PAYING YOUR MORTGAGE WITH A CASH BACK CREDIT CARD

[Anonymous]

Hello,

I am trying to be really smart about financial issues right now.  I figure that with some relatively effortless planning I can begin getting cash back savings from a credit card linked to an account with cash that automatically pays in full automatically when due (never needed a credit card because I always had cash to pay for things).

I have read about some people having their mortgage payments paid off by a credit card, and then getting the cash back rewards from their cards, thus earning a significant amount of extra cash.  My only question is whether or not any of you out there know if it is still possible to do this and who allows it.

As far as I know both the CC and the lender have to allow it because you are basically exchanging debt for debt.  Anyone know if this is possible?

EXAMPLE: I pay 4,000/month for mortgage * 12 = 48k/year.

With 5 percent cash back from AMEX blue cash I would earn about 2.5 percent of 100k = 2500 extra dollars a year on money I would be spending anyways!

[Anonymous]

You can't pay loans with credit cards.

[Anonymous]

Eh I don't know about Cash Back specifically.

My father in Law has a Fidelity Investments Rewards Visa and he has set up a Bill Pay payment (it's an FIA card) which allows him to pay his mortgage on a monthly basis and has been doing so for some time - it just gives him a period which is interest free to pay (his business is cash based but he always can PIF by the due date of the card just not necessarily of the mortgage) 

[Lel]

I make automatic payments to US Bank (my HELOC lender) from my B of A checking account.  Just recently, I saw an option to use my B of A credit card to make my payments.  This card contributes 1% of all purchases to my kids' college savings account, but it says specifically on the Bill Pay site that the amount charged would not be eligible for any rewards.  But it says the same thing for payments to my insurance company (for car and homeowners insurance), and I know that I get rewards when I make CC payments for those bills.  However, when I've made these CC payments in the past, I did not go through B of A's Bill Pay service.

I'm tempted to see if they really would really exclude the HELOC payment from the rewards program.