Go Back To Search Results Question Paying off my 2nd mortgage with a credit card balance transfere? Hi - I bought my house 2 years ago with 100% financing, I did a 80/20 loan. Both loans are fixed the first at 6.5% and the 2nd at 9%. I got a statement in the mail from my credit card company (chase) stating I can do a balance transferee at 2.99% until the loan balance is paid off. So would it be a good idea to transfer my 2nd mortgage onto the credit card? Thanks By David H Posted on 12/15/08 Total Answers 2 Answers- Credit card interest is not deductible on your taxes, interest on a first or second mortgage IS deductible. I'll let you do the math... (By the way, if you are two minutes late on that 2.99% card, your interest rate will revert to somewhere close to 20%, and may do so "retroactively"...I would read the small print VERY carefully!) Answer by : joseph.hussein.foust On Date 2008-12-15 15:54:47 Joseph is correct plus that transfer most likely carries a fee of 3%. Read the fine print. Answer by : Worldly25 On Date 2008-12-15 16:45:00   Go Back To Search Results