The Truth About Buying Money Orders with a Credit Card
Money orders are a convenient way to send or receive money, but they can be expensive. If you’re considering using your credit card to buy a money order, there are a few things you should know.
Can you buy a money order with a credit card?
Yes, it is possible to buy a money order with a credit card. However, not all merchants accept credit cards for money orders. Additionally, if you do find a merchant that accepts credit cards, they will likely treat the transaction as a cash advance. This means that you will be charged a cash advance fee, which is typically around 5% of the transaction amount. You will also start accruing interest on the cash advance immediately.
Why shouldn’t you buy a money order with a credit card?
There are a few reasons why you shouldn’t buy a money order with a credit card. First, the fees can be high. As mentioned above, you will be charged a cash advance fee, and you will start accruing interest immediately. Additionally, some merchants may charge an additional fee for using a credit card to buy a money order.
Second, using a credit card to buy a money order can hurt your credit score. When you use your credit card for a cash advance, it counts as a revolving credit line on your credit report. This can lower your credit score, especially if you have a high balance on your credit card.
Credit Card Provider which give access to money order?
There are a few credit card providers that allow you to buy money orders. However, it is important to note that these cards typically treat money orders as cash advances, which means that you will be charged a cash advance fee and will start accruing interest immediately.
Here are some of the credit card providers that allow you to buy money orders:
- Capital One Venture X: This card charges a 3% cash advance fee, and the APR for cash advances is 22.99%.
- Amex Platinum: This card charges a 5% cash advance fee, and the APR for cash advances is 25.24%.
- American Express Black: This card charges a 5% cash advance fee, and the APR for cash advances is 25.24%.
- Chase Sapphire Preferred: This card charges a 3% cash advance fee, and the APR for cash advances is 25.24%.
- Chase Sapphire Reserve: This card charges a 3% cash advance fee, and the APR for cash advances is 25.24%.
- Wells Fargo Active Cash: This card charges a 3% cash advance fee, and the APR for cash advances is 22.49%.
- Citi Double Cash: This card charges a 3% cash advance fee, and the APR for cash advances is 22.99%.
- Amex Gold: This card charges a 5% cash advance fee, and the APR for cash advances is 25.24%.
- Chase Freedom Flex: This card charges a 3% cash advance fee, and the APR for cash advances is 25.24%.
It is important to compare the fees and APRs for cash advances before you decide which credit card to use to buy a money order. You should also make sure that you have the available credit to cover the cost of the money order plus the cash advance fee.
If you are looking for a more affordable way to buy a money order, you may want to consider using a debit card or a money transfer service like Western Union or MoneyGram. These services typically charge a lower fee than money orders, and they do not affect your credit score.
can you buy money orders with a debit card?
Yes, you can buy money orders with a debit card at most banks and retail stores. Here are some of the banks that allow you to buy money orders with a debit card:
- Bank of America
- Chase
- Wells Fargo
- Citibank
- Capital One
- US Bank
- PNC Bank
- TD Bank
In addition to these banks, you can also buy money orders with a debit card at many retail stores, such as:
- Walmart
- 7-Eleven
- Kroger
- CVS Pharmacy
- Rite Aid
- Dollar General
- Family Dollar
- The UPS Store
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When you buy a money order with a debit card, you will typically be charged a small fee. The fee varies from store to store, but it is usually around $1.00.
It is important to note that some banks and stores may not allow you to buy a money order with a debit card if you do not have a checking account with them. So, it is always best to call ahead and ask before you go.
What is Credit Card Limit For Postal Order?
There is no credit card limit for postal orders, as the United States Postal Service (USPS) does not accept credit cards as a form of payment for money orders.
However, if you are able to find a merchant that accepts credit cards for money orders, the credit card limit for postal orders will vary depending on the merchant and your credit card issuer.
Most credit card issuers have a limit of $1,000 per money order, but some may have higher or lower limits. It is important to check with your credit card issuer before you buy a money order with your credit card.
It is also important to note that if you buy a money order with your credit card, the merchant may treat the transaction as a cash advance. This means that you will be charged a cash advance fee, and you will start accruing interest on the cash advance immediately.
The cash advance fee varies from issuer to issuer, but it is typically around 5% of the transaction amount. The APR for cash advances is also typically higher than the APR for regular credit card purchases.
So, if you are considering buying a money order with your credit card, it is important to factor in the fees and interest charges before you make a decision.