how do i pay a bill with a credit card account from quicken 2018 for windows

George7
George7 Member
I want to routinely pay my mortgage with a credit card. Credit card exists as account in Quicken, have previously used regular checking account via quicken to pay it. 
Can i send an online payment from the CC account? or do i have to do it manually with the mortgage company then just enter a transaction, or accept a downloaded CC transaction later?

Comments

  • Arctic Hare (H&B 2019 Canadian)
    Arctic Hare (H&B 2019 Canadian) SuperUser ✭✭✭✭
    edited December 2018
    I think that what you are proposing to do is not even legal in Canada. Is it permitted in the USA? Using a short term loan vehicle (credit card) to make payments against a long term, asset backed loan... I can't imagine how/why any financial institution would allow that. Parties that receive CC payments pay a service fee for each transaction... that would factor into the cost of the mortgage.

    Evidently, if this were/is permitted, it would be a great mechanism to rack up points or cash back on the CC. If you pull this off, please share details; I'd love to rack up the cash back benefits!
  • Robert Armani
    Robert Armani Member ✭✭✭
    edited May 2018
    I don't think credit cards have the online pay option like the checking accounts do.
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited May 2020

    I think that what you are proposing to do is not even legal in Canada. Is it permitted in the USA? Using a short term loan vehicle (credit card) to make payments against a long term, asset backed loan... I can't imagine how/why any financial institution would allow that. Parties that receive CC payments pay a service fee for each transaction... that would factor into the cost of the mortgage.

    Evidently, if this were/is permitted, it would be a great mechanism to rack up points or cash back on the CC. If you pull this off, please share details; I'd love to rack up the cash back benefits!

    Interesting question.


    https://www.nerdwallet.com/blog/credi...
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • Arctic Hare (H&B 2019 Canadian)
    Arctic Hare (H&B 2019 Canadian) SuperUser ✭✭✭✭
    edited May 2020

    I think that what you are proposing to do is not even legal in Canada. Is it permitted in the USA? Using a short term loan vehicle (credit card) to make payments against a long term, asset backed loan... I can't imagine how/why any financial institution would allow that. Parties that receive CC payments pay a service fee for each transaction... that would factor into the cost of the mortgage.

    Evidently, if this were/is permitted, it would be a great mechanism to rack up points or cash back on the CC. If you pull this off, please share details; I'd love to rack up the cash back benefits!

    Thanks mshiggins. That's a well thought out and well written article... from which, the take away for me is that, even if you can orchestrate payment of a mortgage by credit card, it is probably not in one's best interest to do so.
  • mshiggins
    mshiggins SuperUser ✭✭✭✭✭
    edited May 2020

    I think that what you are proposing to do is not even legal in Canada. Is it permitted in the USA? Using a short term loan vehicle (credit card) to make payments against a long term, asset backed loan... I can't imagine how/why any financial institution would allow that. Parties that receive CC payments pay a service fee for each transaction... that would factor into the cost of the mortgage.

    Evidently, if this were/is permitted, it would be a great mechanism to rack up points or cash back on the CC. If you pull this off, please share details; I'd love to rack up the cash back benefits!

    Exactly.
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited October 2018
    George,
    I've set up the mortgage payment to be debited by the mortgage company directly from my checking account every month. You should be able to do so yourself from the mortgage company's website and select the appropriate payment options.
    That would take away the problem of having to remember to make the mortgage payment manually every month ... provided, of course, that you maintain a sufficient checking account balance.
     
    Even if it were possible to pay your mortgage with a credit card, you would most likely incur a hefty Cash Advance fee. And you'd incur credit card interest charges on top of it. So the cost of your 4% mortgage interest rate suddenly skyrockets to 20 - 25% ... yikes! So I advise against even thinking of doing so.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited May 2020

    George,
    I've set up the mortgage payment to be debited by the mortgage company directly from my checking account every month. You should be able to do so yourself from the mortgage company's website and select the appropriate payment options.
    That would take away the problem of having to remember to make the mortgage payment manually every month ... provided, of course, that you maintain a sufficient checking account balance.
     
    Even if it were possible to pay your mortgage with a credit card, you would most likely incur a hefty Cash Advance fee. And you'd incur credit card interest charges on top of it. So the cost of your 4% mortgage interest rate suddenly skyrockets to 20 - 25% ... yikes! So I advise against even thinking of doing so.

    I agree with the "cash advance fee" analysis.  Because, paying one's mortgage is directly analogous to taking a cash advance and then paying the mortgage with that cash.
    Paying one's mortgage is, most obviously, NOT a purchase.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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