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?