Author Topic: Paying mortgage and car loan to earn points  (Read 6573 times)

Mrkineticz

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Paying mortgage and car loan to earn points
« on: April 02, 2015, 10:56:26 AM »
I just paid my mortgage, car loans, credit cards and such with my redbird/amex card to churn points/miles on my credit card. I just wanted people to know its possible to do so! If you are paying monthly on your mortgage why not use that money to acquire points to get free trips

surfhb

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Re: Paying mortgage and car loan to earn points
« Reply #1 on: April 02, 2015, 12:39:13 PM »
Me too!   Pay the rent and utilities through the Red Card and it arrives to their destination within 2 days.   

I'm guessing this will get me a flight to Europe every 2 years or so :)

Add this to the rewards points for a new Cap One card and the sign up bonus for a new Chase checking account and I'm making / saving about $ 1000 with about 1 hr of work.
« Last Edit: April 02, 2015, 12:41:58 PM by surfhb »

HipGnosis

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Re: Paying mortgage and car loan to earn points
« Reply #2 on: April 07, 2015, 10:09:27 AM »
I just paid my mortgage, car loans, credit cards and such with my redbird/amex card to churn points/miles on my credit card. I just wanted people to know its possible to do so! If you are paying monthly on your mortgage why not use that money to acquire points to get free trips
Knowing it's possible is just bragging.
Please tell us HOW you do this.

Indexer

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Re: Paying mortgage and car loan to earn points
« Reply #3 on: April 07, 2015, 07:23:39 PM »
I just paid my mortgage, car loans, credit cards and such with my redbird/amex card to churn points/miles on my credit card. I just wanted people to know its possible to do so! If you are paying monthly on your mortgage why not use that money to acquire points to get free trips
Knowing it's possible is just bragging.
Please tell us HOW you do this.

There is actually already a thread on this.  http://forum.mrmoneymustache.com/ask-a-mustachian/way-to-actually-pay-mortgage-with-credit-card/

Basics:  You can load a "prepaid" red card debit card at Target and there is no fee, and then you can use the billpay function with the redcard to pay a bill.  It is VERY important you get the prepaid card and not just the normal debit card.  Let me rephrase... it is VITAL you get the prepaid card.
Step 1:  Get the card.  (This can be the hard part.  Its only available in select locations.)
Step 2:  Load the card with a cash back/rewards credit card.
Step 3:  Use billpay to pay bill.

You earn the cash back/rewards as if you made a purchase at Target.  I'm actually running into a problem at step 2.  I got the card while travelling, but none of the Targets near me have the updates for their POS terminals to be able to load the card.  So I have the card, but I can't load it locally, only when I'm travelling....

Lyngi

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Re: Paying mortgage and car loan to earn points
« Reply #4 on: April 07, 2015, 08:52:28 PM »
Me too.   So far I've only paid my mortgage.  I have loaded up all my utilities into the bill pay option if I need to manufacture spend larger amounts.   I bought my Redbird off ebay.   I haven't had any trouble loading my Redbird with a couple different credit cards, and my local Target doesn't sell the prepaid Redcards. 

InXS

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Re: Paying mortgage and car loan to earn points
« Reply #5 on: April 08, 2015, 10:30:51 AM »
Can I get one off ebay and it will still work even though the website says there are no participating stores in my state at this time?

HipGnosis

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Re: Paying mortgage and car loan to earn points
« Reply #6 on: April 09, 2015, 07:57:40 AM »
Knowing it's possible is just bragging.
Please tell us HOW you do this.

There is actually already a thread on this.  http://forum.mrmoneymustache.com/ask-a-mustachian/way-to-actually-pay-mortgage-with-credit-card/

Basics:  You can load a "prepaid" red card debit card at Target and there is no fee, and then you can use the billpay function with the redcard to pay a bill.  It is VERY important you get the prepaid card and not just the normal debit card.  Let me rephrase... it is VITAL you get the prepaid card.
Step 1:  Get the card.  (This can be the hard part.  Its only available in select locations.)
Step 2:  Load the card with a cash back/rewards credit card.
Step 3:  Use billpay to pay bill.

You earn the cash back/rewards as if you made a purchase at Target.  I'm actually running into a problem at step 2.  I got the card while travelling, but none of the Targets near me have the updates for their POS terminals to be able to load the card.  So I have the card, but I can't load it locally, only when I'm travelling....
Thanks!

blkyello03x

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Re: Paying mortgage and car loan to earn points
« Reply #7 on: April 13, 2015, 04:51:48 PM »
It shows up as a regular charge on the credit card? (not as s cash advance)

Mother Fussbudget

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Re: Paying mortgage and car loan to earn points
« Reply #8 on: April 13, 2015, 05:43:12 PM »
It shows up as a regular purchase - NOT as a cash advance.  I pay my mortgage this way every month (Prepaid REDcard).

blkyello03x

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Re: Paying mortgage and car loan to earn points
« Reply #9 on: April 14, 2015, 04:51:20 PM »
Awesome! I will be looking into this!

SenoritaStache

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Re: Paying mortgage and car loan to earn points
« Reply #10 on: April 14, 2015, 08:48:42 PM »
Loving my pre-paid red card from Target!! I'm using it with my new Chase Sapphire Credit card.

charis

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Re: Paying mortgage and car loan to earn points
« Reply #11 on: April 16, 2015, 08:53:49 AM »
It shows up as a regular purchase - NOT as a cash advance.  I pay my mortgage this way every month (Prepaid REDcard).

Question for anyone that pays bills using the Redcard bill pay:

How long does it take for the payment to reach its destination after you initiate the bill pay transaction on Redcard bill pay function? 

Also, how long does it take for for the money to hit your checking account when you withdraw it from Redcard?  Trying to decide whether it is faster to pay bills from my bank account after withdrawing Redcard money or use their bill pay feature.

Thanks.  Just ordered a card off Ebay.

SantaFeSteve

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Re: Paying mortgage and car loan to earn points
« Reply #12 on: April 16, 2015, 09:08:33 AM »
It shows up as a regular purchase - NOT as a cash advance.  I pay my mortgage this way every month (Prepaid REDcard).

Question for anyone that pays bills using the Redcard bill pay:

How long does it take for the payment to reach its destination after you initiate the bill pay transaction on Redcard bill pay function? 

Also, how long does it take for for the money to hit your checking account when you withdraw it from Redcard?  Trying to decide whether it is faster to pay bills from my bank account after withdrawing Redcard money or use their bill pay feature.

Thanks.  Just ordered a card off Ebay.


I have not transferred from my Redcard to my bank account, but when using their online billpay it usually takes 2 days to post to the payee.

Iron Mike Sharpe

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Re: Paying mortgage and car loan to earn points
« Reply #13 on: April 16, 2015, 11:00:52 AM »
Cool.  I'll be in Memphis in a couple of weekends.  I'll get one of these cards when I'm down there.

purple monkey

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Re: Paying mortgage and car loan to earn points
« Reply #14 on: April 17, 2015, 04:49:36 PM »
Me too.   So far I've only paid my mortgage.  I have loaded up all my utilities into the bill pay option if I need to manufacture spend larger amounts.   I bought my Redbird off ebay.   I haven't had any trouble loading my Redbird with a couple different credit cards, and my local Target doesn't sell the prepaid Redcards.

I went to ebay and the cheapest ones I have seen to buy are $25.  The closest place to buy one is 100 miles away.

Any other MMM options.

TIA

surfhb

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Re: Paying mortgage and car loan to earn points
« Reply #15 on: April 17, 2015, 09:23:23 PM »
It shows up as a regular purchase - NOT as a cash advance.  I pay my mortgage this way every month (Prepaid REDcard).

Question for anyone that pays bills using the Redcard bill pay:

How long does it take for the payment to reach its destination after you initiate the bill pay transaction on Redcard bill pay function? 

Also, how long does it take for for the money to hit your checking account when you withdraw it from Redcard?  Trying to decide whether it is faster to pay bills from my bank account after withdrawing Redcard money or use their bill pay feature.

Thanks.  Just ordered a card off Ebay.

2 days for both.....or you can just immediately use it at an ATM

The check sent to my landlord takes 4 days

use the Bill Pay feature for sure

Mrkineticz

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Re: Paying mortgage and car loan to earn points
« Reply #16 on: April 18, 2015, 03:43:28 AM »
Im worried redbird wont last for too long since people are catching on doing this.
if you are from a state that doesnt have this just simply go to the customer service line and they can load it there.

charis

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Re: Paying mortgage and car loan to earn points
« Reply #17 on: April 18, 2015, 08:45:11 AM »
Im worried redbird wont last for too long since people are catching on doing this.
if you are from a state that doesnt have this just simply go to the customer service line and they can load it there.

I though you could load the card at the cash register?  In any state.  Is that not true?

Mrkineticz

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Re: Paying mortgage and car loan to earn points
« Reply #18 on: April 18, 2015, 12:42:12 PM »
I dont usually use the cash register. i cant verify that. I go to the service desk because they come across it more than the cash register. so no hassle