Posted byon May 22, 2014
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Now there’s a new bill payment service called Evolve Money. I decided to work on cashing out my new gift cards to test out Evolve. It was even easier than I thought! Here’s how it works.
Evolve Money Limits: There is a daily limit of $1,000.
Evolve Money Fees: It’s free! If you need to make an express payment, it’s $1.50.
Types of Cards Accepted: Mastercard and Visa debit cards.
Evolve Money Payee List. I couldn’t find a complete list of Evolve Money payees, but you can search for companies you use. I was pleased to see my electric company, who normally charges a fee when I pay by credit card. I even found our health insurance and local small town water department! These are some of my last few bills which I haven’t been able to optimize in the past with credit card payments for cash back.
Evolve Money Mortgage Payments. Penfed is not listed, but my Heloc at my local credit union was. If your mortgage company is listed, this would be a great option to earn cash back on your mortgage payments since our old method to pay a mortgage with a credit card is gone. Just make sure your payments are not applied as an additional principal payment instead of your next payment. I also sent them a request to add Evolve Money Penfed payments, hopefully we’ll see them added in the future!
Funding 529 Plans. There’s a bunch of 529 plans listed in the bill pay options. If you are thinking outside the box, don’t bother, others reported that their accounts were shut down trying to manufacture spending with the 529 options.
Have you used Evolve Money to cash out gift cards?