So I usually pay my mortgage with cash. Lately, I’ve heard about using credit cards that earn points or miles to pay it instead, which sounds like a good idea. Is there any difference between paying the mortgage directly with cash or depositing money into the bank first and then using a credit card to pay?
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I can pay my mortgage with a credit card, but it’s not a straightforward process. Most mortgage lenders don’t accept credit card payments directly. Instead, I would need to use a third-party service like Plastiq that charges a fee, usually around 2.85%, to process the payment on my behalf. While this allows me to earn rewards on my mortgage payment, the fees often outweigh the benefits, especially if I can’t pay off the credit card balance in full each month. There are also other options like buying a money order with my credit card, but those come with their own limitations and fees. Ultimately, paying my mortgage with a credit card is possible, but it’s generally not recommended due to the high costs and potential for accumulating debt. I’d need to carefully weigh the pros and cons to determine if it’s the right choice for my financial situation.
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To pay your mortgage with a credit card, you can use a service like Plastiq.com. Plastiq charges a 2.9% fee but allows you to earn rewards points. You might come out ahead if the rewards outweigh the fee. It’s best for short-term use to earn a big welcome bonus.
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I am no quiet sure on how to pay a mortgage with a credit card ,though it is a difficult procedure, it is technically possible to pay down your mortgage with a credit card. There is a workaround service called Plastiq that you will need to use to complete the transaction, as mortgage lenders do not accept direct credit card payments.