Poll

Would you sign up for such a service if it existed? Thanks for any feedback!

Yes, for 1 or 2 of my credit cards on the $1.50 per month plan.
2 (5.4%)
Yes, for 3 - 10 of my credit cards on the $1.50 per month plan.
4 (10.8%)
Yes, for 1 or 2 of my credit cards on the $4 per year plan.
2 (5.4%)
Yes, 3 - 10 of my credit cards on the $4 per year plan.
2 (5.4%)
Yes for 10 + of my credit cards on either one of the plans. (Here's where all you elites can FLEX!! ;-))
1 (2.7%)
No, this doesen't interest me.
18 (48.6%)
Would have to think about it.
8 (21.6%)

Total Members Voted: 37

Author Topic: Website to charge rarely used CCs $1 monthly /yearly to avoid closure. Opinions?  (Read 5263 times)

Offline Shmueli

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Wondering if I could get some input if anyone thinks this is a good business idea that would serve an actual need for people.

I'm thinking of creating a website that anyone can have their CCs charged $1.50 every month or $4 every year.
It would be a set and forget type of thing.

The purpose would be twofold.

1. If someone has multiple CCs that sit in his sock drawer and aren't ever used, eventually the bank is going to close them down.
This can happen after 2 years, 1 year, or even 6 months of no transactions on an account.
If this happens, not only do you lose a chunk from your total line of credit, your average credit account age will dip (this is especially true with very old cards that people don't use often), and on top of that it will say "closed by by issuer" (or something to that effect) on your credit report which isn't exactly a great look if you're looking to finance a car or house.

2. If you have a few cards, you will most likely only spend on 2 or 3 of them on a regular basis. The other cards will never get swiped.
Because of this you will only have a credit history of months paid in full and on time for 2 or 3 accounts.
What would be better is if every card had at least one small transactions per month which would reflect on your credit report as more (6 or 7 in my case) cards all being used responsibly and being paid on time and in full every month.

That is where this idea of mine would be beneficial.

You sign up for one of the two subscription options, and you don't have to worry about any of the issues I've described.
The yearly plan would cost you $4 every year, and the monthly would be $18 per year - A small price to pay for some peace of mind and an increased credit score.

It would obviously help to put the CCs that would use this service on Autopay...

What does everyone think?

Feel free to PM me.

Thanks!

Sources

Sources 2

Sources 3

Sources 4


Offline Alexsei

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Tzedaka
TRUMP better coverage than 5G!

Offline Shmueli

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Tzedaka
Meaning you give Tzedaka on autopay to avoid these issues? Or the proceeds of such a website should go to Tzedaka?

Offline shmooz

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I've been shut down recently on a few Citibank cards,  was thinking of taking my stash to a gas station and running it through $1 at a time. Your idea is interesting.

Offline Alexsei

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Meaning you give Tzedaka on autopay to avoid these issues? Or the proceeds of such a website should go to Tzedaka?
Or we find a charity site that offers autopay, or yeah could be nice if it can profitable
TRUMP better coverage than 5G!

Offline etech0

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upgrade your gmail storage for $2/month (with autopay)
« Last Edit: September 15, 2022, 11:40:24 AM by etech0 »
Workflowy. You won't know what you're missing until you try it.

Offline Davidthebest

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Pay your utilities bill with stored CC on the account. $1 every month in each card. Doesn't take much time.

Offline LoLo

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Amazon reload works fine..

Offline Dan

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Amazon reload works fine..
But not automated.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline CountValentine

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But not automated.
Try doing 100+ each month.  >:( >:( >:(
Only on DDF does 24/6 mean 24/5/half/half
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Offline Euclid

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Online ushdadude

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Offline shmooz

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https://dailygiving.org/

This looks interesting, is there a limit to amount of cards you can store? You can choose to charge each one card monthly/yearly? 

Offline Shmueli

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Just added a poll.
What do you think?
Thanks for all the feedback!

Offline Shmueli

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I think we could do better than 4 votes!  : :D

Offline AsherO

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If lots of people are doing this for large portfolios of 10-20+ cards it’s only a matter of time before someone misses a payment and gets a ding on their credit, even with autopay things can go wrong.
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Offline tavster

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Tzedaka
I have a recurring monthly charge on Yad Eliezer US.

Offline gozalim

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Offline Shmueli

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I have a recurring monthly charge on Yad Eliezer US.
What is the smallest amount you could do per month?

Offline tavster

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What is the smallest amount you could do per month?
$1