Benefits of Opening a Credit Card for Bail Bond Payments

Benefits of Opening a Credit Card for Bail Bond Payments

A surety bond or bail bond is the most common way to post bail due to its convenience and a minimal amount of money needed to secure someone’s temporary release. In Colorado, you only have to pay $50 or up to 15% of the bail amount as a premium fee. Also, most of the bail bonds agencies are available 24/7 to attend your bail needs. 

Different Bail Bond Payment Methods

When posting a bail bond, the defendant has several ways to pay the amount. Depending on the defendant and their family’s goals and preferences, they can choose to pay using cash, credit card, or a property bond.

Cash. If you opted to post your bail bond using money, you would need to gather all your assets to generate the required amount for the service fee, usually 10 to 15 percent. This method seems straightforward for many people since you only have to pay cold cash to the bail bondsman. However, not all Americans carry cash in their pockets. The data shows that 43% of Americans don’t use cash for their weekly purchases.

Credit card. This method can also be used to pay your bail bond, but you use a credit card to pay the Colorado bondsman instead of cash. It could be a better choice compared to cash since you can arrange payment settlements with your bank. Like with  any credit card payments, there will be some additional bank fees that you need to set  aside from the premium and court fees. 

Property bond. A Colorado bondsman is flexible when it comes to the payment. They can also accept properties as collateral. When you use your property to post a bail bond, you have to take in some considerations, such as if it can cover the bail bond amount or if the agency accepts the property. 

Credit Card As Bail Payment Method

Currently, a credit card is getting popular to post bail bonds because of its convenience. Simply swipe your card, sign some paperwork, and you are good to go. Moreover, when you plan to pay your bail bonds Colorado using a credit card, you better open a new credit card account. Although this option is not commonly known, there are numerous benefits that you can get by using your new credit card as bail bond payments.

Introductory offers. When looking for a bank to open a new credit card, select a credit card that provides money-saving offers. For instance, you may find credit cards that will let you enjoy six months of interest-free payments. You can use this zero-interest payment opportunity to spread out your expenses. Another great offer is receiving a discount when you make a minimum purchase. For example, if the credit card offers an introductory discount of $500 for the first use and your bail bond is amounting to $1,500, you only have to shed off $1,000 for your $1,500 bail bond amount.

Cashback rewards. These are usually on top of the introductory offers and other benefits. The cashback reward is commonly a percentage of your purchase. For instance, if you use your new credit card to pay your $5,000 bail bond, you’ll get a $50 cashback. Although it seems that it’s not a massive amount of money, you can gradually build up the rewards for years and will eventually earn back the money you used for the bail bond. Additionally, you can use your newly opened credit card for your other necessities. 

Low balances and payback options. Getting a new credit card specifically for the bail bond payment will let you organize your finances and budget. When you use a specific credit card for the bail bond payment, it won’t be mixed with your other finances. It will also help you to avoid underpaying or overpaying the monthly payment for the bail bond. A new credit card will let you know the payback period. 

Authorized users. When you help a family member or a loved one pay their bail bonds, you can also help them out by making them an authorized user under your new credit card. Someone who faces a court trial could position them in a difficult financial situation. This credit card could be used for gas or groceries that they can pay by themselves. Just make sure that this loved one is trusted since their payment habits can affect your credit score. Simply pay on time so that you and your loved one can benefit from it in the long run. 

Avoiding collateral. If you’re out of cash and do not have a credit card, you will be left with the option to use one of your properties as collateral for posting bail. This is not always the best option because bail forfeiture is still possible! When you pay a bail bond for someone using a credit card, no property will be repossessed by the court or State. Instead, you can always arrange payment methods with your bank if your monthly payment becomes too high. 

How to Pay Bail Using A Credit Card?

Luckily, most of the bail bond agencies accept credit cards for bail bond payments. The process of settlement is usually hassle-free and easy to carry out. Even if you are the defendant whom the credit card is being held as evidence, you can still make credit card payments to the bail bond agency once you are released and have access to your credit card account.. 

If you wish to use your credit card directly, use payment services like GovPayNet that allow for this payment arrangement. Most prisons have kiosks that are designed solely for this purpose, or you can make this transaction behind a counter. 

Other means can be online such as paying it at GovPayNow.com. You can also spend your bail bond using multiple credit cards. Typically, court processing fees, commissions, bail bondsman premium fees, and credit card processing fees have been charged on your credit card bond payments.

Need a bail bond in Denver, CO? Contact Lucero’s Bail Bonds! Call 303-573-5555 today!

By | 2020-10-05T13:58:57+00:00 October 5th, 2020|Bail Bond, Bail Bonds|0 Comments

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