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WiseHexPosts: 12Joined: Sat Oct 28, 2017 6:03 pmLocation: New York, NY
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by WiseHex » Mon Jul 02, 2018 5:07 pm
Whenever I get a visa gift card I take it to my bank and they deposit the balance into my checking. You should be able to do that and then just pay off your credit card via your checking like normal.
I've done this at several banks over the years and have never been charged a fee to do so (at Chase now). You just have to know the exact balance to tell them what to take off of it.
Topic Author
CarnoPosts: 205Joined: Sat Jun 02, 2018 4:54 pmRe: How can I pay my credit card balance with a Visa Gift Card?
Post by Carno » Mon Jul 02, 2018 9:18 pm
WiseHex wrote: ↑Mon Jul 02, 2018 5:07 pm Whenever I get a visa gift card I take it to my bank and they deposit the balance into my checking. You should be able to do that and then just pay off your credit card via your checking like normal.
I've done this at several banks over the years and have never been charged a fee to do so (at Chase now). You just have to know the exact balance to tell them what to take off of it.
Thanks, I'll try this and report back. I once tried this with a Visa gift card at my local chase (at the recommendation of a teller) but it failed. I think maybe this is because my gift card was not registered at that time. This time, I have registered my gift card (name, address, zip code, etc.) and hope this should work.
Last edited by Carno on Mon Jul 02, 2018 9:45 pm, edited 1 time in total.
WiseHexPosts: 12Joined: Sat Oct 28, 2017 6:03 pmLocation: New York, NY
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by WiseHex » Mon Jul 02, 2018 9:24 pm
ResearchMed wrote: ↑Mon Jul 02, 2018 9:20 pm Isn't this a type of manufactured spending (even if not intended as such in this case)?
If so, I thought "they" (financial institutions) were cracking down and not allowing it, or not as often...?
RM
Very well could be... last time I did it was last year sometime so maybe they've tightened it up since then. Hopefully Carno will give it a try and report back!
Topic Author
CarnoPosts: 205Joined: Sat Jun 02, 2018 4:54 pmRe: How can I pay my credit card balance with a Visa Gift Card?
Post by Carno » Mon Jul 02, 2018 9:26 pm
Jags4186 wrote: ↑Mon Jul 02, 2018 5:27 pm You can’t directly. You would need to get a PIN, buy a money order, deposit the money order, then pay it off. Being able to buy a money order with a VGC is extremely local.
I think you are referring to manufactured spending. I have done this a few times in the past, but now my local Walmart and post office (USPS) do not accept gift cards (Visa, etc.) to purchase money orders anymore.
Topic Author
CarnoPosts: 205Joined: Sat Jun 02, 2018 4:54 pmRe: How can I pay my credit card balance with a Visa Gift Card?
Post by Carno » Mon Jul 02, 2018 9:32 pm
WiseHex wrote: ↑Mon Jul 02, 2018 9:24 pm
ResearchMed wrote: ↑Mon Jul 02, 2018 9:20 pm Isn't this a type of manufactured spending (even if not intended as such in this case)?
If so, I thought "they" (financial institutions) were cracking down and not allowing it, or not as often...?
RM
Very well could be... last time I did it was last year sometime so maybe they've tightened it up since then. Hopefully Carno will give it a try and report back!
I have not tried Chase since last time (a year and half ago?) when my unregistered Visa gift card failed to go though at the branch. I am not sure if a registered card will work this time (that is, the problem was an unregistered card at the time), but I have also read (if my memory serves me right) that if this kind of deposit continues and is done too frequently, the bank may decide to close the account.
Last edited by Carno on Mon Jul 02, 2018 9:49 pm, edited 1 time in total.
47PercentPosts: 364Joined: Tue Oct 29, 2013 9:59 pm
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by 47Percent » Mon Jul 02, 2018 9:49 pm
Carno wrote: ↑Mon Jul 02, 2018 2:13 pm I researched many sources (Quora, etc.) and found conflicting answers. Can I pay my credit card balance with a Visa Gift Card? Has anyone on this forum been able to do so without paying any fees?
There are two issues with these type of transactions.
1) The issuer expects you to use the card to buy merchandise so that they collect their Mafiosi commission of 2.5% as transaction fee. Converting it to cash directly deprives them of that revenue.
2) Terrorism related banking rules have come down hard on anonymous (difficult to trace) money movement and cashing out gift cards is a heavily scrutinized and thus discouraged activity.
Another issue is the manufactured spending to get the points/perks related to the original spend to buy the gift card using a credit card -- but that has been locked down quite effectively by either not allowing it at all, disallowing the perks, or charging enough fees to cover all such costs.
Topic Author
CarnoPosts: 205Joined: Sat Jun 02, 2018 4:54 pmRe: How can I pay my credit card balance with a Visa Gift Card?
Post by Carno » Mon Jul 02, 2018 10:23 pm
47Percent wrote: ↑Mon Jul 02, 2018 9:49 pm
Carno wrote: ↑Mon Jul 02, 2018 2:13 pm I researched many sources (Quora, etc.) and found conflicting answers. Can I pay my credit card balance with a Visa Gift Card? Has anyone on this forum been able to do so without paying any fees?
There are two issues with these type of transactions.
1) The issuer expects you to use the card to buy merchandise so that they collect their Mafiosi commission of 2.5% as transaction fee. Converting it to cash directly deprives them of that revenue.
2) Terrorism related banking rules have come down hard on anonymous (difficult to trace) money movement and cashing out gift cards is a heavily scrutinized and thus discouraged activity.
Another issue is the manufactured spending to get the points/perks related to the original spend to buy the gift card using a credit card -- but that has been locked down quite effectively by either not allowing it at all, disallowing the perks, or charging enough fees to cover all such costs.
Is buying gift cards at Safeway still considered purchasing groceries?
Topic Author
CarnoPosts: 205Joined: Sat Jun 02, 2018 4:54 pmRe: How can I pay my credit card balance with a Visa Gift Card?
Post by Carno » Mon Jul 02, 2018 10:28 pm
BobTexas wrote: ↑Mon Jul 02, 2018 10:21 pm How big is the gift card? You can't just buy something that you would normally buy (like groceries or gas) with the gift card? And use that money to pay your balance?
Also, I've paid my ATT cell bill at the stores with gift cards
I have paid my insurance and other bills with Visa gift cards. I was wondering if I could also pay my credit card bills the same.
investor4lifePosts: 417Joined: Fri Oct 08, 2010 9:45 am
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by investor4life » Mon Jul 02, 2018 11:57 pm
Carno wrote: ↑Mon Jul 02, 2018 10:56 pm
investor4life wrote: ↑Mon Jul 02, 2018 10:52 pm I've used MasterCard gift cards at Costco (in-store) with no issues. They do require you to know the exact balance on the card and have a PIN.
Are you referring to purchasing money orders at Costco or getting cash?
Buying actual products at the store. Bought a couple of tower fans there most recently and paid for them with MC gift card.
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by JoMoney » Tue Jul 03, 2018 1:12 am
Doubtful that you can. Most 'gift cards' explicitly prevent you from
doing that or getting cash or cash equivalents.
When I've received Visa gift cards my typical uses for them are:
-Paying a bill that accepts credit cards (like mobile phone)
-Paying for gasoline (a bit tricky because you have to go inside and specify exact amount, no pay at pump or pre-authorizing larger amounts)
-Zero out anything remaining by adding it to Amazon.com gift card balance
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
Topic Author
CarnoPosts: 205Joined: Sat Jun 02, 2018 4:54 pmRe: How can I pay my credit card balance with a Visa Gift Card?
Post by Carno » Tue Jul 03, 2018 1:40 am
JoMoney wrote: ↑Tue Jul 03, 2018 1:12 am Doubtful that you can. Most 'gift cards' explicitly prevent you from doing that or getting cash or cash equivalents.
When I've received Visa gift cards my typical uses for them are:
-Paying a bill that accepts credit cards (like mobile phone)
-Paying for gasoline (a bit tricky because you have to go inside and specify exact amount, no pay at pump or pre-authorizing larger amounts)
-Zero out anything remaining by adding it to Amazon.com gift card balance
When I have a few dollars left, I always make split payments at Walmart, Safeway, etc., to zero out.
Jags4186Posts: 7200Joined: Wed Jun 18, 2014 7:12 pm
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by Jags4186 » Tue Jul 03, 2018 7:05 am
Carno wrote: ↑Mon Jul 02, 2018 9:26 pm
Jags4186 wrote: ↑Mon Jul 02, 2018 5:27 pm You can’t directly. You would need to get a PIN, buy a money order, deposit the money order, then pay it off. Being able to buy a money order with a VGC is extremely local.
I think you are referring to manufactured spending. I have done this a few times in the past, but now my local Walmart and post office (USPS) do not accept gift cards (Visa, etc.) to purchase money orders anymore.
Which is exactly what you are asking how to do. If there was an easy/painless way of doing what you are asking, then it would be being abused to the tune of $1,000,000s/yr by individuals.
investor4lifePosts: 417Joined: Fri Oct 08, 2010 9:45 am
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by investor4life » Tue Jul 03, 2018 9:53 am
TravelGeek wrote: ↑Tue Jul 03, 2018 12:59 am
investor4life wrote: ↑Mon Jul 02, 2018 11:57 pm Buying actual products at the store. Bought a couple of tower fans there most recently and paid for them with MC gift card.
I thought Costco nowadays only accepts Visa cards in their stores.
I checked. The MC card that I use is actually a "reloadable debit card". It needs a pin and knowledge of the exact balance in order to use. Costco accepts (non-Visa) debit cards. I receive these cards periodically for various volunteer activities and they are referred to by the giver as a "gift card". Sorry for the confusion.
TravelGeekPosts: 4444Joined: Sat Oct 25, 2014 3:23 pm
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by TravelGeek » Tue Jul 03, 2018 10:09 am
Pajamas wrote: ↑Tue Jul 03, 2018 9:28 am Seems like it would be easier to just use the gift card for normal transactions such as buying groceries. Shouldn't be a problem to use it quickly unless it is a huge amount.
Perhaps the OP isn’t looking for a one time solution to liquidating a Visa gift card, but rather a “perpetual points machine”.
Buy visa gift card with a points earning credit card. Make sure the earnings are greater than the fee. Pay off credit card with the gift card. Rinse lather repeat. Retire early (or at least, travel in the style credit card hawking blogs suggest you deserve)
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by ResearchMed » Tue Jul 03, 2018 10:54 am
TravelGeek wrote: ↑Tue Jul 03, 2018 10:09 am
Pajamas wrote: ↑Tue Jul 03, 2018 9:28 am Seems like it would be easier to just use the gift card for normal transactions such as buying groceries. Shouldn't be a problem to use it quickly unless it is a huge amount.
Perhaps the OP isn’t looking for a one time solution to liquidating a Visa gift card, but rather a “perpetual points machine”.
Buy visa gift card with a points earning credit card. Make sure the earnings are greater than the fee. Pay off credit card with the gift card. Rinse lather repeat. Retire early (or at least, travel in the style credit card hawking blogs suggest you deserve)
Is this still really available as a strategy?
I thought most places where this could be used had shut it down. OR, one risked losing points if one was "discovered" to "misuse" the card.
RM
This signature is a placebo. You are in the control group.
TravelGeekPosts: 4444Joined: Sat Oct 25, 2014 3:23 pm
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by TravelGeek » Tue Jul 03, 2018 11:04 am
ResearchMed wrote: ↑Tue Jul 03, 2018 10:54 am Is this still really available as a strategy?
I thought most places where this could be used had shut it down. OR, one risked losing points if one was "discovered" to "misuse" the card.
RM
I have no current knowledge of what is possible and what isn't. I don't follow the manufactured spending forums on Flyertalk and elsewhere, and I think a lot of this "community" has moved "underground" into more private channels anyway. I do recall some folks here on BH not too long ago mentioning that they are still manufacturing with their proprietary recipes, though.
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by Nate79 » Tue Jul 03, 2018 1:25 pm
Carno wrote: ↑Tue Jul 03, 2018 12:58 pm
whodidntante wrote: ↑Tue Jul 03, 2018 12:26 pm OP, I will repeat that you should go to /r/churning. Spend two hours reading the numerous manufactured spending posts. You are barking up the wrong tree here, as you have no doubt noticed.
What is the full URL for /r/churning site?
google that exact term and you will see the reddit page.
Topic Author
CarnoPosts: 205Joined: Sat Jun 02, 2018 4:54 pmRe: How can I pay my credit card balance with a Visa Gift Card?
Post by Carno » Tue Jul 17, 2018 1:06 pm
Carno wrote: ↑Tue Jul 03, 2018 1:42 am
TravelGeek wrote: ↑Tue Jul 03, 2018 12:59 am
investor4life wrote: ↑Mon Jul 02, 2018 11:57 pm Buying actual products at the store. Bought a couple of tower fans there most recently and paid for them with MC gift card.
I thought Costco nowadays only accepts Visa cards in their stores.
I have used Visa, MC and Costco gift cards at Walmart with no issues.
Correction: I meant Sam's Club card at Walmart NOT Costco. Obviously, Costco is not accepted at Walmart.
JBTXPosts: 9727Joined: Wed Jul 26, 2017 12:46 pm
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by JBTX » Tue Jul 17, 2018 8:56 pm
Carno wrote: ↑Mon Jul 02, 2018 10:23 pm
47Percent wrote: ↑Mon Jul 02, 2018 9:49 pm
Carno wrote: ↑Mon Jul 02, 2018 2:13 pm I researched many sources (Quora, etc.) and found conflicting answers. Can I pay my credit card balance with a Visa Gift Card? Has anyone on this forum been able to do so without paying any fees?
There are two issues with these type of transactions.
1) The issuer expects you to use the card to buy merchandise so that they collect their Mafiosi commission of 2.5% as transaction fee. Converting it to cash directly deprives them of that revenue.
2) Terrorism related banking rules have come down hard on anonymous (difficult to trace) money movement and cashing out gift cards is a heavily scrutinized and thus discouraged activity.
Another issue is the manufactured spending to get the points/perks related to the original spend to buy the gift card using a credit card -- but that has been locked down quite effectively by either not allowing it at all, disallowing the perks, or charging enough fees to cover all such costs.
Is buying gift cards at Safeway still considered purchasing groceries?
I think so. The card company has no idea what you spent it on, as far as I know. I once bought a home depot $200 gift card at grocery store and used amex bluecash. As far as I know I got 6%, or $12. Afterwsrds I was a bit annoyed with myself as this is a step too far. All the annoyance of a carrying and keeping up with gift card to save $12 isn't worth it
Re: How can I pay my credit card balance with a Visa Gift Card?
Post by whodidntante » Tue Jul 17, 2018 11:19 pm
DrGrnTum wrote: ↑Wed Jul 04, 2018 9:56 am To me it appears that manufacture spending is still alive but not as easily done as it was a couple of years ago.
A word of caution if you sign up at any of these forms. People on some of these forms can be down rite rude to Newbies.
I had a dream that manufactured spending is alive and well, and can still be done scalably.
I agree that those forums are hostile to noobs, which is why I recommended to spend two hours reading.