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How to Pay Your Mortgage with a Credit Card
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If you let your balance linger and the interest starts piling up, any benefit of paying your mortgage with a credit card goes out the window.
#How to buy a macbook with monthly payments full#
If you transfer secured debt at a low rate to an unsecured credit card that charges a ton of interest, you are setting yourself up for a financial disaster.įor the most part, it only makes sense to pay your mortgage with plastic if you have the cash in the bank to pay your credit card bill in full each month. Your mortgage likely comes with a low fixed interest rate, whereas the average credit card interest rate is currently over 16%. With all this being said, it doesn’t make sense to pay your mortgage with a credit card if you want to spread out your monthly payment or catch up on bills. In that case, you could pay your mortgage with a credit card, pay your credit card bill in full each month to avoid interest and pocket the 0.5% in rewards. For example, let’s say paying your mortgage with a credit card results in 2.5% in fees, but you have a credit card that offers a flat 3% back. It can also make sense to pay your mortgage with a credit card if you’re earning a higher rate of rewards than the fees you’re paying. If you don’t normally have enough expenses you can pay with plastic to reach the threshold, paying your mortgage with a credit card can leave you significantly ahead-even if you pay a small percentage in fees to do so. Imagine for a moment that you wanted to apply for a credit card which offers a welcome bonus of 60,000 points after you spend $4,000 in the first 3 months of opening the card. When It Make Sense to Pay Your Mortgage with a Credit Cardįor the most part, it does make sense to pay your mortgage with a credit card when you’re pursuing a credit card welcome bonus you couldn’t earn otherwise. With that being said, there are a few instances where it can absolutely make sense to pay your mortgage with a credit card, even if some added fees and steps are involved. The next problem you’ll face is that, like it or not, the workarounds that let you pay a mortgage with a credit card cost money, and the expense can make paying your mortgage with a credit card considerably less attractive. First off, banks that offer mortgage loans do not allow you to pay a credit card directly, so you’ll have to find a workaround. Unfortunately, you’ll face a few problems as you try to pay your mortgage with a credit card. Not only that, but paying a mortgage with a credit card can be the ticket to racking up a ton of rewards-or even earning a sizable welcome bonus that you couldn’t normally earn via regular spending. In times of financial hardship, paying a mortgage with a credit card can help you buy some time, and even give you the option to pay off a single mortgage payment over several months. There are a few reasons consumers might want to pay their mortgage with a credit card-at least for a while.