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Credit card to purchase cashier's check- T or F

This was brought up in an earlier thread. Can you purchase a cashiers check from your bank with a credit card. The person who said this said that this would help up in case the purchase went bad. I'm thinking about purchasing an expensive item about $5,000. Is there any sense to this or not. I know your credit card can help out with purchases made with your credit card, but what about this. Paypal will not be involved with the transaction I'm thinking about. Please respond if you know anything about this. Thanks in advance.
Mickey71image

Comments

  • MeteoriteGuyMeteoriteGuy Posts: 7,140 ✭✭
    I don't see how it would help. If the bank gives you bad cash it might I guess.
    Collecting PSA graded Steve Young, Marcus Allen, Bret Saberhagen and 1980s Topps Cards.
    Raw: Tony Gonzalez (low #'d cards, and especially 1/1's) and Steve Young.
  • gameusedhoopgameusedhoop Posts: 3,535 ✭✭✭
    Look at it this way. You purchase $5000 in casino chips with the CC. You lose it all, one hand, 50 hands doesn't matter. You are upset and "didn't get what you expected", a win. You call the CC company to get your money back....all you do is become a story to tell at home for all the people working at the CC company that day.

    Not the nicest way to say it, but no, you will not be covered by the CC company. Even if you can buy a cashier's check with a CC, doubtful, you will have received what you paid for a bank check. What you do with that bank check matters only to you and the bank, the CC company is out of the picture at that point.
  • storm888storm888 Posts: 11,701 ✭✭✭
    Probably not a valid strategy.

    After the previous thread, I asked BAC and they sell CC-checks
    when payment is made by Credit-Card Courtesy Check, but not
    for a swipe of the card., They will do a cash-advance on the card
    also, but that is not covered. The guy I spoke to - manager - had
    no idea if courtesy checks were covered or not; he thought not,
    but said it had "never come up before."

    Payment to a vendor via a credit-card courtesy check from BAC, is
    covered for the amount of the claim. All cards are probably the same.

    Paying with a CC through PayPal should work fine.

    I would not make such a purchase from a stranger on EBAY.
    Some folks do, though.

    Local pickup would be safer for the buyer, and should be done
    in a public place or in pairs.
    Folks Who Bite Get Bitten. Folks Who Don't Bite Get Eaten.
  • ymareaymarea Posts: 1,576 ✭✭✭
    I tried to purchase a cashier's check with my cc, just to get the rewards points. My bank said no can do.
    Brett
  • clayshooter22clayshooter22 Posts: 727 ✭✭✭
    Here's how I would expect it would play out.

    If you use your CC to fund your bank account it would be considered a cash advance. The CC is responsible to the bank for remitting funds, not the check's payee.

    In any case, the fees to do this would be through the roof. I think the last time I did this...poker table in Puerto Rico...the fee was like $30/$1000.

    Kirby Puckett Master Set
  • jimq112jimq112 Posts: 3,511 ✭✭✭
    If you need a method that you can stop payment on, you can get a treasurer's check from a savings and loan or a credit union. You can't stop payment on a treasurer's check from a bank, but you can from an S&L or credit union.

    If you want to go that way PM me and I'll explain why it works.
    image
  • fkwfkw Posts: 1,766 ✭✭
    The CC is used to buy the MO, thats where it stops. What you do with the MO is out of their hands.

    Plus is tough to buy a MO with credit. I dont know that you can.
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