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New Contributor
SanityKills
Posts: 56
Registered: ‎08-18-2011
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Auto-Pay Car Payment With Credit Card?

Does anyone know of any way to broker a car payment so it auto-pays from a credit card? Banks may take auto-pay with debit card or bank transfers but I find that a bit risky if funds are low on a particular month.

 

I've thought of perhaps Paypal but I don't see any way to do it.  I used to use PayTrust but they only allow checking accounts for funding as well.

 

I'm thinking of some kind of 3rd party bill payment service that will allow to fund from a credit card automatically to show consistent utilization.  Is this just not possible?

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HikingFICOMountain
Posts: 62
Registered: ‎05-30-2008
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Re: Auto-Pay Car Payment With Credit Card?

Good question. I would like to know this as well.

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bribro
Posts: 1,367
Registered: ‎04-20-2012
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Re: Auto-Pay Car Payment With Credit Card?

I'm not sure if it's a legal thing, but in general you cannot pay off a credit account (such as a car loan) with another credit account (like a credit card).

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HikingFICOMountain
Posts: 62
Registered: ‎05-30-2008
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Re: Auto-Pay Car Payment With Credit Card?


bribro wrote:

I'm not sure if it's a legal thing, but in general you cannot pay off a credit account (such as a car loan) with another credit account (like a credit card).



OK. So you can pay household bills (e.g., cell phone, electricty, gas), but not credit accounts like car loans, mortages. 

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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012
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Re: Auto-Pay Car Payment With Credit Card?

I can't remember quite well, but I am sure someone else had asked the same question a week ago and pizzadude (?) stated that if you tried to set this up, there was a transaction fee of $14.95.

 

But I might be wrong about that and wrong about who said anything about the fee lol

But maybe me posting this triggers some type of response from someone else with better information than I.

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Creditaddict
Posts: 22,088
Registered: ‎10-23-2007
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Re: Auto-Pay Car Payment With Credit Card?

Usually you can't pay with a credit card, I know my Santander Car loan could be paid with a credit card through 3rd party but the fee wiped out my rewards plus some, I only used in emergency a couple times.

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Valued Contributor
bribro
Posts: 1,367
Registered: ‎04-20-2012
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Re: Auto-Pay Car Payment With Credit Card?

[ Edited ]

HikingFICOMountain wrote:

bribro wrote:

I'm not sure if it's a legal thing, but in general you cannot pay off a credit account (such as a car loan) with another credit account (like a credit card).



OK. So you can pay household bills (e.g., cell phone, electricty, gas), but not credit accounts like car loans, mortages. 


As far as I understand it, yes. And it makes sense otherwise people could theoretically roll debt ad infinitum - paying credit cards with credit cards etc. Plus, your creditors would not want the transaction fees to eat into their interest margins.

 

Maybe someone else can chime in and verify.

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HikingFICOMountain
Posts: 62
Registered: ‎05-30-2008
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Re: Auto-Pay Car Payment With Credit Card?


bribro wrote:

HikingFICOMountain wrote:

bribro wrote:

I'm not sure if it's a legal thing, but in general you cannot pay off a credit account (such as a car loan) with another credit account (like a credit card).



OK. So you can pay household bills (e.g., cell phone, electricty, gas), but not credit accounts like car loans, mortages. 


As far as I understand it, yes. And it makes sense otherwise people could theoretically roll debt ad infinitum - paying credit cards with credit cards etc. Plus, your creditors would not want the transaction fees to eat into their interest margins.

 

Maybe someone else can chime in and verify.


 

That makes sense.

 

~Four steps to achievement: Plan purposefully. Prepare prayerfully. Proceed positively. Pursue persistently~
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chris2k5
Posts: 87
Registered: ‎12-16-2011
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Re: Auto-Pay Car Payment With Credit Card?

My car loan is through Citizens Bank and I pay each month with my credit cards to get points. It definitely depends on the lender.

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bribro
Posts: 1,367
Registered: ‎04-20-2012
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Re: Auto-Pay Car Payment With Credit Card?


chris2k5 wrote:

My car loan is through Citizens Bank and I pay each month with my credit cards to get points. It definitely depends on the lender.



And they don't charge you an extra fee to do so? Pretty lucky if so!

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