Con Edison is the electric utility company that serves New York City. When you call Con Ed or go online to make a payment, the message is – you may pay from your bank account for free – or, if you prefer to pay by credit card, our payment agent will accept payment for a fee. I think that “for a fee” message scares people off.
But, here’s the good news, the fee for payment by credit card is actually reasonable if you do it right. This is what the Con Ed website says:
Our payment agent, BillMatrix, charges a flat $3.35 fee per credit/debit transaction on residential and small commercial accounts. The maximum payment for the flat-service fee is $1,500 for residential and small commercial accounts.
In other words, whether you make a payment of $10 or $1,000 or $1,500, the fee is the same – $3.35.
I have some spend requirements to meet, so I just made a payment of $500 on my Con Ed account using my credit card. Figuring out the mathematics, the fee to pay by credit card is less than 1%. Not bad.
Is Con Ed’s policy similar to those of other utility companies?
A New York frequent flyer who elegantly combines her passions for worldwide travel, running a gazillion marathons all over the globe and staying fit ... without sacrificing her fancy for good wine and food.
I also live in NYC and do not know what other utility companies charge. Still, while $3.35 is not terrible, there are free options.
For example, I buy gift cards at food stores like Trader Joe’s or Whole Foods and use them whenever I buy food in the coming months. They have no fee and never expire. Just keep them in a safe place and remember to use them. I have purchased thousands of dollars worth of cards.
For another example, if you use Verizon, you can pre-pay your bill online with your credit card. Per their automated help, “If you are registered and signed in to your account on MyVerizon.com, there is no fee or surcharge to pay with a credit card.” I have done this for $1,000; not sure if there are limits.
Chris, I think you misunderstood something. I do all of the things you mentioned already. But, why pay electric bills out of your bank account when you can get miles or points for it? And, as for Verizon, I of course use a credit card, but I usually use one of my Ink cards for that.
National Grid is $2 per $600. I was scared off by the fee in the past too but agree it’s worth it. Nice post!
Here in the Memphis area I get a single bill for Electricity, Gas, Water and because I’m not in the city limits, Sewer charge and Fire Protection are also on the bill. Fortunately they let me direct bill it to a credit card with no fees. Love it!
O&R $4 fee, I do 1000 and Chase ink