Success Paying Chase Mortgage With Visa Gift Cards via Evolve Money

Method may not work as of 6/6/14. Evolve Money only allowing 4 payments per account.  See Frequent Miler’s post.

I posted last week that I had trouble paying my Chase mortgage with Visa gift cards via Evolve Money because my payment applied towards the principal amount.  I did not want to pay extra principal because it makes more sense for me to invest in retirement and take advantage of tax breaks instead given my age.  I read various posts on Flyertalk about paying mortgage with Evolve Money and finally had success paying Chase mortgage with Visa gift cards via Evolve Money.  Here is how I did it:

$200 Visa gift card applied to principal, not monthly payment.

$200 Visa gift card applied to principal, not monthly payment.

To have your Evolve Money payments apply towards your monthly payment, you have to pay the exact amount of your monthly payment.  Evolve Money usually takes 2 business days for your payments to post.  There tends to be a one day lag where your Evolve Money payments sit in your mortgage account as unapplied funds.  So you can make payments within 2 business days and Chase will automatically clump the partial payments together.  I’m not sure if my explanation is 100% accurate, but I know it works from experience.  Here are the step by step instructions of what I did:

$200 Visa gift card applied to principal, not monthly payment.

$200 Visa gift card applied to principal, not monthly payment.

1. My mortgage payment is a little over $2K so I would have to pay over 2 days and use a second account.  I set up an Evolve Money account for myself and for my wife.  My mortgage payment was due June 1, and I submitted Evolve Money payments on 5/28 and 5/29.  

2. Bought 5X $200 Visa gift cards at Staples.com with Chase Ink Bold + VisaSavingsedge (extra 1% rebate).  I ordered some more Visa gift cards, but they didn’t come before my payment due date.




3. Used my wife’s Evolve Money account on day 1 to submit $1K in payments to Chase mortgage using $200 Visa gift cards.  To avoid duplicate payments or payment lock-ups, I would pay in differing amounts such as $130, $70, $120, $80, etc.  You could also wait about 10 minutes in between payments, but I think it takes longer.  I did try to pay $200 twice too fast and one of my cards got locked up because it will pre-authorize the card and you have to wait about a week.

Submit Varying Payments with Evolve Money

Submit Varying Payments with Evolve Money

4. Used my account on day 1 to submit payments via Paypal debit Mastercard up to $1K.  I had used some Paypal MyCash cards to load up her account, but I can’t seem to buy them with a credit card anymore.

5. On day 2, I submitted the remaining amount on Evolve Money with my Paypal debit card equaling my exact monthly payment.

6. On day 3, I checked my Chase mortgage account and saw that everything was applied correctly!  All my individual payments showed $0 to principal, interest, and escrow, but the last payment shows the full payment applied.    

Payment Applied Correctly!

Payment Applied Correctly!

Paying your mortgage with Visa gift cards via Evolve Money is a great way to liquidate Visa gift cards bought at Staples.  Using Chase Ink and Visasavingsedge (which gives additional 1% off Staples purchases) effectively buys Chase UR points at 0.0047 cents each.  This is because you can buy a $200 Visa gift card with a $4.88 fee and earn 1,034 UR points ($4.88/1,034).  This can be very lucrative, but takes time and effort.  At 0.0047 cents a point, I can fly to Hawaii roundtrip for only $118 (0.0047*25,000 points) or fly to Europe roundtrip for $283 (0.0047 * 60,000 points)! I’m not sure how long Evolve Money will allow us to use Visa gift cards, but it sure is a valuable way for manufactured spending and meeting minimum spend on my Chase Ink credit cards.