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7 things you didn't know you could buy with a credit card

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Wise Phenomenal
Wise Phenomenal
24 Apr 2021

Now before this video starts, in this video, I will tell you a few things that you may or may have not to know that you can pay for with a credit card. This just for educational purposes

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1. Mortgages or Rent
- Their a service called Plastiq that literally takes your information
- And send the Bank or Landlord a Check for the rent
- They do charge you a 2.85% fee for doing this though

However:
- Some credit cards do offer you 2% cashback so you would only really paying .8-1% as a fee
- Just keep in mind you cant profit from this
- And I wouldn’t do it ( have an emergency fund, a credit card is not one )

2. Stocks and Forex brokers
- You can actually get away with buying stocks with a credit card
- However, the big danger is that if you pick wrong, you’ll get hurt from two sides ( the interest being charged and the potential losses from the stock)

To do this:
- All you need is to find a broker that accepts it
- For example stockpile and I think interactive broker allow credit cards
- But stockpile does charge a .99 fee for trade and also a 3% convenience fee on the credit card
- It's like everything you buy you just instantly lost 3% ( don’t do it )

Tip: might be a good idea for a one-time minimum spend.

3. Buy a car
- This is the case by case scenario because not every deal is the same
- So the idea is to contact the dealer and see which ones accept credit cards as a form of payment

Obviously:
- This only makes sense under these circumstances
- You have enough money to pay the balance in full and you wanted the points ( unless they're a convenience fee also ))
- You're trying to take advantage of the 0% interest on your credit card
- Or you are trying to get a bonus

Ps. You can also do a balance transfer to a credit card for free depending on the promotion of the credit card. SO if the dealer says no, you can buy the car with a loan, transfer it over to the credit card for free and then take 18 months to pay it off interest-free.

4. Taxes
- You can pay your taxes with a credit card
- But the irs will charge you 1.99% as a fee
- So good look trying to leverage the points

But again this could make sense:
- If you have a bonus you want to get to
- Don’t do this because you are literally broke, just sort out a payment plan with the IRS
- The worst thing is to get charged 25% taxes additional by the credit card

5. Medical bills
- I found this out a few weeks ago, one of the number one reason people go bankrupt is because medical bills
- If you can get insurance get insurance

Now the idea is:
- Is you are going to get reimbursed by insurance or Health Savings account this makes sense
- Just make sure the hospital or whoever it is, is not charging you a big fee

Tip: don’t do this with real bills you can't get rid off, again interest rates are crazy.

6. Tuition
- Turn out if you're 18 years old on top of loans you can also acquire some fast debt by paying with a credit card
- Now if you have the cash to pay the card In full then great, get those points or bonus and payback
- Be careful if they charge a crazy fee though

I spent 88k in college I think:
- 2% cashback would have been $1,760
- Interest of 25% would have been 22k so be careful

7. Fund a bank
- Banks let you fund the account with a credit card
- This is cool for people that want to get a bonus without buying things they don’t need
- I have a list of all the banks below

Great article:
https://thepointsguy.com/guide..../things-you-can-you-

Banks:
https://www.doctorofcredit.com..../does-funding-a-bank

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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