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Any Banks/Cus Allowing CD Initial Funding By Credit Card?

Setherial
  |     |   39 posts since 2023

Perhaps this is faux pas and frowned upon by the community but as I'm still a large financial literacy n00b, if it is, pardon me and I'll take the lumps as they come.

I was wondering which(if any) banks or credit unions allow CD initial funding done by credit card only? Preferred deposit amount of $18k-$19.5k and length of term less than 12(6/9/10/11) months but will consider 12 or 14 months if no other options.

Thanks in advance for any help and information!

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Intugumbo
  |     |   41 posts since 2019
@Setherial

The good news is banks/Cus do exist that allow CD funding by credit card. But it is complicated. Your best bet is to look for banks/Cus that allow checking and savings account credit card funding. Then inquire if they allow CD funding by credit card.

Look for data points for whether the banks/Cus credit funding is charged as a purchase or cash advance. Try to set the credit card cash advance level to 0 or as low as possible. That should cause the charge to fail if it is a cash advance.

It is highly unlikely you will find single deposit amounts "$18k-$19.5k" in my experience. You may have to open several CD. Also, there is a good chance you will take a Chexsystems hit for each CD open.

Don't bother asking publicly and privately for a specific bank or credit union for two reasons. 1) This business is highly "your mileage may vary" depending on your geography, financial profile, and other factors. Thus you may be able to join "banks and credit unions" that I can't and vice ver·sa. You want know until you roll up your sleeves and search for them yourself, like I did and continually do. 2) I don't want to reveal the ones I work with, to get blown up, and nerf their credit card funding.
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Setherial
  |     |   39 posts since 2023
Understood and well written. Thank you for that.

I'll keep tinkering. ;)
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RickZ
  |     |   218 posts since 2010
Setherial, I sent you a Private Message (click on your screen name at the top right).
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