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Old 10-06-2012, 09:50   #26
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Quote:
Originally Posted by certifiedfunds View Post
I suppose you could use those checks they send every month.

I wonder if the merchant incurs a fee when it deposits those?
A)The checks are cash advance checks which cost you a fee plus whatever your cash advance interest rate is with no grace period (unless they are running a balance transfer offer). It would be the same as using the credit card at a machine for a cash advance, 3% fee plus 20% interest (average %'s)

B)You don't get points for using the checks.
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Old 10-06-2012, 10:33   #27
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Quote:
Originally Posted by JMS View Post
A)The checks are cash advance checks which cost you a fee plus whatever your cash advance interest rate is with no grace period (unless they are running a balance transfer offer). It would be the same as using the credit card at a machine for a cash advance, 3% fee plus 20% interest (average %'s)

B)You don't get points for using the checks.
Gotcha
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Old 10-06-2012, 11:34   #28
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Most lenders have stopped allowing it. Even my car lender stopped allowing it. It was nice while it last though.
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Old 10-06-2012, 12:42   #29
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My mortgage is through Wells Fargo and they charge a fee of $12.99 to pay it with a CC. I don't know if that is company wide or just a state by state thing.

As far as the rewards game goes, it's one of my favorites. All of my cards are no fee cards with some sort of rewards program.
With a $2,000 mortgage - you'd be making $8.01/mo on a 1% cash back plan.
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Old 10-06-2012, 12:42   #30
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Just go online and set it up to pay in full automatically each month. Done.
You common sense it not welcome here. Credit cards kill more people a year than the flu.
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Old 10-06-2012, 12:54   #31
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I suppose you could use those checks they send every month.

I wonder if the merchant incurs a fee when it deposits those?
No, but they hit you for a hefty cash advance fee plus an extremely high intrest rate from the moment you use them (no grace period)...and almost all cards exclude them from rewards.

And JMS beat me saying it.
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Last edited by MrsKitty; 10-06-2012 at 12:57..
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Old 10-06-2012, 13:10   #32
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You common sense it not welcome here. Credit cards kill more people a year than the flu.
I just got a southwest rewards card for business expenses, replacing an AMEX. First thing I did after activating it was set up automatic payment.

Every bill I have is set to hit the AMEX or another form of automatic payment. In turn the AMEX is paid automatically. Best I can tell, I could die and no one would know for quite a while.

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Old 10-06-2012, 13:18   #33
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For the small percentage of the financially savvy population this is a great idea. For the rest- probably not so much.
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Old 10-06-2012, 13:23   #34
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I've never heard of a mortgage company taking a credit card because of the cc fee. I certainly would if I could for the cash back.

Last edited by TheExplorer; 10-06-2012 at 13:27..
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Old 10-06-2012, 21:22   #35
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I purchased a new Ford van in August and tried to pay for it with an Amex card, no dice, the dealer said $3,000 was the max they would put on the card. I didn't think they would and ended up paying for it with a check.
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Old 10-06-2012, 23:02   #36
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I purchased a new Ford van in August and tried to pay for it with an Amex card, no dice, the dealer said $3,000 was the max they would put on the card. I didn't think they would and ended up paying for it with a check.
Wife did a $50,000 piece of equipment. Amex required financials but approved it. Probably not a good deal though since the manufacturer would have probably given a cash discount equal to or greater than the credit card fee. Hindsight.
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Old 10-07-2012, 11:14   #37
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Originally Posted by Eurodriver View Post
With a $2,000 mortgage - you'd be making $8.01/mo on a 1% cash back plan.
$2,000 x 1% = $20
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Old 10-07-2012, 12:34   #38
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With a $2,000 mortgage - you'd be making $8.01/mo on a 1% cash back plan.
Forgot to mention That I don't do it because my mortgage payment is only $1100 a mo. so I lose money on that deal.

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$2,000 x 1% = $20
2,000 x 1% = $20 - $12.99(the fee) = $8.01
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Old 10-07-2012, 13:06   #39
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Forgot to mention That I don't do it because my mortgage payment is only $1100 a mo. so I lose money on that deal.


2,000 x 1% = $20 - $12.99(the fee) = $8.01
Missed that, thanks!
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Old 10-07-2012, 15:21   #40
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I believe the reason most car dealers won't allow a significant amount on a credit card is not just the merchant fee (they can build that into the price anyway ), but also that if there is an issue with the product (the vehicle), with a credit card, you can dispute it and the credit card company charges back the dealer, rather than you having to duke it out with them.

It would mean that dealers would be getting a lot of chargebacks, either through those with buyers remorse making up some issue to back out of a deal, or with some actual fault on a vehicle. With cash or finance, they already have your money, so there is less incentive to fix the problem.

They probably a long time ago figured out it was more hassle than it was worth. If you had 10k cash and 10k available on a card, trust me, they would LOVE to sell you a 20k car. I imagine past experience has told them to sell the 10k car rather than the 20k if credit cards are involved.

Just a theory.


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Old 10-07-2012, 15:25   #41
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Originally Posted by snubfan View Post
forgot to mention that i don't do it because my mortgage payment is only $1100 a mo. So i lose money on that deal.


2,000 x 1% = $20 - $12.99(the fee) = $8.01
$20 - $12.99 = $7.01
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Old 10-07-2012, 16:26   #42
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$20 - $12.99 = $7.01
Oh wow , not sure how I missed that but thanks!
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Old 10-07-2012, 17:36   #43
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My mortgage doesn't allow it, nor does my auto lender. I use my rewards card for everything else though.
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Old 10-09-2012, 22:52   #44
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Tried it today. Couldn't use debit or credit
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Old 10-10-2012, 18:55   #45
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Twenty years ago I bought a motorcycle using a credit card.

The interest rate on the card was 1/3 of the interest rate of a motorcycle loan.
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Old 10-10-2012, 19:36   #46
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I have never heard of any mortgage company taking a credit card and if they did I'd bet they charge you the whole transaction fee (3%). My current loan is a little over 3% so it would not make sound business sense for them to allow me to charge my mortgage on it. My guess is the $12.99 fee mentioned earlier is probably an electronic transfer fee not a fee to allow you to use a cc. When it comes to money banks are definitely not dumb.

I do use my cc for everything else though and pay it off every month. Yes I had enough to purchase a very nice firearm this year.
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Old 10-10-2012, 21:22   #47
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Side note- I was going to use the credit card for emergencies only, but why waste the rewards availability?! I set the account up to be paid to zero automatically at the same time very month out of my checking account, and plan to use it for everyday things.

I think my rewards only apply to Amazon, which is great because I love Amazon, but I may look into switching to Cabela's.
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if you don't spend $3500 on a one-off custom made 1911 that was made on machines lubricated with the blood of poor people, it's a piece of garbage, and will inevitably cost you your life.
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Old 10-10-2012, 22:01   #48
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I'm through Wells Fargo and have never looked into this. I do know that most places around here don't take Amex, any grocery stores that do are far enough away that it negates the rewards I'd get by driving there. Mostly gas and internet purchases on that.

Last edited by milje; 10-10-2012 at 22:01..
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