Charge Smart (service)

captal one only gves you small credit amount maybe 500

it mght also be classed as a cash advance so you pay full intrest from day one

What is the loan amount?

What is the smartchrarge fee?


How much is the bt fee?


How much is your credit line?


What is your current credit utilization rate?


Are you missing out on opportunities while you hold off on paying the debt?


Do you like having to track multiple debt accounts?

fees.

not sure about this one, but usually these type of services charge fees. Usually when paying loans the issue with CC's is that the servicer simply won't accept it, because they'd have to eat the fees. When a service comes along and takes over the role of CC processor, they pass the fees on to you.

From the little research I've done, I should expect a flat fee somewhere between $20-25. The loan amount is $8,600 (I realize I won't be able to put it all on the card; I'm hoping to put $4000).

I don't utilize any credit right now except for what I pay off in full each month.

I won't be missing out on opportunities holding off on paying debt. In fact, we're planning on selling my wife's car and getting my sister's much nicer car for nothing (my mom passed away and she is getting her much much nicer car for free).

I already track multiple debt accounts (student loans), so I don't think that would be a problem.

Lastly, it does not count as a cash advance.

I use ChargeSmart to pay my utility bill, there is a $5.95 fee that they are currently waiving if you pay with a discover card. I'll keep paying my utility bill with my Discover as long as they continue to do that for free, but I probably wouldn't unless I have some monster utility bills this winter.

Played around on the chargesmart site for a little without actually signing up. Looks like fees range from 2-4% depending on the transaction amount. I only did these examples with a student loan payment. I know there are some first time promo codes and other stuff out there, but for recurring transactions (like monthly student loan payments), this does not appear to be the best option.

$500 payment
1% cb = $5 saved
$16.40 fee = not worth it

$4000 payment
1% cb = $40 saved
$96.55 fee = depends on how long you have 0% apr on your cc

Quote from gonephishin213 : From the little research I've done, I should expect a flat fee somewhere between $20-25. The loan amount is $8,600 (I realize I won't be able to put it all on the card; I'm hoping to put $4000). I don't utilize any credit right now except for what I pay off in full each month. I won't be missing out on opportunities holding off on paying debt. In fact, we're planning on selling my wife's car and getting my sister's much nicer car for nothing (my mom passed away and she is getting her much much nicer car for free). I already track multiple debt accounts (student loans), so I don't think that would be a problem. Lastly, it does not count as a cash advance.

I looked in to it myself. They make it sound like a no brainer! $25 fee for making a mortgage payment, now give us your info and we'll pay it for you!

Enter it all and then comes the fee page where that $25 doubles if not triples. That's where they lost me...

Quote from jonnyd13 : Played around on the chargesmart site for a little without actually signing up. Looks like fees range from 2-4% depending on the transaction amount. I only did these examples with a student loan payment. I know there are some first time promo codes and other stuff out there, but for recurring transactions (like monthly student loan payments), this does not appear to be the best option. $500 payment 1% cb = $5 saved $16.40 fee = not worth it $4000 payment 1% cb = $40 saved $96.55 fee = depends on how long you have 0% apr on your cc

I think 18 months, but considering we're selling my wife's car, I'll be able to pay off my loan in less than that.

Still might be worth it. I'll wait until I have the card and then play around with the numbers and see how much they actually want to charge me.

Chargesmart is not necessarily for measly credit card points/rewards but rather for people that need to meet a spending requirement. Let's say you apply for a credit card that offers an "X" amount of money or bonus points if you spend "Y" amount in this certain time period.

Instead of buying useless stuff one could use Chargesmart to pay for an auto, home, or student loan to help meet this requirement and ultimately gain the sign-up reward. The fees associated with a one time use are worth the time and effort.