What banks will let you use a credit card for the opening deposit when you open a savings account?
Nov 19, 2009 in
Personal Finance
Dilbert
I want to open a savings account for about $700 and charge the opening deposit to a credit card. The credit card gets points, which would be good for a gift card if I had about 700 more. I want to close the credit card account, but only after I get enough points, to not waste the points I already have. I’m going to open a savings account anyway, so I figure I might as well get those 700 points from it. In any case, the savings account should pay high interest and should allow transactions between banks online.
For example, Bank of America will let you open a checking account online, and use a credit card to fund it. The credit card transaction will be a purchase, not a cash advance. But I want to know what other banks will do that, and which of them will do it for savings accounts.
I want to open a savings account for about $700 and charge the opening deposit to a credit card. The credit card gets points, which would be good for a gift card if I had about 700 more. I want to close the credit card account, but only after I get enough points, to not waste the points I already have. I’m going to open a savings account anyway, so I figure I might as well get those 700 points from it. In any case, the savings account should pay high interest and should allow transactions between banks online.
For example, Bank of America will let you open a checking account online, and use a credit card to fund it. The credit card transaction will be a purchase, not a cash advance. But I want to know what other banks will do that, and which of them will do it for savings accounts.
Like this post? Subscribe to my RSS feed and get loads more!
6 comments
Sami V on November 21, 2009 at 9:43 pm
A bank, if any, run by the credit card company!
Jeff the drummer on November 22, 2009 at 5:34 pm
I don’t know of any bank that would accept a credit card to open a savings account.
rosepassions on November 23, 2009 at 1:25 pm
can u try taking the money out of the card from an atm machine and then deposit it to the bank?
Brainiac on November 26, 2009 at 1:14 am
A local bank would be the best choice. Use an on-line Yellow page directory or the old fashioned paper one that you get from the grocery store and start calling your local banks and ask them. Usually there is a cash withdrawal fee and a cash limit that is smaller than your maximum credit allowances Check your cards terms of service. Usually this transaction would be classified as a cash withdrawal transaction and extra fees will be applied with no grace period. Here’s one other possibility. Route a service payment to someone you trust through Pay Pal. Then have them send the cash to their account after a couple days they can withdraw the cash from their bank and give it to you.
Mommyof1 on November 27, 2009 at 10:51 am
ABSOLUTELY NONE! Banks only use cash to open up accounts. Checks are considered cash as well.
If you bring any other form such as bonds or something like that, the bank will convert them in to cash form.
So if you want to use your credit card. The bank will process a cash advance from it, before opening up your account.
This would be the same as you going to an ATM and withdrawing the money yourself, and as you know the interest rates on cash advances are hefty.
Pepper on November 29, 2009 at 3:46 am
Any bank that has Cash Advance. As long as you are opening the account they will let you do a cash adavance on the credit card and make the deposit that way.