This thing is definatley the cat's..... well lol
Im over seas and the constant $5 ATM and 1% transaction fee was killing me. I always need the equivelent of $20 or $30 bucks, but dont like to carry cash.
So taking $20 out would cost you 5+ each time.
I tried Discover's send money "Pay Pal" I sent myself $200 without any charge from Discover or Pay Pal.
Discover treats it like a regular purchase and you get points too
Pay Pal doesent charge anything extra for using the debit card out of country, no conversion, no nothing, so I can pull out $20 bucks or so at a time.
Cool beans, I will save a fortune
I've wondered about doing this as my Paypal Debit Card earns 1.5% cash back and with the bonus from Discover I'd be earning 2.5% cash back. I was just afraid that the standard Grace Period wouldn't apply. Even if you don't have the paypal debit, you could just send yourself up to $500 per month and then transfer it back into your bank account and pay off your discover balance for easy money each month. Is there something I'm missing here?
From the FAQs:
Can I use this service to pay myself?
No, you cannot send money to yourself
Not sure how they would enforce it, though.
$500/month at 1% cashback would be $5. Worth the hassle? I dunno.
Good to know. I'll going to Medical School in Aruba very soon and this can come very handy. Also MasterCard is much more widely used than Discover. This could be a win / win situation for me.
Hey, i would be very careful about doing that.. I did that a couple times a few years back because my credit card had a high cash advance fee.. After about 6 months of doing that , i got an call from paypal, with the whole speech about how you cannot send money to yourself through a credit card, because its a cash advance blah blah blah.. Long story short they said if it continues they would close my account.. Havent done it since, because my ppal account is very valuable to me and my business..
Good luck to you