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Regular Contributor
Posts: 108
Registered: ‎02-05-2014
0

Re: Best Way to Pay rent with a Credit Card

I would rather not use Serve or blue bird cards because these companies can freeze cards whenever they want. I have had my close to $300 frozen on a google wallet card for over a month before I finally got it. Since then I vowed I would never do these mediocre card business again!

I would like something that works like CHECK(formerly Pageonce) where I can just give them my card and give them the name and address of my rental office and they either send a check or make arrangements with them to deposit the money whichever way they agree. I am trying to get as much cashback/points as possible to fund a trip in 2017. So between now and 2017 I would be paying at least $30k in rent! So I figured cashback alone from that should buy my plane ticket
Discover IT $25,500 Chase Freedom $14,500 CapOne QuickSilver $10,000 Walmart Mastercard $10,000 PayPal Xtras Mastercard $10,000 JCP $7,500 BOA Cash Rewards $6,900 OldNavy Visa $5,000 BarclayCard $3,700 Macys $3,500 HH Gregg $3,500 BestBuy $2,000 Last APP June/2016(useless rental apartment)Inquiries: Trans/7 Exp/16 Eqi/27
(1 Car Loan @2.74%)
Epic Contributor
Posts: 28,677
Registered: ‎10-23-2007
0

Re: Best Way to Pay rent with a Credit Card


vayub4 wrote:
I would rather not use Serve or blue bird cards because these companies can freeze cards whenever they want. I have had my close to $300 frozen on a google wallet card for over a month before I finally got it. Since then I vowed I would never do these mediocre card business again!

I would like something that works like CHECK(formerly Pageonce) where I can just give them my card and give them the name and address of my rental office and they either send a check or make arrangements with them to deposit the money whichever way they agree. I am trying to get as much cashback/points as possible to fund a trip in 2017. So between now and 2017 I would be paying at least $30k in rent! So I figured cashback alone from that should buy my plane ticket

I know of 2 rent paying websites (google it) but the fees are to high for me to come close to making it worth it.

Regular Contributor
Posts: 108
Registered: ‎02-05-2014
0

Re: Best Way to Pay rent with a Credit Card

So assuming rent is $600 square would charge $16.50? Is my Simple calculations wrong? If it is correct that sounds ridiculously high for a merchant to charge that much for a swipe! I wonder how small businesses survive on such high fees!!!

Aside from the high fees this is actually a great idea...
Discover IT $25,500 Chase Freedom $14,500 CapOne QuickSilver $10,000 Walmart Mastercard $10,000 PayPal Xtras Mastercard $10,000 JCP $7,500 BOA Cash Rewards $6,900 OldNavy Visa $5,000 BarclayCard $3,700 Macys $3,500 HH Gregg $3,500 BestBuy $2,000 Last APP June/2016(useless rental apartment)Inquiries: Trans/7 Exp/16 Eqi/27
(1 Car Loan @2.74%)
Senior Contributor
Posts: 4,669
Registered: ‎06-21-2012
0

Re: Best Way to Pay rent with a Credit Card


vayub4 wrote:
I would rather not use Serve or blue bird cards because these companies can freeze cards whenever they want. I have had my close to $300 frozen on a google wallet card for over a month before I finally got it. Since then I vowed I would never do these mediocre card business again!

I would like something that works like CHECK(formerly Pageonce) where I can just give them my card and give them the name and address of my rental office and they either send a check or make arrangements with them to deposit the money whichever way they agree. I am trying to get as much cashback/points as possible to fund a trip in 2017. So between now and 2017 I would be paying at least $30k in rent! So I figured cashback alone from that should buy my plane ticket

Bluebird I'm using is basically a free checking account per se, and i've just ordered my free checks in the mail which i will start using to pay rent.  Since I haven't had any trouble loading the funds using Vanilla reloads (there's even a link on Bluebird to guide the members how to load the funds from it), so I feel pretty good about it.  I mean you're right about cards being frozen, but I believe all cards are subject to being frozen if the banks suspects something going on (spending patterns/ suspicious purchases, etc.) but i'm only using Bluebird for one thing only to maximize my rewards from my CCs, which is to pay rent.

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Super Contributor
Posts: 13,418
Registered: ‎04-22-2013
0

Re: Best Way to Pay rent with a Credit Card

Vanilla Reloads are (here anyway) $3.95. that's the price marked on the cards.   Bluebird and Serve, both Amex products, do not appear to be prone to shut-downs.  Some things like linking to a gift card rather than a "proper" debit card, might cause a call, but, unlike on many prepaid cards, I haven't seen reports of lengthy shutdowns where you can't get your funds.

 

Is it worth it?  Just depends on the card and how you value rewards.   With a 5x drug store card, to pay say $1,500 takes three VRs, for a cost of $11:85 and generates $75 in rewards.    If you had to make a special 50 mile trip to a CVS, no, not worth it.   But if one is close, and you go there anyway, why not?  Just load the VR at home, and enter the info into the BB site, and the check is on its way (no postage needed!)

Valued Contributor
Posts: 1,786
Registered: ‎08-24-2013
0

Re: Best Way to Pay rent with a Credit Card

[ Edited ]

Jlu wrote:

The cheapest way I've found to turn credit into cash is as follows:

 

1. Go to squareup.com and get a free credit card reader that plugs into the mic jack on your phone.

2. Link your bank account to the Square account.

3. Charge your card rent + 2.75% (Square's flat rate merchant fee).

4. Collect 1 to 2% cash back from CC.

5. You now have rent money, no cash advance fees and no extra interest since CC thinks it's a point of sale purchase.

 

Not something you should get in the habit of doing but I'll admit to doing it once or twice when cash flow was especially tight.


This is well within CC guidelines, correct? There's no AA that can be taken against you for doing this? Also, I'm assuming the money gets directly deposited into your Checking account? I worry because this sounds like a workaround for the credit card company's 3% BT fee. Doesn't sound like something banks would like. 

Epic Contributor
Posts: 28,677
Registered: ‎10-23-2007
0

Re: Best Way to Pay rent with a Credit Card


JSS3 wrote:

Jlu wrote:

The cheapest way I've found to turn credit into cash is as follows:

 

1. Go to squareup.com and get a free credit card reader that plugs into the mic jack on your phone.

2. Link your bank account to the Square account.

3. Charge your card rent + 2.75% (Square's flat rate merchant fee).

4. Collect 1 to 2% cash back from CC.

5. You now have rent money, no cash advance fees and no extra interest since CC thinks it's a point of sale purchase.

 

Not something you should get in the habit of doing but I'll admit to doing it once or twice when cash flow was especially tight.


This is well within CC guidelines, correct? There's no AA that can be taken against you for doing this? Also, I'm assuming the money gets directly deposited into your Checking account? I worry because this sounds like a workaround for the credit card company's 3% BT fee. Doesn't sound like something banks would like. 


THEY DONT.... but you keep to a certain amount and you won't flag it... keep in mind Square just like PayPal if you do more than $20k they will send you 1099-K or whatever the special one is for Taxes and you WILL have to report it if you go that much... if it's under that you wouldn't "have" to report but I have had a square account locked before (back when square first came out) after some back and forth emails and them checking the payments were good with the credit cards they were released in the end but it took a month (but it was also a sizable amount and not just 1 card charged)

If you are looking for $1-$2k a month on it just for the purpose of basically cash advancing your own credit card and the square account is in your name... I wouldn't suggest it.

if it's under $1k and maybe you could pay a square account in a roommates name and going into their checking instead of yours and you tack on the fee to the amount charged so what they end up with in checking is the amount for rent, then sure! no issue.

Valued Contributor
Posts: 1,786
Registered: ‎08-24-2013
0

Re: Best Way to Pay rent with a Credit Card

[ Edited ]

Creditaddict wrote:

JSS3 wrote:

Jlu wrote:

The cheapest way I've found to turn credit into cash is as follows:

 

1. Go to squareup.com and get a free credit card reader that plugs into the mic jack on your phone.

2. Link your bank account to the Square account.

3. Charge your card rent + 2.75% (Square's flat rate merchant fee).

4. Collect 1 to 2% cash back from CC.

5. You now have rent money, no cash advance fees and no extra interest since CC thinks it's a point of sale purchase.

 

Not something you should get in the habit of doing but I'll admit to doing it once or twice when cash flow was especially tight.


This is well within CC guidelines, correct? There's no AA that can be taken against you for doing this? Also, I'm assuming the money gets directly deposited into your Checking account? I worry because this sounds like a workaround for the credit card company's 3% BT fee. Doesn't sound like something banks would like. 


THEY DONT.... but you keep to a certain amount and you won't flag it... keep in mind Square just like PayPal if you do more than $20k they will send you 1099-K or whatever the special one is for Taxes and you WILL have to report it if you go that much... if it's under that you wouldn't "have" to report but I have had a square account locked before (back when square first came out) after some back and forth emails and them checking the payments were good with the credit cards they were released in the end but it took a month (but it was also a sizable amount and not just 1 card charged)

If you are looking for $1-$2k a month on it just for the purpose of basically cash advancing your own credit card and the square account is in your name... I wouldn't suggest it.

if it's under $1k and maybe you could pay a square account in a roommates name and going into their checking instead of yours and you tack on the fee to the amount charged so what they end up with in checking is the amount for rent, then sure! no issue.


Ahh percisely what I would've used it for while thinking I could put it in my name. That just SCREAMED risk. LOL I would've hooked it up and done it if in a crunch. Don't really need cash advances, but it's always nice to know what you can do(and how to do it) if that time ever comes.

Established Contributor
Posts: 505
Registered: ‎10-08-2011
0

Re: Best Way to Pay rent with a Credit Card

Just reading about how you guys game the system is both inspiring and exhausting.

 

I'm quite the lazy SOB, so I just plunk down cash for rent. No muss, no fuss.

 

But of course, no rewards either.

 

I think I'll live. Smiley Happy

      
Regular Contributor
Posts: 161
Registered: ‎07-26-2013
0

Re: Best Way to Pay rent with a Credit Card


JSS3 wrote:

Creditaddict wrote:

JSS3 wrote:

Jlu wrote:

The cheapest way I've found to turn credit into cash is as follows:

 

1. Go to squareup.com and get a free credit card reader that plugs into the mic jack on your phone.

2. Link your bank account to the Square account.

3. Charge your card rent + 2.75% (Square's flat rate merchant fee).

4. Collect 1 to 2% cash back from CC.

5. You now have rent money, no cash advance fees and no extra interest since CC thinks it's a point of sale purchase.

 

Not something you should get in the habit of doing but I'll admit to doing it once or twice when cash flow was especially tight.


This is well within CC guidelines, correct? There's no AA that can be taken against you for doing this? Also, I'm assuming the money gets directly deposited into your Checking account? I worry because this sounds like a workaround for the credit card company's 3% BT fee. Doesn't sound like something banks would like. 


THEY DONT.... but you keep to a certain amount and you won't flag it... keep in mind Square just like PayPal if you do more than $20k they will send you 1099-K or whatever the special one is for Taxes and you WILL have to report it if you go that much... if it's under that you wouldn't "have" to report but I have had a square account locked before (back when square first came out) after some back and forth emails and them checking the payments were good with the credit cards they were released in the end but it took a month (but it was also a sizable amount and not just 1 card charged)

If you are looking for $1-$2k a month on it just for the purpose of basically cash advancing your own credit card and the square account is in your name... I wouldn't suggest it.

if it's under $1k and maybe you could pay a square account in a roommates name and going into their checking instead of yours and you tack on the fee to the amount charged so what they end up with in checking is the amount for rent, then sure! no issue.


Ahh percisely what I would've used it for while thinking I could put it in my name. That just SCREAMED risk. LOL I would've hooked it up and done it if in a crunch. Don't really need cash advances, but it's always nice to know what you can do(and how to do it) if that time ever comes.


Facts... I have done this with my cap1 card and fraud department stopped the transaction immediately I had to call and tell them I was the one attemping the transaction answer a few security questions they even had to hang up and call back my number on file to make sure they were really speaking with me. Anyway they let it through.

Myfico (7/16/14): EQ:736, EX:678(Prosper 7/16/14), TU:691(5/29/14)
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