Can I Pay My Mortgage With A Credit Card?
Yes you can. There are two ways to make a mortgage payment with your credit card.
The first way is to use the convenience checks that credit card companies send out every so often. These checks work like those you would write from a checking account, but they draw against your credit rather than available bank funds. You can write, sign and mail these off to mortgage companies.
The second way is to use an online billpay feature (such as the type available at MBNA). This allows you to pay a certain amount to the specified company. The amount will be drawn out of your available credit and paid to the mortgage company similar to a check.
The downside to these two methods?
You won?t receive any cashback, miles, points or other credit card rewards for these transactions; which is the main reason for paying with a credit card anyway.
So, is there a way to pay with a credit card and still get the bonuses?
Yes there is. Well, there was.
There was a time when you could purchase Charter One gift cards using your credit card. These worked just like ATM/Debit cards and could be loaded with up to $500 each.
Basically you just needed to purchase these gift cards, take them to an ATM and pay the withdrawal fee (around $3) and pocket the $497 cash, while still receiving your credit card bonuses. You could then deposit enough cash to pay your mortgage and write a check to cover the payment.
Of course, this all required a lot of planning, but being able to get cash from a credit card without paying huge cash-advance fees AND still getting your bonus rewards is a huge plus.
Naturally, this program was abused in this way, and when they realized they weren?t going to make much money from it, the program was cancelled.
But be on the lookout for another loophole like this, because they come up all the time!
Ryan is the owner of FinanceMaze.com, a great resource for personal finance advice and tips
Related Articles:
Learning the Credit Card Terms for the First Time
An excellent way to establish good credit history for college students, even before they step out from college is through student credit card Students can pay for their own expenses using student credit cards
Taking Advantage Of 0% Balance Transfer Credit Card Offers
If currently carry a balance on your credit cards, chances are you are spending hundreds, if not thousands of dollars a year on interest How much money you waste every year will vary based on how much credit card debt you have, but, according to studies, the average American household carries approximately $8000 in credit card debt
Poor Credit Remortgage
A poor credit remortgage is indeed possible today. Years ago, those with poor credit could not hope to attain a remortgage on their property. Lenders throughout the United Kingdom are finding it necessary to offer a poor credit re mortgage in order to get more customers. With the interest rates at an all time low, mortgage lenders have become very competitive. As a result, many are making remortgages available to those who would not have been able to attain a mortgage several years ago.
Finding The Cheapest Motor Finance Deal
When it comes to buying a new car then you will have to give some consideration as to how you are going to pay for it. There are many options for financing a new or used motor and the most popular two are finance with the dealership or taking out finance such as a personal loan or car loan. So how do you find the cheapest motor finance deal?
All You Need To Know About Credit Card Rebates
Credit card rebates are the rage, after all, who can resist the temptation of earning while spending? However, don?t you think that before getting a new card, you should spend a little time going over the pros and cons of the credit card cash back offer? We have outlined everything you need to know about rebate credit cards and how to get the most out of all the various credit card rebates available.
What Is Consumer Credit Counseling?
There are times when consumers need help with their debt. While there are many ways to get help, one of the most effective is to use consumer credit counseling services. These organizations and agencies can go by different names. You may hear of them as debt consolidation or debt management companies.
Credit Repair: Credit Score Secrets
Powerful Credit Repair Tips
Do you think you know how credit scores work There is more than meets the eye
Requirements Set By Lending Companies For Online Credit Card Application
Backed by so many histories of non-payments and other related cases, lending companies have the reason to require certain information and other things needed for the application of credit cards. Requirements must not be viewed as hindrances in acquiring a credit card but a useful tool in strengthening the bond between the creditor and the lessee.
Debt Dilemma - How to Know When to Get Help Consumer Tips from Consolidated Credit Counseling Services, Inc.
The party is over. Americans stuffed themselves on debt for two decades. They bought bigger houses and they spent with abandon at Wal-Mart and the mall. And how did they pay for it? By opening credit cards; Americans hold four cards each on average.
Advice from expert financial credit counselors help debt ridden Americans deal with their credit debt in a tough economy. Author and credit counselor Howard Dvorkin offers insights to how people can rein in their debt.
Transaction Charges On Credit Cards
A consumer who uses a credit card from the USA in a foreign country will usually have to pay a two or three percent transaction fee. Not until lately did most credit card companies clearly disclose those fees in their terms and conditions.
