Can I Pay My Credit Card Bill With Cash? Everything You Need To Know

Paying your credit card bill with cash may seem outdated in today’s digital world. However there are still situations where paying with cash can be necessary or preferred. This comprehensive guide covers everything you need to know about paying your credit card bill with cash.

Why Would You Want To Pay With Cash?

There are a few key reasons why paying your credit card bill with cash could be advantageous

• You don’t have a bank account. Approximately 5% of U. S. households are unbanked, meaning they don’t have a checking or savings account. Without a bank account, paying bills online or with a check isn’t possible. Paying with cash is often the only option.

• You want to avoid overdraft fees. Paying your bills with cash keeps your bank account from going overdrawn, which keeps you from having to pay expensive overdraft fees.

• You need to pay during an internet/power outage. You might have to pay in cash at a branch if you lose internet or power right before a payment is due. This way, you can avoid late fees and damage to your credit.

• You are paid in cash. Many service industry jobs pay predominantly in cash tips. For waiters, bartenders, hair stylists and more, paying bills directly from cash earnings can be simpler than first depositing into a bank.

• You budget in cash. People who use the envelope budgeting system often allocate cash directly to bills. Paying with their physical cash allocation just makes sense.

• You want to avoid credit card debt. Paying with cash can motivate you to only spend what you actually have on hand, avoiding overspending on credit.

How To Pay Your Credit Card Bill With Cash

If you need to pay your credit card bill with cash, here are the main methods:

In-Person At The Bank

The most straightforward option is to simply go to your credit card issuer’s nearest bank branch and make the payment in person with cash. Here’s how it works:

• Call ahead or check online to find your closest branch with tellers. Note branch hours.

• Bring your credit card bill and the cash amount owed. Having the bill will make the payment process faster.

• Get in line to see a teller. Let them know you want to make a cash payment on your credit card.

• Provide your account information and the cash payment amount. Get a receipt showing your payment.

• Your cash payment will typically post to your account within 1-2 business days.

At An ATM

Some credit card issuers also allow you to insert cash payments on your credit card at their ATMs, much like depositing into a bank account. Here are some tips for paying at the ATM:

• Make sure your issuer allows ATM payments and locate participating ATMs near you.

• Insert your credit card into the ATM and select “Make a Payment” from the menu, not “Get Cash”.

• Follow prompts to insert your cash payment and confirm account details. Get a receipt.

• As with tellers, payments should post to your account within 1-2 business days in most cases.

Money Order

If going to a branch isn’t feasible, you can also get a money order with your cash to mail to your credit card company. Here’s how:

• Purchase a money order at your post office, grocery store, Walmart or other retailer. Bring enough cash to cover the amount due plus the money order fee.

• Make the money order out to your credit card issuer. Include your account number in the memo line for faster processing.

• Mail the money order using a tracked service like certified mail to have delivery confirmation.

• Payments via mailed money orders take around 5 business days to post.

No matter how you pay with cash, be sure to get documentation showing you made the payment on time in case any issues come up!

Mistakes To Avoid When Paying Credit Cards With Cash

While paying credit cards with cash can be done, there are some common mistakes to avoid:

• Mailing cash directly. Never just put cash in an envelope and mail it. It’s not traceable if lost and many issuers won’t accept loose cash.

• Forgetting branch hours. If you wait until the last minute, make sure you check branch hours so they are open when you need to pay.

• Not getting a receipt. Always get a paper receipt from tellers or print the ATM confirmation to prove your cash payment went through.

• Sending to the wrong address. If using money orders, triple check you have the exact payment mailing address for your specific card issuer.

• Running out of time. Mailed payments take longer to post, so mail your money order payment at least 5 business days before the due date to avoid late fees.

Tips For Managing Cash Payments On Credit Cards

If you plan to periodically make cash payments on credit card bills, here are some helpful tips:

• Ask about cash payment limits. Some issuers limit how much cash can be paid in a single transaction. Know the threshold so you can split payments if needed.

• Set payment reminders. Since you aren’t relying on autopay, calendar reminders to pay on time can be crucial.

• Inquire about waived late fees. Some issuers may waive the first late fee if you explain the cash payment issue. Doesn’t hurt to call and ask!

• Look into money orders in bulk. If you use money orders frequently, you may save money buying a pack of them upfront at Sam’s Club or Costco vs. individually at the post office.

• Partner with a friend or family member. If you can’t get to a branch conveniently, give cash to a trusted person and have them make the in-person payment for you.

The Bottom Line

While less common today, paying a credit card bill with cash is still a viable option in many situations. The best methods are paying in-person at a bank branch, at a select ATM, or mailing a money order purchased with cash. Just be sure to avoid potential pitfalls like mailing cash directly or forgetting to get a receipt. With some planning and organization, paying credit card bills with cash can be simple and straightforward.