Using Credit Card To Pay Mortgage For Points

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Yes, that’s right, and we’ll walk you through the steps so you can do it too.

Using Credit Card To Pay Mortgage For Points

Home loans are usually impossible to pay off with credit cards or gift cards, but in this blog post I’ll show you how you can use the Plastiq service to cash in your growing gift cards to make mortgage payments.

Reasons To Say No To Credit

If you have gift cards that haven’t been touched in months or years, this method may be best for you.

There are additional delivery charges associated with each payment and these are broken down in the table below. These fees cover our costs associated with sending payments based on your supplier’s preferences (for example, the cost of checks or transfers to partner banks). These charges are detailed on the payment review screen before you submit your payment and can be found under the Payment Method item. Plastic.com

Although Plastick charges a 2.9% service fee plus delivery, it may be worth it if you have no other way to exchange Mastercard gift cards for cash.

And if you ask me, using my gift cards to pay off my mortgage is a better option than leaving them unused.

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Before you give up and use Plastiq, check to see if your mortgage lender or credit union offers PayPal Bill Pay (PPBP).

Paypal Bill Pay accepts free mortgage payments with credit cards, but only if your lender approves. Worth trying!

If your lender accepts credit card payments through Paypal Bill Pay, you have struck gold as you avoid credit/debit card fees completely when using it.

It is undoubtedly the best and cheapest way to send mortgage payments using credit and debit cards.

Can You Pay A Loan With A Credit Card?

The only problem is that not all mortgage companies offer Paypal Bill Pay, and not all accept credit cards, but check regularly as they add new accounts from time to time.

The gift cards I use to pay off my mortgage are purchased with credit cards that earn travel points when spent at certain merchants.

For example, the Chase Ink Business Cash® Credit Card earns 5 Chase Ultimate Rewards points per dollar spent at office supply stores like Staples or Office Depot.

Staples and Office Depot occasionally run gift card promotions where you can purchase Mastercard gift cards on sale.

Why I Pay My Rent With A Credit Card

I usually use them to stay for free at luxury Hyatt hotels or fly luxury suites on United, Air France, Singapore Airlines and many other airlines.

Since I get 5% back in travel rewards points when I use the Chase Ink Business Cash® credit card to purchase Mastercard gift cards at office stores, I’m out.

What is the reason? Plastic charges a service fee of 2.9%. When I run the numbers, the 5% travel reward minus the 2.9% Plastiq fee is a 2.1% return on every dollar I use this strategy.

However, this is a more profitable alternative to sending money directly from my bank account, which does not earn any rewards.

What To Know About Your Payment Due Date

Update: Since each gift card now carries an additional delivery fee of $0.99 to $1.49, please determine if this payment method is still cost-effective for you. I would use gift cards elsewhere if you have other ways to redeem them for cash.

We advertise gift card offers in our free Facebook group – Travel Miles and Points. Feel free to join us there for other interesting tips!

This strategy works for people who are willing to pay Plastiq’s 2.9% fee and delivery fee when they redeem Mastercard gift cards purchased with credit cards that earn travel rewards.

Since this also works with Mastercard credit cards, this can be a great way to meet the spending needs of new Mastercard cardholders and receive generous welcome bonuses (SUB).

Things About 0% Interest Credit Card Instalment Plans

However, before using Plastic, run the numbers to see if you think this service is worth the cost.

As mentioned above, you will need a credit card and a grocery store when shopping at office supply stores.

Right now, Chase is offering a great welcome bonus with the annual Chase Ink Business Cash® Credit Card, which earns 5 points per dollar spent at office stores.

However, because it is a business card, you will need some movement before you can apply.

Can You Pay Off A Loan With A Credit Card?

The related post below will walk you through the steps to apply for your first Chase business credit card.

Check to see if gift cards are regularly sold at office supply stores such as Staples and Office Depot/Max.

Buying discounted gift cards is one of my favorite ways to collect miles and points, which I ultimately use for discounts on airline tickets or free hotels.

As mentioned above, we’ll post gift card offers as we learn more in the Travel Miles & Points Facebook group. Participation is free!

How Do Credit Cards Work?

If you feel like it, you can visit the store several times during the sale week.

I also recommend calling the store before driving to make sure there are no gift cards on sale.

Staples and Office Depot/Max allow one transaction per person/day, so you can take advantage of gift card sales every day the discount is offered.

Because the Chase Ink Business Cash® Credit Card earns cash back points, you’ll need to take one more step to convert those cash back points into Chase Ultimate Reward points, which can ultimately be transferred to multiple Chase travel partners.

A Guide To Credit Card Minimum Payments

Convert your Chase Ink Business Cash® Credit Card to one of Chase’s premium cards, such as the Chase Sapphire Preferred® Credit Card or the Chase Sapphire Reserve® Credit Card, to earn more travel affiliates.

You can also indicate how you want the money to be delivered to the recipient. Your options include ACH, Check or Bill Pay.

If you already have a recipient saved, click the drop-down arrow and select the agency you want to send your money to.

Since the Mastercard gift card has a value of $200, I subtracted the 2.9% fee and entered the difference in the amount field ($194.36).

What Is Cash Back? Hint: It’s Not Free Money

Since we pay with Mastercard gift cards, we must enter each card separately by clicking “+ New payment method”.

Plastic makes it easy to enter your payment information on the site so you don’t have to re-enter it every time. I only cancel my tickets when I know the seller has received my payment.

Because I send multiple payments to the lender, I schedule all my payments to arrive at the same time before the payment date.

If you schedule all your payments to arrive at Plastik at the same time, they will be sent in one payment.

Credit Cards That Earn Points With Ato Payments

Whenever I send part of my mortgage to my lender using Plastiq and another source (e.g. another bank account), I always call my lender ahead of time to let them know. For example, Wells Fargo wrote

A statement on my account stating that all future installment payments will be applied to my monthly loan instead of the total balance. She

I now regularly receive a notification on my account that all half payments are specifically for home loan payments.

The advantage of using Plastic is that it allows me to be flexible in the way I send payments.

Should I Be Paying Bills With A Credit Card?

This allows me to simultaneously cancel unused Mastercard gift cards and use new Mastercard credit cards to meet minimum spending requirements. You can pay the rest in cash.

It is not unusual for a lender to make two to three installment payments to cover one loan payment each month.

You can use this text: ‘I will be making several installment payments in the coming weeks. Can you tell me on my bill that I want any future payments to be applied to my monthly loan and not to the principal?’ Thank you!”

After submitting the above request to Wells Fargo, all my statements now include the following disclaimer:

Will Using A Digital Wallet Cost You In Credit Card Rewards?

Payment Amount: Any payment received will not be applied to the loan, but will be held as an outstanding amount (shown above in the account statement section). If enough funds are available to cover the full payment, the funds will be applied to the mortgage.

Although Plastiq can process payments via personal payment cards, there is a limit of $10,000 per month. Plastik will refuse payment of this amount.

I have inconsistent data points. Some days Plastik stops accepting payments after five gift cards. Sometimes it can accept more than ten.

When Plastiq stops accepting after 5 hours, you can try their service again

Can You Pay Mortgage Or Closing Costs With A Credit Card? [2023]

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