Using credit cards to pay off Mortgage

Engeroosi

Is it still possible to use credit cards to pay mortgage off quickly?

Shimrod

It is, but it depends on a number of factors. If your mortgage rate is 3% or less, then any savings you might make will be wiped out by card transfer fees. The two ways of getting the mortgage down quicker are:
1) Get 0% interest money from cards, stick it in a bank account, take the interest at the end of the year and use it to overpay the mortgage
2) If you have an offset mortgage, stick the money from your 0% credit card into the offset account and use that to temporarily reduce the amount you pay interest on.

With interest rates so low, it is hard to find a safe place to stick money that will earn a higher interest rate than the 3% you are likely to pay to balance transfer the money.
A third option, the slow stooze, only really works if you have high monthly outgoings that you can pay for with a credit card. Get a 0% for purchases card, stick all your normal spending onto that. Pay off the minimum balance, and the rest goes into your saving account/offset account. Use the cash saved at the end of the 0% period to clear the credit card. Anything left over on interest is used to overpay the mortgage.

kokonohp

Thanks you very much. It's useful for me

5monkey

I havent got a house yet but im stoozing already to save for my mortgage