Author Topic: Deposits via Credit Card?  (Read 5009 times)

sk24iam

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Deposits via Credit Card?
« on: January 09, 2013, 11:12:11 AM »
Does anyone know if Lending Club plans on allowing investors to make recurring deposits via credit card? I believe they allow credit card for your initial deposit but why not after that?

william

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Re: Deposits via Credit Card?
« Reply #1 on: January 09, 2013, 11:14:44 AM »
I don't think they will. They don't allow credit cards for initial deposit (that I know of). I think your thinking of Paypal?

sk24iam

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Re: Deposits via Credit Card?
« Reply #2 on: January 09, 2013, 11:23:51 AM »
Well you can choose to use your credit card as the source when using paypal. Will paypal ever be an option to make additional deposits?

Zach

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Re: Deposits via Credit Card?
« Reply #3 on: January 09, 2013, 01:04:33 PM »
Does anyone know if Lending Club plans on allowing investors to make recurring deposits via credit card? I believe they allow credit card for your initial deposit but why not after that?

No, they do it to allow you to jump start your investment. Credit card processing costs run at least 2% for them. It would not make fiscal sense to pay the fee. They should however, offer an instant feature via ACH like Prosper does...that would be great :)

william

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Re: Deposits via Credit Card?
« Reply #4 on: January 09, 2013, 04:20:16 PM »
They say its only for the initial deposit but I still have a Paypal option. I'll try it the next time I make a deposit and let you know if it still works for me.

Zach

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Re: Deposits via Credit Card?
« Reply #5 on: January 09, 2013, 05:07:30 PM »
They say its only for the initial deposit but I still have a Paypal option. I'll try it the next time I make a deposit and let you know if it still works for me.

The trick is that you're able to use the Paypal deposit feature until you actually verify your bank account trial deposits. I figured out that with my most recent account I opened and funded. I was able to do several paypal deposits until I verified my bank account. It probably won't last long once investors start taking advantage of the loop hole for credit card miles/rewards.

rawraw

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Re: Deposits via Credit Card?
« Reply #6 on: January 09, 2013, 05:34:19 PM »
They say its only for the initial deposit but I still have a Paypal option. I'll try it the next time I make a deposit and let you know if it still works for me.

The trick is that you're able to use the Paypal deposit feature until you actually verify your bank account trial deposits. I figured out that with my most recent account I opened and funded. I was able to do several paypal deposits until I verified my bank account. It probably won't last long once investors start taking advantage of the loop hole for credit card miles/rewards.
Paypal tends to pass the CC fee onto you. 

Zach

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Re: Deposits via Credit Card?
« Reply #7 on: January 09, 2013, 05:56:41 PM »
They say its only for the initial deposit but I still have a Paypal option. I'll try it the next time I make a deposit and let you know if it still works for me.

The trick is that you're able to use the Paypal deposit feature until you actually verify your bank account trial deposits. I figured out that with my most recent account I opened and funded. I was able to do several paypal deposits until I verified my bank account. It probably won't last long once investors start taking advantage of the loop hole for credit card miles/rewards.
Paypal tends to pass the CC fee onto you.

Not from my experiences. If you're sending a payment to someone that you're initiating, then you'd have the option of paying the fee or passing it to the recipient.

rawraw

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Re: Deposits via Credit Card?
« Reply #8 on: January 09, 2013, 06:36:23 PM »
They say its only for the initial deposit but I still have a Paypal option. I'll try it the next time I make a deposit and let you know if it still works for me.

The trick is that you're able to use the Paypal deposit feature until you actually verify your bank account trial deposits. I figured out that with my most recent account I opened and funded. I was able to do several paypal deposits until I verified my bank account. It probably won't last long once investors start taking advantage of the loop hole for credit card miles/rewards.
Paypal tends to pass the CC fee onto you.

Not from my experiences. If you're sending a payment to someone that you're initiating, then you'd have the option of paying the fee or passing it to the recipient.
Yea, what I mean is LC won't accept credit card payments if you weren't paying the fee.  If they did, I'd personally be charging a ton on my 1.5% cash back card over and over lol
« Last Edit: January 09, 2013, 06:37:57 PM by rawraw »

Zach

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Re: Deposits via Credit Card?
« Reply #9 on: January 09, 2013, 09:49:43 PM »
They say its only for the initial deposit but I still have a Paypal option. I'll try it the next time I make a deposit and let you know if it still works for me.

The trick is that you're able to use the Paypal deposit feature until you actually verify your bank account trial deposits. I figured out that with my most recent account I opened and funded. I was able to do several paypal deposits until I verified my bank account. It probably won't last long once investors start taking advantage of the loop hole for credit card miles/rewards.
Paypal tends to pass the CC fee onto you.

Not from my experiences. If you're sending a payment to someone that you're initiating, then you'd have the option of paying the fee or passing it to the recipient.
Yea, what I mean is LC won't accept credit card payments if you weren't paying the fee.  If they did, I'd personally be charging a ton on my 1.5% cash back card over and over lol

Unless they changed something in the last few months (high possibility), I was able to fund my new LC account with a credit card multiple times - no fee.

Peter

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Re: Deposits via Credit Card?
« Reply #10 on: January 10, 2013, 08:51:23 AM »
They say its only for the initial deposit but I still have a Paypal option. I'll try it the next time I make a deposit and let you know if it still works for me.

The trick is that you're able to use the Paypal deposit feature until you actually verify your bank account trial deposits. I figured out that with my most recent account I opened and funded. I was able to do several paypal deposits until I verified my bank account. It probably won't last long once investors start taking advantage of the loop hole for credit card miles/rewards.

I was told that loophole was closed a few months back. I would be interested to hear if anyone has had success with that recently. What they told me is that the Paypal option is now available for a first time investment only - up to $5,000.
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