Figuring out how to pay for a bail bond comes with a lot of stress. Fortunately, bail bond companies offer a number of payment options, including credit cards. As you seek out ways to pay for a bail bond, consider the use of a new credit card.
Opening a new credit card account for a bail bond may not seem like the most obvious option, but you can actually gain a number of benefits associated with the use of a new credit card. Learn about the benefits and how a new credit card goes a long way to help with bail bond payments.
1. Introductory Offers
As you shop for credit cards, look into the introductory offers. Several credit cards offer special financing periods which would help you save money in the long run. For example, you may find a credit card with six months of interest free payments. If you are able to pay off the credit card within the zero interest timeline, you will save money and can spread out the payments.
Another introductory offer may include an account credit after a minimum purchase is made. For example, a $500 credit could be offered if at least $1,500 is spent. If the bail bond costs $1,500, then your total out of pocket costs would be $1,000 as opposed to the full $1,500. Finding areas to save money will help make the bail affordable in the long run.
As you research credit card offers, compare the various rates and cash offers. Some cards may have both interest-free payments and credit offers all in one credit card.
2. Cash-Back Reward Options
Along with account credit for your first purchases, many cards offer rewards for members. Rewards give you the chance to build up cash-back options for purchases. The cash-back reward is typically a percentage of the purchases, with the average around 1% cashback.
For example, if you were to charge $5,000 on a credit card for a bail bond, the 1% cash back would equal $50. Some cards offer a varying amount of cashback percentages. If you open a card and build up the rewards for years, then you will eventually earn back the money you spent on the bail bond.
If you are in a position to afford monthly payments, the cash-back rewards could be used on daily purchases besides just the bail bond. You will earn the cash-back more quickly and help pay back the costs of the bail bonds.
3. Low Balances & Pay-Back Options
When you open a new credit card, the account will be fresh and new. The charges will start with the bail bond. If you choose to keep that single charge, you can easily budget and plan out how to pay off the bail bond.
If you have a loved one who is helping to pay off the bail amount, the single account offers an easy way to calculate the monthly payments and arrange the full pay-back option. You do not need to worry about overpaying, underpaying, or mixing different bills together. Keep everything in a single account so the payback period is clear.
4. Authorized Users
Even though you may have signed up the credit in your own name, many credit card companies offer users the chance to add authorized users to the account. The users are allowed to use and access the account as needed.
For someone released on bail, financial hardships may occur. A credit card could provide a little financial help for needs like gas or groceries. If you decide to make the person an authorized user, the person may also make payments when needed, so they can take care of the card statements on their own.
As long as payments are made on time, the use of the card will help build their credit up. Monitor the card at least once a week because your own credit is also impacted. You should only agree to the authorized user if you trust the loved one to use the card responsibly. When used correctly, the benefits will really help in the long run.
5. Avoiding Collateral
Without a credit card, one of the other options for posting bail is using collateral. For example, you could put your car up for collateral. If a person jumps bail, then the bail bond company could sell your vehicle to help pay the full amount.
A credit card balance will not cause you to lose your house or car. If unfortunate circumstances do take place, you always have the option to work with your credit card company. You may receive lower interest payments and lower monthly fees. Some credit card companies may offer a settlement amount if the charges become too high.
If you need a bail bond, contact us at All Star Bail Bonds. We accept many payment methods, including a variety of credit card options.