hopimg to be MF quick query

want_to_save

Hi hoping to become mf this year however have a couple of questions

1) I have sufficient savings however don't want to wipe out emergency fund so can you use a credit card to pay off some. If so how? Can you do it on a 0% one. Is it seen as a spend or a transfer?

Imma_Number

I don't think any banks take credit cards to make any payments to mortgages.

Either way it almost certainly wouldn't be seen as a spend like in a shop but as a transfer. Or it could be done with a cash advance but you'd still have to watch out for fees.

Probably not worth it IMHO

Perhaps just pay off what you can later in the year leaving yourself with some buffer and use the fact that the payments to the mortgage will have gone down to save/pay the remainder off faster.

edinburgher

Why not just use the savings and use your credit card in case of emergency until you can rebuild your savings?

If you're within a year of paying off the mortgage, you can clearly manage your finances and probably have the stability to take this short term risk.

Or just wait for a year, both good

house_help

As edinburgh says you could get a 0% spending card, check the credit limit and use the savings up to that value to put against the mortgage. If you have an emergency you simply use the card. This does mean if you need emergency cash for anything that cannot be paid for using a credit card you would be stuck. But every month you will quickly re-fill the emergency cash as you no longer have the mortgage payment.

The other less risky but also longer time wise way would be take out 0% credit card and put all monthly normal spend (shopping petrol etc.) on the card - then each month put that same amount less the minimum credit card repayment toward the mortgage. You need to ensure however you will have time to pay off the mortgage and build up enough cash to pay off the card before the 0% promotion rate ends - I got an 18 month one recently so you should have time. You will of course also have the safety net of the emergency fund in cash waiting if you need it.

want_to_save

thanks guys much appreciated.