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paying mortgage on credit card?
WLMJ
Posts: 59 Forumite
Hello all,
I have a question can I pay monthly mortgage on a cashback credit card?
thanks
I have a question can I pay monthly mortgage on a cashback credit card?
thanks
0
Comments
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As far as I'm aware, you can never pay a mortgage payment via a credit card.
I am of course, ready to be corrected.
It also kinda screams that you are in / maybe approaching financial trouble to the lender,
rather than just you are genuinely trying to make the most of your cards to the max.benefit.ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270 -
You can take cash out or do an account transfer. Not really advised as this is normally a highlight of a bigger issue.0
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I read a forum on The Motley Fool about paying mortgage with credit card - I can't remember how old it was, but some people were using credit cards to pay their mortgage but, as far as I remember, it was some scheme to maximise spend or minimise interest...sorry but have no idea of link.
I think it depends on your card. I have no experience of cashback cards.
MF 2011 no.144 £800/£10,000
:grin: SPC 4 no.1083
0 -
As far as I'm aware, you can never pay a mortgage payment via a credit card.
I am of course, ready to be corrected.
It also kinda screams that you are in / maybe approaching financial trouble to the lender,
rather than just you are genuinely trying to make the most of your cards to the max.benefit.
Natwest can take mortgage OVERpayments by credit cards (not sure about normal payments) but they say the payments will be treated as cash advance/cash withdrawal.
Wonder if Egg Money would be the best way to go
Cheers,0 -
I read a forum on The Motley Fool about paying mortgage with credit card - I can't remember how old it was, but some people were using credit cards to pay their mortgage but, as far as I remember, it was some scheme to maximise spend or minimise interest...sorry but have no idea of link.
I think it depends on your card. I have no experience of cashback cards.
You are probably thinking of stoozing- taking interest free money from credit cards and using it to offset the mortgage. Was most profitable when there was no advance charge and mortgage interest rates were higher. Now the fees charged as part of the balance transfer can be higher than the mortgage rate!0
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