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Paypal Credit card withdrawal- New feature?

Discussion in 'PayPal' started by Pauline, Oct 17, 2007.

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  1. #1
    Has anyone tested out this new feature yet? Where you can withdraw your balance to your credit card instead of a bank account? :D
     
    Pauline, Oct 17, 2007 IP
  2. Clive

    Clive Web Developer

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    #2
    Haven't heard of it. Is it available already or "coming soon"?
    Haven't seen it there the last time I did a withdwaral a few days ago...
     
    Clive, Oct 17, 2007 IP
  3. eddy2099

    eddy2099 Peon

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    #3
    eddy2099, Oct 17, 2007 IP
  4. ramiz123

    ramiz123 Banned

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    #4
    i have also got the mail from paypal but in starting they will target only main countries
     
    ramiz123, Oct 17, 2007 IP
  5. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #5
    India is there but still lots of confusion such as can we withdraw funds from our indian credit card, How much credit card issuing bank charge for that withdrawal etc :confused: All are waiting for outcome as nobody give it a try till now :D
     
    deluxdon, Oct 17, 2007 IP
  6. samww

    samww Peon

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    #6
    Ya, I think the credit card charge will be slightly higher for this Paypal withdrawal option.
    I my country, if you withdraw cash by using credit card through ATM, the issuing bank will charge certain fee per one transaction.
    IN this case, I rather prefer to use debit/prepaid card withdrawal function instead of credit card.
     
    samww, Oct 17, 2007 IP
  7. ramiz123

    ramiz123 Banned

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    #7
    charges doent matter if we can directly transfer the funds
     
    ramiz123, Oct 17, 2007 IP
  8. deluxdon

    deluxdon Catch Me If You Can...!!!™ Staff

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    #8
    Yes agree with you on this but unfortunately Indian Debit Cards not allowed for this withdrawal function :(
     
    deluxdon, Oct 17, 2007 IP
  9. eddy2099

    eddy2099 Peon

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    #9
    I understand that the Paypal withdrawal to the Credit Card has a fee of US$5. It is however not the same as withdrawing money from your credit card.

    Withdrawing money from your credit card is a cash advance and it is taking an unsecured loan from your credit card bank. Usually there may be a fee attached to this and also the interest charges starts on the day of the withdrawal.

    However, withdrawing paypal funds to your credit card is actually putting money inside your credit card account, it is about the same as overpaying your credit card which technically raises your spending limit. Not all banks support that and you need to check with your bank if that is permitted.
     
    eddy2099, Oct 17, 2007 IP
  10. inworx

    inworx Peon

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    #10
    Well, its an easy to use feature., Make sure your cards' bank has a credit facility.

    I've withdrawn to my Credit Card, took 6 days, but the funds are available as balance on credit card. SO, thats means I can shop/spend that physically or virtually.
     
    inworx, Oct 17, 2007 IP
    Clive likes this.
  11. Clive

    Clive Web Developer

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    #11
    At the end of the day,
    credit card withdrawal feature only seems to be available there where regular bank account withdrawals are not possible..
     
    Clive, Oct 18, 2007 IP
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  12. goforhunt

    goforhunt Banned

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    #12
    One of my friend has sent a withdrawal to his credit card request yesterday

    Will update you about outcome.

    Thanks
     
    goforhunt, Oct 19, 2007 IP
  13. doyi

    doyi Guest

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    #13
    Ok Guys,
    I think you are missing something here. If you withdraw the money to your debit/ATM card instead of the credit card it will reflect as balance in your account which you can withdraw also.
     
    doyi, Oct 21, 2007 IP
  14. Clive

    Clive Web Developer

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    #14
    Yes, I think we do know the difference between a credit and a debit card :p
     
    Clive, Oct 21, 2007 IP
  15. inworx

    inworx Peon

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    #15
    Simply, when you withdraw, the Credit card becomes a Debit Card :p
     
    inworx, Oct 21, 2007 IP
  16. killoldesai

    killoldesai Active Member

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    #16
    I tried to withdraw by adding debit card, but I think paypal refuses Indian debit card. has anyone tried?
     
    killoldesai, Oct 23, 2007 IP