Want to make large auto loan payment, Chase doesn't accept credit cards

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
DeerRunner
Posts: 74
Joined: Tue Jun 09, 2009 3:57 pm

Want to make large auto loan payment, Chase doesn't accept credit cards

Post by DeerRunner »

Want to make a $20k payment towards my auto loan but Chase doesn't accept credit cards. I have the $$, just thought it would be nice to get the 1.5% cash back (Capitalone QuickSilver). Any creative ways around this?

On a tangential note, I considered doing something with the money to earn some interest, but couldn't think of anything worth the risk.


TIA
Grt2bOutdoors
Posts: 23204
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by Grt2bOutdoors »

DeerRunner wrote:Want to make a $20k payment towards my auto loan but Chase doesn't accept credit cards. I have the $$, just thought it would be nice to get the 1.5% cash back (Capitalone QuickSilver). Any creative ways around this?

On a tangential note, I considered doing something with the money to earn some interest, but couldn't think of anything worth the risk.


TIA
Banks aren't stupid. They invented the credit card, they know the fees involved in merchant processing - why pay their own competitor a fee of 1-4%, just so you the borrower could profit off of them. The creative way is to write the check, sign it and mail it. You aren't going to get around this unless you are willing to do something like this, but if you have an existing account with them, then you can't apply for it. https://www.chase.com/checking/chase-checking-coupon
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
veindoc
Posts: 766
Joined: Sun Aug 14, 2016 9:04 pm

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by veindoc »

You might try plastiq.com which allows you to pay for anything with a card including mortgage and rent. You have to pay a 2.5% fee however for the privilege which in my mind negates the point/miles benefit. Folks mostly do it to meet minimum spending requirements for credit card bonuses.
adamthesmythe
Posts: 3932
Joined: Mon Sep 22, 2014 4:47 pm

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by adamthesmythe »

>Want to make a $20k payment towards my auto loan but Chase doesn't accept credit cards.

Why exactly did you think this would work?
Topic Author
DeerRunner
Posts: 74
Joined: Tue Jun 09, 2009 3:57 pm

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by DeerRunner »

Heard anecdotally all the time of people racking up credit card points by paying bills. Never looked into it before now.
DSInvestor
Posts: 11410
Joined: Sat Oct 04, 2008 11:42 am

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by DSInvestor »

DeerRunner wrote:Heard anecdotally all the time of people racking up credit card points by paying bills. Never looked into it before now.
Can you pay other bills with your credit card? I use credit card to pay for my insurance (home, auto, umbrella, health), cable bill, cell phone bills etc. I am not charged extra fees for paying these with credit card.
Wiki
orca91
Posts: 1223
Joined: Thu Mar 03, 2016 7:17 pm

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by orca91 »

That's a bit too large of a dollar amount to pay by CC. Your car insurance, car payment (monthly), and cell phone bill, sure. But, most aren't going to let you do $20k at once.

Just pay it from your bank and be done with it.
Nowizard
Posts: 3130
Joined: Tue Oct 23, 2007 5:33 pm

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by Nowizard »

We paid 10K on a credit card from Chase, but it was to the dealer with the rest being paid by check since 10K was the limit. Chase Freedom. Don't know if paying a dealer is different from paying on a loan.

Tim
bta15
Posts: 137
Joined: Wed Jul 10, 2013 12:06 pm

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by bta15 »

Sometimes I'll pay my mortgage by credit card if I am chasing a big signup bonus (spend $20k get 100k miles) but I usually ended up paying ~2% in fees. If you are just earning 1.5% cashback it's gonna be tough to make that work. Really it's just an exercise in manufactured spending.

Someone mentioned Plastiq. Right now they have a promotion where you can use a mastercard to pay rent or mortgage for free for 2 months. Though that doesn't help you with you auto loan.
Bud
Posts: 170
Joined: Sun Jul 22, 2007 6:59 am

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by Bud »

I bought a car on my credit card... it depends on the bank and the seller.

Some of my bills I can pay with a credit card, some I can't, again it depends so it is worth asking.

If you have a Chase credit card, they may accept their own card (Like a Chase Amazon.com Visa). Or if you talk to someone higher up, they may compromise.

2% back on $20k is $400... once you invest $400 worth of time into finding a solution, pay by check and move along....
Topic Author
DeerRunner
Posts: 74
Joined: Tue Jun 09, 2009 3:57 pm

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by DeerRunner »

Thanks everyone, sounds like I'll just pay it from my bank acct.
pangea33
Posts: 46
Joined: Mon Jan 16, 2017 11:57 am

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by pangea33 »

Looks like you've already come to a conclusion, but I just wanted to add an anecdote.

My used car loan was secured through SunTrust, but they sold the loan to a company called CSC Logic who takes credit cards.

I use my Paypal debit card for most bank account related purchases, because it gives me an easy 1% cash back without channeling money through my credit card. I was counting the figurative chickens of cash back on a $1700 payment, only to find that it was ineligible for the reward.

Presumably, the same situation would apply to many other credit and debit cards. Don't feel like you're missing out too much. It's doubtful that this gambit works in many scenarios.
User avatar
dratkinson
Posts: 5190
Joined: Thu Jul 26, 2007 6:23 pm
Location: Centennial CO

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by dratkinson »

Nowizard wrote:We paid 10K on a credit card from Chase, but it was to the dealer with the rest being paid by check since 10K was the limit. Chase Freedom. Don't know if paying a dealer is different from paying on a loan.

Tim
+1. Dealer accepted CC for down payment. Loan paid off by check.
d.r.a., not dr.a. | I'm a novice investor, you are forewarned.
Gronnie
Posts: 285
Joined: Sun Oct 19, 2014 2:08 pm

Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by Gronnie »

Why would they ever accept credit card as a payment for a loan?

Also, the credit card company should and would classify the transaction as a cash advance. You would get no points, accumulate interest right away (no grace period), and probably pay a fee.
Post Reply