Making mortgage payments with a CC for miles
Dec 22, 2008, 8:29 am
#16
Join Date: Apr 2007
Location: Planet Earth
Programs: SPG, AA, B6. No longer "still CO to me" with account spent down. RIP CO.
Posts: 653
At NYU here in the US the fee was 3% but to a max of $100. Since I only did it to cover the float time between tuition due and loans posting, and never had to pay interest, it worked out fine for me. The $100 was well worth it because a) I didn't have that kind of cash and b) SPG points.
Dec 22, 2008, 8:39 am
#17
A FlyerTalk Posting Legend
Join Date: Apr 2001
Location: PSM
Posts: 69,232
At NYU here in the US the fee was 3% but to a max of $100. Since I only did it to cover the float time between tuition due and loans posting, and never had to pay interest, it worked out fine for me. The $100 was well worth it because a) I didn't have that kind of cash and b) SPG points.
Dec 23, 2008, 9:28 am
#18
Join Date: Dec 2005
Location: Hopefully on a plane...
Posts: 6,580
You'll have to ask your credit card company if they can send you a purchase check instead of a cash advance check. If you can get the purchase check then pay for the CC charge by your next due date and you're safe. In the event that the only option is the cash advance check then keep checking your online CC account to find out when the charge posts to your CC account. Be prepared to make an immediate online payment to your CC account in order to minimize the cash advance interest charged. Remember the benefit of this exercise is earning miles with the cash that you were going to pay the mortgage company which earns 0 miles.
If so, what is to stop someone from say writing a $9,999 purchase check to a friend each month (to avoid pesky US Treasury notifications)?