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GTE CD Purchases via Credit Card

NYCDoug
  |     |   334 posts since 2011

I just found out that GTE (6-month) Certificates are now not only capped at $5,000 per purchase, but also strictly limited to one per week; purchases using the same card can only be repeated every 7 days.    (They say wait eight days, to be safe.)

Up until last month, I used to make several purchases, monthly, on the same day, with the same card. Under their newly implemented system, the only way to purchase more than one CD, via credit card —   on the same day — is to use different cards!

Do you know of any credit cards, other than Citi's "Double Cash" card, that can be used for POS purchases at GTE (not considered Cash Advances) and which have at least a 2% cash-back rewards structure?

If you don't feel comfortable going public with this information, kindly private message me — Thank you!

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4


Answers
sams1985
  |     |   781 posts since 2022
Maybe give Fidelity Investments visa signature rewards card a shot- it gives 2% unlimited. I use that and the wells fargo active cash which gives 2% on everything as well.

Also seems like a great way to earn those CC bonuses on new cards. I used the chase ink business card to pay my taxes and got a $900 bonus twice. (even if the card gives less than 2% rewards the bonus is well worth it)
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1
alan1
  |     |   876 posts since 2015
NYCDoug -- As you well know, from your personal experience, it can be extremely dangerous to give a "rewards card a shot" if you don't know that it will be processed by the card issuer as a purchase rather than a cash advance. And you clearly stated that you were not interested in speculation, uninformed or otherwise. You specifically asked: "Do you know..."

Additionally, my recollection is that people reported that Fidelity processed transactions on at least one of its cards as cash advances, when used to buy CDs at GTE,

Alternatively, you can follow the advice furnished by sams1985 and give it "a shot", especially if you enjoy shooting yourself in the foot.

NYCDoug -- I will send you a private message on this topic. I hope that message does not cause you to injure your foot.
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3
mariafalter
  |     |   167 posts since 2010
I can confirm that Fidelity works at GTE. No cash advance, just a regular purchase.
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4
NYCDoug
  |     |   334 posts since 2011
The Elan card, Maria, with 2% back on everything?
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2
mariafalter
  |     |   167 posts since 2010
Yes, that’s the one. 
It’s a bit tricky though: for some reason, your cash advance limit cannot be lower than the CD amount. If it is, the transaction is not going to go through. I can’t explain why, but I’ve funded all my GTE CDs online with this card, and so far not once it was a cash advance.
Funny enough, they increased my credit limit after opening a few CDs. 
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Kaight
  |     |   1,192 posts since 2011
Thank you, NYCDoug, for your good, helpful, and interesting post. I am respectful of what you wrote, however:

For me by far the largest problem at GTE Financial is that they do not offer three month CDs. I did their six month CDs years ago and complained (to them) back then regarding their problem. My complaints brought no relief. They had no interest whatsoever in offering CDs shorter than six months. Hence, I ceased doing business there, moved on, and have not returned.
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mariafalter
  |     |   167 posts since 2010
I wish I could move on. But I couldn’t to find a bank/cu that opens CDs with credit cards…
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