Paying Mortgage with credit card?

Archived From: Finance
  • Page :
  • 1
  • Text Only
Voting History
rated:
Any advice on how to do this with resorting to reloads or BB.

My mortgage company is Franklin American and is not listed as a payee on Charge Smart. This is for rewards and to meet spending reqs, not to cover a payment I am short on.

Member Summary
Most Recent Posts
Don't know. I'm guessing it probably is not eligible. Never tried one.

Oh well. So much for that theory.

MilleniumBuc (Feb. 01, 2013 @ 9:57a) |

Of course they are not. Good old Citi Dividend used to give 5 reward dollars per cash advance, but with 3-4%, besides da... (more)

EugeneV (Feb. 01, 2013 @ 1:48p) |

Am I the only one that got a chubby from the title of this thread?

C'mon FW... I know I'm not the only one.

CowbellMaster (Feb. 01, 2013 @ 1:57p) |

  • Also categorized in:

Get a zero percent cash advance on credit card check special offer. Pay 3-5% transaction charge to card company. Postpone the day of reckoning by paying debt with more debt and hope that something will turn up.

snork615 said:   Get a zero percent cash advance on credit card check special offer. Pay 3-5% transaction charge to card company. Postpone the day of reckoning by paying debt with more debt and hope that something will turn up.

"This is for rewards and to meet spending reqs, not to cover a payment I am short on."

Bluebird or other prepaid card bill pay

Chargesmart costs much more than reloads and BB

Well kind of a moot point since I can't use Chargesmart anyway, but honestly I think using prepaids and bluebird is a temporary solution since there seems to be a lot of push back on it recently. Was hoping there might be another way altogether, or another service like chargesmart that has a wider variety of payees.

How could it ever be worth the fees?

I have successfully paid using Williampaid once. Haven't tried after that, it took 10 business days to post. I think they mail a check unlike Chargesmart which is electronic. Not sure what recourse you might have if the check gets lost in the mail.

Has anyone ever tried the Wel Far Go Bill Pay? When I pay my bills from my checking account, it always shows the credit card as an option for funding the payment.

wvtalbot said:   ...but honestly I think using prepaids and bluebird is a temporary solution since there seems to be a lot of push back on it recently.
Why not enjoy it while it lasts? Every spend requirement met, while paying bills you had to pay anyway, is a win.

Some HOAs and mortgage lenders accept credit and/or debit cards directly, although it is not common. It is an industry approved for PINless debit, and a small number of debit cards offer rewards for such transactions (PerkStreet does NOT).

dbond79 said:   wvtalbot said:   ...but honestly I think using prepaids and bluebird is a temporary solution since there seems to be a lot of push back on it recently.
Why not enjoy it while it lasts? Every spend requirement met, while paying bills you had to pay anyway, is a win.


I will enjoy it while it lasts but I really would like to be proactive in this department instead of being reactive when the other foot drops.

MilleniumBuc said:   Has anyone ever tried the Wel Far Go Bill Pay? When I pay my bills from my checking account, it always shows the credit card as an option for funding the payment.

Credit card does not show up as an option on my WF Bill Pay.

MilleniumBuc said:   Has anyone ever tried the Wel Far Go Bill Pay? When I pay my bills from my checking account, it always shows the credit card as an option for funding the payment.

Sorry, did not know it was posted, and preview posts it again.

I never know you can pay mortgage directly with a CC, but I know company that do that, but they charge a fee for it.

SUCKISSTAPLES said:   Bluebird or other prepaid card bill pay

This is your best option.

You do this and get rewards you fall outside the IRS guidance on what is nontaxable perks from your credit card. Cash Back or points on a tax deductable transaction are a reduction in the amount of interest you paid. Good way to attract an audit.

MilleniumBuc said:   Has anyone ever tried the Wel Far Go Bill Pay? When I pay my bills from my checking account, it always shows the credit card as an option for funding the payment.

When we first converted to WF and they sent out the info on Bill Pay, it said that online bill payments using a CC were treated as cash advance transactions and subject to the CA interest rates effective from the moment the payment goes through. It's possible it's changed but I haven't seen a recent TOS from them.

nsdp said:   You do this and get rewards you fall outside the IRS guidance on what is nontaxable perks from your credit card. Cash Back or points on a tax deductable transaction are a reduction in the amount of interest you paid. Good way to attract an audit.
Before blindly accepting the above opinion, do your own due diligence. Consult with a trusted tax advisor if necessary. Review this Private Letter Ruling:

http://www.irs.gov/pub/irs-wd/1027015.pdf

While not legal precedent, most tax professionals agree that PLR's are an indication of how the IRS will treat similar situations. Note that this doesn't constitute legal or tax advice.

Glacierwolf said:   MilleniumBuc said:   Has anyone ever tried the Wel Far Go Bill Pay? When I pay my bills from my checking account, it always shows the credit card as an option for funding the payment.

When we first converted to WF and they sent out the info on Bill Pay, it said that online bill payments using a CC were treated as cash advance transactions and subject to the CA interest rates effective from the moment the payment goes through. It's possible it's changed but I haven't seen a recent TOS from them.


Thanks. I never thought about using it to pay something until I saw this thread. Thanks for posting the original (and most likely current) TOS.

Lets say the APR is 29% for cash advances and charged on the same day, at 1500 for a mortgage payment, you would get charged about 1.20 per day.
You can then pay Wells Fargo CC directly from checking and it usually posts within 1 day. You would get 15 for 1% for a fee of 1.20 to 2.40 depending on float. Is there any other fee WF would charge?

MilleniumBuc said:   Lets say the APR is 29% for cash advances and charged on the same day, at 1500 for a mortgage payment, you would get charged about 1.20 per day.
You can then pay Wells Fargo CC directly from checking and it usually posts within 1 day. You would get 15 for 1% for a fee of 1.20 to 2.40 depending on float. Is there any other fee WF would charge?


are cash advances reward eligible?

hebron1427 said:   MilleniumBuc said:   Lets say the APR is 29% for cash advances and charged on the same day, at 1500 for a mortgage payment, you would get charged about 1.20 per day.
You can then pay Wells Fargo CC directly from checking and it usually posts within 1 day. You would get 15 for 1% for a fee of 1.20 to 2.40 depending on float. Is there any other fee WF would charge?


are cash advances reward eligible?


Don't know. I'm guessing it probably is not eligible. Never tried one.

Oh well. So much for that theory.

Of course they are not. Good old Citi Dividend used to give 5 reward dollars per cash advance, but with 3-4%, besides daily interest, you are looking at $45-$60 for $1500 payment. Still wanna try that?

Am I the only one that got a chubby from the title of this thread?

C'mon FW... I know I'm not the only one.



Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014