Credit card to purchase a cashiers check?
The only way I know of to do this is to get a cash advance on your credit card as cashier's checks must be purchased with cash. Be aware that the APR on cash advances is higher than regular purchase APRs.
There's even a link on each school's card web site: "How to use the OneAccount for free." Students must then click through three pages to read the fee schedule. The most confusing fee?
The cards are stamped "debit" on front. "THIS IS NOT A CREDIT CARD!" warns the website for Mt. Hood Community College's "Mountain Card."
Yet students who swipe the card as a "debit" and enter their personal identification number get charged a 50-cent fee each time. To avoid that fee, they must press "credit" and sign the receipt. What a confusing financial lesson for college freshmen.
"It doesn't make any sense," said Jessica Ventura, a PSU senior and economics major, who refused to use the card after her first week on campus. "It almost felt like they were taking advantage of the fact ... that maybe students wouldn't read their agreement." Why does Higher One do this?
The company says "credit" is safer -- backed by MasterCard's fraud protection plan. Payment experts, however, say that fraudsters don't hack PIN-debit transactions as often as signed-debit transactions. The other reason: Higher One brings in more money when the card is run as "credit" and signed.
Swipe fees paid by merchants for these so-called signature debits are much higher -- an average of $1.70 for every $100 charged, according to research by Federal Reserve Board economist Fumiko Hayashi. Swipe fees on PIN-entered debit purchases average closer to 70 cents per $100, Hayashi found. The latter, obviously, costs less for the merchant.
But it's also less money for Higher One's costs and profits.
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