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Email this6:06 pm
December 26, 2018
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I wonder if I Can pay my Mortgage/car loan installment and monthly insurance payment from my credit card? 
6:17 pm
December 17, 2016
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Monthly insurance payment, likely - paying a loan with a loan, highly doubtful considering the CC interchange fees.
7:29 pm
October 21, 2013
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Canadianbull said
I wonder if I Can pay my Mortgage/car loan installment and monthly insurance payment from my credit card?
Yes, you can pay car and home insurance with a credit card. I don't think k you can pay loans or life insurance this way though. You CAN usually put down payment for car on credit card, at least at a dealer. They have a maximum, approx $2000, that they will allow to go on a card.
10 or 15 years ago, BMO had some kind of arrangement where you could get a bonus ( believe it was through AirMiles) when you paid your mortgage, but the deal ended and I can no longer remember how it worked exactly. I'm not aware of any similar deals at the moment. BMO may be one to watch as they have had a few good deals via AirMiles. For a few years you could cash your AirMiles in for gift certificates for
BMO investment products, which included certain GICs at abysmal rates of interest. I got about $1500 this way; cashed them in after one year and put them to better use elsewhere. It was the only time I ever got anything that didn't depreciate from AirMiles!
8:22 pm
April 6, 2013
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It is possible if the lender or the insurance company allows it.
However, many lenders don't accept loan payments from a credit card because of the surcharge charged by the card networks. For example, a mortgage lender doesn't want to receive something like $985 of the $1,000 monthly mortgage payment.
Some municipalities, like Antigonish, will accept property tax payments by credit card. The catch is that the ratepayer is charged 3% to cover the surcharge.
7:16 am
May 27, 2016
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I've been paying the life insurance bill using cash back credit cards for years, car & house insurance as well. As far as I'm concerned it's free money.
FWIW where I live I'm also able to pay traditionally non-card-accepting institutions such as my electric bill, nat gas bill and property tax bill using the CT World Elite MC and get 1% back in CT money. Paying those 3 alone are worth almost $100 per year to me.
The CT WE card also provides their Gold level roadside assistance for free, another nice perk for a no fee card, so getting 3% back on groceries everywhere I shop except Walmart & Costco is just a bonus. For gasoline I usually go to the local Loblaws/Mobil and use my PC Financial WE MC since that gets me over 7% back these days instead of CT's 5%.
7:25 am
December 17, 2016
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Where I live -
The City does not offer the option of paying taxes using a credit card. However, you may be able to use a third-party service provider that offers additional payment methods, including credit cards. The provider that offers the credit card method at this time is listed below for your convenience and the third-party providers charge a fee for their service. (City utility bills are handles in the same way).
- Plastiq (I think they're going fee is 2.5% on the transaction)
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NO credit card payments allowed for electricity or natural gas bills
Credit card payments allowed for government-run automobile insurance - if paid quarterley/monthly add on interest charges and admin fee.
EDIT: just received 2019 renewal notice showing admin fee = $8 and an interest rate of 5.70% if paying in instalments.
7:39 am
December 17, 2016
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OP - thinking of making CC churning an all consuming pastime - go here -
https://forums.redflagdeals.com/credit-cards-f189/
that crowd will seemingly do anything and everything to churn a penny, or so they say.
9:27 am
May 27, 2016
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Top It Up said
Where I live -The City does not offer the option of paying taxes using a credit card. However, you may be able to use a third-party service provider that offers additional payment methods, including credit cards. The provider that offers the credit card method at this time is listed below for your convenience and the third-party providers charge a fee for their service. (City utility bills are handles in the same way).
- Plastiq (I think they're going fee is 2.5% on the transaction)
---------------------
NO credit card payments allowed for electricity or natural gas bills
Credit card payments allowed for government-run automobile insurance - if paid quarterley/monthly add on interest charges and admin fee.
Perhaps you've already checked into this, but my hydro and city property tax websites also say they officially don't accept credit cards (except thru a 3rd party like Plastiq or Paytm). However, both my local hydro and city tax departments are nonetheless listed as target payees to choose from in the CT "bill payments" function, and I have been paying them successfully this way.
Since there's no 2.5% load charged on top like Plastiq and nothing is being deducted from my payment either, my guess is that the payee is getting full value and CT is eating the interchange fee on such payments at their own internal cost as a marketing inducement to get people to sign up for their credit card.
Having said that, I am aware that not all city tax and utility companies in Canada are on the CT payment list, so maybe you're out of luck whether you have their card or not.
3:42 pm
January 3, 2013
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I pay my insurance using my CC.
Never pay a loan using another loan. It will be mostly considered as a cash withdrawal from your credit which means $$$$$ running away from your pocket to the monsters.
6:36 pm
April 6, 2013
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Londonguy said
Perhaps you've already checked into this, but my hydro and city property tax websites also say they officially don't accept credit cards (except thru a 3rd party like Plastiq or Paytm). However, both my local hydro and city tax departments are nonetheless listed as target payees to choose from in the CT "bill payments" function, and I have been paying them successfully this way.
Since there's no 2.5% load charged on top like Plastiq and nothing is being deducted from my payment either, my guess is that the payee is getting full value and CT is eating the interchange fee on such payments at their own internal cost as a marketing inducement to get people to sign up for their credit card.
…
Thank you for sharing that interesting finding.
It looks like Canadian Tire Bank is providing a special bill payment service. The service seems to allow a Canadian Tire MasterCard holder to do a cash advance on the card, have it treated as a purchase, and push the entire amount advanced to certain billers, as if the money had come from a chequing account.
There won't be any interchange charged because it isn't a regular merchant charge where the merchant's acquirer pulls funds from the credit card account at Canadian Tire Bank across the MasterCard network. It seems to be just an internal transaction within Canadian Tire Bank.
9:44 am
May 27, 2016
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Norman1 said
It looks like Canadian Tire Bank is providing a special bill payment service. The service seems to allow a Canadian Tire MasterCard holder to do a cash advance on the card, have it treated as a purchase, and push the entire amount advanced to certain billers, as if the money had come from a chequing account.
There won't be any interchange charged because it isn't a regular merchant charge where the merchant's acquirer pulls funds from the credit card account at Canadian Tire Bank across the MasterCard network. It seems to be just an internal transaction within Canadian Tire Bank.
What you're describing there makes more sense than my guess -- and if there's no interchange fee leaking out anywhere, there's virtually no cost to CT at all, save and except the internal IT cost to establish the system. That said, I find it to be a very attractive feature (especially for a no AF card) and you'd think another card issuer would be cloning their procedure by now
6:13 pm
April 6, 2013
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The interchange would be paid to the Mastercard issuer, Canadian Tire Bank in this case. The card issuer uses the interchange received to help fund any card rewards or benefits.
The standard MasterCard interchange, when card is not physically present, is currently 1.58% for regular card, 2.19% for World MasterCard, and 2.49% for World Elite MasterCard. There are many special initiatives with lower rates. For example, charities get lower 1%, 1.25%, and 1.5%. Interestingly, utilities are being offered a flat 10¢ per transaction!
Yes, it sounds great for the Canadian Tire MasterCard holder. Such bill payments are treated as regular purchases that earn rewards Canadian Tire money. Canadian Tire Bank has to pay for that Canadian Tire money. As a result, other card issuers are probably not keen to do the same.
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