eBay Nickel and Diming you? Get some back!

[ksoehrlein]

I've combined several ideas from this board (thanks, everyone!), and I think I've figured out a way to get some money for almost nothing.

First, I set up myself as a seller on eBay. I've been selling slowly, just some stuff around the house and our office, but it's starting to add up. You power sellers would probably do much better with the plan described here than I, but it's a start.

Second, I set up a PayPal preferred account. I knew the fees would add up -- and they're even worse than I had estimated -- but bear with me and keep reading as to how I earn some of them back.

Next, I set up an ING Direct account. (See the "Important:ING FAQs Courtesy of dolphincrazy - PLEASE DO NOT POST REFERRALS!!!" thread at the top of this board for more details. Anyone who has posted may be PM'ed for more info or for referrals, which they will gladly give!) I've been transferring my money to a checking account and I then transfer it into ING. I've been leary about linking any account with money in it to PayPal because of the threat of hackers, so I figure this step protects my money AND earns me 2.1% interest at the same time.

Then, when I was eligible, I signed up for the PayPal Preferred Debit card. This gives 1.5% cash back on purchases when used for credit card-type (no PIN necessary) transactions. I started out small with this, using it to pay for eBay-related postage from my PayPal account.

Now what I plan on doing is capitalizing on that debit card. Two weeks before my next trip, I will empty my ING trip fund into my checking account, transfer that money into PayPal, and then go and buy Disney Dollars using my debit card.

I will have earned 2.1% interest and then an additional 1.5% cash back for every Disney Dollar I buy!

 

[Robinrs]

Great ideas, though I don't consider the fees on eBay nickeling and diming, I usually make 80-100 percent profit on my items so it's all a plus! Also, adding $2.00 s/h helps with the expenses a bit, too.

I do like the PayPal card and the 1.5% is automatic, so using it for credit, which I learned here on this board, is a big plus!

 

[canwegosoon]

Smart Idea...you need time (for intrest) on your side too. Good luck.

 

[Lollipop Mom]

Just remember with the paypal card that you only get the cash back when you use it as a charge card. If you use it as an ATM card not only do you not get the cash back but you are charged $1 for the transaction. An ATM card transaction is anytime you have to use your PIN.

I do basically the same thing only I don't buy Disney Dollars, I just use that card for all my trip expenses.

 

[Robinrs]

Originally posted by Lollipop Mom
Just remember with the paypal card that you only get the cash back when you use it as a charge card. If you use it as an ATM card not only do you not get the cash back but you are charged $1 for the transaction. An ATM card transaction is anytime you have to use your PIN.

I do basically the same thing only I don't buy Disney Dollars, I just use that card for all my trip expenses.

I've never been charged a $1.00 fee for a withdrawal. I use it to purchase at the grocery store, use the debit and get back cash. No $1.00 charge, just no 1.5% that I would've gotten if I had used credit.

Since it's not connected to a bank I'm always afraid that the ATM will charge fees so I don't use it that way.

 

[Lollipop Mom]

Looking at the Paypal FAQ for the card it looks like they've changed it. It used to read that you would be charged $1 for any transaction where you had to enter your PIN, now it says

Will I be charged for using my PayPal ATM/Debit Card to withdraw cash from an ATM?

A $1.00 USD ATM fee will be assessed each time you use your PayPal ATM/Debit Card to withdraw funds from an ATM. This fee is in addition to any fees charged by the bank which owns the ATM.

That's actually good to know now! I've never really used it at an ATM or as a traditional debit card at the grocery store b/c of that fee. Now I know I can go buy a drink at the store and get cash back w/o paying that fee.