Refinance Mortgage NEWS
Can you pay your mortgage with a credit card?
Published by admin on January 25, 2010
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Can you pay your mortgage with a credit card?
Yes you can. There are two ways to make a mortgage payment with your credit card.
The first way is to use the convenience checks that credit card companies send so many. These controls work as you would write a bank account, but they draw against your credit rather than available bank funds. You can write, sign and mail it to mortgage companies.
The second way is to use an online bill pay feature (such as the type available at MBNA). This allows you a certain amount to the specified company. The amount will be drawn from your available credit and paid to the mortgage company similar to an audit.
What are the disadvantages of these two methods?
You will not receive any money back, miles, points or other credit card rewards for these transactions, the main reason for paying with a credit card anyway.
So, is there a way to pay with a credit card and still get the bonuses?
Yes there is. Well, there was.
There was a time when you could purchase Charter One gift cards using your credit card. This worked just like ATM / debit cards and can be loaded with up to $ 500 each.
Basically you just need to buy these gift cards, take them to an ATM and pay the withdrawal fee (around $ 3) and money from the $ 497 cash, while receiving credit bonuses. You can then deposit enough money to pay your mortgage payment on a check to cover letter.
Of course, this all required a lot of plans, but the ability to get money from a credit card without paying huge cash-advance fees and still your bonus rewards is a big plus.
Of course, this program was abused in this way, and when they realized they were not going to make much money, the program was canceled.
But be looking for a loophole like this, because they come all the time!
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