Money orders! Can I buy a money order with a credit card? If yes, is it a better option than using other means of buying money orders? Stick around to find out.
Can I buy a money order with a credit card? This is a common question, which if you’ve not asked it yourself, you’ve certainly seen or heard someone else ask. And, the simple answer to the question is Yes! You can certainly buy yourself a money order with a credit card.
But there is a catch; the transaction is treated as a cash advance rather than a purchase. Here, you get to buy your money order but are charged some interest rate.
Unfortunately, not all institutions accept credit card money order purchases. When buying a money order with a credit card, the institution will charge you 5% of the money order worth plus some additional charges. To avoid the extra charges, you can use a debit card or use cash purchases.
What Is a Money Order?
A money order is a paper form of payment. It is issued by a bank or government with instructions to give the payee money on demand. A money order has some characteristics of a check because the person who purchased it can stop payment before the payee receives it.
However, unlike checks that can only be bought from banks, you can buy a money order in various places, including grocery stores or the post office. Money orders are ideal for amounts under $1000, so if you are sending more, consider using a check.
The best thing with a money order is the low fees, usually under $5, unlike checks that have fees above $10.
Why Should I Use a Money Order?
A money order is a great alternative to cash payments. It eliminates the risk involved in cash payments, and at the same time, it is not as “formal” as a check. A money order is a good balance if you want something safe without having to go to the bank for a check.
Here are some reasons why you need a money order:
- Safer than cash – Sending cash can be risky since there is the danger of money falling into the wrong hands. Fortunately, money orders are safe and easy to track.
- There is no need for a bank account – you do not need to have a bank account to use a money order. You can buy it from the grocery store.
- International use – the payee can be from anywhere in the world.
Where Can I Buy a Money Order?
A money order can be bought in selected grocery stores such as Publix, post office, banks, or credit unions.
All you have to do is to go there with the cash amount and get your money order. You will be charged a small fee of around $5 depending on where you decide to buy your money order.
Where Can I Buy a Money Order With a Credit Card?
Most institutions do not allow you to buy a money order with a credit card. There are only two places to buy money orders. These include:
- Western Union
- The 7-Eleven stores
When you charge a money order on your credit card, you need to remember that it will be charged as a cash advance. This means that it will attract high interest, and instead of the normal $5 for a money order, you might end up paying up to $20.
For this reason, you need to assess your options before you decide to use a credit card.
How Do You Cash a Money Order?
Cashing a money order is easy. The first step is to take it to your preferred location for cash out. This can be a grocery store, bank, or credit union.
While at the location, put your signature at the back of the money order. This is an important step to endorse it and should not be done until you are ready to cash it. After endorsing it take the money order to the cashier, and at this point, you will need to verify your identity using a government-issued ID.
To cash a money order, you will need to pay some fees. Fortunately, the fees are low, and they will be deducted from the money order.
Does Walmart have Western Union?
Yes, Walmart has a Western Union. If you want to buy a money order using a credit card, you can go to your nearest Walmart and use Western Union to purchase it.
Does CVS have a Western Union?
Unfortunately, CVS does not have a western union. It is possible to buy a money order from CVs, but they do not accept a credit card.
They offer money orders at close to 10,000 locations all over the world.
Where is it Cheaper to Get a Money Order?
To get a money order, you will be required to pay some fees. The fees differ depending on where you are buying the money order. Walmart is the cheapest option, and you can get a $1000 money order for as little as 88 cents.
You can also get one from the post office. The cost is a little bit high as you’ll be charged $1.75. Getting a money order from the bank or credit union is also high as you will need at least $5 to buy one.
Lastly, buying one with a credit card is the most expensive way because they will charge it like a cash advance. Usually, you’ll end up paying more than $20.
So, can you purchase a money order with a credit card? Absolutely. But, if you can use another cheaper option, the better.
Are Money Orders Safe?
Money orders are safer than cash but using a check is the safest. The best thing about using a money order is that only the payee can cash the amount.
You can also track the payment until the payee cashes out the amount.
Instances to Use a Money Order
Money orders are fairly common for people who do not want to use checks. If you want to send money through the mail but you do not want to send hard cash, using a money order is the best way to go about it.
A money order is also a great option when sending money to another country. This is because it’s safe and can be cashed out almost anywhere around the world.
It is also possible to use a money order to pay a bill or a client. Some businesses prefer getting a money order as opposed to cash or a check.