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Did You Try Buying A Money Order With A Credit Card? This Is What I Learned - YouTube
Channel: Alex On The Journey | Credit Cards
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hi it's alex here in this video i'm going to show聽
you how to buy a money order with a credit card聽聽
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a money order is a good option when you聽
are trying to send money quickly and maybe聽聽
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don't have a checking account so i'm here to聽
help you figure out how to buy a money order聽聽
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with your credit card today we'll talk about what聽
a money order is where you can get one and how it聽聽
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works so starting with what a money order is what聽
is the money order you ask well it's not the same聽聽
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as a cheque or cash but it can be used in many of聽
the same situations primary difference between a聽聽
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money order and other forms of payment is that聽
it's warranted by an established institution and聽聽
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drawn on funds that were deposited previously聽
if you wish to send money to someone specific聽聽
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you can use a money order for a specified dollar聽
an amount money orders can be used just like cash聽聽
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the money order comes with a receipt that you聽
can use to track funds or report it stolen if聽聽
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it's lost money orders generally cannot exceed one聽
thousand dollars in value for anything more than聽聽
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that you will have to obtain multiple money聽
orders or select some other form of payment聽聽
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purchasing money orders requires that you provide聽
the recipient pay name on the order must be the聽聽
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name of the financial institution issuing the聽
purchase the combination of these two pieces of聽聽
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information makes money orders more difficult聽
for someone other than the payee to cash聽聽
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making them safer than cash and potentially safer聽
than some forms of digital payment even if your聽聽
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money order is stolen or misdirected is unlikely聽
that your money will end up in the hands of a聽聽
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thief if your money order is stolen or lost you聽
should keep your receipts so that you can track聽聽
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the funds and get them back purchasing a money聽
order in a foreign currency is the alternative聽聽
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to sending money overseas via check which cannot聽
be done with a personal check where can you get聽聽
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a money order with a credit card a money order聽
can be a safer choice than a personal check or聽聽
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cash if you need to send money or make a payment聽
cash wire transfers or debit cards are typical聽聽
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methods of purchasing can you buy a money order聽
with a credit card well in theory yes however聽聽
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this may prove to be a hassle for little benefit聽
currently there are no providers who accept credit聽聽
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cards as payment for money orders 7-eleven and聽
western union used to accept credit cards but not聽聽
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anymore you must get a cash advance from your聽
credit card at an atm or a branch of a bank聽聽
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before you can get a money order your credit card聽
may allow you to take out a cash advance from the聽聽
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line of credit on your card however a money order聽
obtained by credit card incurs additional fees on聽聽
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top of the money order fee you'll have to pay聽
a cash advance fee that typically ranges from聽聽
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three percent to five percent of the transaction聽
amount with a minimum of five to ten dollars on聽聽
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a one thousand dollars money order that's a fee聽
of thirty to fifty dollars on top of the money聽聽
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or the fee the second issue is the cash advance聽
api cash advances are often subject to a higher聽聽
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annual percentage rate than regular purchases聽
depending on the card it can range from 25聽聽
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to 30 when buying a money order with your credit聽
card you could end up paying much more than what聽聽
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you would if you use your regular purchase api聽
adding to that you won't get a grace period聽聽
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in most cases you have at least 21 days between聽
the statement date and the due date when using聽聽
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a regular credit card the balance on your account聽
will not accrue any interest if it's paid in full聽聽
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by the due date the grace period is typically聽
not applicable to cash advances as a result the聽聽
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higher apr begins to accrue when the transaction聽
takes place due to the high cost of cash advances聽聽
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it's advisable to buy money orders using another聽
math the only exception to this rule is if your聽聽
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only other options is to use a more expensive form聽
of payment the interest rates of payday loans and聽聽
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auto title loans for instance maybe triple digits聽
which makes them significantly more expensive than聽聽
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credit card cash advances nevertheless you should聽
know that credit card companies are required to聽聽
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apply any payments you make above the minimum聽
to the highest interest rate that first when you聽聽
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buy a money order with a credit card you will pay聽
down that amount before you make regular purchases聽聽
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which saves you money when it comes to paying down聽
existing debts it may stall your progression you聽聽
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may wonder how it works to actually purchase a聽
money order well money orders have a nominal fee聽聽
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which can be less than a dollar at some retailers聽
money orders with a value of less than 500 are聽聽
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1.25 dollars and money orders between 500 and 1聽
000 are 1.75 but the retail bank money orders can聽聽
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cost as much as five dollars be prepared to pay聽
both the face value and the fee when purchasing聽聽
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a money order with a bank menu order you'll聽
typically be able to pay the face value as well聽聽
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as the fee out of your checking savings account聽
before purchasing a money order make sure that the聽聽
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amount is correct then enter your information聽
and that of the recipient the memo line on a聽聽
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money order is similar to the one on personal聽
check although it's not mandatory unless you are聽聽
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buying a usps money order you'll also be required聽
to sign up on receiving a money order you receive聽聽
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a receipt which serves as a proof of payment in聽
case it goes missing in some cases it can also聽聽
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provide information on when the money order聽
is delivered to the payee using a credit card聽聽
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to purchase a money order can quickly add up in聽
charges and actually more depth to your credit so聽聽
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avoid doing so unless it is absolutely necessary聽
make sure to make payments on time if you must use聽聽
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your credit card or you'll be charged late fees聽
and your credit score may suffer you should also聽聽
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consider paying more than the minimum payment to聽
actually reduce your interest you will pay while聽聽
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it's possible to purchase a money order using a聽
credit card it's almost never a smart idea due聽聽
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to the additional fees and interest charges with聽
that being said thank you so much for watching聽聽
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please don't forget to let me know in the聽
comments if you got any value from this video聽聽
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it's 2021 please subscribe hit the notification聽
bell if you aren't already and i will see you soon
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you
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