Possible MS idea
 

I have a question for the board.

Suppose you have a HELOC with a Bank that allows billpay through a service like checkfreepay.com or evolvemoney.com. My particular bank is available. Does anyone know if these services allow the use of a OV card to make a billpay? You could in theory pay the HELOC, and then take money money right back out off the HELOC again since it is a revolving line of credit?


Any thoughts? I guess the only real question is whether either of those 2 services allow for the OV card?

Don't you think that would arouse suspicion after doing it X number of times. I don't think its a good idea to be messing with this for your HELOC.

Evolve certainly allows the OV card (at least for now).

Don't think the Heloc owner would care, it's no loss for them. Evolve might close your account because of the constant use of gift cards to pay

Not sure why the bank with the helocwould care. The line is made available for any use. So long as it is repaid is it not really any different than being a secured line of credit?

Try it out and let us know.

The HELOC bank will care if it is a manual process to process your payments. If your payments aren't being processed within the two days promised, watch out. If your payments are combined, watch out. Both are signs of manual intervention. So if you have lots of $200 Office store promo GC to burn, you might get a call from the HELOC lender to quit doing it or they might just cancel your line. Send the small GC to your mortgage so your HELOC doesn't get shut down. Save the HELOC for the occasional 500 GC you don't have time to unload via another method.

Good thinking. Give it a try and let us know how it works out.

Expect fraud dept to be all over your ....

Biggest issue is gonna be shut down with evolve.