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Is this possible? It would be a great way to earn alot of points and cash back! I pay my credit card in full every month so the interest wouldn't be a factor. Though, I don't believe banks allow credit card usage. Why is that? Is it due to the credit card companies taking 1-3% of the transaction?
Well, if you pay the mortgage in full through credit card, how will you pay the credit card?
And yes, if you are unable to pay the credit card in full every month, interest will be charged. And trust me, the int is much higher than the bank mortgage rate.
Well, if you pay the mortgage in full through credit card, how will you pay the credit card?
And yes, if you are unable to pay the credit card in full every month, interest will be charged. And trust me, the int is much higher than the bank mortgage rate.
I think the point is that by paying with a CC you earn points, rewards, cashback, etc. He will obviously pay the CC off in full, just be sending the mortgage payment to them instead of the bank.
Should work just fine using a debit card....It all comes out of your account anyway. I don't have any mortages anymore , but I look foward to the day when writing a check is a very old fashoned thing to do. Direct Deposit is fastly becoming the norm, at work, social security , and most on line buying of goods, like Ebay and Pay Pal. I would think many people these days do have a direct debit for the house payment and , the insurance,taxes, are often included.......If business is not done this way that much , why are ATM machines so popular ? A lot of folks never see any cash anymore, not a lot of need for it, as we become an electronic exchange society.
From what I hear, there are built-in preventive measures that will stop you from getting "cash back" when paying mortgages with credit cards... someone already thought of it a step ahead of you... certain things are prevented from getting cash back, transfer balances, mortgages, etc. And then some mortgage lenders will charge you a fee for using a credit card to pay your mortgage... sorry, this issue has been a dead issue for a while... until the credit card companies allow cash back on it, don't expect to see any of it... I have researched the issue before and it seems the only incentive is that it gives you an extra "month" to pay your mortgage (via credit card bills being a month apart from your mortgage bill)...
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