Any Points Strategy to Completely Pay Off Mortgage
Apr 3, 2015, 6:46 pm
#2
Join Date: Oct 2010
Programs: AS gold
Posts: 228
The merits of paying off a mortgage with a credit card are discussed here:
http://creditcardforum.com/blog/pay-...h-credit-card/
If it costs you $25 for every 1000 miles you earn, it may not be worth it. However, if you do not have enough monthly spend aside from the credit card to hit the minimum spend bonuses for getting a new card (such as spending $3K to earn 50K miles on various AA cards) , and you have not pursued such bonuses recently, it would make sense to spend 2.5% or $25 per 1000 in spend to pay off 10-30K of the mortgage using a variety of credit cards that you get over a period of months.
This strategy could easily yield 500K in miles and hotel points over the course of a year or two.
http://creditcardforum.com/blog/pay-...h-credit-card/
If it costs you $25 for every 1000 miles you earn, it may not be worth it. However, if you do not have enough monthly spend aside from the credit card to hit the minimum spend bonuses for getting a new card (such as spending $3K to earn 50K miles on various AA cards) , and you have not pursued such bonuses recently, it would make sense to spend 2.5% or $25 per 1000 in spend to pay off 10-30K of the mortgage using a variety of credit cards that you get over a period of months.
This strategy could easily yield 500K in miles and hotel points over the course of a year or two.
Apr 3, 2015, 7:52 pm
#3
Moderator: Travel Buzz
Join Date: Aug 2012
Location: Sunny San Diego
Posts: 3,099
Head over to the Manufactured spend forum. There are many ways to turn credit card charges into cash or checks. Most of them have monthly limits of 2-5K per account. So your strategy might be dependent upon whether you are thinking of paying 100K off in a week or over a couple of years time. Or are you thinking 500K asap? What's asap?
It's pretty easy to "go big" or at least "go medium" to the tune of 5 or 10K a month per adult in the household. Thus, it's pretty easy to generate 120-250K extra "spend" over the course of a year for a couple. This could all be funneled to a mortgage payoff. Lots of people do LOTS more than that, but, like I said, make a few strategic moves such as a Bluebird, Redbird or Serve for 2 adults, and 10 extra K per month is easy peasy.
FYI-- I'm looking for my costs to be $2-6 per 1000 points, maximum.
It's pretty easy to "go big" or at least "go medium" to the tune of 5 or 10K a month per adult in the household. Thus, it's pretty easy to generate 120-250K extra "spend" over the course of a year for a couple. This could all be funneled to a mortgage payoff. Lots of people do LOTS more than that, but, like I said, make a few strategic moves such as a Bluebird, Redbird or Serve for 2 adults, and 10 extra K per month is easy peasy.
FYI-- I'm looking for my costs to be $2-6 per 1000 points, maximum.
Apr 8, 2015, 2:10 pm
#4
Join Date: May 2008
Posts: 202
I use charge smart whenever I am trying to hit a large minimum spend. I was doing pretty well with bluebirds last year when the Citi Exec AA cards had the big bonus but I can't reload BBs in my area any more so I strategically use Charge Smart.
Apr 11, 2015, 9:55 pm
#5
Join Date: Aug 2011
Posts: 866
How big a mortgage? What interest rate? There might be some places to put the money along the way. For example you can get 50,000 miles from Fidelity for a $100k deposit. That might be a good short term move and then after meeting your co mitements to them move it to pay the mortgage. I think Schwab has some cash offers for large deposits.
And of course, can you pay it in full with a stack of money orders at a branch??
And of course, can you pay it in full with a stack of money orders at a branch??