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Happy with blispay/ paypal transactions ;)

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Anonymous
Not applicable

Happy with blispay/ paypal transactions ;)

If you dont want to pay 3% balance transfer fees and are ok with paying off the loan in 6 months then at the cost 0.9% you can move money from you blispay card to your bank account. I moved around 1000$ and just paid 9$ in fee to pay pal. I have one business and one personal acc7ount on paypal. I sent myself money ( for earning 200$ capital one 360 checking bonus) using blispay card , pay pal charges 2.96% fee but blispay pays you back 2%. The money was in my account the very next day faster than electronic transfer between the banks. Blispay transfer ofcourse qualifies for no interest, no payment for 6 months promo and earns 2% interest. So not only you pay very low fee , you might even recover that fee by getting high yield interest on your savings or getting bonus . I love blispay Smiley Happy This to me is way better than PLOC ,or CLOC

Message 1 of 7
6 REPLIES 6
Blodreina
Established Contributor

Re: Happy with blispay/ paypal transactions ;)

Be careful with that, my friend.  Anecdotally, other lenders have taken adverse action after things like that.

Message 2 of 7
LadyJEsq
Established Contributor

Re: Happy with blispay/ paypal transactions ;)

This sounds like an interesting way to pay off a BTS without a signifian't fee. However, I'm confused as to the steps you took. It seems that you sent money from Bilspay to paypay instead of directly to your account. If that's true, why didn't you just skip the paypal fee, and transfer funds directly to your bank account? I have a BTS of approximatley $7,000 and a BTS CC with a CL of $12,500. I would rather not go over 50% on this new CC, so your idea my be just what I need for say $2,000 of the debt. Please elaborate as much as you can! Smiley Tongue

 

ETA:

I see from another poster, that this might be a violation of T&C, if that's true, never mind! Smiley LOL

**FICO 8 Scores EQ EX TU **


Message 3 of 7
Anonymous
Not applicable

8Re: Happy with blispay/ paypal transactions ;)

I am acutally unclear about transferring money from blispay to bank account directly. If any one has any idea please enlighten me. I dont know anything about their cash advance terms and conditions. Btw through paypal we are using blispay as a visa transaction not as a cash advance or balance transfer. All i know is so far all my transactions via paypal went through without any problem and showing on my blispay as active promos. Does blispay say explictly not to use with paypal? It says use it anywhere onine or instore where visa is accepted.

 

Also i believe one can transfer money between a business account and personal account on paypal. Correct me if i am wrong. Blispay is getting paid back . So i dont see why should they take adverse action. Btw lately i received a mail from citi that i can now use my simplicity with paypal. But i dont need to because i dont want to pay 2.96% fee to paypal (citi simplicity doesnt earn cash back) although it wud be equal to a balance transfer since i have 0% purchase apr on citi till july 2018.

Message 4 of 7
Anonymous
Not applicable

Re: Happy with blispay/ paypal transactions ;)

Message 5 of 7
K-in-Boston
Epic Contributor

Re: Happy with blispay/ paypal transactions ;)

Due to money laundering concerns and/or the fact that it is skirting a lender's cash advance policies, paying yourself from one PayPal account to another account can and often does result in having your credit card closed by the lender.  Yes you can certainly use Blispay with PayPal.  Yes you can transfer funds from one account to another account if you have two PayPal accounts. But paying yourself is no different than swiping your personal card through your business's credit card reader, which is a major no-no even when it's not used to give yourself a loan (i.e. legitimately buying merchandise or services from your company).  It is also against the TOS for PayPal as well. Section 10.1 - o : Use a credit card with your Account to provide yourself a cash advance (or help others to do so).

 

Also, sending yourself money to meet a spend bonus is clearly MS, which is not allowed here.  Thank you.

Message 6 of 7
gdale6
Moderator Emeritus

Re: Happy with blispay/ paypal transactions ;)

And with this being said this thread is closed to new comments.

Message 7 of 7
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