topic Re: Discover More in Credit Cards

Discover More

Anonymous — Thu, 12 Mar 2009 03:55:47 GMT

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?

Re: Discover More

Anonymous — Thu, 12 Mar 2009 07:08:01 GMT

Look here:

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

Re: Discover More

Anonymous — Thu, 12 Mar 2009 17:33:45 GMT

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.

Re: Discover More

Anonymous — Thu, 12 Mar 2009 22:24:46 GMT

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.

Re: Discover More

Anonymous — Thu, 12 Mar 2009 22:40:51 GMT

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.

Re: Discover More

Anonymous — Thu, 12 Mar 2009 23:52:25 GMT

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.

Re: Discover More

Anonymous — Fri, 13 Mar 2009 00:29:21 GMT

Ahhh. I just shred them so I never paid attention. Thanks for clarifying.

Re: Discover More

Anonymous — Fri, 13 Mar 2009 03:13:40 GMT

@Anonymous 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.

Re: Discover More

Anonymous — Fri, 13 Mar 2009 03:44:49 GMT

@Anonymous wrote:
@Anonymous 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. I hate chewing gum. lmao

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

Re: Discover More

Anonymous — Fri, 13 Mar 2009 04:49:58 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous 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
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

Re: Discover More

Anonymous — Fri, 13 Mar 2009 05:12:03 GMT

I have 2 PP acc (member since 2005). They never charge me a fee for transfer/receive money. First time I see that fee table. lol

Re: Discover More

Anonymous — Fri, 13 Mar 2009 11:51:03 GMT

I've been a member of eBay since 2000 and PayPal shortly thereafter and they have always charged fees to receive money. No way around that. You can transfer money to your own bank accounts, etc. if it's already in your account but to send money to another paypal account is basically making a payment in which case there is always a fee for the recipient of the payment. How are you getting around this? What are you specifically doing?

Message Edited by UpUpUp on 03-13-2009 07:51 AM

Re: Discover More

Anonymous — Sat, 14 Mar 2009 03:40:05 GMT

@Anonymous wrote:
I've been a member of eBay since 2000 and PayPal shortly thereafter and they have always charged fees to receive money. No way around that. You can transfer money to your own bank accounts, etc. if it's already in your account but to send money to another paypal account is basically making a payment in which case there is always a fee for the recipient of the payment. How are you getting around this? What are you specifically doing?

Looks like I've had my PayPal account since 2002 and have only been able to make & receive "fee free" transfers when I'm just sending money between friends using the "Instant Transfer" option (which is ONLY a checking debit option, not funding via credit card).

There's no fee to SEND money via credit card, but the receiver has to pay the fee to ACCEPT the credit card payment.

If there were actually a way to avoid the fee I'd have to imagine this would be exploited a lot more. This would be a pretty gigantic loophole for getting around CC merchant fees, for example, and you could seriously exploit cash back credit cards by repeatedly running huge CC "payments" though Paypal and immediately paying down the balance, over and over...

Re: Discover More

Anonymous — Tue, 17 Mar 2009 19:08:15 GMT

how many cards does Discover let one person have?

Re: Discover More

Anonymous — Tue, 17 Mar 2009 20:23:22 GMT

@Anonymous wrote:
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.

Not so - I just used one of those checks from Discover and it showed as a balance transfer, not a cash advance. It came in one of those packs where they give you one that is really low % but only good for a couple months, and another that had a higher 5% interest but was good for 3 years. It was used to pay off a vet bill that we wanted to pay off but vet wasn't happy about accepting payments.

Re: Discover More

Anonymous — Tue, 17 Mar 2009 20:33:12 GMT

cheezy, the vet wasn't happy about accepting a balance transfer check as payment? why?