Buying on 0% card to pay off mortgage

want2bmortgage3

Is this a good idea? I'm not talking about a super balance transfer (which would incur a 3% or so fee) but just purchasing on the CC and using the extra money in your bank account to overpay the mortgage?

So effectively borrowing at 0% and paying off around 5% interest rate.

I guess the problem comes when the offer ends and you have to transfer the balance, which is no longer free, and usually 3% again???

thriftymomma

I'm not sure how long you can get at 0% on purchases but it won't even be a year will it? So you are talking about having all your monthly expenses paid onto this card, and instead of paying off the balance each month, using that money to pay extar on your mortgage? Sounds a bit of a faff to me.

nick1977

Would be a good idea if you have an offset mortgage, so you could pay off the full balance at the end of the interest free period.
Otherwise like thriftymomma says, it's probably a lot of effort for very little gain

HTH
Nick