Anyone here paying a mortgage? Have a quick question...

[TJN23]

My question is:

Is there any way to put mortgage payments on a credit card?

My rationale is that discovercard sends you checks in the mail that you can use to pay for stuff, and that gets tacked on to your credit card balance. Can you use these checks to pay for a monthly mortgage payment, for example?

TIA

 

[acemcmac]

those checks count as cash advances I thought

 

[kranky]

You could use those checks to pay your mortgage, but you MUST read the fine print carefully. Is there a cash advance fee? Will interest be charged from the day the check clears, meaning you get no grace period? If you already have a balance and the checks have a special low APR, will your payments be applied first to the balance with the lowest APR, forcing your to pay higher interest on the rest of your balance?

Be very sure you aren't going to screw yourself accidentally.

 

[vi edit]

I'm not 100% certain on it, but I think there are some exclusions on the checks that say you can't use them for certain things. Mortgages being one of those things.

Check(I made a punny!) the fine print.

 

[Engineer]

Originally posted by: TJN23
My question is:

Is there any way to put mortgage payments on a credit card?

My rationale is that discovercard sends you checks in the mail that you can use to pay for stuff, and that gets tacked on to your credit card balance. Can you use these checks to pay for a monthly mortgage payment, for example?

TIA

Do they count as a purchase or "cash advance"? If cash advance, interest usually occurs from day one and is higher.

Question: Why would you want to do that? Reward program (1% or more cashback?)?

Edit: Damn, you guys are fast!

Oh, and who "isn't" paying a mortgage?

 

[GasX]

Not that I am aware of, but it would be nice to get an extra 30,000+ miles each year!

 

[TJN23]

ah, good call...i thought this would be a decent way to build up cashback....SO, next question:

Are there mortgage companies that allow online monthly payments via CC? I'm guessing no...

 

[Engineer]

Originally posted by: TJN23
ah, good call...i thought this would be a decent way to build up cashback....SO, next question:

Are there mortgage companies that allow online monthly payments via CC? I'm guessing no...

Haven't heard of any.

 

[kranky]

Originally posted by: TJN23
ah, good call...i thought this would be a decent way to build up cashback....SO, next question:

Are there mortgage companies that allow online monthly payments via CC? I'm guessing no...

No way.

 

[dullard]

Listen to acemcmac and kranky. Most of the CC checks charge ~3% instant fee plus charge your CC interest rate from the day you write the check even if you normally never pay CC interest since you pay them off in full each month.

A $1000 mortgage payment with the typical CC check would then cost you ~$30 in fees + $0.30 a day until you pay off the CC bill with a real check.

 

[tw1164]

Originally posted by: TJN23
ah, good call...i thought this would be a decent way to build up cashback....SO, next question:

Are there mortgage companies that allow online monthly payments via CC? I'm guessing no...

call your bank and ask

 

[TJN23]

yea i dont like the sounds of this, thanks