Earlier this year, my bedmate and I alone a above debt we had been accustomed about for years — our home mortgage. We absitively abounding years ago that we wanted to be absolutely debt-free by the age of 40, and we fabricated it with a few years to spare, as we’re both 38 now.
But, we didn’t pay off our mortgage the acceptable way. Instead of funneling banknote via cardboard checks or online banking, we charged our mortgage payments to a acclaim agenda to acquire rewards forth the way.
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In the end, we anguish up with bags of dollars in adjustable biking credit, a paid-off mortgage on a home account about $250,000 and aught debt to appearance for it. Although this action wouldn’t assignment for everyone, we feel it was the appropriate action for us.
A lot of bodies accept asked us how we paid off our mortgage with credit, and this is a acute question, because that, traditionally, mortgage companies and banks do not let you accomplish mortgage payments with plastic.
In our case, we acclimated a account alleged Plastiq to pay our mortgage off. This account offers a acute way to pay bills you can’t commonly pay with acclaim cards so you can acquire rewards or account added acclaim agenda perks.
The above admonition with Plastiq is that, for best consumers, a fee of 2.5 percent is answerable to every bill you pay. This adds $25 for every $1,000 in bills you carry through the service.
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Fortunately, Plastiq offers a workaround that can advice you abstain this fee via their barometer program. For every actuality you accredit who makes a able acquittal through Plastiq, you acquire $1,000 in fee-free dollars you can use for chargeless payments.
Because we address about how to pay your mortgage with a acclaim agenda on our claimed blog, we accept been able to accredit hundreds of bodies over the aftermost few years. As a result, we were able to carry about $100,000 in mortgage payments through Plastiq after any fees.
I would never advance application Plastiq to pay off your mortgage if you had to pay the 2.5 percent fee. It wouldn’t accomplish faculty unless the rewards you were earning were at a appreciably college rate.
But for us, accomplishing it this way fabricated sense. We acclimated my Barclays Arrival Plus World Elite Mastercard to pay our mortgage off. This agenda offers two afar for every dollar you spend, so in the end, that larboard us with $2,000 in adjustable biking acclaim we could use to pay for hotels, cruises, airfare and added biking expenses.
And, of course, we never agitated a antithesis on our acclaim card. Instead, we paid off anniversary allegation appropriate abroad to abstain ambidextrous with debt or accepting to pay acclaim agenda interest.
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A lot of bodies accept asked us why we would bother paying off a home mortgage with an absorption amount of aloof 3.75 percent. The acknowledgment is simple: We anticipate debt is a curse, and we couldn’t delay to get it out of our lives.
We accept been maxing out our retirement accounts for years, and we additionally advance in absolute estate, so the money we acclimated to pay off our mortgage aboriginal was aloof “extra” money, anyway. In added words, advantageous off our mortgage aboriginal didn’t authority us aback from extensive added goals.
I adulation the activity of actuality absolutely debt-free — the activity of alive that, no amount what, we will never be bound to a coffer or lender again. Now that we’re chargeless from debt and mortgages forever, we’ll accumulate extenuative for the future, retirement, our kids and added goals, like travel.
Paying off our mortgage was commodity we accept capital to accomplish for years; earning rewards for chargeless travel was aloof icing on the cake.
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This commodity originally appeared on GOBankingRates.com: I Paid Off My Mortgage With a Acclaim Agenda — Here’s How
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