Oct 3, 2012

How To Transfer Your Bill Me Later Balance To a Credit Card

A little while ago I started using Bill Me Later for purchasing stuff for Bauer-Power and for Tech Chop. It was quick and easy, plus it easily integrated with my Paypal account. Well a few months ago I finally went big-time and got a business credit card to use with my online ventures and wanted to transfer the balance of my Bill Me Later account to the credit card.

The problem with that is that Bill Me Later only allows you to make cash payments by bank transfer. Same with trying to go through Paypal to make payments. That means in order to transfer the funds to your credit card you have to get a cash advance. That usually means borrowing at a ridiculously high rate. A rate that is higher than the normal purchase rate.

Well I found a good workaround if you have either an Android phone or an iPhone. There is an app called Squareup that allows you to accept credit cards from your smart phone. They offer a scanner, but you don't need it. You just need to sign up for a free account for an individual. Pretty simple right?

Now all you need to do is install their free app and login with your credentials. You can manually enter your card information and the amount you need to pay off your Bill Me Later balance. There is a charge of 2.75% per swipe  so you will want to account for that, however after you are done you will receive money in your bank account and your credit card company will look at it like a regular purchase transaction instead of a cash advance! Boom!

The money transfer will occur usually the next business day. That means the day after you do this, you can send your cash into Bill Me Later and clear out that account.

Know of an easier way to transfer your Bill Me Later balance to a credit card? Maybe one that won't cost you an extra 2.75%? Let me know in the comments.

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