topic Re: Raising Highest Reported Balance Via Paypal? in Credit Cards

Raising Highest Reported Balance Via Paypal?

Anonymous — Fri, 11 Apr 2008 04:45:47 GMT

Okay, bear with me. This is probably going to sound slightly crazy.

Like a lot of others, I have a few 'no limit' credit cards that don't report a credit line, instead reporting the highest balance ever reached.

In the case of my Visa Signature card, this is only about 35% of what the actual CL really is. Naturally, this under-reporting isn't great for my utilization.

So, here's what I'm wondering:

Can I pay myself cash, via Paypal, through the credit card, to raise the highest charged balance? Say, $20K or so?

I could then immediately use the cash to pay the card.

I know I'd lose some fees to Paypal in the process, but there must be something else deeply wrong with this scheme that I'm not seeing....

Re: Raising Highest Reported Balance Via Paypal?

Creditaddict — Fri, 11 Apr 2008 04:48:49 GMT

for all that I might just trade my signature card in for a non signature and then get your limit.

My Usbank reports limit though. THANK GOODNESS!

Re: Raising Highest Reported Balance Via Paypal?

Anonymous — Fri, 11 Apr 2008 04:54:19 GMT

watchnerd,

Yes, some people have done this with success, but it is not for the faint of heart! The tricky part is that while most of the time a card will report the highest balance ever on the card as the High Balance, on occasion they will report the highest balance they would have reported anyway (as a statement balance).

The way I see it, here's the worst case scenario for what you are considering: You take the cash advance to raise your balance, the CCC freaks out and takes AA on you before you have a chance to pay it back, and then the High Balance never gets reported because it was never an actual statement balance. In that case, you're left with a freaked out CCC and are no better off as far as the CL goes than you were to begin with.

It might be a good idea to test the waters, so to speak, by trying it out with a smaller amount, but one that is still higher than the current High Balance, and see if you can force it to update. If so, then it might be worth a shot to try and force it even higher.

Re: Raising Highest Reported Balance Via Paypal?

Anonymous — Fri, 11 Apr 2008 04:55:48 GMT

I just tried testing it with $100 and Paypal won't let me send money to myself.

Re: Raising Highest Reported Balance Via Paypal?

Anonymous — Fri, 11 Apr 2008 04:58:48 GMT

3 words CASH ADVANCE CHARGES!

Re: Raising Highest Reported Balance Via Paypal?

Anonymous — Fri, 11 Apr 2008 04:59:46 GMT

The fees for the 20K would cost you roughly about $980.30. Is it worth that much to you to get it to report a high balance???

They charge a processing fee of 4.9% plus 30 cents for credit card transactions.

Re: Raising Highest Reported Balance Via Paypal?

Anonymous — Fri, 11 Apr 2008 05:02:32 GMT

I meant to quote your post about sending yourself money!

Theoretically it is possible but it is a pain. You have to set up a completely different account with a different email address and none of your accounts can match. It seems like a lot of work, and a lot of money!

Message Edited by miahmarie on 04-10-2008 10:02 PM

Re: Raising Highest Reported Balance Via Paypal?

Creditaddict — Fri, 11 Apr 2008 05:02:53 GMT

paypal is 2.9 + .30 but still wouldn't want to pay that just to get higher balance reported

Re: Raising Highest Reported Balance Via Paypal?

Anonymous — Fri, 11 Apr 2008 05:04:27 GMT

watchnerd wrote:
I just tried testing it with $100 and Paypal won't let me send money to myself.

If it's a BofA card, which I believe most of yours are, the BofA rep I spoke to last night told me they will do BTs directly to your checking account. If that's the case for your card, there's no need to use PayPal.

Also, then it wouldn't be a cash advance and wouldn't carry the associated fees and finance charges.

Message Edited by cheddar on 04-11-2008 01:04 AM

Re: Raising Highest Reported Balance Via Paypal?

Anonymous — Fri, 11 Apr 2008 05:07:16 GMT

@Creditaddict wrote:
paypal is 2.9 + .30 but still wouldn't want to pay that just to get higher balance reported

Opps I got it from paypal......

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

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

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

Sorry still can't make a link...............

Re: Raising Highest Reported Balance Via Paypal?

Creditaddict — Fri, 11 Apr 2008 05:09:17 GMT

sorry im a business member. forgot/didn't realize personal had different fees!

Re: Raising Highest Reported Balance Via Paypal?

Anonymous — Fri, 11 Apr 2008 05:10:36 GMT

@Anonymous wrote:

@Anonymous wrote:
I just tried testing it with $100 and Paypal won't let me send money to myself.

If it's a BofA card, which I believe most of yours are, the BofA rep I spoke to last night told me they will do BTs directly to your checking account. If that's the case for your card, there's no need to use PayPal.

Also, then it wouldn't be a cash advance and wouldn't carry the associated fees and finance charges.

Message Edited by cheddar on 04-11-2008 01:04 AM

I've got 0% interest on BTs, but wouldn't they still charge me the 3% BT fee?

Which if I did $20,000, would be $600.

Re: Raising Highest Reported Balance Via Paypal?

Anonymous — Fri, 11 Apr 2008 05:12:25 GMT

watchnerd wrote:

I've got 0% interest on BTs, but wouldn't they still charge me the 3% BT fee?

Which if I did $20,000, would be $600.

Isn't a BT fee usually charged by the CC receiving the BT?

I dunno if they would charge you a fee for BTing to a checking account or not.

Re: Raising Highest Reported Balance Via Paypal?

Creditaddict — Fri, 11 Apr 2008 05:14:02 GMT

no your credit card your doing the bt on will charge the fee. some will waive that fee for first month after opening account. you would have to ask if yours waived or not.

Re: Raising Highest Reported Balance Via Paypal?

Anonymous — Fri, 11 Apr 2008 05:20:37 GMT

Creditaddict wrote:

no your credit card your doing the bt on will charge the fee. some will waive that fee for first month after opening account. you would have to ask if yours waived or not.

Oh wait, never mind, you are correct.

I'm thinking of transfering funds from the CC to the checking account, which of course means transfering the balance from the checking account to the CC. So, yes, BofA might charge you a fee in this case.

I was confused for a minute. (Mixed up the direction of the balance transfer with the direction of the funds transfer.)

Message Edited by cheddar on 04-11-2008 01:20 AM