Banks That Allow You To Fund New Accounts With Your Credit Cards

Yesterday, we introduced you to the relatively new practice of arbitraging bank accounts and rewards cards for profit. This time, we go down the list of banks we know that actually allow you to open accounts this way.

While this is by no means exhaustive, these are the ones we are sure will let you get away with the practice. If you do your business with other banks, whether local or national, it wouldn’t hurt to ask to see if you can do the same.

Citibank

Citibank allows you to fund new bank accounts using either a Visa or a Mastercard branded credit card. Amex and Discover card holders, however, are not allowed. There are no limits on the amount of money you can charge on credit cards to fund the account which should allow you to arbitrage every card you have to its full limits.

Bank Of America

Bank Of America allows pretty much all credit cards to fund new bank accounts. The caveat is they cap the allowable deposits. Cardholders can only send credit card deposit requests up to $1,000 at a time. Nothing should stop you from doing it over and over though.

JP Morgan Chase

Like Bank Of America, Chase allows all types of credit cards to fund new bank accounts. Similarly, a deposit limit is strictly imposed. At the moment, cardholders can only deposit up to $2000 of credit card funds.

Others

Do you know any other banks that allow people to deposit funds via credit cards? Let us know and we’ll feature them here.