Investment Account Credit Card or Debit Card?

[easysurfer]

Is there such a thing as an investment account with a credit card or debit card?

I know that I can have a checking account and also have a debit card with that. Or perhaps even a Money Market Account and debit card.

But is there such a thing as a credit card or debit card paired with an investment account like a balanced fund or index fund?

I know I can set up several accounts like and shift money around (say index to a money market, then get the cash that way) but I don't want the extra steps.

 

[njhowie]

Sure - with Fidelity, and I assume others, you can have a debit card on your CMA account.

However, by its very nature, a credit card is not going to be tied to an account - because you're being given an unsecured credit line all on its own. Now, you can certainly have the credit card autopaid monthly from your investment account, again, not an issue with Fidelity CMA as it functions similarly to a checking account as well.

Doubtful you'll find something with the ability to pull directly from a mutual fund you hold. You'll have to do a redemption to a cash account tied to the debit card or for paying the monthly credit card bill.

 

[easysurfer]

...

Doubtful you'll find something with the ability to pull directly from a mutual fund you hold. You'll have to do a redemption to a cash account tied to the debit card or for paying the monthly credit card bill.

Thanks. I've come to that conclusion too after more reading.

My thought now is to start an online savings account with Discover. I already have an online checking with them.

I was going through the online screens to open a savings account but came up to a screen saying Discover will check my credit records to verify I am who I say I am. Well, since my credit is frozen in at least 2 credit agencies, I had to back out.

Upon reading more, seems the company Discover accesses most of the 3 is Equifax .

I did try an unfreeze my credit with Equifax about a week ago (by snail mail). Guess this is one test to see if they unfroze my credit or left me handing high and dry!. My hope is not high

 

[njhowie]

I was going through the online screens to open a savings account but came up to a screen saying Discover will check my credit records to verify I am who I say I am. Well, since my credit is frozen in at least 2 credit agencies, I had to back out.

Having credit frozen does not prevent them from pulling the information they use to verify identity - past addresses, etc.

It won't hurt to try it and see. Worst case it rejects and stops you. You're no worse off.

How about spouse? Does he/she also have credit frozen?

Additionally, if you're going to open a savings account with Discover, they generally have bonus offers available. Here is one I quickly pulled up:

https://www.discover.com/online-banking/savings-lng-04/?TPR=022

 

[easysurfer]

Having credit frozen does not prevent them from pulling the information they use to verify identity - past addresses, etc.

It won't hurt to try it and see. Worst case it rejects and stops you. You're no worse off.

How about spouse? Does he/she also have credit frozen?

Additionally, if you're going to open a savings account with Discover, they generally have bonus offers available. Here is one I quickly pulled up:

https://www.discover.com/online-banking/savings-lng-04/?TPR=022

I was under the impressing that credit frozen prevents them from pulling.

Thanks for the bonus link.

 

[njhowie]

I was under the impressing that credit frozen prevents them from pulling.

Thanks for the bonus link.

Not always. I am frozen with all bureaus. Sometimes I can open a new account, sometimes not. Since you already have the checking account, is there not a way from within your online account to open the new savings account?

 

[easysurfer]

I discovered that one way to see if credit file is frozen or not is to request your credit report. If frozen, the report has a statement stating so.

I got my last reports Nov last year. I'm going wait about a week (give Equifax plenty of time to work on my snail mail) and try to open savings account online. Not urgent at the moment.

 

[easysurfer]

I was able to open a Discover savings account.

Didn't know if unfreezing was needed or not as I wasn't prompted to answer any "prove it" type questions.

 

[klec]

Is there such a thing as an investment account with a credit card or debit card?

I know that I can have a checking account and also have a debit card with that. Or perhaps even a Money Market Account and debit card.

But is there such a thing as a credit card or debit card paired with an investment account like a balanced fund or index fund?

I know I can set up several accounts like and shift money around (say index to a money market, then get the cash that way) but I don't want the extra steps.

I quit using a debit card and went to a CitiBank Double Cash rewards card. I’m debt averse, so I’ll pay off any charges several times a week. Just by using this as my go-to card, I’ve accumulated over $1,000 cash or Amazon dollars … just this year. It works great.