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Paying Property Tax and get $500 back free (or easier route of $425)?
Hi,
I just thought of this, but not sure if it is ok to do or not.
Given condition:
My county Tax office charge 2.5% convenience fee if pay with credit card. (it would be nice and easy if they don't - probably other county don't)
They charge nothing if pay by echeck or ACH (using Bank route and acct#).
Now there is credit card (Chase Sapphire) bonus going on that offer $500 back if you spend $3000.
Plan:
I like to pay my entire yearly mortgage tax upfront with that credit card so I can get $500 back in one shot without incurring any fee. I don't see any other way to do it other than utilizing paypal. Anyone knows of some way? Or I can just pay it straight and absorb the 2.5% loss fee (and settle for free $425 instead of $500).
Untested Paypal Idea:
Since paypal don't charge any fee to send request to payee, perhaps I can just pay through them.
1) First, I have to create a 2nd Paypal account and associate it with a 2nd checking account.
2) request payment into the 1st Paypal account.
3) login to the 1st paypal account and send money to myself (the second account) with the new credit card payment (not default withdrawn from bank).
4) Then login into the 2nd paypal account and "withdrawn" money to my 2nd checking account
5) probably have to wait for some holding days?? Then cash it back out and pay back the credit card in the next month. Collect the $500 bonus...
What do you all think? Anyone already done this? Anyone see any problem? I didn't see any legal agreement at paypal prohibit it...so I'm assuming it's probably ok to create a second account for myself? It's been awhile since I created one. Anyone see some easier solution? If so, can you reply or pm me? Thanx.
EDIT: After some poster feedbacks and further research, it's not worth funding the second checking account with paypal transfer payment after loading loading 1st paypal with the bonus credit card charge since there is a paypal due to 2.9% paypal fee + $0.30 paypal fee [paypal.com]. Best is just pay tax direct with Credit Card and absorb the lesser 2.5% fee (~$75) = FREE $425 BONUS. I always paid tax every year and got nothing back. My tax only gave me 2 installment payment option and either by ACH debit or echeck or CC payment with 2.5% fee. I don't want to pay ACH like I do all year since I get nothing back anyway. I rather pay it with CC and get net $425 back for free. I wonder if Sapphire allows me to write e-check?
I just thought of this, but not sure if it is ok to do or not.
Given condition:
My county Tax office charge 2.5% convenience fee if pay with credit card. (it would be nice and easy if they don't - probably other county don't)
They charge nothing if pay by echeck or ACH (using Bank route and acct#).
Now there is credit card (Chase Sapphire) bonus going on that offer $500 back if you spend $3000.
Plan:
I like to pay my entire yearly mortgage tax upfront with that credit card so I can get $500 back in one shot without incurring any fee. I don't see any other way to do it other than utilizing paypal. Anyone knows of some way? Or I can just pay it straight and absorb the 2.5% loss fee (and settle for free $425 instead of $500).
Untested Paypal Idea:
Since paypal don't charge any fee to send request to payee, perhaps I can just pay through them.
1) First, I have to create a 2nd Paypal account and associate it with a 2nd checking account.
2) request payment into the 1st Paypal account.
3) login to the 1st paypal account and send money to myself (the second account) with the new credit card payment (not default withdrawn from bank).
4) Then login into the 2nd paypal account and "withdrawn" money to my 2nd checking account
5) probably have to wait for some holding days?? Then cash it back out and pay back the credit card in the next month. Collect the $500 bonus...
What do you all think? Anyone already done this? Anyone see any problem? I didn't see any legal agreement at paypal prohibit it...so I'm assuming it's probably ok to create a second account for myself? It's been awhile since I created one. Anyone see some easier solution? If so, can you reply or pm me? Thanx.
EDIT: After some poster feedbacks and further research, it's not worth funding the second checking account with paypal transfer payment after loading loading 1st paypal with the bonus credit card charge since there is a paypal due to 2.9% paypal fee + $0.30 paypal fee [paypal.com]. Best is just pay tax direct with Credit Card and absorb the lesser 2.5% fee (~$75) = FREE $425 BONUS. I always paid tax every year and got nothing back. My tax only gave me 2 installment payment option and either by ACH debit or echeck or CC payment with 2.5% fee. I don't want to pay ACH like I do all year since I get nothing back anyway. I rather pay it with CC and get net $425 back for free. I wonder if Sapphire allows me to write e-check?
Last edited by Lakers2009; 11-29-2011 at 07:24 PM..






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