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Old 10-05-2012, 19:45   #1
Bow Commander
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Pay your mortgage with a credit card for the rewards?

Does this work? I have an Amazon rewards that I immediately turn around and pay off once my purchase is made. It has given me many dollars in rewards towards my next purchases.

Is there anything stopping a person from using a credit card for mortgage payments?

I'm with Metlife, i'll log in and see if credit card is an available payment option.
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if you don't spend $3500 on a one-off custom made 1911 that was made on machines lubricated with the blood of poor people, it's a piece of garbage, and will inevitably cost you your life.
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Old 10-05-2012, 19:48   #2
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Sure. Used to pay my apartment rent on one, it was awesome.

Just don't get suckered into thinking "oh I'll pay it off next month". The moment you pay interest, most/all of your "profit" evaporates.
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Old 10-05-2012, 19:56   #3
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Quote:
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Sure. Used to pay my apartment rent on one, it was awesome.

Just don't get suckered into thinking "oh I'll pay it off next month". The moment you pay interest, most/all of your "profit" evaporates.
Never. I would immediately log in to the credit card website and pay it off with my debit card. I went to buy a Magpul AFG1 this afternoon and realized I had about $20 in credits on the card, so it came to $10 shipped. Pleasant surprise.
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Old 10-05-2012, 20:11   #4
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A guy at work uses his bass pro shop visa for everything . He says when they give you 1k a year you almost break even buying a gun from them
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Old 10-05-2012, 20:16   #5
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Quote:
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A guy at work uses his bass pro shop visa for everything . He says when they give you 1k a year you almost break even buying a gun from them
A neighbor told me his brother uses his Cabela's credit card to do the same thing! If i'm reading correctly, Metlife doesn't allow it
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if you don't spend $3500 on a one-off custom made 1911 that was made on machines lubricated with the blood of poor people, it's a piece of garbage, and will inevitably cost you your life.
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Old 10-05-2012, 20:36   #6
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I use my Cabela's card for everything from insurance premiums to beer, pay it all in full and get a free gun of my chosing every year. When I was still paying a mortgage and car payments, three guns. HH
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Old 10-05-2012, 20:41   #7
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We have a small business that my wife pays most of the bills with her Carnival Cruise card. Then of course she pays it off every month. It has completely paid for the last few vacations including excursions.
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Old 10-05-2012, 20:47   #8
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I've never made an interest payment in my life.

The CC people pay me though.
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Old 10-05-2012, 20:48   #9
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The key is paying it off. The card is unimportant, the terms are unimportant and the incentives are unimportant if you don't float a payment. HH
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Old 10-05-2012, 21:04   #10
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Just go online and set it up to pay in full automatically each month. Done.
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Old 10-05-2012, 21:14   #11
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im allowed to use mine to pay my rent, but the property management charges an additional fee for using CC, which is more than what i would make in rewards.
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Old 10-05-2012, 21:17   #12
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This is just interesting and from some years ago.

Years ago I was still working. A friend ( middle aged PhD EE working for one of the largest Defense companies) told me he bought a new car and tried to pay it off with his credit card, so he could get the "air miles".. (yes, he had a limit that would allow this).

When it was presented and the car dealer called the credit card company to get it approved, they said no. Emphatically, no.

I thought this was funny (odd), but he couldn't do it, although stories of others doing it.
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Old 10-05-2012, 21:32   #13
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Quote:
Originally Posted by janice6 View Post
This is just interesting and from some years ago.

Years ago I was still working. A friend ( middle aged PhD EE working for one of the largest Defense companies) told me he bought a new car and tried to pay it off with his credit card, so he could get the "air miles".. (yes, he had a limit that would allow this).

When it was presented and the car dealer called the credit card company to get it approved, they said no. Emphatically, no.

I thought this was funny (odd), but he couldn't do it, although stories of others doing it.
I suspect it was because they would have no lein, however why they would care about $30,000 or whatever in unsecured debt for a car vs anything else?

Last edited by certifiedfunds; 10-05-2012 at 21:46..
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Old 10-05-2012, 21:37   #14
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im allowed to use mine to pay my rent, but the property management charges an additional fee for using CC...
I don't know Georgia law, but this is illegal in many states. HH
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Old 10-05-2012, 21:42   #15
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One of my accounts at work buys a few million in servers/storage per quarter from me. The owner puts all of it on his card. He then uses all of the air miles he gets to send his top sales reps on a trip every quarter since he earns so many points.
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Old 10-05-2012, 21:45   #16
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Quote:
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I don't know Georgia law, but this is illegal in many states. HH
Also a violation of their agreement with Visa, MC, Amex
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Old 10-05-2012, 21:46   #17
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My mortgage company won't let me pay with a credit card, or I'd do just that.
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Old 10-05-2012, 22:03   #18
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Quote:
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My mortgage company won't let me pay with a credit card, or I'd do just that.
That is their right. Charging you more for doing so isn't. HH
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Old 10-05-2012, 23:33   #19
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Suntrust doesn't offer the option otherwise I would. Everything else gets charged to the CC and paid off in full every month, 2% gets sent to a 529 college savings plan.

When I worked for the CC company I had a customer charge $100k plus for his business every month and rack up thousands of travel miles, it was a beautiful thing.
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Old 10-05-2012, 23:46   #20
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I pay my rent every month with my credit card. get my cash back and my points then transfer the money
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Old 10-06-2012, 04:02   #21
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When we were settling my MILs estate our lawyer said that he and his wife built a house that way. She acted as the general contractor and paid all the bills she could with a credit card. I don't know how much they made but I know he said that they took a long vacation in Hi. that way, among other things.
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Old 10-06-2012, 06:41   #22
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I would doubt that many banks would take a card for payment on a mortgage given that they would have to eat the 2-3% transaction fee. Also, even if they did there is a huge chance that they would fall under the LTI fees (Large Ticket Interchange) so you would get ZERO rewards.
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Old 10-06-2012, 06:41   #23
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Quote:
Originally Posted by janice6 View Post
This is just interesting and from some years ago.

Years ago I was still working. A friend ( middle aged PhD EE working for one of the largest Defense companies) told me he bought a new car and tried to pay it off with his credit card, so he could get the "air miles".. (yes, he had a limit that would allow this).

When it was presented and the car dealer called the credit card company to get it approved, they said no. Emphatically, no.

I thought this was funny (odd), but he couldn't do it, although stories of others doing it.
That's because the CC companies charge the vendor a % of the sale (which is where those freebies come from). The % of the sale on a $30k car would likely be more than the commission the sales guy is making.

Me? Delta Skymiles card = a first class flight with wifey somewhere cool every year. We leave for Ireland in 12 days.
If we purchased the tickets with cash, they would run about $5,000 each. Last year's trip to China would have been $9,500 each.

To me, CC rewards are like tax deductions.
Somebody has to pay for them, but if the rules are set up so that YOU don't have to pay for them, you're a fool for not taking advantage of everything offered.

That said, most mortgage companies don't allow payment by CC. There are ways around this (for a fee), but those generally don't wash out in your favor.
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Last edited by airmotive; 10-06-2012 at 06:50..
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Old 10-06-2012, 07:09   #24
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I suppose you could use those checks they send every month.

I wonder if the merchant incurs a fee when it deposits those?
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Old 10-06-2012, 07:17   #25
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My mortgage is through Wells Fargo and they charge a fee of $12.99 to pay it with a CC. I don't know if that is company wide or just a state by state thing.

As far as the rewards game goes, it's one of my favorites. All of my cards are no fee cards with some sort of rewards program.
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