You cannot use your credit card to send money to Questrade.
Credit card companies charge a percentage as a fee to the place that accepts credit cards (usually around 1.5%). So if for example, somebody was moving $400,000 to Questrade, Questrade wouldn’t want to pay a percentage of that to the credit card company.
As you can imagine, the fees could get very large if they allowed that. For example, on $400,000 that would be $6,000 in fees that Questrade would have to pay. They aren’t going to make $6,000 from you over your lifetime to recoup that, so allowing this would really hurt them from a business viability standpoint.
2 Comments
Reggie
October 15, 2019Can you send money to Quest trade from your credit card?
2 reasons- 1- the insurance aspect
2- the points you receive from the credit card
By Kornel Szrejber
October 21, 2019Hi Reggie.
You cannot use your credit card to send money to Questrade.
Credit card companies charge a percentage as a fee to the place that accepts credit cards (usually around 1.5%). So if for example, somebody was moving $400,000 to Questrade, Questrade wouldn’t want to pay a percentage of that to the credit card company.
As you can imagine, the fees could get very large if they allowed that. For example, on $400,000 that would be $6,000 in fees that Questrade would have to pay. They aren’t going to make $6,000 from you over your lifetime to recoup that, so allowing this would really hurt them from a business viability standpoint.