I know this may sound stupid but you know how you have a credit card, and when you get your bill they have checks attached to all of them incase you just want to write a check to someone for something. Now my question is, has anybody heard of one with 0% interest for 6-12 months or anything like that? I'm not talking for purchases, just for the checks? Or is cashing one of those checks considered the same thing as a purchase? I'm sure this is confusing as hell but i'm hoping some credit card experts will understand? Ignore the rest of my post if this top part isn't possible.
My thought is that say cashing one of those checks counts the same as a purchase and you have 0% interest for 12 months on any purchase. If i was to figure out how much extra a year i will be adding to the principal of my mortgage then i can cash one of those checks for the principal and save me 11 months of interest on however much i paid off.
Quick math lesson: Right now i'm paying $350 extra towards my principal every month. so i take 350x12=$4200 So i get a credit card with 0% interest for 12 months and right one of their checks they give you for $4200 to my mortgage company. Then i pay my regular monthly payment for my mortgage and then the $350 towards the interest free credit card. It's not a bid deal but it does save you money. I'm getting ready to bump that $350 up alot more, probably almost doubling it so i think it will have a good saving affect on my mortgage. Maybe it wont be as much as i think. Just throwing it out there. I was reading about Mortgage checking accounts and how they are a scam and it got me thinking about this stuff.
Stock market and all my other investments seem to be doing horrible so i figured this is a good time to add extra money to my principal. Anyone have any similar ideas?
My thought is that say cashing one of those checks counts the same as a purchase and you have 0% interest for 12 months on any purchase. If i was to figure out how much extra a year i will be adding to the principal of my mortgage then i can cash one of those checks for the principal and save me 11 months of interest on however much i paid off.
Quick math lesson: Right now i'm paying $350 extra towards my principal every month. so i take 350x12=$4200 So i get a credit card with 0% interest for 12 months and right one of their checks they give you for $4200 to my mortgage company. Then i pay my regular monthly payment for my mortgage and then the $350 towards the interest free credit card. It's not a bid deal but it does save you money. I'm getting ready to bump that $350 up alot more, probably almost doubling it so i think it will have a good saving affect on my mortgage. Maybe it wont be as much as i think. Just throwing it out there. I was reading about Mortgage checking accounts and how they are a scam and it got me thinking about this stuff.
Stock market and all my other investments seem to be doing horrible so i figured this is a good time to add extra money to my principal. Anyone have any similar ideas?
