There’s no set rule, but take care that you aren’t putting your credit card on too many platforms. The more places you store your credit card information, the greater the likelihood that it’ll eventually be snatched. When combined with PayPal fees, a cash advance fee might be a dealbreaker for this type of transaction. Check the fine print of your credit card to determine whether or not you’ll face a cash advance fee. Depending on the details of the transaction, your credit card issuer may be able to charge a cash advance fee when you send money via PayPal. Before sending funds, confirm that you are comfortable with the total cost of the transaction. First and foremost, the fees tied to a credit card transaction on PayPal can add up. Why you shouldn’t use a credit card on PaypalĪs with all transaction options, there are also some reasons to avoid using a credit card with PayPal. Otherwise, the rewards you earn might be overpowered by the fees. Take the time to run the numbers before moving forward with a transaction. In either case, the goal is for your credit card rewards to outweigh the PayPal fees. In some cases, sending money via PayPal to someone else might help you hit the required spend. If you’ve recently opened a credit card with an attractive welcome bonus, you might have to hit a certain amount of spending. For example, if your credit card offers 5% back on your Paypal spending, then you’ll beat the 2.9% fee. Otherwise, you’ll still lose money to PayPal fees. But the rewards must amount to greater than 2.9% of your transaction. If you have a rewards credit card in your wallet, the rewards you earn might outweigh the PayPal fees. But in some situations, you might still come out ahead: The transaction fees tied to using a credit card to send money on PayPal can add up. When using a credit card for a PayPal transaction can make sense Instead, consider a different payment method to keep your costs down. If you determine that the PayPal fee is too steep, you don’t have to follow through with the transaction. Before you press send, you should see a summary of the transaction, which includes the PayPal fee.
You can select the credit card from your payment methods.Īs you set up the transaction, keep the fees in mind. Pay with a credit card: When it’s time to send money, start by entering the amount you want to send and the recipient.Carefully review these details before agreeing to the terms and conditions and sending the information to PayPal. Before finalizing this addition to your wallet, you’ll need to confirm the details. Details may include your name, address, and email. If you add a card by logging into your bank account, your bank will ask you to confirm details before sending it to PayPal.
You must manually enter the details of your credit card (PayPal also gives you an option to scan your card) or log in to your credit card account to add it to your wallet. If you don’t already have a PayPal account, you’ll need to create one before sending money.
#Does paypal charge a fee for using a credit card how to
If you want to send money using a credit card on PayPal, here’s how to do it: How to use a credit card to send money on PayPal Perhaps, for instance, you have an important bill due, but don’t yet have the funds to pay for it.īut for many, the transaction fees tied to credit cards make sending the funds from your PayPal balance or bank account a more attractive option. For example, if you want to send $500 through PayPal using a credit card, the transaction would cost $14.50.Įveryone has to decide whether or not the fees are a dealbreaker for their unique situation. While you can send money through the platform with $0 transaction fees to friends and family from your bank or PayPal balance, you’ll pay 2.9% per transaction when you use your credit card. PayPal offers the option to send money using a credit card. Should you use a credit card to send money on PayPal? However, PayPal attaches fees when you use your credit card, which can add up quickly. You can send money from your bank or PayPal balance, or use a credit card to fund your PayPal transactions.Ī credit card might be a convenient source of funds for your next PayPal transaction. PayPal offers a handy way to send and receive money among family and friends.
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