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Using a credit card to pay a mortgage
To pay your mortgage with your credit card, look into a third-party bill payment service.
When it comes to paying your mortgage, using a credit card can sound like a good idea since you could rack up cash back, points or miles. Plus, instead of having to part with your hard earned cash immediately, you could instead shell out the dough when your credit card bill is due. Unfortunately, most mortgage providers don’t allow credit card payments. Even if your provider does, you’ll usually have to pay processing fees if you use a credit card. But you do have a way to get around any restrictions: by using a third-party bill payment service. One way to avoid processing fees is to use a Visa or Mastercard branded credit card through the Paytm bill payment service.
How to pay your mortgage with a credit card
To pay your mortgage with your credit card, you’ll likely have to consider a third-party bill payment service such as Paytm or Plastiq.
Paytm accept all mortgage payments. Paying bills through Paytm is free, and not only that, you can collect rewards points that you can use toward your favourite brands like Apple, Netflix, Uber and Tim Hortons. You’ll earn 1 Paytm reward point for every $1 you make toward a bill payment through the app.
Avoid using an American Express to pay for a bill on Paytm – you’ll face a 3% convenience fee for using an Amex card. Using Visa and Mastercard branded cards via Paytm is a free and viable solution to paying your mortgage with a credit card.
Pay your mortgage provider via Plastiq, one of the most well-known third-party bill payment services in Canada. Although not free like Paytm, Plastiq charge a convenience fee of 2.5% or less on all types of credit cards.
This means if you’re planning on using an Amex to pay your mortgage payment, Plastiq will be cheaper than Paytm.