Stoozing and morgage payments

all2new2this

Hello as my name suggests, I am a newbie. This is my first post so please be gentle with me!

My question is, am I able to pay my mortgage with my credit card (for stoozing purposes not because of debt) or would there be a charge? I have a large mortgage and so paying this way would be advantageous both for stoozing and cashback if it were possible.

Thank you

MallyGirl

simple answer is no.
More complicated answer is that you would need a card which allows money transfers and the usual fee is 4% so unless your mortgage is at a very high rate this is unlikely to be worth it.
There is the slow stooze option where you put absolutely all spending through a 0% card and make the liberated income work for you till the 0% ends. I have an offset mortgage so this is effective.

all2new2this

Thank you Mallygirl. Unfortunately my mortgage does not allow draw down of overpayments.

Sillychuckie

Call your mortgage provider and ask if they accept additional payments using a credit card. Some do (e.g. NatWest, but most don't).
If so, you only need a credit card which supports 0% on purchases. I have done this in the past, and it worked fine.
Also ask the CC whether they would view this as a 'cash advance'. Just try it first with a small amount, such as £100.
I have done this in the past to earn cashback, but it is no different for stoozing. It wasn't treated as a cash advance, and NatWest accepted the payments from a mastercard without issue.

Just make sure you have the money to repay it at the end of the 0% period (else you'll have to remortgage, which would be silly).

Another alternative is to balance transfer from one card to another credit card (using a 0% BT card). Balance transfer to another card which doesn't have a debt, to build a credit (positive balance) on your account - then asking the card provider to refund it to your current account.
This works best with cards you have a current account with also.
I have found this works too, but, to be clear, it is likely to violate the Ts+Cs of your card. You are never supposed to intentionally build up a positive balance. They may refuse and instead return the money to the original source, or they might return it to you, but then close your account.
Again, I have worked out which banks to do this with so that I'm now comfortable enough to do it regularly and with large amounts without fear of any serious repercussions. You could try it with a small amount and test the waters, but most forum users would warn you against this practice. A few pointers:
- 1. BT to a card you have a bank account with
- 2. Tell them it was a faster payment from your own account [they can't usually see that you are fibbing, without investigating. i.e. they won't know it is a balance transfer unless you tell them, or they suspect fraud/money laundering].
- 3. If they work it out, tell them the card you BT'd from is now closed, so they cant return the funds there. Again, it is rarely worth their while looking into these things so they usually just pay out and ask you not to do it again.

SC.

007drabu

I still think 'money transfer ' cards ( only 3 in the market as of today) with their 4 percent fee is worth if u get 10k+ credit limit - ve an offset mortgage - still continue to pay u r usual payments as before even after u started stoozing.