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Discussion in 'General Discussion | Miles/Points' started by Kagehitokiri, May 23, 2011.
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Call Citi and ask them.
I wish I could do it with BofA (who holds my mortgage). Alas, they only accept billpay or paper checks. Grrr...
Grrr is right. I've written more checks in the 2.5 years I've lived in the US than in the 30+ years I lived in Australia. The banking system in this country needs to make it to the year 1995.
I could certainly be wrong but I've never heard of a credit card company allowing someone to pay a home or auto loan with a credit card. It's just one of those bank no no's. They don't lend you money to pay back a loan. Would be cool if they did.
Actually a company called ChargeSmart seems to allow some direct payments through them using debit/credit cards.
They seem to have either charge a flat fee or a percentage of the bill, based on the lender. I have not done enough research to make a recommendation, but it has potential to be a ridiculously good earning opportunity for people that can't pay utilities / auto loans and mortgages via mileage-earning credit cards.
No idea if anybody here has tried them yet... I'm planning to give them a go later on this week.
I stand corrected. Any idea what the fees are?
amex partnered with 2 mortgage companies, both of which went kaput
im confused how chargesmart can charge such small flat fees...
i found one forum post saying that citimortgage stopped taking credit card payments in 2009 - no clue re details
I've been looking into it but it varies by lender... it doesn't seem to be by amount either.
I put a $650 car loan to IFS and it was $19.95 -- 3 cpm.
I tried a $3k mortgage payment to BofA and that was $14.95 -- .4 cpm -- my kind of deal.
I still have my reservations about it because you're basically giving your money to an intermediary, and they're making the payment to the financial institution, but if it works it's hard to argue with it.
if they dont pay, you decline charge
i want to know what the 'increased fee' is for higher amounts
Let us know if you do try it. I'm going to explore the site to try and find a catch.
There was a huge thread on FT about this last year, and some people cried foul over the fact that they had incurred additional fees -- but they're clearly disclosed before you decide to proceed. It had to do with whether your payments exceed the expected average or something -- so if the average car payment is $1k, and you come in trying to pay for your Bentley or something, it would trigger some kind of additional fee.
The original FT thread is still around, although -- just like every other FT thread -- it turned nasty half way through and I stopped reading.
ah. it is a % fee, just presented in a different way.
I think it depends on the payment... I just went through with my Infiniti payment through IFS and it only charged me $19.90
They did not however let me use Visa or AMEX, only MasterCard or Discover.
Not dollar coins?
If you keep clicking through the process, you will find that in addition to the $14.95, a couple screens in they will tag on some percentage fees that get it up to 2.8cpm, so it loses its luster. Kind of a bait and switch how they only show you the $14.95 until after you enter your contact and payment information.
Ugh... I didn't check that far but that's not so good. The auto loan payments make sense though -- well, depending on what your car payments are. If you're doing $300 for $15 it's not as good as if you have $1k car payment or two.