CD's/ Share Certificates That Accept A Credit Card For Funding.

TheWrench12 | Jun 16, 2023 | 7 posts since 2014

I have been purchasing share certificates from GTE Financial and using my double cash back MasterCard for the 2% bump. GTE Financial recently lowered most of their share certificates interest rates making it no longer cost effective to invest with them. I'm searching for a bank or credit union that will accept a credit card for funding a certificate. I appreciate any help our community can provide.

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Answers

TheRealMAGA | Jun 20, 2023 | 23 posts since 2023

Go to doctor of credit website as they have a specific section dedicated to this that goes back several years. It’s quite a long list. Not affiliated with them in any way.
https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/#Associated_Bank

TheWrench12 | Jun 20, 2023 | 7 posts since 2014

Thank you for your help.

Janicefr48 | Jun 16, 2023 | 40 posts since 2022

Are you not charged as a cash advance for those transactions? I have used mine a couple of times to pay the $5 required to open a savings account to join a credit union but have wondered how the transaction was coded.

TheWrench12 | Jun 20, 2023 | 7 posts since 2014

There is no charge using the Double Cash Back Mastercard and 2% back on all purchases, 1% when you buy, 1% when you pay,

me1004 | Jun 20, 2023 | 1,379 posts since 2010

It depends on how they put the transaction through. That is alwasy a consideration, and I always ask, but so far, none of the places have put it through as a cash advance. But also, I have never funded a CD that way! $5-$10, even $500 is one thing, but the amounts people put in a CD, gee, I would not expect that.

Bottom line, do not presume, definitely ask. Of course, CSRs are so often wrong in their answers, take the question to someone higher up.

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