MasterCard ChargeSmart - Rewards?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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im_mr_awesome
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MasterCard ChargeSmart - Rewards?

Postby im_mr_awesome » Thu May 23, 2013 10:53 pm

I was looking around on Chase's site and saw a link for paying bills with a credit card. I noticed that American Honda Finance Company is in the list and I'm wondering if anyone has any experience with ChargeSmart. I get 1% rewards unlimited on a few cards, with some of them being MasterCard. I'd like to get rewards on my car payment if I can, because it's a pretty awesome idea to get ~$60/year just for making my payments. Every little bit counts when earning bonuses! I already put all my other bills through my cards for rewards, save for the card payments themselves, so I am no stranger to milking the system.

If anyone has any experience with this service, let me know! If not, maybe I'll try it out and post on my success.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680


Gamma
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Postby Gamma » Fri May 24, 2013 12:57 am

Chargesmart charges a fee to charge your card about 3% so might not be worth doing so unless you are meeting a spending requirement.

silver6054
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Postby silver6054 » Fri May 24, 2013 2:44 pm

Gamma wrote:Chargesmart charges a fee to charge your card about 3% so might not be worth doing so unless you are meeting a spending requirement.


Yes, fine for meeting spending, but pretty useless for generating rewards. They are also not as clear as they can be about fees. Not sure about auto loans, but for mortgages, it originally shows a fee of $4.95 (which is great on a $2K payment!) but on the last page they add a "large payment insurance fee" or some such term, bringing the overall fee to $60....

Gamma
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Postby Gamma » Fri May 24, 2013 10:26 pm

From what I've heard, they charge that insurance fee to help them cover cost of charge back if there is one but if they see you as a costumer willing to use their service to pay your mortgage, they will remove that fee after 2-3 purchases. This is what I've heard so things might have changed. Not worth paying 60 bucks a month finding out.

silver6054
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Postby silver6054 » Fri May 24, 2013 10:28 pm

Gamma wrote:From what I've heard, they charge that insurance fee to help them cover cost of charge back if there is one but if they see you as a costumer willing to use their service to pay your mortgage, they will remove that fee after 2-3 purchases. This is what I've heard so things might have changed. Not worth paying 60 bucks a month finding out.


Don't think so, that fee is how they get their money as they have to pay the credit card fees.
What is true is that if you set it up as a recurring payment, you can save a few dollars, but still not enough for the rewards on most cards.



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