Couple Makes $2,000 from Paying Mortgage with Their Credit Cards
Couple’s wise mortgage strategy
An ordinary card owner may not be as brave as this couple, because they got the opportunity to utilize rare chances that barely show up to everybody.
Meet Greg and Holly Johnson, owners of Club Thrifty blog. They went on a cruise on the Mediterranean with their children during their vacation. The expensive adventure was partially footed from the credit card bonuses they earned when they offset their apartment.
John posted on a website that he and his wife decided to channel their mortgage pay into a card rather than to transact with cash through online transactions or checks. Fortunately, they were not charged any interest or extra fees through the credit card.
When they paid off the last amount on the home located in Noblesville, Indiana, worth $100,000, using their personal Barclaycard Arrival Plus World Elite Mastercard, 200,000 bonuses were awarded to them, equivalent to $2,000 sufficient for a trip. When they also used their credit card to make payments for a partial amount sufficient to build a small house for a family, they won more bonuses.
Their smartness paid off, the reconstructed house is currently $250,000 to $300,000 in estimation, but they have it to themselves at no cost or debt.
A few conventional lenders allow their clients to pay their mortgages through credit cards, in case the clients are subscribed to the service of an external provider, but this will result in more expensive charges. Take Plastiq as an example, there is room for subscribers to order for massive purchases at the rate of 2.5% charges on their cards.
On the other hand, this couple spotted a solution. Plastiq forgoes the charge every time your orders reach $1000 once you refer someone to their service who makes payment worth or above the threshold,$500.
The tactics did the magic, says Greg. He said he found this promo easy to win because he had made close to 300 referrals through his website. He so far earned about $300,000 in every 1 person he referred since each referral is worth $1000.
However, Johnson tried to make it clear to others who may want to try his type of luck that if they don’t own their own finance-based website, the process of piling their referral earnings would be more complex. He suggested the use of social networking sites to refer, although he’s not certain if that could be simple either.
Getting a house proprietor who will take credit cards with no fee involved is likely but most uncertain. In case you are lucky to get one who does, registering your referral bonuses will be less cumbersome.
In case you find yourself in the same shoes with most tenants, who must pay a certain stipulated fee required on plastic payments, then look for alternatives similar to what the Johnsons did, to solve the problem.
You can also settle it through rewards on credit cards. Unfortunately, credit cards that give out rewards which supersede the charges on a card fee are difficult to find.
CEO of Plastiq, Elliot Buchanan, pointed out that the company’s customers, like the Johnsons, are sensible in spending money. They take advantage of their credit cards, either to improve on sustaining inflow of money or to expand rewards, Buchanan says.
He further stated that Plastiq users are advised to utilize the company in the most valuable ways, and receiving testimonies of innovations on its card services makes the difference.
Chase Ink Business card rewards
Another customer who also earned big is Keith Rosso, a blogger on credit card. He acquired a Tesla worth $60,000 through a card in 2017, Chase Ink Business Preferred method. 3 bonus points on a dollar at every purchase were given to him, that is 0.5% difference from Plastiq’s 2.5% charge. Rosso calculated roughly $5,000 worth of points.
Note that Ink Business Preferred has stopped rewarding customers on Plastiq transactions, 3 bonuses on every dollar, according to a reliable source from Chase. Therefore, it is advisable not to rely on this tactics anymore as a solution.
Most cards would ask for purchases up to a few thousand before customers could merit the points for referrals.
The best thing to attain that qualified feat is to purchase big with Plastiq, such a move could help to qualify the charge, advised Johnson.
You need to also think about the effects your purchase may have on your points. When you make huge transactions, there may be issues because your utilization level will rise and possibly, affect your purchase limit.
Holly Johnson explains that she didn’t go below her perfect point by frequently settling her balance on subsequent days to each purchase on Plastiq. It is also a trick that shielded her from accruing interest.
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