Regular payment with a credit card....how?
Discussion
As title, is there a way that to set up standing orders (to any account) on a credit card?
I was looking at the Amex Platinum credit card which gives you cash back (5% first 3 months, 1.5% thereafter). I thought it would be a good idea to put my fixed costs on the card (approx 2k pcm), paying it off in full each month to avoid interest charges, and getting as much "cash back" as possible. As I'm not spending anything more than I normally would, I'm effectivley getting free money.
Am I being too simplistic in my analysis of this? Seems like a no brainer if you can do it, so how do I do it?
Cheers
I was looking at the Amex Platinum credit card which gives you cash back (5% first 3 months, 1.5% thereafter). I thought it would be a good idea to put my fixed costs on the card (approx 2k pcm), paying it off in full each month to avoid interest charges, and getting as much "cash back" as possible. As I'm not spending anything more than I normally would, I'm effectivley getting free money.
Am I being too simplistic in my analysis of this? Seems like a no brainer if you can do it, so how do I do it?
Cheers
You mean setting up a regular payment to pay off the bill?
You can just set up a direct debit for the full amount - both of my CCs have this.
I can also transfer money to my CCs as if they're normal bank accounts using the card number etc., so I guess I could set up a regular recurring payment if I wanted to, but it's easier to use the direct debit.
You can just set up a direct debit for the full amount - both of my CCs have this.
I can also transfer money to my CCs as if they're normal bank accounts using the card number etc., so I guess I could set up a regular recurring payment if I wanted to, but it's easier to use the direct debit.
dvs_dave said:
No, I mean all my direct debits coming off the credit card so giving a relativley high monthly usage, so that I can claim the maximum cashback off it without having to actually spend any more money in real terms. If that makes sense?
Ah that's a bit more tricky. Not sure on that. If you find a way, you'll have to be careful that it doesn't get charged as a cash advance or similar.You could just make payments every month, phoning up the provider or using one of those pay point places. That's only going to work for bills etc though. Something like rent or a mortgage is going to be a no go.
You'll find for most utilities you'll lose the direct debit discount, which will negate your "cash back".
Plus if you forget to pay on time one month there's the risk of charges.
I'd just whang them all on direct debit to be honest.
You'll find for most utilities you'll lose the direct debit discount, which will negate your "cash back".
Plus if you forget to pay on time one month there's the risk of charges.
I'd just whang them all on direct debit to be honest.
Gassing Station | Finance | Top of Page | What's New | My Stuff