xjdmb16a2six

Hi, i just joined Scottrade today and i have a few questions for the people that are using scottrade. One of my question is, is there any way to put money in my account using my credit card? and do i need to file taxes if i have shares? also the $7 commission fee, is it $7 per share or $7 everytime you buy or sell your shares? thanks

CrockPot

i surely hope you're not thinking about "investing" by incurring CC debt. thankfully, no, you can't fund your brokerage account directly by CC. your commission fee will be charged for a single transaction, whether you buy/sell 1 share or multiple shares.

iTimmy

The only way, if your stupid enough, to use a CC to invest is to make a cash advance into your bank account, and then write a check to Scottrade. NEVER count on money that is suppose to be coming in, the only sure thing when it comes to money is what you have - my

doopstr

why would you use a credit card to invest? The average credit card is about 15% interest for purchases. Cash advances are even higher. How do you plan to make that up?

If you want to gamble put some cash in the account and then get approved for margin. Margin is a bad idea for new investors but at least the interest rate is lower than a credit card.

I also believe margin interest is tax deductable.

Also, if you get a margin call, don't come crying to me.

xjdmb16a2six

oh no. i was planning to pay off the CC from my saving account. i just wanted to do a direct deposit i dont want to do the bank transfer cuz it looks like a hassle. ill probably just drop off a check at my local branch.

SpeedyV6

Most of these firms usually offer electronic BillPay, checkwriting , or ACH money transfers.

Mike 350Z

You can mail a check in too. They said they don't offer ACH, etc at this time because they had a security problem before so they wanna get it right before they roll it out again.

vas25tl

How many are you using it? Thoughts? I'm thinking about opening an account just to start playing around.

Mike 350Z

I use it. It's pretty good...easy to use but still as lots of info. If you want to create an account, pm me your email address and i'll send you a referral link. We'll each get 3 free trades (trades are $7 a piece).

vas25tl

Sorry bud, literally a few hours after I read this post I got a referral link from my neighbor. I talked to him a few days ago about this.