use my NFCU cashrewards to get cash advance i only get charged interest and mine its at 14.80% apr. No cash advance fees
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / BofA Total rewards (2500) / BofA Amex (3900) / Bofa cash rewards (5700) / BofA Privileges Cash Rewards (5000) / Citi Forward (3000) / Chase Freedom (3500) / Discover IT (1700) / FNBO AMEX (3600) / Barclays Apple Visa (3960) / NFCU cashRewards Visa signature (12500) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (601) / PayPal Smart connect (2200)
Valued Contributor
jsickz32
Posts: 1,815
Registered: ‎06-25-2012

Re: Paypal Smart Connect Cash Advance Loophole

Yeah but the 24% its anually so it would be 2% a month. Am i right?
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / BofA Total rewards (2500) / BofA Amex (3900) / Bofa cash rewards (5700) / BofA Privileges Cash Rewards (5000) / Citi Forward (3000) / Chase Freedom (3500) / Discover IT (1700) / FNBO AMEX (3600) / Barclays Apple Visa (3960) / NFCU cashRewards Visa signature (12500) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (601) / PayPal Smart connect (2200)
Frequent Contributor
linux007969
Posts: 337
Registered: ‎04-20-2012

Re: Paypal Smart Connect Cash Advance Loophole


jsickz32 wrote:
Yeah but the 24% its anually so it would be 2% a month. Am i right?

a month vs. one time fee.

TU Score as of 12/6/12 - 732 | EQ Score as of 12/6/12 - 678
TU Score as of 11/4/12 - 692 | EQ Score as of 7/4/12 - 664
Ex Score as 0f 7/6/12 - 682 | (As of 3/9/13) - In Garden till April 2015. (Please help me stay on track)!!! :smileyhappy:
Capital One No Hassle Rewards $750 | Amazon $1.8K | Walmart $3K | Paypal SC w/Debit card $1.5K | BOA 123 Cash Rewards $700 | BOA BBR $1.5K | Discover IT $3K | AMEX Green Charge (NPSL)
Valued Contributor
jsickz32
Posts: 1,815
Registered: ‎06-25-2012

Re: Paypal Smart Connect Cash Advance Loophole

Right but if you are gonna carry it your gonna get charge interest either way. Smart connect doesnt offer 0% promo. So 3% for sending the money plus whatever interest you get charged for carrying the balance.
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / BofA Total rewards (2500) / BofA Amex (3900) / Bofa cash rewards (5700) / BofA Privileges Cash Rewards (5000) / Citi Forward (3000) / Chase Freedom (3500) / Discover IT (1700) / FNBO AMEX (3600) / Barclays Apple Visa (3960) / NFCU cashRewards Visa signature (12500) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (601) / PayPal Smart connect (2200)
Frequent Contributor
linux007969
Posts: 337
Registered: ‎04-20-2012

Re: Paypal Smart Connect Cash Advance Loophole


jsickz32 wrote:
Right but if you are gonna carry it your gonna get charge interest either way. Smart connect doesnt offer 0% promo. So 3% for sending the money plus whatever interest you get charged for carrying the balance.

ya true. I wonder if there would have been a fee if i had selected a purchase instead of a personal gift, i wonder what the fee would have been, if any?

 

either way this trick works if anyone wants to transfer money from their smart connect into their pockets as long as they have 2 paypal accounts.... lol :smileyvery-happy:

TU Score as of 12/6/12 - 732 | EQ Score as of 12/6/12 - 678
TU Score as of 11/4/12 - 692 | EQ Score as of 7/4/12 - 664
Ex Score as 0f 7/6/12 - 682 | (As of 3/9/13) - In Garden till April 2015. (Please help me stay on track)!!! :smileyhappy:
Capital One No Hassle Rewards $750 | Amazon $1.8K | Walmart $3K | Paypal SC w/Debit card $1.5K | BOA 123 Cash Rewards $700 | BOA BBR $1.5K | Discover IT $3K | AMEX Green Charge (NPSL)
Valued Contributor
jsickz32
Posts: 1,815
Registered: ‎06-25-2012

Re: Paypal Smart Connect Cash Advance Loophole

If you select purchase then the person receiving the money getd charged the fee. I use paypal a lot, usually to buy custom made parts for my car and when i send them the money they ask me to add the 3% fee on top of the amount im sending them or send the money as gift so i get charged the fee.
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / BofA Total rewards (2500) / BofA Amex (3900) / Bofa cash rewards (5700) / BofA Privileges Cash Rewards (5000) / Citi Forward (3000) / Chase Freedom (3500) / Discover IT (1700) / FNBO AMEX (3600) / Barclays Apple Visa (3960) / NFCU cashRewards Visa signature (12500) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (601) / PayPal Smart connect (2200)
Frequent Contributor
linux007969
Posts: 337
Registered: ‎04-20-2012

Re: Paypal Smart Connect Cash Advance Loophole


jsickz32 wrote:
If you select purchase then the person receiving the money getd charged the fee. I use paypal a lot, usually to buy custom made parts for my car and when i send them the money they ask me to add the 3% fee on top of the amount im sending them or send the money as gift so i get charged the fee.

oh good to know.

TU Score as of 12/6/12 - 732 | EQ Score as of 12/6/12 - 678
TU Score as of 11/4/12 - 692 | EQ Score as of 7/4/12 - 664
Ex Score as 0f 7/6/12 - 682 | (As of 3/9/13) - In Garden till April 2015. (Please help me stay on track)!!! :smileyhappy:
Capital One No Hassle Rewards $750 | Amazon $1.8K | Walmart $3K | Paypal SC w/Debit card $1.5K | BOA 123 Cash Rewards $700 | BOA BBR $1.5K | Discover IT $3K | AMEX Green Charge (NPSL)
New Contributor
MYBEST
Posts: 52
Registered: ‎08-18-2010

Re: Paypal Smart Connect Cash Advance Loophole

Thanks for the good info! :smileywink:

EQ Starting Score: 584 | TU Starting Score: 547
EQ Current Score: 622 | TU Current Score: 640 | EX Current Score: 643
EQ Goal Score: 700 | TU Goal Score: 700 | EX Goal Score: 700
*Staying* in the garden and no (more) applying until mid-end of 2013!



Valued Contributor
john398
Posts: 2,360
Registered: ‎01-19-2009

Re: Paypal Smart Connect Cash Advance Loophole

I find this works better with Bill Me Later and is a hidden trandeline

 

I have one paypal account BML and one paypal account as PPSC If I send mobey as cash advance from my BML account to the other account I just select the cash advamnce option than take the cash out with my PayPal debit card, I don't really think itys a loophole I think it is allowed with BML

Frequent Contributor
kimmiller112
Posts: 263
Registered: ‎04-09-2012

Re: Paypal Smart Connect Cash Advance Loophole

Not really a loophole as Paypal is just a way of paying people for goods/services/gifts, including yourself if you have a second Paypal account, as long as someone is paying that fee.  I have done this with Bill Me Later, and like already mentioned, is a hidden tradeline.  But this is a  good subject to bring up as not everyone is familiar with this, unless you do a lot of buying or selling using Paypal as the payment source - it's good to keep in mind for an emergency-type situation where you may need cash fairly quickly.


5/13/13: TU 695, EX 675, USAA FAKO 723 for all 3 - Goal: 760 - Last App 3/14/13
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