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:
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:
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.
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.
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.
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.