Author Topic: anyone out there pay their mortgage with credit cards?  (Read 1581 times)

mrtimo

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anyone out there pay their mortgage with credit cards?
« on: October 05, 2015, 06:16:12 PM »
I've read about using bluebird and buying pre-paid debit cards (with a PIN) with churning high-rewards credit cards to pay-down the mortgage. In effect you pay of your mortgage but get cash-back and miles and other credit card rewards in the process.

Does anyone still do this? How is it working out? I'm considering it.

DaveR

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Re: anyone out there pay their mortgage with credit cards?
« Reply #1 on: October 05, 2015, 06:37:31 PM »
I thought about this too. But came to the conclusion that it was just too much legwork and cash for the points earned. I'd rather save the $20 in fees on the pre-paid cards and use it to buy $20 of flowers for my wife via FTD and the AA shopping portal. Happy wife, 400 AA miles, and I don't have to leave my sofa.

I'm also curious if others are doing it.

LAGuy

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Re: anyone out there pay their mortgage with credit cards?
« Reply #2 on: October 05, 2015, 06:44:00 PM »
I agree with DaveR, it's just not worth the trouble if you've otherwise got a day job. Credit card sign up bonuses and meeting the minimum spend should be more then enough to keep you in free flights for as long as you'd care to for all but the most devoted of travelers. If you can't quite meet the minimum spend, buying a $500 Visa Gift card or two for a $5 fee is well worth it. Then just use it for regular spend later once you've met the signup bonus spend conditions. I usually sign up for a new card every 5 months or so.

K-ice

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Re: anyone out there pay their mortgage with credit cards?
« Reply #3 on: October 05, 2015, 07:06:51 PM »
No

Once I tried to get a mortgage that offered AirMiles (or whatever) points.

Had the impression we just had to decide on the rate, term, fixed, variable etc and we would get the points. That was part of the reason for going with that bank.

After all of our negotiating we got a good rate but at the last minute when we confirmed if we would get the AirMiles points the answer was something like "It's not available with your rate."


thingamabobs

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Re: anyone out there pay their mortgage with credit cards?
« Reply #4 on: October 05, 2015, 09:22:30 PM »
Used to do this to pay my rent and student loans. Then there was a bunch of cards being compromised and people having to go through hoops to get their money back so I stopped.