Here’s a guide on using a credit card to fund the opening deposit when you sign-up for new Checking and Savings accounts for various banks.
Common reasons for credit card funding bank accounts:
- To meet opening deposit requirements for new Checking/Savings account promotions.
- To help with credit card spending to meet a new credit card’s requirement for a sign-up bonus.
- To meet the minimum deposit requirement for new accounts and earn rewards on a credit card at the same time.
Disclaimer: The data in the table below was taken from reports of several consumers from popular forums and blogs, so there’s no guarantee.
- Call customer service to set your Cash Advance limit on your credit card to $0 to avoid getting hit with a Cash Advance Fee.
- The table below shows which credit cards have categorized the funds as a regular Purchase or as a Cash Advance. This doesn’t mean you have to use these cards to fund – it’s more of just proof/reports that it’s possible.
- Citi credit cards are notorious for coding these transactions as Cash Advances!
|Bank/Credit Union||As A Purchase||As A Cash Advance||Funding Info||Promo|
|1st Mariner Bank||PenFed Platinum Visa 1, Schwab 1||Bank of America 1, Barclaycard Arrival, Chase Rapid Rewards, Citi AA||Fund up to $2500. Amex card not accepted.|
|Arizona State Credit Union||Unknown||Unknown||Fund up to $2500. Amex card not accepted.|
|Associated Bank||Barclay Arrival, Chase Freedom, Citi Double Cash||Fund up to $200. Amex card not accepted.|
|BBVA Compass||Chase Sapphire Preferred||BofA Alaska, Barclay Priceline and Chase Hyatt cards showing as cash advance.||Fund up to $5000 with a CSP card.||Promo|
|Blue Hills Bank||Barclay Arrival, Barclay Miles & More||Fund up to $1000.|
|Chase Bank||Seems like most are getting marked as Cash Advances now||Citi ThankYou Premier, PenFed Rewards, Visa, Barclay Arrival Plus, Barclay Sallie Mae, Barclay US Airways, Capital One cards, Chase cards||You can fund up to $500.||Promo|
|Chartway Federal Credit Union||BoA Alaska Airways, Chase Freedom , US Bank Club Carlson||Fund up to $1500.|
|Citizens Bank||BoA Alaska Airways, BoA Travel Rewards, Chase Freedom||Fund up to $1000.||Promo|
|Consumers Credit Union (Ridgewood)||Chase Freedom, Chase Hyatt, Citi Double Cash, Schwab Visa||Citi AAdvantage 1||Fund up to $1000.|
|Elevations Credit Union||Chase Sapphire Preferred||Fund up to $10000.|
|First Citizen’s Bank||Barclay Sallie Mae, Chase Sapphire Preferred||Fund up to $1000.|
|FirstMerit Bank||Chase Sapphire Preferred||Fund up to $10000.|
|First Niagara Bank||Barclay Arrival 1, Capital One MasterCard1, Capital One Venture 1, 2, Chase Freedom 1, 2, Chase Sapphire Preferred 1, Chase Southwest 1, US Bank 1||All Citi Cards 1, Discover 1, 2||Fund up to $1000. AMEX is not accepted.|
|First Tennessee Bank||Chase Ink Plus, Chase Sapphire Preferred, Citi Double Cash||Fund up to $300.|
|GTE Financial||Chase 1||Fund up to $215.|
|Key Bank||Chase Freedom 1, 2, 3, Chase Sapphire Preferred 1, Citi Premier 1||Fund up to $100.||Promo|
|MountainOne Bank||Discover||Chase||Fund up to $1000.|
|Ocean First Bank||Chase||Fund up to $2500.|
|Pinnacle Bank||Capital One Spark, Chase Hyatt, Chase Ink Bold, Chase Ritz Carlton, Chase Sapphire Preferred, Chase United , Citi Double Cash, Citi Premier, Fidelity||Fund up to $5000.|
|PNC||BoA Alaska Airlines, BoA Cash Rewards, Chase Freedom, Chase Ink Plus, Chase Sapphire Preferred, Chase Southwest, Chase United, Citi Premier||Barclay Arrival & Barclay US Airways, Capital One 1||Fund up to $2,000 with a Visa or Mastercard.||Promo|
|Radius Bank||Citi Double Cash, Barclay Wyndham, Priceline||Fund up to $1000.|
|Regions Bank||Chase Marriott 1, Chase Southwest 1, Citi Double Cash||Fund up to $1000.||Promo|
|Santander Bank||Barclays NFL, Chase Freedom, Chase Sapphire Preferred, Chase United||Citi MasterCard, Citi Prestige 1, Discover 1||Fund up to $500 with a Visa or Mastercard.||Promo|
|Star One Credit Union||Citi Premier, Chase BA Avios||Fund up to $1000.|
|SunTrust Bank||Priceline Visa 1, Citi||Barclay US Airways 1||Fund up to $1000.||Promo|
|U.S. Bank||BoA Alaska Airlines, BoA Virgin Atlantic, Barclay Arrival, Barclay Aviator, Capital One Quicksilver, Capital One Venture, Chase Brit Airways, Chase Freedom, Chase Hilton, Chase United, Chase Southwest, Citi HHonors Reserve, Citi Prestige, Discover 1||Fund up to $500.||Promo|
|Wells Fargo||BoA Alaska Airlines, Chase Ink, Chase Sapphire||All Citi Cards 1, Discover 1||Fund up to $50 with Visa or Mastercard.||Promo|
People have reported that the banks below don’t allow credit card funding when opening an account.
*Please share any personal experience you have on using credit cards to fund an account opening by commenting below. Thanks!