Can You Pay Your Mortgage by Credit Card?

Paying your mortgage with a credit card can be a pain, but there are some scenarios where the side rewards are worthwhile. But, how Can You Pay Your Mortgage by Credit Card? Here are the 2 main choices you'll consider:

 

1. Use Plastiq.com

 

Plastiq.com is a third-party service that lets individuals pay numerous bills with a credit card with a fee of 2.85%. Not long ago, the fee of Plastiq.com was nearly 2.5%, therefore because of this increased fee, it can completely take away most of your returns.

 

While you'll use nearly any credit card with this service to pay bills like utilities and payments to contractors, there are only several card types you'll use to pay your mortgage specifically with Plastiq.com.

 

These include Mastercard, Discover, JCB Diners Club International cards, and International credit cards, therefore your choices are restricted.

 

You could get ahead in many ways. Let’s say you sign on for a card that gives three points for every dollar you pay. Let’s also assume that every mile is valued one cent in travel.

 

During this state of affairs you'll effectively pay your mortgage through Plastiq.com with this card, earn the equivalent of 3% back and pay 2.85% in fees. That’s a tiny bit of rewards to pursue, however, the maths will total.

 

However, you’re far better off using Plastiq.com on a brief basis to earn an enormous welcome bonus.

 

As an associate degree example, let’s say you sign on a card to earn a welcome bonus of 6,000 points once you pay $4,000 within the 1st three months of opening the card.

 

If you funneled $4,000 in mortgage payments onto this card using Plastiq.com, you'd pay $114 in fees. However, you'd earn the welcome bonus within the method.

 

While forking over 2.85% for every payment you create will add up, this bill payment service will allow you to avoid fees if you refer friends.

 

Once you sign on, you'll access a referral code you'll share with people.

 

Once somebody uses your code to sign on and that they build a payment, you’ll earn “fee-free dollars,” that you'll use at no cost bill payment.

 

Convert Gift Cards into money Orders

 

Another option is shopping for pin-enabled Visa gift cards together with your rewards credit card, then using those gift cards to pay cash for money orders.

 

The majority should buy pin-enabled gift cards at a grocery store, which might build a large amount of sense if you have got a grocery store credit card that gives bonus points during this class.

 

From there, you'll come upon your PIN and use your gift card to buy cash orders from banks, a grocery store, Walmart, or anyplace else cash orders are sold-out.

 

Your ability to pull this strategy off could also be somewhat location-specific.

 

For instance, your native grocery store could have a strict policy once it involves the kinds of cards you'll use to buy money orders.

 

You will also realize that your average grocery store client service person couldn’t care less however you pay.

 

You’ll also wish to consider how you’re attending to use the money orders to pay your mortgage, and this half is very important.

 

If you reside close to a brick-and-mortar branch of the bank that holds your mortgage, then you'll visit your bank in person and pay your mortgage payment with cash orders directly.

 

However, if you have got to mail your cash orders to your mortgage lender, you will wish to re-think.

 

You can save the receipt for your money order and ask for a replacement in most cases if it’s lost within the mail, however, there are side steps and there could also be fees involved in doing so.

 

Not only that, your mortgage payment may be late if your money order finally ends up lost, which may lead to even a lot of issues.

 

Bottom Line

 

Can You Pay Your Mortgage by Credit Card? Before you opt to pay your mortgage with a credit card, certify you understand the fees and every one the additional work concerned.

 

Typically speaking, you must only pursue this feature if you have got to make the most of the bank to pay your credit card fully.

 

You must also only pay your mortgage with a credit card if the fees you pay are significantly less than the profit you’re getting in return.

 

Also, think about whether or not your energy may be spent elsewhere. There are many ways to earn a lot of rewards over time, and paying your mortgage with a credit card is simply one in every one of them.

 

We recommend checking whether or not your different bills are paid with a credit card without an added fee. For instance, you will realize you'll get insurance or daycare with a credit card without an added charge.

 

Also check whether or not you'll pay utility bills, school tuition, contractors you’re operating with and the other bills you pay daily with a credit card.

 

Can You Pay Your Mortgage by Credit Card? At the end of the day, covering your mortgage with a credit card will make sense, however, don’t forget all the opposite ways in which you'll earn rewards.

 

With some ability and several credit card welcome bonuses, you'll be rolling in points and miles for years to come back.