How To Earn Rewards For Paying Bills Using my Own Payday

There are credit card companies that offer rewards for using their cards. Using such a credit card to make bill payments affords the opportunity to get something back just by paying your bills. The challenge to earning rewards for paying your bills with a credit card is to do so without either going into debt or paying interest. Doing so is exceptionally easy with myOwnPayday. The trick is to set up your billers in such a way that they can be managed normally in myOwnPayday while not actually making payments directly to those billers. Setting up a special account to receive the biller payments is key. Here's how.

1. Select a credit card. Pick one that (1) offers ample rewards just for using the card, and, (2) allows you to set up automatic bill payments via a web site. If you don't already carry the credit card you select, apply for an account. Once you have the credit card account set up, proceed to step 2.
2. In myOwnPayday, set up a special account to receive biller payments. Leave this special account open ended. The money that is deposited into this special account each time you pay bills will be used to pay the credit card statement balance each month.
3. Switch billers to automatic credit card payments. For each biller being paid with your rewards credit card, set up an automatic payment on the credit card company's web site. In myOwnPayday, link the biller to the special account set up in step 2. Each time you pay bills, payments to billers that are linked to the special account will be added to the special account's balance instead of being paid to the biller. Each linked biller will instead be paid on time by the credit card company per your instructions.
4. Pay the credit card statement balance in full each month. When the credit card payment comes due, make an internal transfer in myOwnPayday to move money from the credit card special account to your check register. Pay the credit card statement balance in full.

The bills you set up for credit card payments are paid on time automatically. The only check you have to write for all linked billers each month is to the credit card company when you pay your statement balance. Your monthly personal finances are simplified and you get credit card rewards without incurring any debt or making interest payments.