How I saved Money by changing the way I Pay my Chase Credit Card
I noticed that when I pay my bills through Electric Orange I end up losing a little bit of interest. ING takes the money out of my account on the day I request the check to be sent to the creditor.
The paper checks (and the electronic ones too!!) take a couple of days to process but that money has already been taken out of my account by ING. Now this is okay for the most part if this was a non-interest bearing account. The fact that my money is not gaining interest for those few days and the bill is also not paid (and is therefore racking up interest charges) makes me a little bit upset.
Ok it makes me more than a little upset. I decided to go into Chase and see if I could pay the card from inside the account. Chase let me set up the ING account as a payment account and then I could pay from directly inside the account.
What made it even better was that if I made the payment before 2pm on a weekday the payment would go through that very evening. What this means in terms of me saving money is that I can now pay the credit card from Chase even closer to the date. I can pay about four days before the payment is due because the money will go through that same day. This means I can keep my cash in my ING account for a few more days to get the benefit of the interest calculations. yippee!!!