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Pay DCU auto loan by credit card ?

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jaxstraw
Valued Contributor

Pay DCU auto loan by credit card ?

Does anyone know of this is possible ?

Not looking to carry a balance on card just give it use.

Preferably with a card with rewards....lol.

Maybe it would have to be internal ? Like from a DCU issued CC only ?

 

 

Jax

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Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
Message 1 of 6
5 REPLIES 5
MitchDeerfield
Regular Contributor

Re: Pay DCU auto loan by credit card ?

No Bank or Credit Union will accept a credit card for a car payment.  Plastiq.com will take your credit card and make your car payment, but will charge you 2.5 percent.  Depending on the circumstances, it might make sense to pay that way.  Minimum spend on a new credit card to get a bonus for example.

Message 2 of 6
Anonymous
Not applicable

Re: Pay DCU auto loan by credit card ?

Plastiq is a good option. I use them to pay my student loans with my credit card.
There is a % charge but they also offer free charges as bonuses.
Message 3 of 6
DaveInAZ
Senior Contributor

Re: Pay DCU auto loan by credit card ?

Does your DCU car loan have the 1/2% discount for "relationship status", which includes a direct deposit and making the loan payments electronically from a DCU account? If so you probably can't make payments from an external source. My DCU car loan is that way, and while I use Plastiq for my mortgage and a few other payments they were unable to make a payment to my DCU car loan. I think the loan is likely  marked as a "non-transactional" account, which blocks any external access, it can only be accessed by DCU accounts.

 

My Penfed HELOC is that way. When I tried to use it as a payment account to electronically payoff a Cap One CC the payment was rejected. I got through so a senior analyst at Cap One who told me the payment had been rejected as a "non-transactional" account. The work around was to move funds from my HELOC to my Penfed savings and make the payment from there.

Message 4 of 6
jaxstraw
Valued Contributor

Re: Pay DCU auto loan by credit card ?

No it isn't in the relationship status.

It was offered but I manage my cash long term with a different credit union.

Just was trying to run money through some cards for heavy use. 

With a 1.5% or 2% card I'd only be paying like a $1 or $2 more per payment per Plastiq transaction.

I don't have on of their CC'sI but I was wondering though since DCU often is credited as telling people to use the cash advance on their credit card instead of approviing a personal loan.....why they would be adverse to taking the cash advance and paying an auto loan each month ?

As long as you PIF each month it would be an easy transaction done right between your accounts with no real interest penalty.

While their rewards aren't great it is an interesting concept.

 

Jax

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Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face
Message 5 of 6
DaveInAZ
Senior Contributor

Re: Pay DCU auto loan by credit card ?


@jaxstraw wrote:

No it isn't in the relationship status.

It was offered but I manage my cash long term with a different credit union.

Just was trying to run money through some cards for heavy use. 

With a 1.5% or 2% card I'd only be paying like a $1 or $2 more per payment per Plastiq transaction.

I don't have on of their CC'sI but I was wondering though since DCU often is credited as telling people to use the cash advance on their credit card instead of approviing a personal loan.....why they would be adverse to taking the cash advance and paying an auto loan each month ?

As long as you PIF each month it would be an easy transaction done right between your accounts with no real interest penalty.

While their rewards aren't great it is an interesting concept.

 


Yeah, that's why I pay my mortgage with Plastiq, I use a 2% card so it only cost me a buck or two. Well, you can try it, but when I tried it Plastiq gave me an error message to the effect that they couldn't process a payment for the account. But my car loan has the 1/2% discount for the relationship status which includes making payments only electronically from a DCU account. So my experience with my Penfed Heloc made me think they might have marked my car loan account as non-transactional, blocking external access.

 

The tricky part is figuring out your account #, and admitedly that might have been my problem with Plastiq. Online DCU only shows you "account 1" for savings, account 2 for checking, and account 141 for my car loan.  But while viewing the account if you click "account details" it shows you the "ACH number" for checking, but not for savings or car loan. And their statements don't give you account numbers.

Message 6 of 6
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