Paypal Smart Connect Cash Advance Loophole

[jsickz32]

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

[jsickz32]

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

[linux007969]

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

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a month vs. one time fee.

[jsickz32]

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.

[linux007969]

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@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.

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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

[jsickz32]

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.

[linux007969]

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@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.

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oh good to know.

[MYBEST]

Thanks for the good info!

[john398]

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

[kimmiller112]

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.