Repaying Mortgage on cashback card?

Yakyb

in theory surely this is fool proof or does this come with a fee?

surely paying off a 1200 monthlt mortgage could net me £60 back a month or am i missing something

mpsavuk

Haven't you thought about paying your mortgage the conventional way?

You know, from your bank account via your salary!

lisyloo

surely paying off a 1200 monthlt mortgage could net me £60 back a month or am i missing something

Firstly check your lender accepts credit cards (probably not).
Then check whether your card company considers it a purchase or a cash advance. If it's a cash advance then you'll have to pay interest and possibly fees.

Suspect it's not a runner.

nick1977

Might be useful to have a thread that lists any utilities and other "regular" payments (e.g. Sky) that can be paid by credit card, to:
a) help people who may be going through a short term cash flow problem keep their credit / payment record clean
b) help others achieve what the OP is looking at - gaining cashback

What board would this be best in?

Nick

lisyloo

Credit cards I would have thought.

payless

As well as other issues already mentioned ...
5% cahback ( as mentioned) surely would be a short term deal anyway


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That said I do pay my council tax online by card for the extra reward pts , as my council don't charge an extra fee

Yakyb

mpsavuk wrote: »

Haven't you thought about paying your mortgage the conventional way?

You know, from your bank account via your salary!

that wasnt very helpful now was it surely th ewhole point in this forum is to get the companies to work for us,

hell why dont i just keep one bank account for ease of use
or pay for things in the convetional way because thats the way its meant to be done

my mobile is up for renewal next month tell you what why dont i just pick up a new contract off the orange site instead of calling them and fghting them for the best deal

all i'm trying to do is get a one up one the companies how did your reply help in any way shape or form

do you really think we could have got a mortgage in today's climate if we couldn't afford it

i'm just trying to save £60 a month to go on holiday at the end of the year

Yakyb

lisyloo wrote: »

Firstly check your lender accepts credit cards (probably not).
Then check whether your card company considers it a purchase or a cash advance. If it's a cash advance then you'll have to pay interest and possibly fees.

Suspect it's not a runner.

yeah thats my thoughts to be honest i just hadn't seen it mentioned anywhere so thought i would run it by everyone quickly

InMyDreams

Al_Mac wrote: »

Mentioned a lot. Never seen anyone say they've done it.

I have. Several times. On this board, here, and on the MFW board, here.

I couldn't do it with overpayments, but for my regular payment it was no problem with the Abbey. It depends who your mortgage provider is. I did it with my Egg money card and then with my Capital One card during the introductory offer. Never had any charges or paid any interest on the cards, just amassed the cashback.