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Paying mortgage with balance transfer card

Submitted by Ferry on Wed, 03/11/2020 - 17:41

I often wonder will it be a right move to make default mortgage payments through a balance transfer credit card? I have credit limit and on low rate. Hopefully will be able to repay the previous balance within 5 months. They told the rate will be for 12 months. For some fianncial issue, got late with mortgage payments.

Before doing that, just check once whether or not new payments will also come under the low rate or there's s separate interest rate. Often balance transfer cards are offered with T&C that new rate will be applied for new purchases. be sure before making the move.

Submitted by Good Nelly on Thu, 03/12/2020 - 01:13

Good Nelly

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You can do that. But in that case, you need to crunch the numbers accurately. There is no place for assumptions. If you can't pay off the balance within 5 months, or the introductory period, then you'll have to pay double interest rate.

Submitted by Nick Jonas on Wed, 03/11/2020 - 22:49

Nick Jonas

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Well, most of the balance transfer cards have 0% or a very low interest rate for an introductory period. In your case, the introductory period is for 12 months. After that, most likely, you will have to pay a balance transfer APR. So, you will have to shell out more for paying off the interest. But continue paying off your outstanding balance amount on time.

Submitted by Craigh.terry on Fri, 03/13/2020 - 03:48


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