An HSA Administrator That Allows Contributions VIA CC ?

[ownyourfuture]

(56, retired with a high deductible HC plan)

Just received a new CC. Get a $500.00 credit if I spend 3k in the 1st three months. Since I'm going to contribute 3k to my HSA this year, it would’ve been a perfect opportunity to meet that requirement quickly.

But my account is with HSA bank, & they only allow contributions via check, or bank transfer. Asked if this was a federal/IRS law/rule, or just a HSA bank policy, & they couldn’t/wouldn’t answer.

 

[Big_Hitter]

don't you have to make qualified plan contributions from your earnings?

 

[ownyourfuture]

don't you have to make qualified plan contributions from your earnings?

I'm retired, so no earned income. Edited the posting to show this.

 

[Jerry1]

I don’t think an HSA administrator would want to pay the credit card fee. I guess it would work if they deposited the net (after fees) into your account. I don’t know for sure, but aren’t CC fees like 2-4%?

 

[audreyh1]

I think you’re going to have to find some other spending that you can do with a credit card - bills?

I’m not surprised that an HSA company doesn’t take CC for contributions.

 

[bingybear]

I would think if you found an HSA administrator that would take a credit card it would be for a cash advance, not a purchase. Likely your credit card will charge you for a cash advance.

Why would you not take a cash advance and then do an ACH transfer to the HSA? duh

 

[erkevin]

Or get a convenience check from your CC company