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How’s it going everybody does this beat bush today i’m going to show you how to get a huge discount on your mortgage by combining it with credit card turning the idea is this you sign up for a lot of credit card bonuses where maybe you spend $2,000 and then you get $500 worth of gift cards or statement credits you use the service called plastic which charges you
Something like a two and a half percent fee now if you have a chunk of money and you want to pay an additional amount into your mortgage if you just pay it directly you’re not going to get any benefits because all that cash is just going to be placed in there directly and you don’t get any percentage back however if you use this plastic service let’s say i want to
Pay two thousand dollars into the mortgage i knew the service and they get charged a two point five percent fee which is $50 altogether if i pay two thousand dollars now this might seem a little high but by the time you factor in all the points that you get from a credit card signup bonus then getting five hundred dollars in gift cards it’s kind of worth paying
$50 for this method also works for rent because you can go through the website and that website is going to charge you the fee and then pay the rent company directly with a check so the rent company does not necessarily have to accept the credit card and you can still use your credit card to pay the rent generally for really large transactions companies don’t
Like to accept credit cards because they get charged a little fee plastic allows you to pay the fee so that you can use the credit card and pay whatever you want now check out the website it’s pretty easy to use i just signed up i just put in my email click my own password i click through all of it finally you find out the payment address of your mortgage lender
Once you find out the address and also your loan number you put all that in into the plastic system finally you put in the credit card that you want to turn i use my american express gold which i just got this is the car where i need to charge two thousand dollars and if i view this within three months i would get fifty thousand points which is worth about $500
In gift cards so if you’re interested in pre paying for your mortgage or turn credit cards in general this is a really good way to go about it check out my plastic referral link down below where if you use my link you get $500 worth of fee free payments on the other hand when you actually use this fee what i get is about $1,000 of fee free payments i’m not too
Sure what will happen if a lot of people go through this and then i get way more payments than i can actually use but you know if you want to help out this channel go ahead and use my referral down below so let’s talk about how you actually save money with this method if you’re about to pay your mortgage anyway and let’s say you want to pay $5,000 $10,000 into
It then yes if you go around signing up for all these credit card bonuses you can really really quickly meet all these bend requirements in fact you can meet them so quickly you can probably get 5 6 10 credit cards and maybe if there’s like a $20,000 spend requirements in aggregate for all of them you can quickly meet all of those for example $2,000 in american
Express school boom right there i just do one transaction and all of that requirement is met next thing i can probably get a chase sapphire reserve and boom i just pay $4,000 into my mortgage and man i just meet that already except i have to pay a $100 fee to plastic the bonus from chase sapphire reserve adds up to something like $1,000 altogether i believe so if
You just go one card after another sign up sign up keep on paying mortgage down but you can keep on paying mortgage down that you’re going to end up getting like all these free bonuses from all these different credit cards now let me tell you this is probably only going to work for people really high credit scores because for me i can get a credit card after i turn
Them i get the bonus i can cancel it and i would really care about my credit score so if you have something above like 830 like i do i have 835 i can go around cancel these really young cards and it’s not really going to bring down my credit score all that much i can go and apply for all these credit cards get a whole bunch of hard inquiry and then really make my
Credit score tank i actually don’t really need to use my credit score for anything so this is something i can use my credit card for to get me an advantage of paying my mortgage so all these bonuses are actually really good if you look for it you can get something close to 25 percent bonus of what you spend so if you spend two thousand dollars you get five hundred
Dollars back that’s 25 percent this is 25 percent gain – a 2.5 percent that plactic charges together this is still a twenty two point five percent advantage so the more you can do this over the year if you have extra money to pay into your mortgage or rent you can actually pretend this is kind of like lowering your rent or mortgage imagine if you turn through 10,000
All of the sign up requirements you’re really going to get back two thousand two hundred fifty dollars worth of statement credits airline bonuses and all this so this is a lot of value that you can turn through and get all this back now if you really want to make things a little bit more perfect because there’s a two thousand dollar spend requirement if you spend
$2,000 on plastic it’s going to attack on another $50 in my american express gold it actually charged two thousand fifty dollars so whatever car you want to turn let’s say it’s two thousand dollars or four thousand dollars you really want to divide this number by 1.0 to five so whatever you’re paying the mortgage company or rent it’s a little bit less and by the
Time they tack on that 2.5 percent it will be perfectly at two thousand dollars or four thousand dollars the last point i like to bring up is that in order to really save money in this whole scheme you really don’t want to spend extra the idea here is that if you’re going to pay extra into your mortgage anyway the act of doing all this churning is going to save you
Money now the bonuses you get is likely to be in the form of statement credit gift cards or travel credits now in order to actually save money when you get all of this is to actually use them on things that you would use anyway if you get a gift card and suddenly you think oh i have a lot of money let me go and spend it then you’re not actually saving money what we
Need to do is get the gift card hold on to it and only when you go to that store and you’re going to buy something anyway then you use that gift card because then it’s offsetting the amount that you’re going to spend anyway same thing with travel credits because if you get some travel credits and this forces you to go and travel somewhere this is not saving money
Because you’re like oh i have extra travel credits let me just use it you’re only using it because it’s extra you’re not using it because of a need that you really want to go somewhere so it’s important to use these travel credits on something that you’re going to take a flight anyway or go to a hotel anyway and not go oh i have this travel credit i need to spend
It before so on so time and then you go out of your way to do it which you know you could have just not spent anything at all if you didn’t have this credit so thanks for watching the video i know you probably cannot churn through you know hundred thousand dollars worth of mortgage nor maybe most people don’t have all that much to pay if you have a little bit of
Extra that you’re going to put into your mortgage anyway then this is a really good way to just turn through those credit cards really previously people might turn through these credit cards by maybe buying american express gift cards but when you do this you have to pay like five dollar fee or something for every gift card so you have to pay a fee and eventually
You have to spend this cash when you do it through the mortgage way you’re actually kind of shifting your money into there once you put it in your mortgage yes this amount is kind of locked in there but when you look at it in terms of a net worth game you’re actually gaining a lot off the bat you’re already getting a twenty two point five percent gain if you displace
This with money that you’re going to spend anyway on complices as soon as you pay more into your mortgage you’re going to reduce your interest payments by whatever interest payments it is let’s say it’s 4% minus tax deduction which becomes about three percent so let’s say you paid out ten thousand dollars of mortgage you don’t have to pay that three percent interest
Anymore so it’s another three hundred dollars that you save every single year thereafter so 22.5% immediately and every single year after that it’s three percent three percent three percent so you can imagine this is a really really good way to build wealth actually so that’s all i have to say don’t forget to give me a like on this video comment down below let
Me know if you’re going to use this plastic method whenever you pay more into your mortgage or rent if you’re interested in supporting this channel you can check out my audible link down in the video description below you can actually get a free audiobook and if you don’t like the audiobook or the service you can cancel it before the trial period end you can still
Keep the audiobook and you can still help benefit this channel i also have a 30 day free trial free game flag down below for those of you dollars into video games where you can actually rent a video game for 30 days and if you don’t like it or anything you can cancel it and you won’t know a thing i also have a patreon over here and don’t forget to subscribe thanks for watching
Transcribed from video
Get 22.5% Off Your Mortgage | BeatTheBush By BeatTheBush