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Kinda like stoozing...
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IT_nerd
Posts: 442 Forumite
Ok, so I've heard about people overpaying their mortgages with a credit card, then drawing the money back out to pay it off at the end of the month, therefore offsetting some of the interest.
And that the overpayments showed on their credit card bill as online payments.
I was wondering. Could you get one of those cashback or airmiles credit cards, then just pay some large amount, lets say £10K on your credit card.
Then withdraw it back from the mortgage and do that each month, therefore racking up cashback or airmiles as an overpayment.
More infor here, kinda.
http://www.stoozing.com/forum/YaBB.pl?num=1218039089/30
And that the overpayments showed on their credit card bill as online payments.
I was wondering. Could you get one of those cashback or airmiles credit cards, then just pay some large amount, lets say £10K on your credit card.
Then withdraw it back from the mortgage and do that each month, therefore racking up cashback or airmiles as an overpayment.
More infor here, kinda.
http://www.stoozing.com/forum/YaBB.pl?num=1218039089/30
Savings
£14,200 with £1100 M.I.A. presumed dead.
£14,200 with £1100 M.I.A. presumed dead.
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Comments
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For example, if done with a sainsbury's credit card you would earn £200 worth of nectar points each month. (Well, for the first 3 months.)Savings
£14,200 with £1100 M.I.A. presumed dead.0 -
It's all possible, as long as the card treats it as a purchase.
And I would say this is Stoozing still, it's using the money that Card providers provide and putting it to use to earn or save money
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