• Last Updated:
  • Aug 14th, 2021 6:20 pm
Tags:
None
[OP]
Jr. Member
Aug 2, 2021
180 posts
194 upvotes

Paying my Amex

Not sure if this belongs in Personal Finance or Credit Cards. Apologies in advance if I am off.

Coming from my TD card and banking at TD, I would always walk out of the grocery store and log into the TD app and transfer over the amount I just spent on my TD Visa. I just know myself, and its better to move the money out of my chequing. Helps me stay on relative budget.

Got my first Amex Cobalt a few weeks ago, and I find that I cant make an "overpayment". I keep getting an error along the lines of "that amount is more than the amount of 0 that is owing".

Will that change after I am able to make my first month's payment? Or do I need to come up with another method?

Right now I am just moving the same amount into a savings account that I had sitting in TD, plan to just move the amount back and the end of the month and pay the bill but that seems like alot of extra steps.
Last edited by hubbabubba73 on Aug 9th, 2021 2:55 pm, edited 1 time in total.
36 replies
Deal Addict
Feb 4, 2019
2687 posts
4373 upvotes
BC
You can make a bill payment to Amex from your TD online banking.
Last edited by rhw123 on Aug 9th, 2021 3:29 pm, edited 1 time in total.
Member
May 24, 2019
384 posts
403 upvotes
Toronto
hubbabubba73 wrote: Not sure if this belongs in Personal Finance or Credit Cards. Apologies in advance if I am off.

Coming from my TD card and banking at TD, I would always walk out of the grocery store and log into the TD app and transfer over the amount I just spent on my TD Visa. I just know myself, and its better to move the money out of my chequing. Helps me stay on relative budget.

Got my first Amex Cobalt a few weeks ago, and I find that I cant make an "overpayment". I keep getting an error along the lines of "that amount is more than the amount of 0 that is owing".

While that change after I am able to make my first month's payment? Or do I need to come up with another method?

Right now I am just moving the same amount into a savings account that I had sitting in TD, plan to just move the amount back and the end of the month and pay the bill but that seems like alot of extra steps.
Is it not good to overpay amex (there are datapoints of people triggering financial reviews that way), but also credit cards in general. If you need to stay on budget, use an app that will do that for you (like Mint or, way better, YNAB). You can also just open another free savings account with TD, move over the money in there as soon as you spend it, and then when a statement is issued you will have in that savings account the exact amount you owe on the card and pay it off all at once.
Member
May 30, 2015
351 posts
325 upvotes
hubbabubba73 wrote: Not sure if this belongs in Personal Finance or Credit Cards. Apologies in advance if I am off.

Coming from my TD card and banking at TD, I would always walk out of the grocery store and log into the TD app and transfer over the amount I just spent on my TD Visa. I just know myself, and its better to move the money out of my chequing. Helps me stay on relative budget.

Got my first Amex Cobalt a few weeks ago, and I find that I cant make an "overpayment". I keep getting an error along the lines of "that amount is more than the amount of 0 that is owing".

Will that change after I am able to make my first month's payment? Or do I need to come up with another method?

Right now I am just moving the same amount into a savings account that I had sitting in TD, plan to just move the amount back and the end of the month and pay the bill but that seems like alot of extra steps.
Lol what? Why don’t you just use a debit then? Why do you even need a CC if you pay it from your chequing right after you buy your coffees.
Deal Addict
Feb 4, 2019
2687 posts
4373 upvotes
BC
Andreit wrote: Is it not good to overpay amex (there are datapoints of people triggering financial reviews that way), but also credit cards in general. If you need to stay on budget, use an app that will do that for you (like Mint or, way better, YNAB). You can also just open another free savings account with TD, move over the money in there as soon as you spend it, and then when a statement is issued you will have in that savings account the exact amount you owe on the card and pay it off all at once.
OP doesn't really want to overpay their Amex card, they just want to pay their balance off directly after making a transaction on the card. Transaction and payment will post around the same time, resulting in $0 balance. My wife uses this exact same system with her credit cards. To some it might sound a bit silly but I think whatever methods works for someone to stay on budget and use their credit responsibly is fine.

Making bill payments on the TD end, that system will work without any issues.
Last edited by rhw123 on Aug 9th, 2021 3:09 pm, edited 1 time in total.
[OP]
Jr. Member
Aug 2, 2021
180 posts
194 upvotes
Andreit wrote: Is it not good to overpay amex (there are datapoints of people triggering financial reviews that way), but also credit cards in general. If you need to stay on budget, use an app that will do that for you (like Mint or, way better, YNAB). You can also just open another free savings account with TD, move over the money in there as soon as you spend it, and then when a statement is issued you will have in that savings account the exact amount you owe on the card and pay it off all at once.
Makes sense. I should have clarified that until recently I did have a small balance on my TD card so was technically never or in actial overpayment status.

But with Amex, new card, and starting with zero I think I will just have to change my paradigm. Using a free daily savings at TD to hold the money, and I do get one exterior transaction with that so maybe I will just set that up as my attached account for Amex.

Thanks
Jr. Member
User avatar
Jun 24, 2017
188 posts
139 upvotes
Yep, instead of paying directly through Amex, add Amex as a payee on your TD online banking using the credit card number as your account number. That will work fine since you spend $20 on Amex, you can send the $20 directly from your TD app and it will take about a day to actually show up at Amex anyway. That way you won't run into the overpay issue.
Deal Addict
Feb 4, 2019
2687 posts
4373 upvotes
BC
FriendlyUnit wrote: Lol what? Why don’t you just use a debit then? Why do you even need a CC if you pay it from your chequing right after you buy your coffees.
I assume earning CC rewards.

As I wrote in my previous post, if this works for OP to earn CC rewards while staying on budget and using credit responsibly, why not?
[OP]
Jr. Member
Aug 2, 2021
180 posts
194 upvotes
FriendlyUnit wrote: Lol what? Why don’t you just use a debit then? Why do you even need a CC if you pay it from your chequing right after you buy your coffees.
I made over $700 worth of points last year on my card. That I would not have made using my debit card.
Member
User avatar
Mar 3, 2020
233 posts
437 upvotes
FriendlyUnit wrote: Lol what? Why don’t you just use a debit then? Why do you even need a CC if you pay it from your chequing right after you buy your coffees.
Telling someone to use a debit card on a credit card forum. That's a bold move let's see how it plays out.

The guy is being almost TOO responsible with paying off his credit card. Nothing really wrong with that and certainly not warranting using a debit card.

To OP though: Just pay off your credit card when your statement comes in. If you find yourself going over 10-25% of your allocated credit limit (i.e. your limit is $10,000, don't go over $1,000-$2,500), then pay it off and you'll be fine.
Member
May 24, 2019
384 posts
403 upvotes
Toronto
rhw123 wrote: OP doesn't really want to overpay their Amex card, they just want to pay their balance off directly after making a transaction on the card. Transaction and payment will post around the same time, resulting in $0 balance. My wife uses this exact same system with her credit cards. To some it might sound a bit silly but I think whatever methods works for someone to stay on budget and use their credit responsibly is fine.

Making bill payments on the TD end, that system will work without any issues.
Makes, sense. On Amex side, that will not be allowed (you can make a payment from the app and you get your credit available bumped up right away, but have to wait for the payment to actually clear (1-2 business days) before making another one. A lot of bill payments might also cost him some money unless he's on an unlimited transactions plan with TD (those are waived if you transfer money between your TD accounts, even credit card, but not for Amex bill payments).
hubbabubba73 wrote: Makes sense. I should have clarified that until recently I did have a small balance on my TD card so was technically never or in actial overpayment status.

But with Amex, new card, and starting with zero I think I will just have to change my paradigm. Using a free daily savings at TD to hold the money, and I do get one exterior transaction with that so maybe I will just set that up as my attached account for Amex.

Thanks
Even if you're already using that savings account for something else, you can have multiple so you can just open a new one immediately online, to keep things more clear for you, and can also just name that "credit cards". Not saying what you're doing is wrong (if it works with you that's great, I wouldn't be able to keep track of my stuff that way) but I think that there are alternatives that might save you time and (possibly) fees.
Sr. Member
Jun 3, 2006
936 posts
332 upvotes
Markham
I haven't had an Amex in a number of years, but are you able to make the payment once the transaction posts but before the statement cycle cuts? Perhaps OP needs to wait 1-2 days before making the payment?
Member
May 30, 2015
351 posts
325 upvotes
skrateboard wrote: Telling someone to use a debit card on a credit card forum. That's a bold move let's see how it plays out.

The guy is being almost TOO responsible with paying off his credit card. Nothing really wrong with that and certainly not warranting using a debit card.

To OP though: Just pay off your credit card when your statement comes in. If you find yourself going over 10-25% of your allocated credit limit (i.e. your limit is $10,000, don't go over $1,000-$2,500), then pay it off and you'll be fine.
One must have an unlimited transactions chequing account then to cover CC from it right after every purchase made lol.
I mean why not just pay balance in full when you get your statement ? That’s what I’ve been doing.
Deal Addict
User avatar
Aug 1, 2008
1890 posts
312 upvotes
Montréal
FriendlyUnit wrote:
Lol what? Why don’t you just use a debit then? Why do you even need a CC if you pay it from your chequing right after you buy your coffees.
FriendlyUnit wrote: One must have an unlimited transactions chequing account then to cover CC from it right after every purchase made lol
I actually do the exact samething with my slot 2 and 3 CCs. The reason behind that is CCs gets you rewards and debit not. It's easy to do and keeps your credit utilization low. Also, never heard of the overpayment thing, but your balance is 0$ when they emit your statement so it's nothing to worry about.

And yes I got a no fee unlimited transactions chequing account, not you?
I feel the need... the need for speed.
Member
May 30, 2015
351 posts
325 upvotes
Bomberman07 wrote: I actually do the exact samething with my slot 2 and 3 CCs. The reason behind that is CCs gets you rewards and debit not. It's easy to do and keeps your credit utilization low. Also, never heard of the overpayment thing, but your balance is 0$ when they emit your statement so it's nothing to worry about.

And yes I got a no fee unlimited transactions chequing account, not you?
You can pick a debit card with rewards to save you hussle. But to each their own, if you like wasting time by transferring back and forth whenever you buy a coffee sure do whatever you like nothing wrong.
Deal Addict
User avatar
Aug 1, 2008
1890 posts
312 upvotes
Montréal
FriendlyUnit wrote: You can pick a debit card with rewards to save you hussle. But to each their own, if you like wasting time by transferring back and forth whenever you buy a coffee sure do whatever you like nothing wrong.
On another thread, some RFDer do the same thing with debit
I feel the need... the need for speed.
Deal Fanatic
Aug 24, 2016
9270 posts
10499 upvotes
The Prairies
rhw123 wrote: You can make a bill payment to Amex from your TD online banking.
Really?
Holy damn technology these days!
Member
Jul 2, 2021
209 posts
223 upvotes
Vancouver
I pay off my credit cards before the statement is issued, just so the utilization ratio stays below 30% at all times.

Simple bill payment with your card number after searching for Amex on payee list does the job.
Member
Jun 9, 2020
206 posts
148 upvotes
I usually use 3-4 cards a month, but only allow one to post and report a balance. As far as AMEX goes, bill pay from my RBC account usually reaches them the same business day if initiated early enough in the day.
[OP]
Jr. Member
Aug 2, 2021
180 posts
194 upvotes
To wrap up, what I decided to do:

I opened a 2nd Tangerine Chequing that I will dedicate to paying my Amex.
Set up etransfer auto-deposit
e-transfer from TD after I spend
pay Amex from that account.

Bob's my uncle.

Top