Amex closing accounts !

[Anonymous]

And imagine what BOA would think if one month your three other credit cards had a few hundred dollar worth of balance on each and now they are all maxed out!  BOA would probably think "We're next."  Ever notice how you might have a $5,000 credit line on an account but only $1,000 can be used to get cash?  Same principle.

[smc733]

Exactly, because they know Cash Advances are risky.  When I was in a BofA Branch a few months ago, some guy was asking to do a $7,500 cash advance, as if that wasn't sketchy.  

I love how my Citi card is a $6,000 limit with a $400 CA limit, LOL.

[Anonymous]

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@smc733 wrote:

Exactly, because they know Cash Advances are risky.  When I was in a BofA Branch a few months ago, some guy was asking to do a $7,500 cash advance, as if that wasn't sketchy.  

I love how my Citi card is a $6,000 limit with a $400 CA limit, LOL.

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I think they are doing people a favor by limiting cash advance amounts.

Still, if someone really wants to there are so many ways to defeat the whole concept of cash advance limits. 

[clocktick]

You can seriously charge your tax bills on a CC?  If so, this can bring in a whole new world of rewards/points. LOL.

[Anonymous]

I was actually thinking of paying my taxes on a cc but they (tax agency) charge a hefty percent of your bill as a "convenience" fee, and the greater the amount of tax you owe, the more "convenience" fee you must pay.  It more than wipes out any incentive in terms of points.

[OnTheRebound]

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@clocktick wrote:

You can seriously charge your tax bills on a CC?  If so, this can bring in a whole new world of rewards/points. LOL.

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Yes. I paid our tax bill last month on my wife's Chase Freedom. Chase encourages the practice. It did cost me a few extra dollars in convenience fees but that's OK because I did it out of convenience. I didn't want to write a check. Of course it has been paid in full since.

[clocktick]

Wait, what kind of taxes are we talking about?  The next ones I owe are Village Taxes next month followed by school taxes in September.  I really only thought they took cash or check.  Hmmm....

[Anonymous]

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@clocktick wrote:

Wait, what kind of taxes are we talking about?  The next ones I owe are Village Taxes next month followed by school taxes in September.  I really only thought they took cash or check.  Hmmm....

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Federal and State.  Yes, you can pay with your cc.  But they will charge the convenience fee.  That's why I've never used my cc to pay for it if there is any to pay.   Withdraw from my checking acct instead, it's because FREE of charge.

What kind of taxes are they? 

[Anonymous]

Property taxes (school taxes, etc.) are paid to the county you live in and some rural counties may not be set up for cc transactions.  There are several Online companies that take your money and deposit it with the IRS where the payment is credited to your account.  These companies accept credit cards. 

My county charges 5 1/2% on credit card payments which on a $2,000 tax liability equals more than $100.  Much cheaper to drop a check in the mail.

[Walt_K]

About the only time it could make sense to pay your taxes on a CC for rewards purposes is if you were shy of hitting a spend threshhold that would result in a large chunk of bonus points coming your way that you couldn't otherwise achieve through normal spending.  Or if you had a trip coming up and you needed just a few more points to be able to redeem for a flight.  Something along those lines.