Should I Pay Off Mortgage With Credit Cards
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Posted: Thu Jan 13, 2005 2:02 pm
Post subject: Should I Pay Off Mortgage With Credit Cards
susan a.
Date: 6/23/2000 2:09 am CDT
What are pros/cons of paying off small mortgage balance at 8.25% by doing a balance transfer at low teaser rate and then transferring to another low teaser rate at end of introductory period? It seems that if I still made the same monthly payment (not just the credit card's required minimum) to the credit card, I'd save a lot of interest with the current 2.9% intro rates.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Thu Jan 13, 2005 2:02 pm
Post subject: Should I Pay Off Mortgage With Credit Cards
Board Monitor
Date: 6/23/2000 3:32 pm CDT
Susan,
I think your assessment is accurate, though your actual interest savings would of course depend on the balance of your mortgage and length of time require to pay off your balance. Also, you should avoid multiple balance transfers within a brief period of time. This could affect your credit rating (see our "Credit Report" page at http://www.cardratings.org/creditreport.html for
more info.). One or two transfers should not hurt you though.
Good luck and I hope this helps!
Regards,
Jackie Hughes
Board Monitor
CardRatings.org
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Posted: Thu Jan 13, 2005 2:02 pm
Post subject: Should I Pay Off Mortgage With Credit Cards
cardrevolt.com
Date: 6/27/2000 3:12 am CDT
You'll defiantly hurt your credit rating a great deal by transferring balances around multiple times. Issuer's have ways of detecting how many times you've transferred that balance around, and will *not* set you at a low intro rate if they know your just going to send it somewhere else once the teaser rate expires. The pro is that you'll save a small fortune in interest, and if you're already happy with the rates your getting, or you have a very positive past history (8.75% isn't too bad for a mortgage rate) then you won't have too many worries. Just don't say I didn't warn you!
Good Luck!
CardRevolt.Com Staff Member
http://www.cardrevolt.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Jan 13, 2005 2:02 pm
Post subject: Should I Pay Off Mortgage With Credit Cards
susan a.
Date: 6/23/2000 2:09 am CDT
What are pros/cons of paying off small mortgage balance at 8.25% by doing a balance transfer at low teaser rate and then transferring to another low teaser rate at end of introductory period? It seems that if I still made the same monthly payment (not just the credit card's required minimum) to the credit card, I'd save a lot of interest with the current 2.9% intro rates.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Thu Jan 13, 2005 2:02 pm
Post subject: Should I Pay Off Mortgage With Credit Cards
Board Monitor
Date: 6/23/2000 3:32 pm CDT
Susan,
I think your assessment is accurate, though your actual interest savings would of course depend on the balance of your mortgage and length of time require to pay off your balance. Also, you should avoid multiple balance transfers within a brief period of time. This could affect your credit rating (see our "Credit Report" page at http://www.cardratings.org/creditreport.html for
more info.). One or two transfers should not hurt you though.
Good luck and I hope this helps!
Regards,
Jackie Hughes
Board Monitor
CardRatings.org
archive
Posted: Thu Jan 13, 2005 2:02 pm
Post subject: Should I Pay Off Mortgage With Credit Cards
cardrevolt.com
Date: 6/27/2000 3:12 am CDT
You'll defiantly hurt your credit rating a great deal by transferring balances around multiple times. Issuer's have ways of detecting how many times you've transferred that balance around, and will *not* set you at a low intro rate if they know your just going to send it somewhere else once the teaser rate expires. The pro is that you'll save a small fortune in interest, and if you're already happy with the rates your getting, or you have a very positive past history (8.75% isn't too bad for a mortgage rate) then you won't have too many worries. Just don't say I didn't warn you!
Good Luck!
CardRevolt.Com Staff Member
http://www.cardrevolt.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:53 PM
1 Comments:
A valid idea, but you might want to call the card offering the "low intro rate" and see what they would do for you long term. I personally have several cards that have given me rates as low as 3.9% on balance transfers, good until the balance is oaid off. Another factor to consider is that if you itemize deductions on your taxes, a second mortgage's interest is deductible, while credit card interest normally isn't
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