Evolve Money Now Accepts Visa and MasterCard…but There’s a Catch!
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I’ve written about Evolve Money and how it’s a good way to pay bills that can’t normally be paid with a credit card, like student loans, car loans, and utilities.
Late last year, Evolve Money began accepting Discover credit cards as payment. But now you can pay bills using your Visa or MasterCard!
But it’s not all good news. You’ll pay a 3% fee when you use a credit card.
Even with the fee, paying bills directly with a credit card through Evolve Money could be useful for some folks. I’ll explain!
What’s the Deal?
Link: Evolve Money
When Evolve Money 1st started, you could pay bills like utilities, loans, mortgages, and store credit cards online using a debit or gift card.
For a brief period, they had a glitch through which folks were able to pay bills with a credit card, but that was short-lived.
Now, Evolve Money accepts Discover, Visa, and MasterCard as payment, but you’ll pay a 3% fee to use a credit card.
That’s NOT a good deal, because the fee will generally negate the value of any miles and points you earn.
For example, you’ll pay $15 ($500 x 3%) for a $500 bill payment. You’d do better using a $500 gift card (bought with a miles and points earning credit card) which usually has only a ~$4 to ~$6 purchase fee.However, if you don’t have access to gift cards, or need to quickly meet minimum spending requirements on your credit card, this could be worth it for you.
Remember, you won’t earn category bonus points when you pay bills online with a credit card.
But you WILL if you buy a gift card at a store that earns bonus points with your credit card (for example, 5X points with the Chase Ink Plus or Chase Ink Cash at office supply stores). And then use it to pay bills online with Evolve Money.
You can now pay bills with a credit card (including Visa and MasterCard) using Evolve Money.
This is NOT generally a good deal because you’ll pay a 3% fee for each transaction.
But it could be worth it for folks who want to quickly meet minimum spending requirements on their credit card.
Will you pay bills using a credit card with Evolve Money?
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