Overpayments

pcharles46

Hi,

I want to make an overpayment on my mortgage using my credit card, my question is will the payment be taken as a retail transaction or cash as if it is retail I can take advantage of my 0 % on purchases?

Thanks in advance.

opinions4u

1) I'd be surprsied if a lender would accept payment by credit card (unless it was in clearance of arrears) because they would have to pay a retailers fee to Visa or Mastercard which would erode their lending margin.

2) My assumption is that it should be a cash transaction.

Joe_Bloggs

I used to be able to pay my council tax via a credit card and I would get 1% purchase rebate. If I try it to day I am charged an approx 1.5% premium as the council changed their credit card payment policy. They did not inform me and I lost 58p.

Using 0% purchase cards is an art and trying to pay your mortgage off is unlikely to work. The knack is not buying anything you would not have bought in ordinary circumstances and having the discipline to save what you have spent on the card, in a savings account.
J_B.

_Andy_

pcharles46 wrote: »

Hi,

I want to make an overpayment on my mortgage using my credit card, my question is will the payment be taken as a retail transaction or cash as if it is retail I can take advantage of my 0 % on purchases?

Thanks in advance.

Your question needs to be put to your card provider rather than getting an opinion on a public forum which may or may not be right.

pcharles46

My credit card company said as long as they put it through as retail transaction then it would be, so I suppose the only way to find out is to ask my mortgage company