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MyCheckFree/CC arbitrage

Regular Contributor

MyCheckFree/CC arbitrage

I noticed that many retail cards (Macy's, Bloomingdales, Nordstrom) and some common bank cards (BofA) can be paid through MyCheckFree.com. I wonder if there is a potential opportunity to earn double points/rewards.

 

Consider example: you have 2 rewards cards, one through BofA and one through any other issuer, say AmEx. First you shop usng your BofA card and reap their points. Then you elect to pay BofA card balance using MyCheckFree service by credit card. You would select your AmEx card, which also has rewards, such effectively getting double rewards.

 

At the moment it's theoretical idea only and I have not attemped it yet. I will report my results. Have anyone thought of doing this before? 

Message 1 of 5
4 REPLIES
Senior Contributor

Re: MyCheckFree/CC arbitrage

interesting.  but then you would have to pay off 2 credit cards instead of just one.  seems like it's just adding an extra step to your bill paying.  (which may not be much, depending on your particular situation)
Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Message 2 of 5
Super Contributor

Re: MyCheckFree/CC arbitrage

Are you sure there is no cash advance fees when you are using this service to pay by credit card? There must be some catch some where.
Message 3 of 5
Regular Contributor

Re: MyCheckFree/CC arbitrage

I honestly don't know. I will try the idea and post the results. There might be some issue I am not thinking right now or it might work! : )
Message 4 of 5
Established Contributor

Re: MyCheckFree/CC arbitrage

This cannot work. Otherwise you could simply bounce a charge back and forth between credit cards forever never paying the bill and collecting rewards. From the mycheckfree website FAQ page:

 

"*Fees may apply for same-day payments or payments made using credit cards." 

TU 810: EQ 813: EX 814 (9/16/09--Loan officer pull)

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