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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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[–] CircuitGuy 2 points 4 days ago

Credit cards pay out rewards using money they charge merchants on the transaction. The cards discourage merchants from offering a discount for people who pay in less expensive ways, but if you ask you can often get a discount for cash. Typically the cards charge merchants 3% and give you back 2%. Cards are worth it to a merchants such as gas stations but usually not worth it for companies accepting rent. If you rent from an individual, you might get a discount for giving them cash or check, but a company with hundreds of units probably prefers paying the small ACH fees to avoid dealing with physical payments.