Author Topic: Way to actually pay mortgage with credit card  (Read 44409 times)

Stache In Training

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Way to actually pay mortgage with credit card
« on: February 04, 2015, 09:59:05 PM »
http://www.frugaltravelguy.com/2015/02/how-can-i-pay-my-mortgage-using-a-credit-card.html

So this guy claims the Target prepaid REDcard lets you pay your mortgage by using as an intermediary.  Does this work? Has anyone used this?

JLee

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Re: Way to actually pay mortgage with credit card
« Reply #1 on: February 04, 2015, 10:16:00 PM »
If I could do that, I could meet my $4k spending for my Chase Sapphire card now that the trip I was planning on using to do that was canceled...

madage

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Re: Way to actually pay mortgage with credit card
« Reply #2 on: February 05, 2015, 06:43:36 AM »
http://www.frugaltravelguy.com/2015/02/how-can-i-pay-my-mortgage-using-a-credit-card.html

So this guy claims the Target prepaid REDcard lets you pay your mortgage by using as an intermediary.  Does this work? Has anyone used this?

You can (currently) load the prepaid REDcard with a credit card at Target (no fee) and use the billpay function to submit just about any type of payment you want. The catch is the prepaid REDcard is not available everywhere.

You can do the same thing with Serve and/or Bluebird, but those are a little tougher and more expensive to load with a credit card.

johnny847

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Re: Way to actually pay mortgage with credit card
« Reply #3 on: February 05, 2015, 09:12:34 AM »
http://www.frugaltravelguy.com/2015/02/how-can-i-pay-my-mortgage-using-a-credit-card.html

So this guy claims the Target prepaid REDcard lets you pay your mortgage by using as an intermediary.  Does this work? Has anyone used this?

You can (currently) load the prepaid REDcard with a credit card at Target (no fee) and use the billpay function to submit just about any type of payment you want. The catch is the prepaid REDcard is not available everywhere.

You can do the same thing with Serve and/or Bluebird, but those are a little tougher and more expensive to load with a credit card.
Emphasis mine.

This is sort of true. Some credit cards are charged a cash advance fee. Other cards are not, and incur zero fees.
For an ongoing thread on which ones are being charged a cash advance fee, check out this thread on flyertalk: http://www.flyertalk.com/forum/manufactured-spending/1644834-serve-another-paypal-amazon-payments-2015-a-23.html

madage

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Re: Way to actually pay mortgage with credit card
« Reply #4 on: February 05, 2015, 09:45:02 AM »

You can (currently) load the prepaid REDcard with a credit card at Target (no fee) and use the billpay function to submit just about any type of payment you want. The catch is the prepaid REDcard is not available everywhere.

You can do the same thing with Serve and/or Bluebird, but those are a little tougher and more expensive to load with a credit card.
Emphasis mine.

This is sort of true. Some credit cards are charged a cash advance fee. Other cards are not, and incur zero fees.
For an ongoing thread on which ones are being charged a cash advance fee, check out this thread on flyertalk: http://www.flyertalk.com/forum/manufactured-spending/1644834-serve-another-paypal-amazon-payments-2015-a-23.html

That wasn't quite what I was talking about. Yes, you can load $1,000 per month to Serve online using a credit card, but there are other ways involving gift cards that do not risk cash advance fees.

CptCool

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Re: Way to actually pay mortgage with credit card
« Reply #5 on: February 05, 2015, 10:08:31 AM »
Another option is Evolve money, but that currently only accepts Discover and not all mortgage servicing is included in their bill pay system

johnny847

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Re: Way to actually pay mortgage with credit card
« Reply #6 on: February 05, 2015, 11:24:35 AM »
Another option is Evolve money, but that currently only accepts Discover and not all mortgage servicing is included in their bill pay system
This very recently changed. They accept Visa and Mastercard now, but all credit card transactions incur a 3% fee, so it's useless unless that's the only way you can meet a minimum spend requirement

Ramparts

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Re: Way to actually pay mortgage with credit card
« Reply #7 on: February 05, 2015, 12:23:25 PM »
I guess I am one of the lucky ones, since my mortgage company lets me pay by credit card (for free!) if I use their automated phone system. It's nice to get 2% of my payment back :)

Of course, the only reason I went to their phone system in the first place was because they wanted to charge me $2.50 for the pleasure of using their online payment system. So, it may be worth going through your servicer's automated phone system just to see what options are buried in there.

FarmerPete

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Re: Way to actually pay mortgage with credit card
« Reply #8 on: February 05, 2015, 02:28:39 PM »
My mortgage is just under $1k a month, so I can pay it off completely with my Serve card credit card transfers.  I have 5 automatic $200 transfers every month going from my CC to Server.  I then log in any make the bill pay once a month.  Makes me a few bucks, and it is painless now that I have the auto transfers.

Stache In Training

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Re: Way to actually pay mortgage with credit card
« Reply #9 on: February 05, 2015, 06:50:27 PM »
Cool, glad to hear some people are having luck with this.  The closest REDCard Target is about an hour away, but I'm already going there next week, so I may have to check this out.

So you can load the card at any target, what about load it online via your credit card?

Terrestrial

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Re: Way to actually pay mortgage with credit card
« Reply #10 on: February 05, 2015, 08:13:39 PM »
Well done OP for sharing this info.  I see I can get the prepaid red card at the target a half mile from my house.

I have been trying to find a way to pay my mortgage and some other bills for a while with no fees that kill the advantage, this appears to be it!

Hello 2 or 3 more free flights year...sweet!

Cycler

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Re: Way to actually pay mortgage with credit card
« Reply #11 on: February 05, 2015, 08:24:22 PM »
Wow! Thanks OP! First I've heard of this strategy and I wonder how long it will last, but certainly makes me wish there was a Target carrying them near me. Unfortunately, the closest is a 4 hour drive!

mxt0133

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Re: Way to actually pay mortgage with credit card
« Reply #12 on: February 05, 2015, 09:18:11 PM »
Does anyone know what Target in the Bay Area actually has them?

Cycler

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Re: Way to actually pay mortgage with credit card
« Reply #13 on: February 05, 2015, 09:41:50 PM »
Does anyone know what Target in the Bay Area actually has them?

There are none in California that have them at all. Here's the link to check states where they do have them (it's pretty limited): https://amex.serve.com/prepaidredcard/?ref=sr_shorturl_prepaidredcard#store-locator

mxt0133

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Re: Way to actually pay mortgage with credit card
« Reply #14 on: February 05, 2015, 10:04:03 PM »
Does anyone know what Target in the Bay Area actually has them?

There are none in California that have them at all. Here's the link to check states where they do have them (it's pretty limited): https://amex.serve.com/prepaidredcard/?ref=sr_shorturl_prepaidredcard#store-locator

Thanks.

So what can we use for people in Cali?  Serve or BlueBird?

Returnoftheyeti

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Re: Way to actually pay mortgage with credit card
« Reply #15 on: February 05, 2015, 11:41:09 PM »
I had my RedBird shipped in from Michigan. There are a few reports of the cards down in SoCal. I load 1k at a time at Metreon and Tanforan Target.  Have not seen the red card for sale there. But I keep looking.

michaelrecycles

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Re: Way to actually pay mortgage with credit card
« Reply #16 on: February 05, 2015, 11:56:32 PM »

You can (currently) load the prepaid REDcard with a credit card at Target (no fee) and use the billpay function to submit just about any type of payment you want. The catch is the prepaid REDcard is not available everywhere.

You can do the same thing with Serve and/or Bluebird, but those are a little tougher and more expensive to load with a credit card.
Emphasis mine.

This is sort of true. Some credit cards are charged a cash advance fee. Other cards are not, and incur zero fees.
For an ongoing thread on which ones are being charged a cash advance fee, check out this thread on flyertalk: http://www.flyertalk.com/forum/manufactured-spending/1644834-serve-another-paypal-amazon-payments-2015-a-23.html

That wasn't quite what I was talking about. Yes, you can load $1,000 per month to Serve online using a credit card, but there are other ways involving gift cards that do not risk cash advance fees.

Would it be possible to load Serve with credit card A (a non-cash advance fee card, of course) and then send a payment to reduce the balance on credit card B?

mxt0133

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Re: Way to actually pay mortgage with credit card
« Reply #17 on: February 06, 2015, 12:54:26 AM »
I had my RedBird shipped in from Michigan. There are a few reports of the cards down in SoCal. I load 1k at a time at Metreon and Tanforan Target.  Have not seen the red card for sale there. But I keep looking.

May I ask how you did that?

johnny847

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Re: Way to actually pay mortgage with credit card
« Reply #18 on: February 06, 2015, 06:34:10 AM »

You can (currently) load the prepaid REDcard with a credit card at Target (no fee) and use the billpay function to submit just about any type of payment you want. The catch is the prepaid REDcard is not available everywhere.

You can do the same thing with Serve and/or Bluebird, but those are a little tougher and more expensive to load with a credit card.
Emphasis mine.

This is sort of true. Some credit cards are charged a cash advance fee. Other cards are not, and incur zero fees.
For an ongoing thread on which ones are being charged a cash advance fee, check out this thread on flyertalk: http://www.flyertalk.com/forum/manufactured-spending/1644834-serve-another-paypal-amazon-payments-2015-a-23.html

That wasn't quite what I was talking about. Yes, you can load $1,000 per month to Serve online using a credit card, but there are other ways involving gift cards that do not risk cash advance fees.

Would it be possible to load Serve with credit card A (a non-cash advance fee card, of course) and then send a payment to reduce the balance on credit card B?
Absolutely. I do this all the time

Scandium

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Re: Way to actually pay mortgage with credit card
« Reply #19 on: February 06, 2015, 07:31:51 AM »
eh, so how do you get from credit card to the RedCard? On the target site it says:

Quote
Once you register your Card, you can continue to add money using Direct Deposit, linking a debit card or bank account, or by adding cash for free at any U.S. Target store.

No mention of credit cards.
And the link in the OP explain this in a video, not in the text. That's some lame view-bait BS. Just write it out already!

Nothlit

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Re: Way to actually pay mortgage with credit card
« Reply #20 on: February 06, 2015, 07:39:18 AM »
The "or by adding cash for free at any U.S. Target store" includes debit or credit cards. (For now.)

Scandium

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Re: Way to actually pay mortgage with credit card
« Reply #21 on: February 06, 2015, 07:47:36 AM »
The "or by adding cash for free at any U.S. Target store" includes debit or credit cards. (For now.)

well that's inaccurate, but ok. Sounds like it's not really policy, but store staff still do it. So a chance it might get shut down. Loyal3 blocked credit cards two months after I used it to cycle $2000, so this will probably be shut down a week after I start using it.. :)

The points earning potential here is less than $200/year so not sure I'd bother to use it for that, but to get sign up bonuses it might be worth it.

johnny847

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Re: Way to actually pay mortgage with credit card
« Reply #22 on: February 06, 2015, 08:06:30 AM »
The "or by adding cash for free at any U.S. Target store" includes debit or credit cards. (For now.)

well that's inaccurate, but ok. Sounds like it's not really policy, but store staff still do it. So a chance it might get shut down. Loyal3 blocked credit cards two months after I used it to cycle $2000, so this will probably be shut down a week after I start using it.. :)

The points earning potential here is less than $200/year so not sure I'd bother to use it for that, but to get sign up bonuses it might be worth it.
There have been multiple blog posts from numerous bloggers attesting to the fact that this is allowed. If it wasn't policy, then the Target terminals simply wouldn't allow for credit card loads.
There is a decent chance that this will get shut down when the card becomes available nationwide. However, this is run by Amex, who also runs the Amex Serve, and has been absorbing merchant fees for online credit card loads for months (for those credit cards that don't code the transaction as a cash advance).

Returnoftheyeti

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Re: Way to actually pay mortgage with credit card
« Reply #23 on: February 06, 2015, 08:24:03 AM »
I had my RedBird shipped in from Michigan. There are a few reports of the cards down in SoCal. I load 1k at a time at Metreon and Tanforan Target.  Have not seen the red card for sale there. But I keep looking.

May I ask how you did that?

Family lives in Michigan. Had them go buy a card for me and mail it out.

Mother Fussbudget

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Re: Way to actually pay mortgage with credit card
« Reply #24 on: February 06, 2015, 05:35:07 PM »
OP:  I did exactly this with my Target prepaid REDcard for the first time this month.  There are no fees, and the 'bill-pay' option is the thing you use to pay your mortgage.... or send a check to yourself to be deposited into your checking account.

I've been following the "REDbird / REDcard" discussion on FrequentMiler.com, and have had lots of success.  Best of luck!

Practical Magic

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Re: Way to actually pay mortgage with credit card
« Reply #25 on: February 06, 2015, 07:54:36 PM »
OP:  I did exactly this with my Target prepaid REDcard for the first time this month.  There are no fees, and the 'bill-pay' option is the thing you use to pay your mortgage.... or send a check to yourself to be deposited into your checking account.

I've been following the "REDbird / REDcard" discussion on FrequentMiler.com, and have had lots of success.  Best of luck!

You were able to do this in the PNW? I noticed the RedCard isn't offered at Target in WA...does that mean you do it all online (apply for the RedCard and later load it with another CC), and never go into a store? That would be cool.


nanu

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Re: Way to actually pay mortgage with credit card
« Reply #26 on: February 09, 2015, 02:03:53 PM »
Posting to follow. I might try a friend from Ohio to get me a card and mail it to me as well (nearby Target don't have RedCard)

milesdividendmd

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Re: Way to actually pay mortgage with credit card
« Reply #27 on: February 09, 2015, 02:14:05 PM »
There are many ways to pay for your mortgage via credit card.

The target red card is one (it is the only one that allows for direct swipe reloads of credit cards.)

Evilvemoney  can still be used using Visa gift cards as debit cards or reloadit cards. (0.5 to 1% activation fee).

If you're interested in learning the specifics of these techniques than I will once again plug the free travel hacking course that Brad from Richmond savers and I are running.

http://www.travelmiles101.com/miles-for-mustachians-registration

This course was designed for Mustachians by mustachians and is meant to give enrollees all of the skills they need to kill it in travel hacking.

It certainly covers manufactured spending in all of its glory. And these skills are very useful to prospective early retirees, even those who don't wish to travel.


Blonde Lawyer

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Re: Way to actually pay mortgage with credit card
« Reply #28 on: February 10, 2015, 09:20:47 AM »
Has anyone had their CC charge a cash advance fee for loading the Target Red Card? That would be my big concern.

nanu

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Re: Way to actually pay mortgage with credit card
« Reply #29 on: February 10, 2015, 09:26:20 AM »
Because it uses the same platform as AmEx Serve, I would guess that credit cards that charge cash advance fees for that will charge the fee for this as well (however, this is a guess).
You can look at these posts for which cards people said charged/didn't charge the fee when using Serve:
http://www.flyertalk.com/forum/manufactured-spending/1644834-serve-another-paypal-amazon-payments-2015-a-23.html
http://www.flyertalk.com/forum/manufactured-spending/1617380-chase-may-coding-amex-serve-cash-advance-not-confirmed.html
http://www.reddit.com/r/churning/comments/2itvb9/data_amex_serve_cash_advance_confirmations/

madage

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Re: Way to actually pay mortgage with credit card
« Reply #30 on: February 10, 2015, 09:28:51 AM »
Because it uses the same platform as AmEx Serve, I would guess that credit cards that charge cash advance fees for that will charge the fee for this as well (however, this is a guess).
You can look at these posts for which cards people said charged/didn't charge the fee when using Serve:
http://www.flyertalk.com/forum/manufactured-spending/1644834-serve-another-paypal-amazon-payments-2015-a-23.html
http://www.flyertalk.com/forum/manufactured-spending/1617380-chase-may-coding-amex-serve-cash-advance-not-confirmed.html
http://www.reddit.com/r/churning/comments/2itvb9/data_amex_serve_cash_advance_confirmations/

That advice doesn't apply to the Prepaid RedCard. You can only load RedCard online using a debit card, not credit card. The credit card loads are done in store, at a register, and always code as a purchase.

nanu

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Re: Way to actually pay mortgage with credit card
« Reply #31 on: February 10, 2015, 09:49:35 AM »
Good to know, thank you (that's why I said it's a guess...)

milesdividendmd

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Re: Way to actually pay mortgage with credit card
« Reply #32 on: February 10, 2015, 04:34:50 PM »
It is always a good idea to set your cash advance limit to zero when you activate your credit  card anyway This essentially eliminates the chance of you're being charged a cash advance fee for manufactured spending.

johnny847

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Re: Way to actually pay mortgage with credit card
« Reply #33 on: February 10, 2015, 06:34:42 PM »
It is always a good idea to set your cash advance limit to zero when you activate your credit  card anyway This essentially eliminates the chance of you're being charged a cash advance fee for manufactured spending.
According to numerous reports on the flyertalk thread, if you do this with Chase credit cards, this will prevent you from loading the Amex Serve - the transaction initially codes as a cash advance but posts as a purchase.

milesdividendmd

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Re: Way to actually pay mortgage with credit card
« Reply #34 on: February 10, 2015, 06:54:14 PM »
I've seen the reports and have successfully loaded my soft serve with my chase SWA without incident, though admittedly not for the past several months.

It's sort of irrrelevant for loading up red card though as I have seen no reports of any such issues with that product.

Either way as someone who manufactures thousands of dollars of spend a month, I prefer to miss out on a couple specific cards for a couple different manufactured spending procedures then to worry about getting charged a cash advance.

johnny847

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Re: Way to actually pay mortgage with credit card
« Reply #35 on: February 10, 2015, 06:59:29 PM »
I've seen the reports and have successfully loaded my soft serve with my chase SWA without incident, though admittedly not for the past several months.

It's sort of irrrelevant for loading up red card though as I have seen no reports of any such issues with that product.

Either way as someone who manufactures thousands of dollars of spend a month, I prefer to miss out on a couple specific cards for a couple different manufactured spending procedures then to worry about getting charged a cash advance.
That's great. I posted that not necessarily for your sake, but for anybody else reading this thread.

milesdividendmd

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Re: Way to actually pay mortgage with credit card
« Reply #36 on: February 10, 2015, 11:51:09 PM »

I've seen the reports and have successfully loaded my soft serve with my chase SWA without incident, though admittedly not for the past several months.

It's sort of irrrelevant for loading up red card though as I have seen no reports of any such issues with that product.

Either way as someone who manufactures thousands of dollars of spend a month, I prefer to miss out on a couple specific cards for a couple different manufactured spending procedures then to worry about getting charged a cash advance.
That's great. I posted that not necessarily for your sake, but for anybody else reading this thread.

And I'm glad you did. It was an important point you raised.



Secretly Saving

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Re: Way to actually pay mortgage with credit card
« Reply #37 on: February 11, 2015, 01:12:40 PM »
Got a redcard while out of town last week.  Waiting for the real thing in the mail and then will be trying this out.  We get a decent amount back and have a 50% or 75% multiplier (depending on the month) on our 1%, 2%, 3% purchases, so this could add up quickly for us! 

Stache In Training

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Re: Way to actually pay mortgage with credit card
« Reply #38 on: February 13, 2015, 09:18:11 PM »
Awesome, Secretly Saving.  Let us know how it works!

Secretly Saving

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Re: Way to actually pay mortgage with credit card
« Reply #39 on: February 14, 2015, 07:27:44 PM »
I promised I'd come back and update once the card arrived...

Spent some time at the store today and had an entertaining few minutes. 

Background:
- got the temp prepaid while out of town
- local store does NOT have the cards for sale, but they are for sale in my state
- got temp card registered, got real card in mail. got it registered

Went directly to customer service. Asked to put $1500 on the card.  Swiped and the register read an error message "amount to small."  Ok, I said, up it to $2500 (knowing that was the daily limit.) Nope, still no go.   

Got the floor manager, who was intrigued and tried it at 1500, 2000, and 2500 -- no go. They even called the help hotline for register issues and there wasn't even an option for the prepaid card that they could select...

 Got the store manager on duty to come out - had never heard of the prepaid.  Watched the situation and shook head.  They left to do some research.

I suggested trying a really low number and ironically, that worked.  In fact, it worked up to 1000.  Tried to put another $1000 on the card, but got a declined message.  They assumed it was on my end, but I knew it wasn't.  I even called the bank to confirm and yep, it was on the store's end. 

After determining that loading any more was futile for today, I left agreeing with the 1st manager that I would come back tomorrow and we'd try again. 

I did however, spend a few dollars and used the prepaid and confirmed the 5% back!

I'll keep you posted.



« Last Edit: February 14, 2015, 07:29:30 PM by Secretly Saving »

redbirdfan

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Re: Way to actually pay mortgage with credit card
« Reply #40 on: February 14, 2015, 07:56:35 PM »
Try loading $1k - get the receipt, then another $1k - get the receipt,  then $500 - get the receipt.  Each interim receipt should show you the balance on the Red Card.  That has worked for me every time.  Make sure you receive fraud alerts by text for whichever card you use.  That way you can clear the purchase if you run afoul of the bank's fraud detection system.  You can load the card at any Target (meaning the Target does not have to sell the prepaid Red Card to be loaded at that store).  Try to start off slowly to not arouse suspicion. Load $1k, walk around the store for a while and then continue.   Even though you are using it for perfectly legal reasons, you are still using a product that is not very well known and in 3 minutes you are loading amounts that may exceed the respective employee's monthly income.  Try not to attract more attention than necessary.

For all similar products, I strongly recommend reviewing post on the Flyer Talk wiki page for the product so you don't run afoul of unsuccessful methods that have already been vetted.  Good luck!  (Note: As a practical matter I don't think it makes much difference whether you use the bill pay feature to pay your mortgage/rent or to just pay off the credit card bill). 

milesdividendmd

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Re: Way to actually pay mortgage with credit card
« Reply #41 on: February 14, 2015, 11:06:09 PM »
Yes you can not load more than $1000 per swipe, by all accounts.

Here is a really nice review of the ins and outs of Redcard:

http://dealswelike.boardingarea.com/2015/02/09/target-redcard/

Secretly Saving

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Re: Way to actually pay mortgage with credit card
« Reply #42 on: February 15, 2015, 07:10:23 AM »
$1,000 per load, but $2500 per day.  Interesting.  Even with this, it wouldn't let me load another $1000 after getting the first receipt.  Maybe I did it in too close of a time period?    I'll try a load, then shop, then try again today and see if that helps. 

Wondering, can any register load the card?

Stache In Training

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Re: Way to actually pay mortgage with credit card
« Reply #43 on: February 16, 2015, 11:10:01 PM »
So there aren't any Target's in my town, but there is a Walmart, that sells the Bluebird Card.  It has the same fine print of can only load with a debit card or cash that the RedCard has.  So does anyone know if the Bluebird card works the same?  The link above from deals we like says you can't have a bluebird if you have a redcar, or vise versa, so I assume they work exactly the same.  Anyone know?

arebelspy

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Re: Way to actually pay mortgage with credit card
« Reply #44 on: February 17, 2015, 11:22:22 AM »
So there aren't any Target's in my town, but there is a Walmart, that sells the Bluebird Card.  It has the same fine print of can only load with a debit card or cash that the RedCard has.  So does anyone know if the Bluebird card works the same?  The link above from deals we like says you can't have a bluebird if you have a redcar, or vise versa, so I assume they work exactly the same.  Anyone know?

They do not work the same, no.
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milesdividendmd

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Re: Way to actually pay mortgage with credit card
« Reply #45 on: February 19, 2015, 12:50:08 AM »
You cannot directly load with a credit card with bluebird. But you can load with pin enabled non vanilla brand visa gift cards.

Stache In Training

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Re: Way to actually pay mortgage with credit card
« Reply #46 on: March 07, 2015, 11:09:59 PM »
so secretly saving, now that you've had it for a while, everything working right? you were technically able to pay your mortgage with a credit via the redcard?

surfhb

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Re: Way to actually pay mortgage with credit card
« Reply #47 on: March 08, 2015, 01:31:50 AM »
What a crock of shit.....nothing in California?   

Anyone want to pick one up for me?  :)

ChaseJuggler

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Re: Way to actually pay mortgage with credit card
« Reply #48 on: March 08, 2015, 05:14:03 AM »
Thanks so much for this tip. I am now getting $20 in free cash on every mortgage payment! (city double card)

Secretly Saving

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Re: Way to actually pay mortgage with credit card
« Reply #49 on: March 08, 2015, 07:26:43 AM »
Yes, Stache in Training.  It's been working just fine.  I've paid multiple bills with it and earned 5% back whenever I've gone to Target!  Yay!