Originally Posted by
redtop43
I have paid my Fidelity Visa on and off with MO's for years. But I consider this my safest card, since I have a very large balance with Fidelity.
Currently I am sending one envelope of MO's in the high 4 figures to each of several credit cards. For one of these the MO's represent about half my monthly payments, for the others it is 15-30%.
So far so good. But as we know in MS, everything is fine until it isn't.
so you send multiple MOs in one envelope? if u have been doing this for years, i guess its somewhat working for now, but i only do max one MO per envelope. be careful out there. i thought my volume was super low and also been doing it for years. 5k/mo with amex, but still got the call.
Originally Posted by
gw14
Don't assume having a large balance with Fidelity will stop Elan from closing your Fidelity Visa. I too have a large balance with Fidelity, it do not stop Elan from closing my Fidelity Visa and all my other ancillary Elan credit cards affiliated with different banks.
definitely true. large balance doesnt mean anything. much like chase CPC and etc. banks will shut down if they see ur behavior as "too much risk". clearly volume is one of the biggest factors. what was the reason for shut down? MS volume? or was it for mailing MO?
Originally Posted by
shadow520
I send MOs to AMEX, Discover, and Ch@se (via mail or in branch) about twice a year. So far so good. I'm unwilling to risk any more than that.
Originally Posted by
B747forever
Went to my local Chase branch earlier today and paid off my CC with 2 MOs totaling $1400. No questions asked. Seems to be an easier way to use WM MOs instead of depositing them into bank accounts. Though not sure how CC issuers look at MOs for paying of CC bills if done regularly.
Originally Posted by
B747forever
Was my first time using MOs to pay off CC, and I am not planning to do it much more often than a couple of times a year.
almost certain youre totally safe with that low volume. even for chase who is sensitive to MO activity. depositing in your bank account would be much higher risk due to AML/KYC rules.
Originally Posted by
coolguy100
a friend of mine mailed large volumes of MOs to AmEx for payment constantly . all his Amex cards were shut down and points gone last year, not sure if it was related to MOs payment. he was able to get approved for new AmEx cards lately, but he hasn't been able to get his vanishing points back.
appreciate the DP. do you know the reason amex gave your friend? and do you know the MO volume? i assume your friend was also doing many other things such as high vol MS like simon, maybe WMBP, and churning in general. meaning, it will be difficult to link the mailed MO as the sole cause.