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Paying monthly bills (mortgage, car, etc) w/ credit card for rewards -- is it possible?
Posted on 6/5/18 at 7:10 pm
Posted on 6/5/18 at 7:10 pm
I'm sure this question has been answered before but I haven't been able to find anything. I have a credit card with a high limit ($8,500 - for me that's high) and I am curious if I can use said card to pay monthly bills and pay the balance in full every statement to maximize rewards on the card. I feel like I've seen people posting here that said they do that every month, but I have no idea how. Any help is appreciated. Thank you.
Posted on 6/5/18 at 7:18 pm to GhostReb
Not all companies accept payments with credit cards.
Posted on 6/5/18 at 7:23 pm to GhostReb
Generally no one is going to let you use credit to pay a debt.
Posted on 6/5/18 at 7:35 pm to GhostReb
some u can pay some u cannot. i pay as much as i can with my CC for rewards
Posted on 6/5/18 at 7:48 pm to GhostReb
Credit card issuers charge a "swipe fee" to merchants. Because merchants have to give up money to accept a card, for the most part the only ones who will do it are those who think it is worthwhile to encourage payment.
I've personally been able to pay my utility and phone bills with a rewards credit card. Basically anything that can be considered very short-term debt can work out, most vendors selling monthly services will take a small haircut to ensure timely payment.
But installment loans are usually a different matter because you're contracted to owe the money anyway. So mortgages and car notes will generally accept cards but you have to pay a "convenience fee" to offset the swipe that the card charges the merchant.
For similar reasons, some local governments will accept a property tax payment charged to your card, provided you're willing to pay the extra fee.
I've personally been able to pay my utility and phone bills with a rewards credit card. Basically anything that can be considered very short-term debt can work out, most vendors selling monthly services will take a small haircut to ensure timely payment.
But installment loans are usually a different matter because you're contracted to owe the money anyway. So mortgages and car notes will generally accept cards but you have to pay a "convenience fee" to offset the swipe that the card charges the merchant.
For similar reasons, some local governments will accept a property tax payment charged to your card, provided you're willing to pay the extra fee.
Posted on 6/5/18 at 7:57 pm to GhostReb
Everything but rent on my card
Posted on 6/5/18 at 8:47 pm to GhostReb
I've never heard of someone using a credit card to pay their mortgage but I won't tell you it's impossible
Even if you could do it, it might not be a rewards earning purchase. You'd have to look into the rewards program for that.
Even if you could do it, it might not be a rewards earning purchase. You'd have to look into the rewards program for that.
Posted on 6/5/18 at 11:43 pm to GhostReb
Typically most loans won’t accept credit card payments...and the few that will are likely tacking on a processing fee thats going to be higher than the cash back you’d be earning by using a credit card.
I do use credit cards for every bill or expense that I can though as long as there isnt a convenience fee. Gas bill, cable/internet, cell phone, car insurance...all on credir card automatic payments to build up cash back rewards.
I don’t have the option for credit cards on my mortgage, truck note, or water bill. Electric bill would charge me a convenience fee for using card instead of checking account. Those are only bills I pay without using card
I do use credit cards for every bill or expense that I can though as long as there isnt a convenience fee. Gas bill, cable/internet, cell phone, car insurance...all on credir card automatic payments to build up cash back rewards.
I don’t have the option for credit cards on my mortgage, truck note, or water bill. Electric bill would charge me a convenience fee for using card instead of checking account. Those are only bills I pay without using card
Posted on 6/6/18 at 7:32 am to GhostReb
This is a weekly question around here. I do this for the most part. My water company charges extra for for CC payments so I don’t. I do pay car insurance 2x per year, electric, Netflix, amazon prime, all gas and groceries, and entertainment on CC.
Only thing I don’t use the CC for is mortgages, water, life Insurance’s, pool guy, and a few others.
Only thing I don’t use the CC for is mortgages, water, life Insurance’s, pool guy, and a few others.
Posted on 6/6/18 at 7:50 am to GhostReb
I pay as many of my bills as possible with CC, but not everyone takes them.
Posted on 6/6/18 at 8:12 am to kywildcatfanone
Thanks for the help again, everyone! Forgive me for the redundancy of my question, but I was unable to find anything! Y'all have a great day!
Posted on 6/6/18 at 11:33 am to Powerman
quote:
I've never heard of someone using a credit card to pay their mortgage but I won't tell you it's impossible
when I worked with a bank, people would use balance transfer to pay mortgages. I am not sure if they got rewards for it or not. Nor do I recall what sort of fees they paid to do it.
My mother bought a car with her Chevy credit card once. It took a bit of effort but it worked.
Posted on 6/6/18 at 1:10 pm to GhostReb
I pay all my bills on a cc except mortgage and water because they charge a bullshite $6 "convenience fee" for paying with cc.
Posted on 6/6/18 at 6:14 pm to GhostReb
If rewards is the main thing you are looking for and do not mind a surcharge then
https://www.plastiq.com can work for you. I use this sometimes for high spending bonuses i'll pay my mortgage on it for one month to make sure i hit it.
https://www.plastiq.com can work for you. I use this sometimes for high spending bonuses i'll pay my mortgage on it for one month to make sure i hit it.
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