Author Topic: Using A Credit Card To Open A Bank Account  (Read 639 times)

Offline ohiojeans

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Using A Credit Card To Open A Bank Account
« on: October 31, 2011, 11:58:05 AM »
When opening a Bank account some banks let you use a credit card to deposit funds in to your account. Does anyone know if this is counted as a cash advance. Otherwise it sounds like a great way to get free points/cashback

Offline AsherO

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Re: Using A Credit Card To Open A Bank Account
« Reply #1 on: October 31, 2011, 12:03:32 PM »
When opening a Bank account some banks let you use a credit card to deposit funds in to your account. Does anyone know if this is counted as a cash advance. Otherwise it sounds like a great way to get free points/cashback

With most CCs it posts as a cash advance. Search for bank account funding (in the CC forum) and you should find discussions on the topic. People here have also reported being blacklisted by CC issuers for abusing this.
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Offline daganster

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Re: Using A Credit Card To Open A Bank Account
« Reply #2 on: October 31, 2011, 12:44:51 PM »
When opening a Bank account some banks let you use a credit card to deposit funds in to your account. Does anyone know if this is counted as a cash advance. Otherwise it sounds like a great way to get free points/cashback
I've opened many bank accounts with Citi bank, and funded those accounts with Chase CC. Eventually I got blacklisted by Chase, so you gotta be careful. I think that you need to be careful not to max out your cards, but there may be more to it.