Can I Pay My Mortgage With A Credit Card
Below is a MRR and PLR article in category Finance -> subcategory Mortgage.
Can You Pay Your Mortgage with a Credit Card?
Summary:
Yes, it's possible to pay your mortgage with a credit card, but with some limitations and considerations.
Ways to Pay Your Mortgage with a Credit Card
1. Convenience Checks:
Some credit card companies provide convenience checks, which function similarly to personal checks. Instead of drawing from your bank account, they draw from your credit line. You can use these to send payments to your mortgage lender.
2. Online Bill Pay Services:
Certain credit card companies, like MBNA, offer online bill pay options. This service allows you to pay your mortgage directly from your available credit.
Downsides
These methods won't earn you cashback, miles, or rewards, which are often the main incentives for using credit cards.
Can You Earn Rewards?
Previously, clever strategies existed to pay mortgages via credit cards while earning rewards. One such method involved purchasing gift cards that worked like debit cards and then withdrawing cash. However, these opportunities were often short-lived once companies realized they weren't profitable.
Conclusion
While the creativity around using credit cards for mortgage payments has been curtailed, new opportunities can arise. Stay informed and be on the lookout for any new methods that might provide similar benefits. Always weigh the costs and rewards before proceeding.
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