Stuffed Pony
Posted on January 18, 2007 - Filed Under Business |
One of my immediate objectives was to switch banks.
The credit union has been my staple. The low fees and prime location made this a no-brainer. The service has always been nice. They helped me climb out from under the crushing credit card debt I had.
My loans are through Wells Fargo. I thought it prudent to change my banking and work with them.
Because my mortgage, I now have the top of the line checking account with all the bells and whistles . . . for free. No fees whatsoever. No penalties for minimum balances below 50 cents. No fees for online bill pay. Also I get to use their version of eTrade or Ameritrade at a reduced price.
If there’s more than $5,000 in my checking account I get 3% interest. When was the last time that happened? The credit union gives, I think, 0.00247% Also, I can open their equivalent of a money market account which is currently giving 5% interest. I’ve been using INGDirect which is 4.5%. This would be perfect for my "3 months of living expenses" money.
And with the Wells Fargo Credit card, my mortgage and HELOC can be paid with that. Why? I’m glad you asked. I get points when I use my credit card. These points translate into Frequent Flyer miles. Every month, I’ll now get a jillion frequent flyer miles which will help defray the cost of my French Fantasies.
The feature deserving high praise is now I can see all my investments in one place. Once online I can instantly see all my mortgages, loans, investments along with payment history, interest payments, etc. This is visibility I’ve never had before and it is very, very appealing.
BUT that’s not the best feature. The best feature is the free stuffed pony they gave me. Here horsey horsey!
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(Bugsie sold separately)
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4 Responses to “Stuffed Pony”
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>And with the Wells Fargo Credit card, my mortgage
>and HELOC can be paid with that. Why? I’m glad
>you asked. I get points when I use my credit
>card. These points translate into Frequent Flyer
>miles. Every month, I’ll now get a jillion
>frequent flyer miles which will help defray
>the cost of my French Fantasies.
I very much doubt that you will be able to get points/miles/cash back/whatever by paying your mortgage with a credit card unless you are charged extra ‘cash advance’ fees that more than make up for the points/miles/whatever.
If I’m wrong, let us know about it and tell us the details!
I assume by ‘cash advance’, you’re thinking I’m going to take a cash advance to pay the mortgage. Nope! I’m going to pay the mortgage WITH the credit card. Wells Fargo allows mortgage payments to be made with a credit card. At least in SoCal they do.
>Nope! I’m going to pay the mortgage WITH the
>credit card. Wells Fargo allows mortgage payments
>to be made with a credit card. At least in SoCal
>they do.
I’m still very skeptical. Credit card companies charge merchants for accepting credit card payments. A lender wants all of the regular payments you give them to go to them with as little as possible to ’service’ charges.
I expect that either the lender will charge you extra for this payment option or that the credit card folks will charge you special fees (perhaps cash advance fees, perhaps something else).
I sincerely hope that I am wrong. If I am and you are actually out there DOING this (as opposed to
planning on doing it), please post all of the
details.
Holy Cow Greg, you’re all over me about this little item!! Well, I only started my Wells Fargo account 3 days ago. I haven’t had a chance to try this. I’m just basing this off the conversation I had with the woman who started up my account. Of course, I’ll report back in a few months.