I’m wondering how does that work exactly?
For example paypal or wise, just by linking a cad they can transfer it into the card instead of my bank account.
What’s the process and how does that work?
How do providers move money from their platform directly to a credit cad?
byu/Fancy-Scar-7051 inCreditCards
Posted by Fancy-Scar-7051
4 Comments
wait you mean like sending money directly to your credit card? that’s not really how it works i think. when you “transfer” to a credit card from paypal or whatever, you’re actually making a payment towards your balance, not depositing money like with bank account.
so if you have $500 debt on card and send $200 from paypal, your balance becomes $300. the money doesn’t sit there like in checking account – it just reduces what you owe. pretty sure they use same payment networks that process when you pay your bill normally, just automated through their platform instead of you doing it manual.
My balance in paypal is 500 from paying customers for example
I then add my credit card info and it gets sent to the credit card and it’s already charged. As well as i can withdraw from it normally since i use a prepaid one
Certainly with debit cards, they can just send money to it in the same way merchants can pull money from the card. Basically just a charge of a negative amount.
I don’t think credit cards usually allow that – they are more specifically designed around purchases and refunds – but if they did it would be much the same process. (The Bilt sub has had some posts recently where even banks trying to send money to a Bilt Mastercard credit card is failing, because the system simply doesn’t have that facility.)
I think you have credit/debit cards confused. Paypay can transfer to a **checking** account via a **debit card** but I’ve never heard of transferring to a CC.