Pay Off Your Mortgage with Credit Cards?

Thought this was interesting. How charging a lunch to your credit card helps make a house payment: Wells Fargo & Co. is the latest mortgage lender to offer a credit card that applies rebates toward a home loan. The Company on April 16 will kick off a promotional campaign under which it will sell the card program, which applies rebates equal to 1 percent of purchases directly toward paying off principal mortgage balances in increments of $25. GMAC and MBNA Corp teamed up for a card mortgage rebate program already and Countrywide Financial has a similar partnership with JPMorgan Chase’s First USA affiliate.

I highly recommend that you pay off credit card balances each month. What good is 1% rebate towards your mortgage balance, when you are being charged a 20% rate.