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vicprobey | I am thinking about paying off my mortgage with a credit card. What is your opinion? |
I have a 2nd Mortgage with a 9.5% interest rate. I can put that all on my card which has a 7.72% fixed interest rate and it also have a 1% cash back bonus on it. Lets say I paid the credit card off before my next billing cycle, would I be paying any interest at all? I always hear that if you pay off your credit card before the next billing cycle ends then you pay no interest, is this actually true or are there other fees?
Additional Details
I think I'm getting too many hypothetical situation created here.
The focus is "do i pay interest if I pay the loan off on a credit card and pay the credit card off a couple days later"
Why would I do this? To get the 1% cash back ($800). There is no early payoff fee, I don't need to refi, just need to know if cc companies would charge me interest if I paid the bill off before the next billing cycle. |
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barenakeditalian
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To answer your question, NO. If you pay off the balance then you have no interest to pay. You usually have that 28-30 day grace period. BUT, I don't think you can pay off one credit loan with another? you'll have to ask. If you can, ask your credit card for conveinence checks and they should send a few and you can just use that as a regular check to send to your mortgage co. Watch for cash advance fees which could then jack your interest rate to 20 % and then this whole idea would be a mess. |
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tudorjason (matt)
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A balance transfer fee may apply. But you should setup an automatic payment, because if any payments are late and the interest rate reverts to the default rate, the transfer won't be worth it. |
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magical ninja kitty
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p-shaw. and then they see that balance and decide it's a good time to raise your 'fixed' interest rates.(they find ways - don't trust anybody)
idk.. i'm a paraniod girl, don't ask me, but it sounds iffy. |
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covinher
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> Why would I do this? To get the 1% cash back ($800).
Unfortunately, your mortgage company/servicer rarely allows this. Merchants accepting credit card payments typically pay the same 1% out for each transaction.
> Not a single answer to my question, just a bunch of moronic BS
If your too dense to read the terms of your credit card, or your mortgage companies payment options, people will bring their advice down to your (perceived) level of competence. |
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stan c
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Bad idea because if you transfer it to a credit card, you can not deduct the interest. A card credit today is suppose to be for emergencies only |
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burger
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Bad idea. If you can pay it all off by the next billing period you should just go to the place you have the 2nd mortgage and pay it off. Just about anyone who counsels people about debt would discourage you from putting it on a credit card. |
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rallman@sbcglobal.net
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Agree with Matt |
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Stephen G
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Not a good idea bro. Why don't you consider refinancing the whole thing into 1 loan ?
If your credit and payment history are good, you should be able to drop your rate by a 1.5% easy .................................
Good Luck |
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chacha
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Very bad idea. Some billing cycles have been shortened to as little as 21 days, a mortgage is still considered 'good debt', not to mention any payoff penalties attached to the mortgage. Even making a single mortgage payment on your credit card should be for emergencies only. If you have enough money to pay the house off, then just pay it off. It's a huge gamble otherwise. |
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SAL
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But the question is, what if you don't pay off that balance? Then you're stuck with a huge cc balance and no way to use the debt to your advantage. If you have the money to pay it all off in one month, then why not just pay down the 2nd mortgage? |
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Andrew
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You can use BillCharger.com to pay your rent, mortgage or any other bill using a MasterCard or Visa. You can check it out at www.BillCharger.com |
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Yahoo Jack
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You better read your fine print. Your 2nd mortgage provider will likely not take a credit card as payment (if they do go find another bank). Then you get a cash advance on your credit card put it in your checking account and then pay your mortgage off. What is your interest on Cash Advance? That will start on day 1 and then you pay that off??? Why go in circles, just pay off the 2nd mortgage. |
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