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

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DeerRunner
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Joined: Tue Jun 09, 2009 3:57 pm

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

Post by DeerRunner » Mon Mar 13, 2017 10:57 am

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

Post by Grt2bOutdoors » Mon Mar 13, 2017 11:05 am

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

Post by veindoc » Mon Mar 13, 2017 11:13 am

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

Post by adamthesmythe » Mon Mar 13, 2017 12:05 pm

>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?

DeerRunner
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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 » Mon Mar 13, 2017 12:07 pm

Heard anecdotally all the time of people racking up credit card points by paying bills. Never looked into it before now.

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

Post by DSInvestor » Mon Mar 13, 2017 12:10 pm

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.
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orca91
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Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by orca91 » Mon Mar 13, 2017 12:12 pm

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

Post by Nowizard » Mon Mar 13, 2017 1:29 pm

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

Post by bta15 » Mon Mar 13, 2017 1:36 pm

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

Post by Bud » Mon Mar 13, 2017 2:14 pm

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....

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

Post by DeerRunner » Mon Mar 13, 2017 2:35 pm

Thanks everyone, sounds like I'll just pay it from my bank acct.

pangea33
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Re: Want to make large auto loan payment, Chase doesn't accept credit cards

Post by pangea33 » Mon Mar 13, 2017 2:44 pm

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.

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

Post by dratkinson » Mon Mar 13, 2017 3:37 pm

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

Post by Gronnie » Mon Mar 13, 2017 3:51 pm

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.

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