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The only utility that will allow me to pay via credit card is water. I pay with Discover to save the $0.44 stamp and the additional cash back. If I could pay all my utilities on credit card or cash I would just to save the stamp $$.
And no, I do not carry a card balance from month to month. If I ever found myself doing that I would cut up the card immediately. Don't have a debit card and never plan to either. I don't pay my bank any fees. They are lucky to have me as a customer and if they want to charge me for the privelege of my business I'll go elsewhere.
I have a Amex Card and want to know how will benefit paying my Comcast with my Credit Card?
The benefit is that it you set it up so they automatically charge it every month, you never have to worry about when it is due. You could also do this auto-pay by giving them your bank account but I do not trust them that much.
Then of course there is the cash back.
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Originally Posted by revelated
You're essentially asking, "Why do you rob Peter to pay Paul?" and your question would be valid - it's foolhardy to do, IMO. Most won't understand the problem. Unless you're earning like 50% rewards (which nobody is), it's not practical.
HOWEVER...I use my MasterCard debit card to pay it. That way it's coming out of money I would have used to pay them anyway, but I also get points on the purchase. Smartest thing to do. Full-on credit card is just asking for additional debt and trouble.
You are so clueless. I have a cc that gives me 2% and deposits the money into my investment account every month. So if my utility bill were to be $100 per month, at the end of the year I would have $24 more than if I had sent a check for an expense that I have to pay for anyway.
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Originally Posted by revelated
Suppose you pay utility bills today on a credit card. Something happens - you become disabled, lose your job, etc. You now have a debt to pay. Maybe you have some nest egg stored, that's fine. But you're still effectively robbing Peter to pay Paul.
That is what an emergency fund is for and everyone should have a 9mo EF in this economy.
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Originally Posted by revelated
Whereas if you use a Visa/Mastercard debit card that happens to have rewards, you're paying with money you have already - money that you have a chance to budget against. If something were to happen, you don't care, because you have no debt.
Just my opinion - the better way of handling it. I've never paid a bill with a credit card and never will. It's essentially financing debt.
Well you should only use a cc to pay for things that you can afford. If you do not have the money you shouldn't spend it regardless of how you make the payment.
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Originally Posted by TVandSportsGuy
I was thinking of having my smallet two bills paid by my AMex which totals to about $60 and just pay the bigger bills like cable and phone with my Visa Debit
Use your Amex for all of them. The key is as soon as the cc bill arrives pay it full. If you do not have the self-control to do that the you shouldn't have any cc's.
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Originally Posted by revelated
A credit card charge is a debt the moment you charge it. Interest accrues immediately.
I don't know where you get the information but it is wrong. I never pay any interest and I use cc for everything. I charge gas, utilities, groceries, dinning out, pre-school, gymnastics, etc... When I get the statement at the end of the month I think of it as I would any bill and I pay it in full.
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Originally Posted by revelated
I'm not saying you can't pay with a credit card - simply that it's foolish compared to a debit card that has the same types of benefits and rewards.
Please do tell me what the wonderful benefits of using a debit card are. I've never used one so I do not know.
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Originally Posted by revelated
Look, the fact remains: If you're budget conscious, you will not be floating money on credit cards.
Who says anything about floating money on cc's. I have money in the bank to pay for at least 10 times what my current balance is at any given time. It is called saving. Again cc's are a tool, nothing more nothing less.
I know this is a dmb question but from the money you get back from Amex that can't be transferred to my bank account right? Kind of like when I receive a payment on paypal and transfer it to my account?
My Amex sends me a check that I have to use at Costco, since it's a Costco Amex. It's no problem to do that. In fact, I think you can simply cash it there.
My B of A Visa card (with the King Arthur Flour logo, because it's the best flour in the world!) will send me a check that I can deposit into my account when I have enough points to cash in. Or it will send me stuff of some sort.
I get well over a hundred bucks a year from Costco, and about 500 a year from my Visa.
The benefit is that it you set it up so they automatically charge it every month, you never have to worry about when it is due.
I'm almost positive I tried to set this up with Comcast and either they don't do it or they charge a fee. So I just call in once a month and pay by credit card using the Comcast Speedpay phone gizmo. If they do it, I would sign up for auto cc payment like most of my other bills but for some reason I couldn't do it. Maybe Comcast policies differ by region???
But why Credit? That balance is still in existence correct?
No the company you owe agrees to take a per centage less for the credit card company to pay them immediately. Then the credit card company bills you in a month. Its a free loan with no interest if you pay it when due. It allows you to pay all those bills with one check and often earn rewards such as air miles or even cashback.
I have a 55 day interest free card, combined with a offset loan on the mortgage, (calculated daily). At the end of the 55 day period I pay the card off entirely (have never incurred interest)
A credit card charge is a debt the moment you charge it. Interest accrues immediately.
I stopped reading after I read this. Someone with such a poor knowledge of personal finance basics should not be giving advice to anyone. With most credit cards, the bottom line is this: if you pay your balance in full by the due date, you don't pay a dime in interest.
Access to credit is just like any other privilege in society. You have to use it responsibly.
I'm almost positive I tried to set this up with Comcast and either they don't do it or they charge a fee. So I just call in once a month and pay by credit card using the Comcast Speedpay phone gizmo. If they do it, I would sign up for auto cc payment like most of my other bills but for some reason I couldn't do it. Maybe Comcast policies differ by region???
Oh sorry, I do not have Comcast. My trash bill is like that, I have to pay it on their website. Still better than mailing a check.
I pay telephone and electric by automatic charges to my credit card plus almost every purchase I make. Lets me write fewer checks plus I get cash back. Saves on stamps and I know exactly where I am as far as income vs outgo. I pay the credit card in full every month.
PG&E let me do it for a while, then discontinued the "trial." Cheapskates.
Amica insurance co doesn't allow it.
I do pay my cell phone with a CC, but it's a prepaid plan so it's an intermittent thing, typically twice a year.
And I have my home phone paid automatically by my Amex.
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