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Best way to transfer balance from prepaid cards to checking account? Or pay credit card?

113 26 January 13, 2018 at 11:21 PM in Your Mileage May Vary (YMMV) (5)
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Last Edited by el777 January 15, 2018 at 08:27 AM
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Can anyone chime in on the best way to transfer money from prepaid cards to bank? Or directly pay credit cards?

I just received a bunch of prepaid cards from the Target/Verizon, Sprint deal posted awhile back.

I know I could transfer to bank with Paypal, but Paypal charges a 3% fee. Is there any service out there that doesn't charge a fee to transfer money from prepaid cards to bank account?

Venmo almost worked for me, except I can't add the cards because it keeps giving me "invalid Zip code" error when the Zip code is definitely right.

It would be perfect too if there is are ways to pay credit card directly with prepaid card.

Thanks a lot!
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I don't think that is possible in 2018. There are reports that PayPal and Square will ban accounts if you try to transfer your own prepaid cards to cash. The best you can do is convert them into gift cards at places you frequently shop (Amazon, Wal-Mart, Target, etc.). Amazon is good for draining the last few cents if it is an odd amount.
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You could contact your insurance or utility companies and see what happens if you over pay. My electric company (Co-op) will send me a refund if I over pay. I did that last year and have lots of $$$ sitting there waiting for me to ask for a refund on it. Otherwise just pre-pay utilities etc.
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Quote from theST0RM
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I don't think that is possible in 2018. There are reports that PayPal and Square will ban accounts if you try to transfer your own prepaid cards to cash. The best you can do is convert them into gift cards at places you frequently shop (Amazon, Wal-Mart, Target, etc.). Amazon is good for draining the last few cents if it is an odd amount.
Quote from wealthisachoice
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You could contact your insurance or utility companies and see what happens if you over pay. My electric company (Co-op) will send me a refund if I over pay. I did that last year and have lots of $$$ sitting there waiting for me to ask for a refund on it. Otherwise just pre-pay utilities etc.
These are all good info and good ideas, thanks!!

I'm going to try on the overpaying method. Also, is there any way to pay credit card with the prepaid cards? I hoped to transfer the balance on prepaid cards into my bank account for the reason to pay my credit card anyways...
I have $1000 spending limit to reach every month on my credit card to qualify for 4.59% APY on my reward checking (see here [myconsumers.org] if interested ...) So if I use prepaid cards or gift cards, I lose out on the APY Frown
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Last edited by el777 January 15, 2018 at 08:20 AM.
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Bluebird.

At least you used to be able to do it.
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Quote from el777
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These are all good info and good ideas, thanks!!

I'm going to try on the overpaying method. Also, is there any way to pay credit card with the prepaid cards? I hoped to transfer the balance on prepaid cards into my bank account for the reason to pay my credit card anyways...
I have $1000 spending limit to reach every month on my credit card to qualify for 4.59% APY on my reward checking (see here [myconsumers.org] if interested ...) So if I use prepaid cards or gift cards, I lose out on the APY Frown
I haven't found a way to pay credit card using prepaid card. I used to go to Krogers and Lions (East Coast) and get money orders but they put a stop to that. Wow on the $1,000 spending limit every month---that's not that easy to do. How many months and are they consecutive months--what happens if you don't spend $1,000 one month---your out the 4.59 APY just for that month or for the rest of the year. I am currently getting 3% on a checking account--12 debits a month is the ONLY requirement. No spending amount required so I just make small purchases and it's usually paying my utility bills 1.01, 1.02 at a time to get to the 12 then I use another credit card for my main purchases to get rewards---best of both worlds there. However these past several years I've been paying all bills with Visa rebate cards---have a credit balance of over 6,000 at my Electric company (Co-op) just haven't asked to have the $$$ returned to me yet but it was a quick way to use the Staples Visa cards when they were having funds stolen from them. I paid my auto and home insurance the same way.
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Quote from el777
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These are all good info and good ideas, thanks!!

I'm going to try on the overpaying method. Also, is there any way to pay credit card with the prepaid cards? I hoped to transfer the balance on prepaid cards into my bank account for the reason to pay my credit card anyways...
I have $1000 spending limit to reach every month on my credit card to qualify for 4.59% APY on my reward checking (see here [myconsumers.org] if interested ...) So if I use prepaid cards or gift cards, I lose out on the APY Frown

You are finding ways to manufacture a $1000 a month in spending so that you can get 4.59% interest on 20k as opposed to 3.09% on 10K? To say you are jumping through a lot of hoops is an understatement. And any account that requires all that hoop jumping simply is not worth it imo to say nothing of the fact that you have to create all the credit card expenses. Just get a 1+% savings account for the extra 10k imo and be done with all the hassle and manufactured spend, but to each his own. Banks make these silly requirements because they know it is hard to meet month after month.
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Quote from el777
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These are all good info and good ideas, thanks!!

I'm going to try on the overpaying method. Also, is there any way to pay credit card with the prepaid cards? I hoped to transfer the balance on prepaid cards into my bank account for the reason to pay my credit card anyways...
I have $1000 spending limit to reach every month on my credit card to qualify for 4.59% APY on my reward checking (see here [myconsumers.org] if interested ...) So if I use prepaid cards or gift cards, I lose out on the APY Frown

I would just go for the 3.09 that they offer and make minimum charges to keep the 10K active in that account and not go through the hassle of trying to spend 1K a month. Not worth the difference for the headache it can cause unless you already have 1K in bills to pay--which a person could if they have children, high grocery, utility bills etc--but take a month and use your other reward cards and pay your expenses then go back to the 1K expense if that works. Keep in mind your only getting 1.59% more so another type of credit card might give you a better return or close to it without the restrictions. You should be able to open 2 accounts if your married and have 1 under each name so that would be 20K there with no minimum spend.
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Quote from wealthisachoice
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I would just go for the 3.09 that they offer and make minimum charges to keep the 10K active in that account and not go through the hassle of trying to spend 1K a month. Not worth the difference for the headache it can cause unless you already have 1K in bills to pay--which a person could if they have children, high grocery, utility bills etc--but take a month and use your other reward cards and pay your expenses then go back to the 1K expense if that works. Keep in mind your only getting 1.59% more so another type of credit card might give you a better return or close to it without the restrictions. You should be able to open 2 accounts if your married and have 1 under each name so that would be 20K there with no minimum spend.
So the APY is calculated monthly, and if I didn't meet the qualifications for the month, I will lose the APY for the month, not for the year.

I've been using Mint.com to track my spending and apparently my monthly credit card bill has rarely gone below $1000. I pay off my credit cards each month, and so adding grocery, toys, utilities, prescriptions, co-pays, restaurants etc. my expenses add up. I guess I just can't use any other card if I want to meet the $1k spending.

I just signed up for this reward checking a couple of weeks back, and I figure if $1k spending turns out to be too much of a stretch, it shouldn't be a problem to meet the $500 spending for the 3.59% APY, which is still a good rate.

I think the best thing ever would be able to pay rent/mortgage and auto loan on the credit card, lol.

Now I just have bunch of reward cards that I want to use without conflicting with using the credit card...
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Quote from YanksIn2009
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You are finding ways to manufacture a $1000 a month in spending so that you can get 4.59% interest on 20k as opposed to 3.09% on 10K? To say you are jumping through a lot of hoops is an understatement. And any account that requires all that hoop jumping simply is not worth it imo to say nothing of the fact that you have to create all the credit card expenses. Just get a 1+% savings account for the extra 10k imo and be done with all the hassle and manufactured spend, but to each his own. Banks make these silly requirements because they know it is hard to meet month after month.
Hey, thanks for your comment. I know $1k is a lot, but I've been using Mint.com to track my spending and apparently my monthly credit card bill has rarely gone below $1000. I pay off my credit cards each month, and so adding grocery, toys, utilities, prescriptions, co-pays, restaurants etc. my expenses add up. I guess I just can't use any other card if I want to meet the $1k spending.

I just signed up for this reward checking a couple of weeks back, so if $1k spending turns out to be too much of a stretch, I think I still could meet the $500 spending for 3.59% APY, which is still a good rate.

I think the best thing ever would be able to pay rent/mortgage and auto loan on the credit card, lol.

Now I just have bunch of prepaid cards that I want to use without conflicting with using the credit card...

It would be so awesome if I could use my prepaid cards to pay for the credit card...
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Quote from el777
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Hey, thanks for your comment. I know $1k is a lot, but I've been using Mint.com to track my spending and apparently my monthly credit card bill has rarely gone below $1000. I pay off my credit cards each month, and so adding grocery, toys, utilities, prescriptions, co-pays, restaurants etc. my expenses add up. I guess I just can't use any other card if I want to meet the $1k spending.

I just signed up for this reward checking a couple of weeks back, so if $1k spending turns out to be too much of a stretch, I think I still could meet the $500 spending for 3.59% APY, which is still a good rate.

I think the best thing ever would be able to pay rent/mortgage and auto loan on the credit card, lol.

Now I just have bunch of prepaid cards that I want to use without conflicting with using the credit card...

It would be so awesome if I could use my prepaid cards to pay for the credit card...
FYI...Many utilities charge a fee for paying by CC, so that defeats the purpose of that.

Some places accept prop tax payment by CC but for a very hefty fee, so again not worth it.

No reputable Mortgage or loan company would ever allow payment by CC imo as CCs are unsecured loans by many of the same banks that underwrite the mortgages and they would lose 3% on the transaction.

Few landlords are likely to want to pay a 2-3% processing fee to take your rent.

That said, to me the extra hassle to gain a few percent is just not worth the trouble on 10000 in savings. It ends up being a couple of hundred or so after taxes vs a 1%+ savings account. You can likely get that by opening up a new account with someone with the same amount of money when they run a promo and not have to deal with all the hassle and hoop jumping. My 2 cents.
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Quote from YanksIn2009
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FYI...Many utilities charge a fee for paying by CC, so that defeats the purpose of that.

Some places accept prop tax payment by CC but for a very hefty fee, so again not worth it.

No reputable Mortgage or loan company would ever allow payment by CC imo as CCs are unsecured loans by many of the same banks that underwrite the mortgages and they would lose 3% on the transaction.

Few landlords are likely to want to pay a 2-3% processing fee to take your rent.

That said, to me the extra hassle to gain a few percent is just not worth the trouble on 10000 in savings. It ends up being a couple of hundred or so after taxes vs a 1%+ savings account. You can likely get that by opening up a new account with someone with the same amount of money when they run a promo and not have to deal with all the hassle and hoop jumping. My 2 cents.
True. I'll give a try for a few months, if it's too much work. I'll just transfer to another account. The 1.15% APY offered by Nationwide with no hoops to jump through is a pretty good deal too.
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Quote from Dr. J
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Bluebird.

At least you used to be able to do it.
You mean you can load the blue bird card with other prepaid cards??
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Quote from el777
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True. I'll give a try for a few months, if it's too much work. I'll just transfer to another account. The 1.15% APY offered by Nationwide with no hoops to jump through is a pretty good deal too.

Some of the major online banks offer similar or slightly better rates than that for savings\money market accounts. Also free checking, free checks, etc.
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Quote from el777
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You mean you can load the blue bird card with other prepaid cards??

Yes. I used to MS as a way to get gas points from supermarkets.

The key was to wait for a multiple point deal from a supermarket, say 5 gas points per $1 spent on Visa GC's. I'd usually buy a few $k when a promo was going on at the supermarket (in my area that's Stop & Shop) Then I'd go into WM and load my BB card with the Visa GC's at any register, then cash out the BB to a checking account, liquidating the purchase. On top of the gas points (which amounted to over $1k in savings in gas one summer alone) I earned a bit of $$ on the CC points from the GC purchases at the supermarket. My guess would be $150 or so.

BB went through and shut down a ton of accounts (MS is against the rules obviously), and supermarkets started requiring cash to purchase Visa cards - and they neutered their gas programs, so I no longer do any of this.
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