IRA & Funding IRA with Credit Card
My accountant suggested my partner and myself to open up an IRA account to help with our taxes.
And she suggested looking into IRA accounts with our current checking accounts banks, as some banks waive fees for existing account holders.
Ex: Chase, TD Bank
But is your IRA account protected from creditors like the 401K would be in your current state of residency?
I'm in NY: http://www.nolo.com/legal-encyclopedia/can-judgment-creditors-go-after-my-retirement-accounts-new-york.html#
... so check your state law!
And also search reasons not to rollover funds from 401K. FYI...
After much browsing online..... the idea sprung.... to provide contribution to IRA account by credit and earn rewards, new card bonuses.
So far I've only seen one site post on how to do this....
http://saverocity.com/finance/how-to-fund-an-ira-with-a-credit-card-make-huge-profit-process/
and he suggested the usage of American Express Blue Bird: https://www.bluebird.com/
Others explaining this AMEX Blue Bird: https://thepointsguy.com/2014/02/the-top-reasons-to-get-bluebird-from-american-express/
Some IRA Basic Info: http://www.wikihow.com/Open-a-Roth-IRA-Account
https://www.sdiraservices.com/ira-resource-center/funding-an-ira-by-rollover-transfer-and-annual-contribution/
Paying for IRA: Cash, Check, Money Order, Rollovers from other 401k plans etc etc
Money Order Payment FYI: https://wallethub.com/edu/can-you-buy-a-money-order-with-a-credit-card/20407/
-------------------------------------------------------------https://www.nerdwallet.com/blog/investing/the-best-roth-ira-account-providers/
IRA Options - Highly Recommended:
Betterment : https://www.betterment.com/ (If you know you can do DP on a monthly basis.)
Wealth Front: https://www.wealthfront.com/ (If you know you can't do DP on a monthly basis. Think long run.... ex: unemployment... when $100-$200 will be a lot)
Banks Recommended for IRA:
TD Bank and Charles Schwab
Bank CD IRA Interest Rate Comparsion: https://www.depositaccounts.com/ira/
TD Bank's IRA info: https://www.tdbank.com/personal/iras.html?state=NY&city=1068
FAQ: https://www.tdbank.com/personal/iras_about.html
Open Account: https://invest.tdameritrade.com/grid/p/accountApplication
Citi Bank's IRA info:
Citi requires you to go to your local branch to open an account.
Citi Double Cash (2% Cash back)
Cash Advance Fee (5% or minimum $10 per transaction - Interests occurs on the same day & also doesn't give any rewards)
Financial Institution Charge gives you no rewards.... (sadly)
All depends on how the merchant submits it..... how the transaction is processed.
I tried calling my Citi Card Customer Service because I saw someone post in an online form:
"I emailed citicards asking them to lower my cash advance to $0. They emailed back asking for confirmation and it was all done .. So now no need to worry about something going through as a cash advance.
I already have IRA , is it possible to transfer it with no fee/penalty?"
Site: https://www.flyertalk.com/forum/credit-card-programs/943597-bank-america-ira-contribution-via-credit-card.html
Citi Bank CSR said they'll end up lowering my credit limit if I tried doing what's mentioned above....
Credit Bureaus Must be contacted to increase credit limit if you're constantly getting declined
1800-685-1111 (Equifax) / Experian 1800-831-5614
Citi Card's Credit Line Transfer no longer have that feature. 4-18-2017
-----
Citi Forward Visa Signature Card
Cash Advance Fee (5% or minimum $10 per transaction - Interests occurs on the same day & also doesn't give any rewards)
And she suggested looking into IRA accounts with our current checking accounts banks, as some banks waive fees for existing account holders.
Ex: Chase, TD Bank
But is your IRA account protected from creditors like the 401K would be in your current state of residency?
I'm in NY: http://www.nolo.com/legal-encyclopedia/can-judgment-creditors-go-after-my-retirement-accounts-new-york.html#
... so check your state law!
And also search reasons not to rollover funds from 401K. FYI...
After much browsing online..... the idea sprung.... to provide contribution to IRA account by credit and earn rewards, new card bonuses.
So far I've only seen one site post on how to do this....
http://saverocity.com/finance/how-to-fund-an-ira-with-a-credit-card-make-huge-profit-process/
and he suggested the usage of American Express Blue Bird: https://www.bluebird.com/
Others explaining this AMEX Blue Bird: https://thepointsguy.com/2014/02/the-top-reasons-to-get-bluebird-from-american-express/
Some IRA Basic Info: http://www.wikihow.com/Open-a-Roth-IRA-Account
https://www.sdiraservices.com/ira-resource-center/funding-an-ira-by-rollover-transfer-and-annual-contribution/
Paying for IRA: Cash, Check, Money Order, Rollovers from other 401k plans etc etc
Money Order Payment FYI: https://wallethub.com/edu/can-you-buy-a-money-order-with-a-credit-card/20407/
-------------------------------------------------------------https://www.nerdwallet.com/blog/investing/the-best-roth-ira-account-providers/
IRA Options - Highly Recommended:
Betterment : https://www.betterment.com/ (If you know you can do DP on a monthly basis.)
Wealth Front: https://www.wealthfront.com/ (If you know you can't do DP on a monthly basis. Think long run.... ex: unemployment... when $100-$200 will be a lot)
Banks Recommended for IRA:
TD Bank and Charles Schwab
Bank CD IRA Interest Rate Comparsion: https://www.depositaccounts.com/ira/
TD Bank's IRA info: https://www.tdbank.com/personal/iras.html?state=NY&city=1068
FAQ: https://www.tdbank.com/personal/iras_about.html
Open Account: https://invest.tdameritrade.com/grid/p/accountApplication
Citi Bank's IRA info:
Citi requires you to go to your local branch to open an account.
Citi Double Cash (2% Cash back)
Cash Advance Fee (5% or minimum $10 per transaction - Interests occurs on the same day & also doesn't give any rewards)
Financial Institution Charge gives you no rewards.... (sadly)
All depends on how the merchant submits it..... how the transaction is processed.
I tried calling my Citi Card Customer Service because I saw someone post in an online form:
"I emailed citicards asking them to lower my cash advance to $0. They emailed back asking for confirmation and it was all done .. So now no need to worry about something going through as a cash advance.
I already have IRA , is it possible to transfer it with no fee/penalty?"
Site: https://www.flyertalk.com/forum/credit-card-programs/943597-bank-america-ira-contribution-via-credit-card.html
Citi Bank CSR said they'll end up lowering my credit limit if I tried doing what's mentioned above....
Credit Bureaus Must be contacted to increase credit limit if you're constantly getting declined
1800-685-1111 (Equifax) / Experian 1800-831-5614
Citi Card's Credit Line Transfer no longer have that feature. 4-18-2017
-----
Citi Forward Visa Signature Card
Cash Advance Fee (5% or minimum $10 per transaction - Interests occurs on the same day & also doesn't give any rewards)
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