Pay Mortgage with CC - Another Idea
Apr 20, 2003 | 8:08 am
#16
Join Date: Nov 2002
Location: Port Angeles, WA, USA Unwanted by AS, Hilton-Diamond, Starwood Platnum
Posts: 758
I think chfenton may be on to something.
Is the $65 fee a transaction fee or a fee based on the $ amount? In other words do you pay $65 based on the $2,243 or if you depoisted $5,000 would it still be $65? If it's a transaction fee then you should transfer the maximum you can and decrease the expense per mile. This would really be worthwhile when you can get double miles.
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"A day without Points/Miles is like a day without SUNSHINE"
Is the $65 fee a transaction fee or a fee based on the $ amount? In other words do you pay $65 based on the $2,243 or if you depoisted $5,000 would it still be $65? If it's a transaction fee then you should transfer the maximum you can and decrease the expense per mile. This would really be worthwhile when you can get double miles.
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"A day without Points/Miles is like a day without SUNSHINE"
Apr 20, 2003 | 10:00 am
#18
Join Date: Jun 2001
Location: Santa Monica, CA, USA
Posts: 1,013
All seem to be in agreement that 2.9 cents a mile is too much. During the double miles promo - 1.5 might be worth it.
The real question is whether or not you believe 1.5 cents is a reasonable price. Not whether you should pay your mortgage this way. As others point out, if you decide this is a good price, then don't stop at your mortgage. Pay that the usual way, and just transfer as much money as possible to your wife's account, effectively buying as many miles as your credit limit will allow.
I don't want to presume anything about your finances or credit limits, but if you have available cash in low-interest or no-interest bearing accounts, a better bet would be to buy US Savings bonds (do a search and you'll find a lot). There is no fee - and with double miles you could get a lot of miles for free and earn better interest than in current savings/money market accounts.
The real question is whether or not you believe 1.5 cents is a reasonable price. Not whether you should pay your mortgage this way. As others point out, if you decide this is a good price, then don't stop at your mortgage. Pay that the usual way, and just transfer as much money as possible to your wife's account, effectively buying as many miles as your credit limit will allow.
I don't want to presume anything about your finances or credit limits, but if you have available cash in low-interest or no-interest bearing accounts, a better bet would be to buy US Savings bonds (do a search and you'll find a lot). There is no fee - and with double miles you could get a lot of miles for free and earn better interest than in current savings/money market accounts.