## Can I Use Plastiq to Pay My Mortgage?
Plastiq is a service that allows you to pay bills with a credit card, even if the biller does not normally accept credit cards. This can be a convenient way to earn rewards on your credit card spending, or to take advantage of credit card promotions.
However, there are some important things to keep in mind before using Plastiq to pay your mortgage.
### Fees
Plastiq charges a fee for each transaction. The fee is 2.85%, with a minimum fee of $2.50. This means that if you make a $1,000 mortgage payment, you will pay $28.50 in fees.
### Interest Charges
If you do not pay off your credit card balance in full each month, you will be charged interest on the unpaid balance. The interest rate will be determined by the terms of your credit card agreement.
### Impact on Credit Score
Using Plastiq to pay your mortgage could have a negative impact on your credit score. This is because Plastiq will report the transaction to the credit bureaus as a cash advance. Cash advances are typically treated differently than regular purchases, and they can have a negative impact on your credit score.
### Alternatives to Plastiq
If you are looking for a way to pay your mortgage with a credit card without incurring fees or interest charges, there are a few alternatives to Plastiq.
* **Balance transfer credit card:** You can transfer your mortgage balance to a balance transfer credit card with a 0% introductory APR. This will allow you to pay off your mortgage without paying any interest charges for a period of time.
* **Home equity line of credit (HELOC):** A HELOC is a secured loan that is backed by your home equity. You can use a HELOC to pay off your mortgage, and you will typically get a lower interest rate than you would on a personal loan.
* **Personal loan:** A personal loan is an unsecured loan that can be used for any purpose, including paying off your mortgage. Personal loans typically have higher interest rates than HELOCs, but they may be a good option if you do not have any home equity.
### Conclusion
Plastiq can be a convenient way to pay your mortgage with a credit card, but there are some important things to keep in mind before using this service. Plastiq charges a fee for each transaction, and if you do not pay off your credit card balance in full each month, you will be charged interest on the unpaid balance. Using Plastiq to pay your mortgage could also have a negative impact on your credit score.
If you are looking for a way to pay your mortgage with a credit card without incurring fees or interest charges, there are a few alternatives to Plastiq, such as balance transfer credit cards, HELOCs, and personal loans.