Thread: Calling all Credit Card Point Junkies

I sublease space to my graphics guy. He told me today that he puts about $100k worth of stuff on his business bank card every quarter so that he can get the points. He said "it's not credit, it runs through my bank account just like a check would (straight cash) I just get points for it." I asked myself, "self...why the hell aren't you doing that". We have a large amount of money go in and out of our bank accounts every month (we get to keep a teeny tiny small margin of that for managing the assets and the money). I wouldn't try this on any 3rd party owned assets b/c that's some sketchy commingling if you ask me but needless to say here is what I wanna try to find.

My bank offers reward points on funds from bank accounts if the funds are spent on a bank card via "credit" not debit.

A majority of our expenses are mortgages. The other majority is payroll run through a payroll processing firm. These 2 largest expenses are done via lump sum ACHs. The other vendors we pay do not take credit card. We pay them the old school way via check/or some online billpay/ach.

So is there a grown-up paypal or some similar service that would essentially take my credit card payment, turn it into a check to pay a vendor/3rd party? I know this is stretchin it and is asking a lot. I figured it might be worth asking and someone around these parts may know the exact trick to take advantage of a situation just like this. I don't want it costing exorbitant percentages but I'd be willing to pay a fee for it (nothing is free right). I'd never put these kinda things on a "credit card" but if I can get points for bank card debits why not take advantage of the system a little to get some points and go see some cool places?

What bank/card does he use to earn points like that?


I know some banks over points spent on debit cards as well? Or running debit cards as credit?

I love card points. haha

Originally Posted by MarcNV

What bank/card does he use to earn points like that?


I know some banks over points spent on debit cards as well? Or running debit cards as credit?

I love card points. haha

He uses either Chase or BOA I forgot. He said that he has to run the card as "credit" with the vendor. The key to my problem is none of my vendors take credit cards like his so I'm trying to figure out how to turn "credit card" (bank card really ie cash) into checks to the vendor (who doesnt accept "credit cards). Sounds more confusing than it is lol

Definitely typo'd up there..

Meant.. * Some banks offer points...


I know Wellsfargo does the same thing, offers points similar to what your graphics guy is doing.

I get points though my bank card and with amex. When i use my bank card i just dont use my pin and its considered a 'credit' transaction. Would also be interested if there is a place that does convert to a check.

Originally Posted by BogeyBoy82

I wouldn't try this on any 3rd party owned assets b/c that's some sketchy commingling if you ask me but needless to say here is what I wanna try to find.

I can look into the whole aspect of what you're asking tomorrow when I get back to my office but I wanted to pull out this little area of your post. I know you said you wouldn't do it so I'm not reprimanding you but giving you a heads up if it keeps crossing your mind..

Depending on what type of business you are in, getting interest on third party funds without passing that interest to the client can be illegal. Certain industries are heavily regulated and can be fined. Sometimes the government even looks down on a company earning analysis credits to offset bank services with third party funds. Most of my companies we would rather not spend the time reconciling interest so we just keep the funds in non-interest/non-analyzed accounts and then pass the fees onto the customer.

Have you considered that by paying some vendors with a CC any kickback or perceived value you receive in terms of points from your bank/CC company usually wont offset the 3-5%+ the vendor is likely going to tack on to run the transaction as a CC vs debit, etc to cover their fees. Outside of buying airline tix, rental cars, event tix, or something else where at least the CC fee is indirect I choose to avoid using a CC more often than not regardless whether its a business or personal purchase...

Originally Posted by ChumpChange

I can look into the whole aspect of what you're asking tomorrow when I get back to my office but I wanted to pull out this little area of your post. I know you said you wouldn't do it so I'm not reprimanding you but giving you a heads up if it keeps crossing your mind..

Depending on what type of business you are in, getting interest on third party funds without passing that interest to the client can be illegal. Certain industries are heavily regulated and can be fined. Sometimes the government even looks down on a company earning analysis credits to offset bank services with third party funds. Most of my companies we would rather not spend the time reconciling interest so we just keep the funds in non-interest/non-analyzed accounts and then pass the fees onto the customer.

I hear ya loud and clear. In our mgmt agreement it states we can't do anything to this regard so I wouldn't on 3rd party owned stuff. Assets which that I'm thinking about doing this under are in our REIT. So essentially we would be earning this for ourselves. I preciate the heads up.

Originally Posted by eshaun

Have you considered that by paying some vendors with a CC any kickback or perceived value you receive in terms of points from your bank/CC company usually wont offset the 3-5%+ the vendor is likely going to tack on to run the transaction as a CC vs debit, etc to cover their fees. Outside of buying airline tix, rental cars, event tix, or something else where at least the CC fee is indirect I choose to avoid using a CC more often than not regardless whether its a business or personal purchase...

What he is referring too is the fact that many banks (WF included) offer a "points rewards" system similar to AMEX where the card holder gets reward points for purchases run through as "Credit." The way the banks offset these perks is that they are able to charge the vendor the 2-3% credit card charge instead of the miniscule amount I believe they are able to charge for debit transactions. The benefit I see for the banks is that they are generating revenue and then paying back a paltry "points" benefit by giving the customer deflated purchasing dollars to buy overpriced merchandise; so it's a no loose situation for them. The customer sees it as a "free" benefit so they think nothing of hitting that credit button and the vendor selling the original product is the one that pays the price and thus has to raise the cost of his product. Sorry- maybe I just look at it from the little guy perspective as another way small business is getting screwed by the greed of the big guys.

We use Zevez at our dealership, we charge over $200k per month on our American Express card, paying vendors, mortgage, suppliers, etc. We were able to get the black Centurion card in less than 8 months.

Zevez: Our service and software interfaces with your accounts payable system to streamline the card payment process. Businesses pay by card to improve efficiency, receive rebates or reward points, improve cash flow 30-45 days and save on banking fees. It's a smarter way to pay business invoices.