topic Re: How to pay energy bill on autopay using credit card? in Personal Finance

How to pay energy bill on autopay using credit card?

Anonymous — Wed, 06 May 2020 19:18:04 GMT

Friends,

I've seen the light and I'm using autopay of all my recurring expenses using a credit card. My only recurring payment that does not accept credit cards is my energy bill.

So, I'm seeking the best way to pay this bill using my credit card. I've heard of services like Plastiq, what's the best option among this category of services?

Thanks, Peter

Re: How to pay energy bill on autopay using credit card?

DaveInAZ — Wed, 06 May 2020 23:20:40 GMT

@Anonymous wrote:
Friends,
I've seen the light and I'm using autopay of all my recurring expenses using a credit card. My only recurring payment that does not accept credit cards is my energy bill.

So, I'm seeking the best way to pay this bill using my credit card. I've heard of services like Plastiq, what's the best option among this category of services?

Thanks, Peter

I've used Plastiq to pay my mortgage for several years now. You can make payments re-occurring, but only for set amounts - your energy bill amount changes every month. And Plastiq charges a 2.5% fee for credit card payments, so even with a 2% on everything card you'll incur an expense.

How does your energy company accept payments? I'm guessing they must have something other than mail them a check? Fortunately mine accepts CCs with no fee so I use a 2% card to pay them, and they have recurring payments so I can set it to automatically pay whatever amount is due with my CC.

Re: How to pay energy bill on autopay using credit card?

Gmood1 — Thu, 07 May 2020 00:13:53 GMT

Wish my electric bill had autopay!

They charge $2.00 for using the service.

So I charge $600 at a time. I charge it right after the CC statement cuts.

That way it's nearly two months before I pay the CC bill.

This normally keeps me paid up for 3 to 4 months.

When using the US bank Cash Plus. I still earn $28 a transaction.

Re: How to pay energy bill on autopay using credit card?

Anonymous — Thu, 07 May 2020 16:17:21 GMT

Fortunately mine accept CC payments too. You would think in light of what's going on right now, they would ahev adopted a "no touch" payment portal of some type. Though I guess mailing a check is technically the same. lol

Have you treid using your Bank's Bill Pay service? i don't know exactly how they work, but they tout "bill pay" in the decription.

A lot of smaller utility companyies simply don't want to incur the expense to process CC's.

Re: How to pay energy bill on autopay using credit card?

MakingProgress — Thu, 07 May 2020 16:40:47 GMT

My electric company will use my cc, but charges a flat 3.50 fee. Even with 5% on my Cash+ for utilities most months I would be paying for the privilidge of using my cc. So this is the one bill I just pay from my banks bill pay.

Re: How to pay energy bill on autopay using credit card?

Anonymous — Thu, 07 May 2020 16:57:34 GMT

@Gmood1 wrote:
Wish my electric bill had autopay!
They charge $2.00 for using the service.
So I charge $600 at a time. I charge it right after the CC statement cuts.
That way it's nearly two months before I pay the CC bill.

This normally keeps me paid up for 3 to 4 months.
When using the US bank Cash Plus. I still earn $28 a transaction.

That's similar to what I do. My utility company uses a third party company called BillMatrix if you want to pay by debit or credit card; BillMatrix charges $2.95 per transaction and accepts a maximum payment of $600. So every three months or so I charge $597.05 to my U.S. Bank Cash+ card for utilities and I earn $27.05 on each transaction.

Re: How to pay energy bill on autopay using credit card?

Gmood1 — Thu, 07 May 2020 18:26:01 GMT

@Anonymous

That's the same 3rd party processor my utility company uses. $2 here, it used to be more. For some reason they lowered the fees.

Re: How to pay energy bill on autopay using credit card?

Citylights18 — Sun, 10 May 2020 21:39:25 GMT

I am able to autopay by sending my bill to Arcadia Power acts as broker with the electric company. Once enrolled you can pay their bill with a credit card.

This reference discusses their program, somewhat critically since they don't have community solar but gives you a feel for what they do.

https://www.citizensutilityboard.org/blog/2019/11/05/the-facts-on-arcadia-powers-community-solar-offer/

Re: How to pay energy bill on autopay using credit card?

Citylights18 — Sun, 10 May 2020 21:52:44 GMT

Arcadia power's community solar program will let you buy solar panels in exchange for a lower utility bill.

For me to buy $5000 dollars in solar panels it would knock my average utility bill from $114 to $64. It might be possible to claim it as a tax credit as well because you can buy solar for your business and write it off as a tax deduction.