topic Re: MyCheckFree/CC arbitrage in Credit Cards

MyCheckFree/CC arbitrage

Anonymous — Sat, 07 Mar 2009 19:38:14 GMT

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?

Re: MyCheckFree/CC arbitrage

laz98 — Sat, 07 Mar 2009 22:29:35 GMT

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)

Re: MyCheckFree/CC arbitrage

Red1Blue — Sat, 07 Mar 2009 23:30:51 GMT

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.

Re: MyCheckFree/CC arbitrage

Anonymous — Sat, 07 Mar 2009 23:37:48 GMT

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! : )

Re: MyCheckFree/CC arbitrage

cobaltnv — Sun, 08 Mar 2009 00:11:35 GMT

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."