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Old 08-21-2013, 07:02 AM
 
Location: Powell, Oh
1,846 posts, read 4,328,648 times
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Like the title says, is it possible to pay a mortgage with an American Express or other credit card?


I have two mortgages, and I would like to pay as much through my cards so I can earn the points. I always pay my cards in full each month. I actually pay most of it before the statement end date, so the whole amount isn't reported to bureaus.

I don't see on my mortgage companies website where I can use card.

Any tips on this?

I am assuming that this used to be acceptable, but since the mortgage crisis, things have tightened.
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Old 08-21-2013, 07:10 AM
 
Location: USA
7,778 posts, read 10,949,795 times
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Quote:
Originally Posted by brianjb View Post
Like the title says, is it possible to pay a mortgage with an American Express or other credit card?


I have two mortgages, and I would like to pay as much through my cards so I can earn the points. I always pay my cards in full each month. I actually pay most of it before the statement end date, so the whole amount isn't reported to bureaus.

I don't see on my mortgage companies website where I can use card.

Any tips on this?

I am assuming that this used to be acceptable, but since the mortgage crisis, things have tightened.
When I was buying my car and paying in full by check, discovered I had no checks in my handbag, I said I could use my bank card, the dealership said no, that it wouldn't work or something. Can't recall what they said, but, they wanted a check.
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Old 08-21-2013, 07:11 AM
bUU
 
Location: Florida
12,075 posts, read 9,415,665 times
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Generally, unless there is efficiencies to be gained by the vendor from offering the ability to pay by credit card, or there is a legitimate fear of losing significant business from not offering the ability to pay by credit card, vendors will aim to pass along the cost imposed on them by the credit card issuer, and that'll generally cost you more than the points are worth. Mortgage brokers generally aren't in a position where either of the two criteria apply.

Quote:
Originally Posted by Rubi3 View Post
When I was buying my car and paying in full by check, discovered I had no checks in my handbag, I said I could use my bank card, the dealership said no, that it wouldn't work or something. Can't recall what they said, but, they wanted a check.
I suspect what they meant was that they didn't want to pay the fee to the credit card issuer that would be assessed, and they didn't want to make it seem like they were nickel-and-diming you by admitting that to you.
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Old 08-21-2013, 08:24 AM
 
Location: West Orange, NJ
12,545 posts, read 19,510,734 times
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Quote:
Originally Posted by Rubi3 View Post
When I was buying my car and paying in full by check, discovered I had no checks in my handbag, I said I could use my bank card, the dealership said no, that it wouldn't work or something. Can't recall what they said, but, they wanted a check.
when i bought a car they would only let me put $2,500 of my down payment on a card. so i did, and wrote a check for the rest. i'm sure this was just a policy, and not something that is prevented everywhere.

i sincerely doubt a bank will let someone pay a mortgage with a credit card. why would they incur the transaction cost? it doesn't hurt to ask, but i doubt you'll find a yes. similarly, many colleges and universities no longer accept credit card payments as a way to reduce costs.
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Old 08-21-2013, 08:53 AM
 
Location: N/A
849 posts, read 1,696,356 times
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Quote:
Originally Posted by bradykp View Post
when i bought a car they would only let me put $2,500 of my down payment on a card. so i did, and wrote a check for the rest. i'm sure this was just a policy, and not something that is prevented everywhere.

i sincerely doubt a bank will let someone pay a mortgage with a credit card. why would they incur the transaction cost? it doesn't hurt to ask, but i doubt you'll find a yes. similarly, many colleges and universities no longer accept credit card payments as a way to reduce costs.
dealerships typically won't let you use credit cards because of the credit protection they (your credit card company) provide. If you bought a lemon on credit...they (the car dealer) don't want that pile dumped back into their lot.

Yes you can pay your mortgage with a credit card, but certain banks will not allow for any of the points back/mileage/rewards that typically are involved with credit card transactions.

There are 3rd party vendors that will do it...but they add a % to the cost for each transaction.

YMMV. Good Luck.
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Old 08-21-2013, 12:17 PM
 
Location: Powell, Oh
1,846 posts, read 4,328,648 times
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Quote:
Originally Posted by midwestlaxer View Post
dealerships typically won't let you use credit cards because of the credit protection they (your credit card company) provide. If you bought a lemon on credit...they (the car dealer) don't want that pile dumped back into their lot.

Yes you can pay your mortgage with a credit card, but certain banks will not allow for any of the points back/mileage/rewards that typically are involved with credit card transactions.

There are 3rd party vendors that will do it...but they add a % to the cost for each transaction.

YMMV. Good Luck.

That's what I was worried about. If I pay the same percentage in fees that I would earn in points, then all I do is waste time.

I will check into it, and report back if I find positive results.

It may help someone else out.
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Old 08-21-2013, 07:35 PM
 
Location: Dover, DE
2,126 posts, read 4,193,836 times
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I tried to buy a car with mine...I had high enough credit, but they wouldn't let me do it. They said that the maximum that could be charged was $3000 and only on service, not buying one.

When our daughter started college we paid her tuition with it, but apparently too many people were doing that and after 2 years they started adding a 3% fee, so we stopped.

I suspect the bank won't allow you.
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Old 08-21-2013, 08:44 PM
i7pXFLbhE3gq
 
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Quote:
Originally Posted by rothbear View Post
I tried to buy a car with mine...I had high enough credit, but they wouldn't let me do it. They said that the maximum that could be charged was $3000 and only on service, not buying one.

When our daughter started college we paid her tuition with it, but apparently too many people were doing that and after 2 years they started adding a 3% fee, so we stopped.

I suspect the bank won't allow you.
Really depends on the bank/dealership/etc. Fees may make it not worth it. I wanted to pay my rent with a credit card, but my landlord charges something absurd (in excess of $100) to pay with a card.

I paid my car down payment ($5000) with a credit card. The dealership didn't bat an eye.
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Old 08-22-2013, 11:46 AM
 
Location: Arizona
5,824 posts, read 6,816,661 times
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Paying your mortgage or other contract, such as a loan, with an Amex or other card is basically the same as taking a cash advance. It's possibly a violation of your cardholder agreement. Be careful, if Amex catches you doing this they're likely to suspend your account.

A regular credit card company will also not be happy, since there is usually no grace period on cash advances. Interest begins day 1. If you get a loan company to accept a credit card as a payment (which is probably also not allowed by their contract with the card processors) you could circumvent the interest if you pay your full balance, which is why they don't allow it.
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Old 08-22-2013, 11:50 AM
 
Location: N/A
849 posts, read 1,696,356 times
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Quote:
Originally Posted by johnp292 View Post
Paying your mortgage or other contract, such as a loan, with an Amex or other card is basically the same as taking a cash advance. It's possibly a violation of your cardholder agreement. Be careful, if Amex catches you doing this they're likely to suspend your account.

A regular credit card company will also not be happy, since there is usually no grace period on cash advances. Interest begins day 1. If you get a loan company to accept a credit card as a payment (which is probably also not allowed by their contract with the card processors) you could circumvent the interest if you pay your full balance, which is why they don't allow it.
Really...so paying any type of work order, request order, or any other written agreement is the same as a cash advance? Do you have a reference? Do the credit card companies know this?

What about cell phones, satellite, security, gym fees, etc??? Aren't those contracts?
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