28 July 2010
What banks will let you use a credit card for the opening deposit when you open a savings account?
Posted by admin under: Personal Finance .
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.
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6 Comments so far...
Sami V Says:
30 July 2010 at 12:41 am.
A bank, if any, run by the credit card company!
Jeff the drummer Says:
1 August 2010 at 11:51 am.
I don’t know of any bank that would accept a credit card to open a savings account.
rosepassions Says:
3 August 2010 at 3:49 pm.
can u try taking the money out of the card from an atm machine and then deposit it to the bank?
Brainiac Says:
6 August 2010 at 3:09 pm.
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 Says:
8 August 2010 at 2:44 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 Says:
8 August 2010 at 6:19 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.