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Rewards for ACH transactions (self.personalfinance)

submitted 6 days ago* (last edited 6 days ago) by root to c/[email protected]

12 comments fedilink hide all child comments

Between rent and school payments, I am paying quite a lot over ACH and am wondering if there’s any way to also get some benefits back from these payments.

There are cards out there like the “Fold” card that will give back up to 1.5% in BTC for ACH transactions, but that’s contingent on you spending a lot on other transactions and the card also has a $100 annual fee.

I don’t care if the rewards are USD, BTC or booster packs of Pokémon cards. I’d just like something back from these transactions.

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[–] root 2 points 6 days ago (1 children)

Ah, thanks! Corrected

[–] jqubed 2 points 6 days ago (1 children)

Wasn’t sure if that’s why you’re having trouble finding something that gives rewards.

I wouldn’t expect too many ACH rewards to exist, though. ACH is lower cost than credit card fees but my understanding is it usually still isn’t free. Credit card fees paid by the merchant mostly go to the card issuer (bank) who in turn offers a portion of that fee to the card holder as a reward to incentivize them to use the card more. I think the ACH fees mostly go to the clearing house, usually the Federal Reserve in the U.S., so they’re not turning around and handing any portion of those fees to consumers. The fee can also be paid by the sender or the recipient, so that further reduces the opportunity to supply a reward incentive.

[–] root 1 points 6 days ago

Gotcha, that makes sense. The only cards I see offering this are Fold and Bilt, and I’m not sure Bilt would handle anything other than rent (as that’s all they advertise). Thank you for the reply