Can I Pay My Comed Bill With A Credit Card?

Paying your ComEd electric bill with a credit card is certainly possible, but there are some important factors to consider before deciding if it’s the right payment method for you. In this comprehensive guide, we’ll walk through everything you need to know about paying your ComEd bill with a credit card so you can make an informed decision.

How To Pay Your ComEd Bill With A Credit Card

The process of paying your ComEd bill with a credit card is straightforward. You have a couple different options

• Pay online – Log into your ComEd online account and select “Make Payment” Choose “Credit/Debit Card” as your payment method and enter your card details.

• Pay by phone – Call 1-800-334-7661. When prompted, select the “Make Payment” option and then choose to pay by credit card. Have your card ready to provide the details.

• Pay in person – Visit an authorized payment location in person and present your credit card to the clerk to pay your bill

No matter which option you choose, make sure you have your ComEd account number, address, and credit card ready to complete the payment. The funds will be immediately deducted from your credit card.

Credit Card Fees Charged By ComEd

One downside to paying your ComEd bill with a credit card is that they charge convenience fees. Here are the credit card fees currently charged:

• Visa, MasterCard, Discover – 2.25% of the payment amount
• American Express – 3.5% of the payment amount

So if your ComEd bill is $100, you’ll pay an extra $2.25 or $3.50 on top of that when using a credit card. These fees go directly to ComEd to cover the cost of credit card processing.

Some key things to note about the fees:

• They apply to any credit card, including rewards cards.
• Debit cards are treated the same as credit cards.
• Fees are charged per transaction, even when making multiple payments.

While inconvenient, these fees are standard practice for most utility companies when paying by credit card.

Counting The Credit Card Payment Towards Rewards & Sign-up Bonuses

A benefit of paying your ComEd bill with a credit card is that it counts towards earning rewards points and sign-up bonuses with travel and cash back cards. This can help offset some or all of the convenience fee, depending on the rewards rate of your card.

For example, the Chase Sapphire Preferred offers 2x points per $1 spent on travel and dining. If your ComEd bill is $100, paying it with this card would earn 200 points, worth around $4 in travel redemptions. That covers over half the 2.25% fee ComEd charges.

However, you need to spend a lot on your ComEd bill to earn enough rewards to completely offset the fees. Make sure to run the numbers based on your actual bill amount and card rewards rate.

Impacts Of Putting Utility Bills On Credit Cards

Before deciding to pay your ComEd bill with a credit card, think about how it will impact your finances in other ways:

• Credit utilization – Utilities can be a large recurring expense. Putting your ComEd bill on a credit card will increase your credit utilization, which can negatively impact your credit scores.

• Paying interest – Credit cards charge much higher interest rates than most other debt. If you carry a balance, interest charges can quickly eat into any rewards earned.

• Payment timing – ComEd bills are typically due around the 20th of each month. Make sure your payment due date lines up with your credit card statement closing date.

• Budgeting – It can be harder to track utility expenses when lumped in with other credit card purchases. Use billing categories or notes to separately track the ComEd payment.

For many people, the additional costs and drawbacks outweigh the rewards benefits of charging recurring bills like ComEd to a credit card. Make sure to fully consider the pros and cons for your financial situation.

Other Ways To Pay Your ComEd Bill

If the fees and credit card impacts don’t work for your situation, here are some other convenient ways to pay your ComEd bill:

• Bank account – Authorize payments from your checking or savings account. No fees charged by ComEd.

• ComEd app – Pay directly through the ComEd mobile app using a bank account, credit card, or debit card.

• Automatic payments – Set up recurring payments from your bank account via ComEd’s AutoPay program.

• In person – Pay with cash, check or money order at authorized walk-in payment locations.

• By mail – Send a check or money order to the ComEd payment mailing address.

Compare all the options to find the right fit based on your priorities like fees, convenience, timing, and budgeting.

5 Key Tips For Paying Your ComEd Bill With A Credit Card

If you decide paying your ComEd bill with a credit card makes sense for your situation, keep these tips in mind:

1. Use a card with no foreign transaction fees – ComEd payments process through Paymentus, an international company. Some credit cards charge extra fees for these.

2. Pick the best rewards card – Choose a card that offers bonus categories for utility bills or provides the highest ongoing rate.

3. Watch your credit utilization – Keep total balances low across all cards to avoid utilization issues.

4. Automate payments – Set up autopay through your credit card website to ensure on-time payments.

5. Review billing dates – Make sure your ComEd due date syncs with your credit card statement closing date.

Following these tips will help maximize the rewards you earn while minimizing the risks and downsides of putting your ComEd utility bill on a credit card.

The Bottom Line

Paying your ComEd electricity bill with a credit card is generally not the most cost effective option due to the convenience fees charged. However, if you pay careful attention to rewards earnings, credit utilization, interest charges, and payment logistics, using a card can make sense in certain situations.

Evaluate your entire financial picture, both short and long term. Make sure to compare the pros and cons before deciding if you should pay your ComEd bills with a credit card or through another payment method. If you do move forward with using a credit card, implement some best practices to get the most benefit.