Mortgage payment by cashback credit card

InMyDreams

Just noticed that the phone number I use for the Abbey is different to NJR999's and it's a freephone number 0800 100800. Also always taking option 3 through the tree. (This is the phone number that mentions about paying by card on the tree which initially got me thinking.)

to catowen, no, I can confirm that I definitely wasn't charged interest using egg money (and I don't see why it would be different for capitalone). I think it is not treated as a cash advance because essentially it is a bill payment and you never actually get your hands on the physical cash. It goes straight to the company you are paying. I suppose whenever you get a bill for anything it becomes a debt you owe, which you could settle with cash, so any payment could be argued is a cash advance. I agree it's a bit different with the part of the repayment that is actually paying off the capital (which is probably why it's difficult to make an overpayment using a card) but the interest part shouldn't pose a problem. It's just a charge for a service like any other. With a regular mortgage payment, as it's a bit of both, they probably don't think it's worth getting complicated about. I don't know, really, but that's the way I've looked at it.

InMyDreams

NJR999 wrote: »

So I could get my girlfirend to apply for the Captial One card when my first 3 months at 4% cashback comes to an end and then pay the mortgage through her credit card and get another 3 months at 4% cashback.

Or try applying for the new Amex Platinum* that doing 5%! (Referral link copied from Martin's newsletter.)

Unfortunately there's no point me applying for any of these cards in my name as I don't fit the criteria, but I can get secondary cards on my husband's account which is how we work it. But we don't get to do each one twice.

Xstyle

I just paid the Abbey mortgage with my Egg card... using the freephone number from Abbey's website ... think it was the same as above, In My Dreams...

zalek

So I have to check Scottish Widows then. I'll phone them up first thing in the morning. And then a quick application for a nice cashback card like the Capital One. First me, then my partner. How exciting.

PoorDave

Any reason not to get the stoozer's combination of a 0% purchases CC and a 6%+ instant access savings account and slow stooze the monthly payments?

zalek

It depends on your circumstances - the credit card limit you can get, mortgage payments and how many credit card applications you want to make and when.

When you think about it, the capital one gives you 4% back, month by month for the first three months. So it's like having a 3 month fixed saving account with 12% interest paid on the amount equall to your mortgage payment

So, if you and then your partner can get the card, it's like having 6 months of that. And then, afterwards, you can switch to slow stoozing - and in this order you maximize the profit. But, of course, by this time there might be another nice cashback offer

Of course you need to take into account your credit history and the fact that making too many cc applications is not good for you.

Lazy_Runner

I am cynical and no expert by any means, so please take this posting in this light:

I am fairly certain card companies charge retailers for the use of their card. I suspect it is in the order of 1 - 1.5%.

Since I presume this charge will be passed onto the mortgage company, I was wondering if this charge was being added to your mortgage?

I say this on the basis that the transaction is not being treated as a cash advance nor are you being charged extra to make the payment with a CC.

Anyone have online access to their mortgage statement to confirm or deny my speculation?

zalek

Lazy_Runner wrote: »

I am cynical and no expert by any means, so please take this posting in this light:

I am fairly certain card companies charge retailers for the use of their card. I suspect it is in the order of 1 - 1.5%.

Since I presume this charge will be passed onto the mortgage company, I was wondering if this charge was being added to your mortgage?

I say this on the basis that the transaction is not being treated as a cash advance nor are you being charged extra to make the payment with a CC.

I'm going to give them a ring today anyway as I don't know yet if my mortgage company would accept stopping DD and taking payment over the phone with a card. I'll ask about any charges or anything added to your mortgage and post the findings.

PoorDave

I am going to check with Nationwide, probably on Friday. I have a new 12 month 0% purchases card to fill with slow stooze cash, and this would fill it quite quickly.

bosch_3

has anyone tried this with alliance and leicester mortgage? tempted to have a go with the capital one card, if it can be done with no charges