Paying mortgage up by credit card?

krippo

Hi guys!

My name is Marcin 3 years ago I took mortgage in one of the UK banks, my current interests rate is 3.09 %.
Couple days ago I saw an offer on hotdealsuk about Virgin's credit card with interests 0,63% pa (!!!)

It seems to good to be true, is it possible that interests rate on credit card is cheaper than mortgage?

I don't have any balance on credit cards and good credit score. So I am thinking of taking couple thousands and pay lump sump on my mortgage account, but it is really sounds too good to be true.

Guys what do you think about it?

Sorry if I made mistakes in my english, it is not my native language.

Many thanks in advance!
Marcin

Thrugelmir

Not possible to directly pay a mortgage using a credit card.

krippo

Thrugelmir wrote: »

Not possible to directly pay a mortgage using a credit card.

I know, but plenty people on hotukdeals say it is possible with this card so I am confused

AnotherJoe

So simply switch all your spending to this card, don't pay it off and instead use the money to pay your mortgage.

It's not a lot of money though, 2.5% difference a year on £2k is £50. Is it worth the hassle?

amnblog

Forget this idea, for a number of reasons that we go into for similar posts most weeks.

krippo

Amnblog, I think I will pass, thanks!
However, could you please tell me what are threats in this way?
I am noob in finances

Many thanks!

somethingcorporate

I have done this with the Virgin card.

Applied, accepted and having £6k transferred to my current account before overpaying the mortgage.

Beats my 3.29% mortgage so worth it for a couple of hundred quid saving on interest over the 32 months.