Question
Hey guys, I hope you can answer a simple question for me.
I earn 1 AeroPlan mile for every dollar spent on the CIBC AeroGold card and I also do a lot of ebaying. The question is, can I get points for transfering money to my PayPal account to pay for auctions I have won?
If so, would this be a loophole because you could just withdrawl the money from your Paypal account into your bank account and then just repay the Visa?
TIA
Answer
Hey guys, I hope you can answer a simple question for me.
I earn 1 AeroPlan mile for every dollar spent on the CIBC AeroGold card and I also do a lot of ebaying. The question is, can I get points for transfering money to my PayPal account to pay for auctions I have won?
If so, would this be a loophole because you could just withdrawl the money from your Paypal account into your bank account and then just repay the Visa?
TIA
From what I understand, there is no loophole unfortunately. When you pay for an auction on Paypal with your credit card, it is listed as a charge. However, there are fees associated when receiving payment with a credit card. You might want to look into the T&C to find out exactly how much is taken out when you receive a payment.
Also, I do not believe you can "transfer" monies from your credit card to your account. You can only pay other people. If you hypothetically could transfer money from your credit card, it would probably show up as a Cash Advance.
Answer
In theory, what you are trying to achieve, could be done:
Open 2 PayPal accounts, different email addresses.
Set up account A with no credit card - just add your bank account.
Set up account B with you credit card.
Send an 'invoice' to account B from account A
Pay the invoice (account B has credit card attached)
When account A receives the $$ from account B the PayPal service charge will be deducted = CAD 0.55 + 2.9% of invoice amount.
Transfer net receipt from Account A to bank account.
While in theory this works, personally, I would not want to take the chance of PayPal 'freezing' my account - see www.paypalsucks.com ! PayPal, for obvious reasons, frowns on this type of account activity.
Answer
In theory, what you are trying to achieve, could be done:
Open 2 PayPal accounts, different email addresses.
Set up account A with no credit card - just add your bank account.
Set up account B with you credit card.
Send an 'invoice' to account B from account A
Pay the invoice (account B has credit card attached)
When account A receives the $$ from account B the PayPal service charge will be deducted = CAD 0.55 + 2.9% of invoice amount.
Transfer net receipt from Account A to bank account.
While in theory this works, personally, I would not want to take the chance of PayPal 'freezing' my account - see www.paypalsucks.com ! PayPal, for obvious reasons, frowns on this type of account activity.
How is the service charged deducted from a Credit Card transaction? I thought the receiving party, in your case account A, would pay the associated fees for accepted a credit card transaction. At least this is the case in the US, as my account always asks if I'm willing to accept a CC payment and pay the associated fees with it. I always decline and request bank transfers since there are no fees.
Answer
How is the service charged deducted from a Credit Card transaction? I thought the receiving party, in your case account A, would pay the associated fees for accepted a credit card transaction. At least this is the case in the US, as my account always asks if I'm willing to accept a CC payment and pay the associated fees with it. I always decline and request bank transfers since there are no fees.
You're correct. If he doesn't accept the payment the credit card is not going to get charged. The OP wants the CC to get charged so he can get the points - so he's subject to the fee being deducted when Account A is credited with the payment.