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Paying mortgage with balance transfer card

Date: Wed, 03/11/2020 17:41

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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.

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Total Replies: 4

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.

Sub: #1 posted on Wed, 03/11/2020 - 22:49

Nick Jonas

(Posts: 425 | Credits: )

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.

Sub: #2 posted on Thu, 03/12/2020 - 01:13

Good Nelly
Industry Expert
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Yes, but make sire you pay all the payments on time.

Sub: #3 posted on Fri, 03/13/2020 - 01:10

sanderspatricia29

(Posts: 1234 | Credits: )

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.

Sub: #4 posted on Fri, 03/13/2020 - 03:48

Craigh.terry

(Posts: 254 | Credits: )