To Top

Unlock Free Trips By Paying Mortgage & Loans with Credit Cards

Making large payments wouldn’t have been easier if it weren’t for credit cards. The system ensures full safety and quick transfer. Plus, for every dollar spent on it, there are reward points that ultimately get converted into money or miles.

The only downside of using a credit card is some lenders don’t accept payments through it because they want to avoid the fee charged in the process. Here are a few hacks that can help all the parties involved.


The Online Way

There are a few online platforms that let you pay the mortgage for a fee of approximately 2-3%, and most of the time, the reward points fall short in comparison to this amount. Third-party apps like TIO, Venmo, Plastiq, and RadPad allow users to pay taxes and rent, buy a car, or anything else easily, but is it worth it? Not so much, but there’s an alternative!


The Prepaid Way

Prepaid cards are a cheaper source and act like debit cards. A particular amount is loaded on it already, and it’s a good option for lenders who don’t accept credit cards. The Target Prepaid REDCard and American Express Bluebird were high in demand until they started setting limitations. Bluebird still works, though. All you have to do is make an online checking account with American Express to utilize its free payment system.


The Money Order Way

Another way is to invest in PIN-enabled gift cards, which are usually available at Walmart for $5, and purchase a money order with them. One can either mail it or take it personally to the bank to pay the loan. The fee for this one would range between 70¢ and $5. Yet, the question remains – is putting so much effort into saving a few dollars worth it? We guess only if the rewards let us travel to exotic locations like Iceland!


The PayPal Way

Here is a nifty trick about credit cards, and if done right, you wouldn’t go through all this pain! Sign up on PayPal – a free online platform that allows people to send and request money. Link the account with either a card or directly with your bank account.

PayPal is a great service if your lender offers it. If not, you can take a cash advance on your credit card. Although, proceed cautiously, this action could lead to a high interest rate. So whichever method you choose, ensure that the perks excel the risk.

More inFinancial Adviser

You must be logged in to post a comment Login