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Old 07-08-2012, 09:36 AM
 
Location: The Triad (NC)
31,413 posts, read 70,056,849 times
Reputation: 37510

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Quote:
Originally Posted by jkcoop View Post
Is "shifting money back and forth" really such a problematic task?
For you or me or the others pooh-poohing the idea? I'd hope not.
But we aren't who the suggestion was made to/for.

The suggestion was someone who wanted a very simple means to keep their expense budget
money apart from their main/other savings.. and preferred something slightly more modern
than envelopes with $10's and $20's like our grandmothers might have used to do it.

As to the credit balances in CC accounts...
Maybe if the amount is especially greater than X% of the credit limit? Dunno
I don't make a habit of this but I've never had a CC object to having extra cash there.
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Old 07-08-2012, 10:36 AM
 
86,202 posts, read 83,742,387 times
Reputation: 61964
my chase card wont allow a payment more than you owe. i just tried it
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Old 07-08-2012, 02:21 PM
 
Location: S.W.PA
1,361 posts, read 2,656,091 times
Reputation: 1044
Quote:
Originally Posted by dmills View Post
Why not just put the money in the bank and pay the card off each month as needed? What is the. Enefit of stashing the money on the CC? Maybe there is something I am not understanding.
Just to clarify for everyone- its not me that is contemplating this. I am trying to understand a family member's credit card habits. My thought was there might be some advantage such as keeping the money invisible to certain levels of inquiry, sort of like putting cash in a mattress.
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Old 07-08-2012, 02:23 PM
 
Location: S.W.PA
1,361 posts, read 2,656,091 times
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Quote:
Originally Posted by mathjak107 View Post
im not sure what happens to a credit card balance credit if your card provider goes under.

there is no fdic here
But usually a credit card is issued by a bank that is fdic insured. Otherwise yes- it would be a big concern.

Last edited by stevo6; 07-08-2012 at 02:50 PM..
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Old 07-08-2012, 02:26 PM
 
Location: S.W.PA
1,361 posts, read 2,656,091 times
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Quote:
Originally Posted by duster1979 View Post
Not generally. They usually won't carry a credit balance of any size for very long before they send a refund check. Plus, they won't accept payments if you already have a credit balance so the only way to build it up is to return stuff that you have purchased on the card.

My question is, why in God's name would you even want to do this? They won't pay any interest, and the money isn't very accessible; as has been mentioned, you would only be able to use the money conveniently for purchasing things where they accept the card, and if you do need cash you'll have to pay an ATM fee plus a cash advance fee.
See my post above.
Yes I can see the problem of getting the money out. Good point.
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Old 07-08-2012, 04:33 PM
 
Location: Table Rock Lake
971 posts, read 1,281,811 times
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Quote:
Originally Posted by stevo6 View Post
Just to clarify for everyone- its not me that is contemplating this. I am trying to understand a family member's credit card habits. My thought was there might be some advantage such as keeping the money invisible to certain levels of inquiry, sort of like putting cash in a mattress.
I can see an advantage of having a balance in the cc company in case you were on the road or vacation an not being able to pay a current bill to stave of having to pay a "late pay".
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Old 07-08-2012, 04:39 PM
 
Location: S.W.PA
1,361 posts, read 2,656,091 times
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I did a little research on the Discover Card site. They have a "Cash to Checking" option in which they will shuttle money from your credit card to a checking account at an approved bank. I sent an e-mail inquiry about the details as there were few on the web site.
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Old 07-09-2012, 06:32 AM
 
Location: Keosauqua, Iowa
9,270 posts, read 18,306,979 times
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Quote:
Originally Posted by stevo6 View Post
I did a little research on the Discover Card site. They have a "Cash to Checking" option in which they will shuttle money from your credit card to a checking account at an approved bank. I sent an e-mail inquiry about the details as there were few on the web site.
This program allows you to transfer a cash advance to your checking account rather than taking cash from an ATM. Cash advance fees apply. Discover won't let you carry a credit balance.

Why doesn't the family member just park the money on a prepaid debit card?
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Old 07-09-2012, 08:01 AM
 
Location: Sierra Vista, AZ
16,658 posts, read 22,064,100 times
Reputation: 8930
Quote:
Originally Posted by mathjak107 View Post
my chase card wont allow a payment more than you owe. i just tried it
I have a Chase Card and always keep a credit balance. I wonder what makes yours different than mine
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Old 07-09-2012, 08:37 AM
 
Location: Apple Valley Calif
7,474 posts, read 21,251,855 times
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I can't think of a worse way to start off the week than agreeing with Boompa, but I have no choice.
I overpay my CC every month. If I get a bill for $300, I'll pay $500 so I get a running start. If I plan a trip and expect to use the CC a lot, I'll pay an extra amount ahead so the balance isn't so ugly when I return home.
Banks don't care how much you send them, they take the money..! That being said, using it for a saving account serves no purpose. With on line banking you can have as many accounts as you wish to set up, and move the money all around when needed, without leaving the keyboard...
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