mudder17
08-21-2007, 03:24 PM
Hi! We're about to have a (temporary) large amount that we can transfer to my funded paypal account to take advantage of their money market account interest. I have a few questions about it:
1) Is this a bad idea? The current percent interest is 5.0%, which is higher than our credit union or Bank of America interest rate, which is the attraction.
2) If it's fine to do, we're trying to figure out what would be the best way to access the funds. I could just transfer the money when needed to my bank (which is connected to the paypal) and write a check when needed.
3) Is there a limit on how much we can have in the paypal account?
4) What about the paypal plus credit card? Does anyone have that? Assuming the credit limit is high enough, we could use that to pay for our bills and then just pay off the paypal credit card with the paypal account. Is that possible?
5) Anything else I'm not thinking about? Other suggestions?
TIA!
Eileen
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1) Is this a bad idea? The current percent interest is 5.0%, which is higher than our credit union or Bank of America interest rate, which is the attraction.
2) If it's fine to do, we're trying to figure out what would be the best way to access the funds. I could just transfer the money when needed to my bank (which is connected to the paypal) and write a check when needed.
3) Is there a limit on how much we can have in the paypal account?
4) What about the paypal plus credit card? Does anyone have that? Assuming the credit limit is high enough, we could use that to pay for our bills and then just pay off the paypal credit card with the paypal account. Is that possible?
5) Anything else I'm not thinking about? Other suggestions?
TIA!
Eileen
http://www.gynosaur.com/assets/ribbons/ribbon_amethyst_36m.gif
http://www.tickercentral.com/view/6wrn/5.png
http://www.tickercentral.com/view/6wrn/2.png