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Pay your mortgage with a credit card for the rewards?

Discussion in 'The Okie Corral' started by Bow Commander, Oct 5, 2012.

  1. Bow Commander

    Bow Commander

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    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.
     
  2. tylernt

    tylernt Special Member

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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.
     

  3. Bow Commander

    Bow Commander

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    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.
     
  4. michael e

    michael e

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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
     
  5. Bow Commander

    Bow Commander

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    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 :crying:
     
  6. HollowHead

    HollowHead Firm member

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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
     
  7. rhino673

    rhino673

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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.
     
  8. TKM

    TKM Shiny Member Lifetime Member

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    Just another ball of mud.
    I've never made an interest payment in my life.

    The CC people pay me though. :dunno:
     
  9. HollowHead

    HollowHead Firm member

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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
     
  10. certifiedfunds

    certifiedfunds Cosmopolitan Bias

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    Just go online and set it up to pay in full automatically each month. Done.
     
  11. sappy13

    sappy13

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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.
     
  12. janice6

    janice6 Silver Member

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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.
     
  13. certifiedfunds

    certifiedfunds Cosmopolitan Bias

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    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: Oct 5, 2012
  14. HollowHead

    HollowHead Firm member

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    I don't know Georgia law, but this is illegal in many states. HH
     
  15. Altaris

    Altaris

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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.
     
  16. certifiedfunds

    certifiedfunds Cosmopolitan Bias

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    Also a violation of their agreement with Visa, MC, Amex
     
  17. Annhl8rX

    Annhl8rX

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    My mortgage company won't let me pay with a credit card, or I'd do just that.
     
  18. HollowHead

    HollowHead Firm member

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    That is their right. Charging you more for doing so isn't. HH
     
  19. JMS

    JMS 02

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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.
     
  20. Snaps

    Snaps Hail 2 The King

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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