Credit Cards

Method to pay

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  • Mar 22nd, 2022 10:51 pm
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Member
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Aug 14, 2008
288 posts
15 upvotes
Ottawa

Method to pay

Hello,

Looking for some advice, I recently got a big tax bill and was thinking of paying it with my credit card to get some points .. just not sure which approach is best

I have a BMO world elite and a BMO priv infinity (have not spent the min amount yet) within three months

My bill is a tax bill, wondering all on one or should I split it to get the points ?

Any input would be appreciated
9 replies
Member
User avatar
Aug 14, 2008
288 posts
15 upvotes
Ottawa
I’m not sure I follow, we can pay using a credit card are you sending me those links because the fee’s are less?

I was wondering what card would be better to maximize my points between the two cards.
Deal Fanatic
Oct 3, 2018
6413 posts
7003 upvotes
GTA
batcave wrote: Refer to this thread,

paysimply-paymentus-kubra-rent-moola-cc ... s-2376044/

Plastiq, not mentioned there has a 2.45% fee for the CRA.
Thanks @batcave for DM too! Ok, added Plastiq to title and 1st line of op.

paysimply-plastiq-paymentus-kubra-rent- ... 044/?saved

p.s. I just happened to find the Plastiq 2.45% email in my spam folder, prior to reading your DM!
Member
User avatar
Aug 14, 2008
288 posts
15 upvotes
Ottawa
It’s income tax, so I just learned something new you do not get points when you use your credit card to pay your taxes the (1 point) for everything else has fine print both my world elite and visa piv .. is that why the link above was suggested?

I am trying to figure out how I can get points when paying this bill .

Thoughts
Member
User avatar
Aug 14, 2008
288 posts
15 upvotes
Ottawa
So if I use plastiq to pay my cra it’s considered a bill this I would get some points versus no points?

Anyone else use this before ? Their fee is quite high not sure if it justifies the use
Member
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Aug 14, 2008
288 posts
15 upvotes
Ottawa
That’s a good tip, i will call and ask .. cra doesn’t seem to accept Amex .. and the fee I pay is around 1800 so quite high not sure if the points actually make up that cost.
Deal Fanatic
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Nov 14, 2003
6675 posts
5466 upvotes
LaLaLand
I deleted my last post because i think you are a bit confused. CRA does not accept credit cards for payments. They accept Visa and MasterCard Debit.

If you want points, use a third party like Plastiq or Paysimply.

But if BMO does not give points for these merchants, call your representative.

If you care more about saving $1800, just do a bill payment from your bank account. No gain, no loss.


Edit, here is how I would do it:
Get the American Express Platinum card and the American Express Platinum business card.
Pay $6000 in taxes with the Pt card and $7000 with the Pt business card.
Pay the rest of your taxes from your bank account, no cost.
Total fees are $1200 for the cards, $320 for the bill payment fee, total, $1520.
For this you get over 200,000 points - likely enough for two rounds trip tickets anywhere in business class.

A round trip in business class to Australia used to cost $10,000. Most wouldn't pay this but if you can get it for a fraction of the price, it's a great experience and vacation.
Member
User avatar
Aug 14, 2008
288 posts
15 upvotes
Ottawa
This is perfect, thank you for the explanation it really helped.. I will def look at the Amex option

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