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help! want to make mortgage payments with credit card ?interest to pay?
aimo
Posts: 74 Forumite
in Credit cards
i've just got an hsbc credit card with 0% for 12months with the intention of making overpayments on my mortgage, but in the small print it says that they charge 2.5% for 'cash advances' including bill payments. does anyone know if there is anyway of doing this without paying interst? perhaps with another card? thanks!
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Comments
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Did you check that your mortgage lender accepts credit card payments?0
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No i didn't(!) sorry i'm a bit new to all this!0
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i'm not sure yet, am waiting for card to come through. if they do am i more likely to be able use them towards mortgage payments?0
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Just out of interest.... why would you do this?
In 12 months time you'll have a balance on your card equal to your 'overpayments' - but then you'll have to pay back the card won't you?
Why not just put in a good interest paying account, or ISA for the year?The above facts belong to everybody; the opinions belong to me; the distinction is yours to draw...0 -
i've just got an hsbc credit card with 0% for 12months with the intention of making overpayments on my mortgage, but in the small print it says that they charge 2.5% for 'cash advances' including bill payments. does anyone know if there is anyway of doing this without paying interst? perhaps with another card? thanks!
If you've got an offset mortgage then you can look at ways of putting funds into your offset account to reduce the interest you pay.
The other option you've got is to use the HSBC card for your normal shopping and use the salary money you're not spending to make the overpayments - so long as you leave yourselve enough money to make the minimum payments and you've got a plan for what to do with the balance you'll build up on the card over the 12 months."A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
hi, thanks for your replies, i have checked withmy mortgage company and they do accept credit card payments. my plan was to make overpayments with a 0% credit card and then when the 0% runs out to tansfer it on to another card with 0% balance transfer, but like i said the hsbc card appears to charge 2.5% on 'cash advances' inc bill payments, but i would still be paying less interest than i am on my mortgage. are there any cards out there where i could get 0% for making my overpayments?0
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