Author Topic: Cashing out a prepaid card using Square app  (Read 2679 times)

Offline Entrepreneur

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Cashing out a prepaid card using Square app
« on: October 12, 2012, 11:33:20 AM »
I read a post on another forum saying if you have an iOS or Android phone, you can sign up for one of the free credit card readers from square (https://squareup.com/). They do charge you 2.75% for each swipe though.

Has anyone done this?  For the The Blue Cash Preferred Card, can you buy 6K worth of prepeaid cards and just use square to cash it out or is there a better and easier way?

Offline Saver2000

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Re: Cashing out a prepaid card using Square app
« Reply #1 on: October 12, 2012, 11:40:19 AM »
I read a post on another forum saying if you have an iOS or Android phone, you can sign up for one of the free credit card readers from square (https://squareup.com/). They do charge you 2.75% for each swipe though.

Has anyone done this?  For the The Blue Cash Preferred Card, can you buy 6K worth of prepeaid cards and just use square to cash it out or is there a better and easier way?
First of all, search.

Second of all, a $500 visa gc costs 5.95 - which is roughly 1%.
So 1%+2.75% = 3.75% which leaves you with 2.25%.

On $6k, that would be $135

Offline 3ZeroT

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Re: Cashing out a prepaid card using Square app
« Reply #2 on: October 12, 2012, 12:04:17 PM »
Also Square has shut people down for this kind of activity.

Offline Saver2000

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Re: Cashing out a prepaid card using Square app
« Reply #3 on: October 12, 2012, 12:25:55 PM »
Also Square has shut people down for this kind of activity.
Yup, that was included in my  'first of all'  :)