Credit Cards and Mortgage Payments

For just about anything you want to get off your chest about credit cards.
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fffresh
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Credit Cards and Mortgage Payments

Postby fffresh » Mon Jun 23, 2008 2:46 am

American Home Mortgage Corp. will be the first lender to offer the Express Rewards Mortgage program for eligible prime loans. American Express Cardmembers with qualifying new purchase or refinance loans with American Home Mortgage will pay a one-time fee of $395 to the lender for enrollment in the Express Rewards Mortgage program at the time of closing.


And that was a year ago. If you're getting 1% in rewards that means you have to spend $39,500 to make up the cost of it. Seems reasonable considering houses costs hundreds of thousands and you pay 3 or 4x that in interest over 15 to 30 years.

I know I read somewhere else a couple other companies now have arrangements with credit card companies for customers to pay their mortgage with a credit card. Anyone else think this is a bad idea? I know it doesn't prevent someone doing this indirectly because they could just take a cash advance or balance transfer since most B.T. offers just deposit cash in your checking anyway. I guess like anything else it's good but you're always going to have those few bad apples out there which will use it recklessly and screw it up for everyone else.


lovedr
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Postby lovedr » Mon Jun 23, 2008 12:39 pm

American Express also lets you pay federal taxes with their cards too. You have to pay an additional processing fee. I don't see any drawbacks with either of these. Credit cards are just a simpler way to pay than paper checks or hard cash. Nothing wrong with that.

magyar1045
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Postby magyar1045 » Mon Jun 23, 2008 3:06 pm

You can use all credit cards, not only American Express, to pay taxes with. Before April 15 most cc websites advertised that.

1bootcamp
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Postby 1bootcamp » Tue Jun 24, 2008 11:20 pm

I don't know why you'd be surprised about CC payments for mortgages. Hell I can't think of one thing today that they don't take credit card payments for. You know of any b/c I can't name one.

daveonride
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Postby daveonride » Wed Aug 27, 2008 2:37 pm

You Can Use All Credit Cards.

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Cucumber
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Postby Cucumber » Tue Sep 16, 2008 2:18 am

The company that does the mortgage payments and auto loans is called Charge Smart. I saw them on TV. They charge you $4.95 per transactions and 2.29% transaction fee. :eek: This would probably eat up any rewards you would gain because I don't know of any cards that would give you 2% in rewards on normal purchases. :mad: The other thing is they don't take American Express cards and those are probably the only reward cards out there that give enough points to come close to offsetting the costs of this thing.
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