topic Re: How do you use credit cards in Credit Cards

How do you use credit cards

ecxpa — Wed, 05 Feb 2014 02:58:37 GMT

To show high use of a credit card what's the best way during the month...........I see a lot of people on her running 3-5K a month through on their cards. I use one card to pay utilities because the card gives extra points for paying utilities.......A friend of mine says he has paid his mortgage with a credit card and another friend in the conversation said that CCC don't look kindly on this. Anybody use there CC to make mortage or car payments and then pay them off a few days later. Don't want to do something stupid but it would help my utilization of particular cards and hopefully a CLI......or is this the wrong way to do it.

Re: How do you use credit cards

Anonymous — Wed, 05 Feb 2014 03:16:55 GMT

Generally, the CCCs like usage that is generating swipe fees, so the more you charge the better (up to your limit). They would also like interest charges, but heavy PIF is OK too, as there is lower risk. I don't know why the bank would care about paying a mortgage rather than buying something equivalently priced.

Your issuer knows how much you are spending on their card, so for that purpose it makes no difference about PIF before the statement cuts etc. That is for the benefit of your other issuers and issuers-to-be.

Re: How do you use credit cards

Longroad — Wed, 05 Feb 2014 04:03:41 GMT

How would you pay your mortgage with CC. Would love all those points

Re: How do you use credit cards

Anonymous — Wed, 05 Feb 2014 04:29:57 GMT

@Longroad wrote:
How would you pay your mortgage with CC. Would love all those points

The only ways I'm familiar with is through websites like chargesmart.com (with high fees) & via use of pre-paid accounts like Bluebird (purchasing Vanilla reloadable cards w/your credit card, loading them up to your Bluebird account & paying your mortgage, car payment, etc. that way).

There may be other methods out there, which I'd like to hear about to!

Also interested to hear other thoughts as to why a CCC would frown on charging mortgage payments, if that indeed is the case. I would have never thought this would be an issue w/CCCs.

Re: How do you use credit cards

Networth — Wed, 05 Feb 2014 05:34:54 GMT

Some Bank's may view someone paying your mortage(a loan/debt) with another loan(credit card) as desperation and a sign of financial difficulty or strain. Honestly if I could find a cost effective way to do it I would pay everything, including my auto loan(s) with a CC. I know Amex offer's this service but it is for very specfic dealers whom they have a contract with.

Re: How do you use credit cards

Anonymous — Wed, 05 Feb 2014 05:37:58 GMT

@Networth wrote:
Some Bank's may view someone paying your mortage(a loan/debt) with another loan(credit card) as desperation and a sign of financial difficulty or strain. Honestly if I could find a cost effective way to do it I would pay everything, including my auto loan(s) with a CC. I know Amex offer's this service but it is for very specfic dealers whom they have a contract with.

If you can buy VR (or at a pinch gift cards) with credit cards, that is a fairly cost effective way, depending on the card and how you value the rewards.

Re: How do you use credit cards

Revelate — Wed, 05 Feb 2014 05:44:47 GMT

@Anonymous wrote:
@Longroad wrote:
How would you pay your mortgage with CC. Would love all those points
The only ways I'm familiar with is through websites like chargesmart.com (with high fees) & via use of pre-paid accounts like Bluebird (purchasing Vanilla reloadable cards w/your credit card, loading them up to your Bluebird account & paying your mortgage, car payment, etc. that way).

There may be other methods out there, which I'd like to hear about to!

Also interested to hear other thoughts as to why a CCC would frown on charging mortgage payments, if that indeed is the case. I would have never thought this would be an issue w/CCCs.

The merchant fees get exorbitant when we're takling large sums. That's why things like the IRS e-payment providers charge on the order of 1.87% minimum.

It'll probably happen eventually but most lenders just don't want the hassle and in my case it'd be an extra ~720 / year in merchant fees: really don't think the lenders want to go through that. I do know if I can find a way to cost-effectively run my mortgage through my credit cards, um, yes please!

Re: How do you use credit cards

Networth — Wed, 05 Feb 2014 05:47:08 GMT

Where I live must be crowded with people that frequent forums like this because I never see VR in stock. I saw them once at some run down gas station while visiting a patient in a very rural area of the city but didn't pick any up at the time, not realizing how hard they would be to come by later(that was when I first moved to this area). I can't even remember exactly which gas station it was or I would go take a ride lol.

Re: How do you use credit cards

USF813 — Wed, 05 Feb 2014 07:10:23 GMT

I use mine like a debit card. I make a payment almost every day as charges post, and I never let the balance exceed $500. Smallest charge was $.06 at Starbucks because Fulton county Georgia collects a county tax when you redeem a free drink coupon. Yeah, the same county that can't get its snow preparedness act together every time it snows two or less inches!!

Re: How do you use credit cards

Anonymous — Wed, 05 Feb 2014 10:49:11 GMT

@Anonymous wrote:
@Networth wrote:
Some Bank's may view someone paying your mortage(a loan/debt) with another loan(credit card) as desperation and a sign of financial difficulty or strain. Honestly if I could find a cost effective way to do it I would pay everything, including my auto loan(s) with a CC. I know Amex offer's this service but it is for very specfic dealers whom they have a contract with.
If you can buy VR (or at a pinch gift cards) with credit cards, that is a fairly cost effective way, depending on the card and how you value the rewards.

I've been wondering -- would a CCC consider using VR's & Bluebird to pay ongoing monthly bills like your mortgage, car, etc. as MS (which I've read you may get AA for)? I would think not, but this question has crossed my mind.

Re: How do you use credit cards

chwebb1 — Wed, 05 Feb 2014 13:54:23 GMT

@Anonymous wrote:
@Anonymous wrote:
@Networth wrote:
Some Bank's may view someone paying your mortage(a loan/debt) with another loan(credit card) as desperation and a sign of financial difficulty or strain. Honestly if I could find a cost effective way to do it I would pay everything, including my auto loan(s) with a CC. I know Amex offer's this service but it is for very specfic dealers whom they have a contract with.
If you can buy VR (or at a pinch gift cards) with credit cards, that is a fairly cost effective way, depending on the card and how you value the rewards.
I've been wondering -- would a CCC consider using VR's & Bluebird to pay ongoing monthly bills like your mortgage, car, etc. as MS (which I've read you may get AA for)? I would think not, but this question has crossed my mind.

It is absolutely MS by the very definition of MS... but done in moderation, it's fine.