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Established Contributor
nicemann
Posts: 583
Registered: ‎03-12-2008
0

CC Rewards For Paying Mortgage

Ok as some of you might know, I just bought a house.  I always used my credit cards to pay for my rent in the past.  Loved getting the rewards and always PIF the CC before the bill was cut.  Well I thought I would be able to do the same with my mortgage but I see GMAC Mortgage always allows checking accounts to be used.
 
Anyone know of anyway to get some kind of rewards for paying the mortgage each month?  I hate the idea of not getting all of my points now.  Current credit cards I use right now are BoA Visa and AMEX, and Chase Visa.  I remember when I first got most of my cards they gave a few checks that could be used....do those earn points?
 
I am sure there are ways around this....suggestions?
As of 04/23/2011 - 731 for EQ FICO
As of 03/02/2012 - 779 for TU FICO
As of 12/2010 - 720 - 729 For EX (Chase FICO Score Provided by EX)
Regular Contributor
akhan
Posts: 164
Registered: ‎10-28-2007
0

Re: CC Rewards For Paying Mortgage

[ Edited ]
Most likely not, since your mortgage is a credit product, the lender would likely not accept credit cards (another loan) to pay it off.

Your one possible chance might be your BoA Visa. Is it one of the old cards from MBNA? If so, you have access to BillPay Choice, where you CAN pay finance accounts (and have them bill as a purchase). Only some merchants in the BillPay Choice system are "in network" to earn points, but regardless you will be able to take advantage of the 25-55 day float.

BUT if the card didn't come over from MBNA/FIA in the merger, then the above doesn't apply.

The checks you are referring to are balance transfer checks. These will NOT earn points and are likely subject to 3% cash advance fees. The vast majority of credit cards only give points for regular purchases (only exception I know is BoA cards with BillPay Choice)

Message Edited by akhan on 06-21-2008 10:05 PM
Senior Contributor
FretlessMayhem
Posts: 3,279
Registered: ‎08-03-2007
0

Re: CC Rewards For Paying Mortgage

Niceman, sadly I have been trying to figure this out also. It's like I'm flushing some serious cash back away ever month between house and car.

Do you have an Amex card by chance? I've noticed when you log into their website there is a little advertisement about paying mortgage with the charge card, but I haven't looked into it yet.
Here we go again...
Established Contributor
Watchmann
Posts: 987
Registered: ‎05-14-2008
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Re: CC Rewards For Paying Mortgage

Personally, I don't think it is good practice to pay a loan with a loan, even if you are committed to PIF immediately.  It just sets a bad habit and sets up the possibility of skipping a payment on the CC balance if something more interesting comes along during the month.  A house loan and car loan are financial committments that need to be paid with hard assets.  You need that discipline.  Mortgage lendors don't want to pay 1-3% fee on a CC payment (you can't blame them), and the payment you would give them via a CC is always subject to default, not something they want to do.
Established Contributor
nicemann
Posts: 583
Registered: ‎03-12-2008
0

Re: CC Rewards For Paying Mortgage


Watchmann wrote:
Personally, I don't think it is good practice to pay a loan with a loan, even if you are committed to PIF immediately.  It just sets a bad habit and sets up the possibility of skipping a payment on the CC balance if something more interesting comes along during the month.  A house loan and car loan are financial committments that need to be paid with hard assets.  You need that discipline.  Mortgage lendors don't want to pay 1-3% fee on a CC payment (you can't blame them), and the payment you would give them via a CC is always subject to default, not something they want to do.


I understand the pay a loan with the loan, that is why I always PIF no matter what.  I do that with all my cards.  I have enough money in my checking and savings to live for on months if something happened.  Either way I was just seeing if there was anyway to still get my points.  Oh well guess I will have to earn my points the old fashion way.
 
BTW anyone with the Worldpoints cards from BoA they have their worldpoints mall where a lot of merchants give extra months for shopping with them online.  Good example Equifax gives 22 bonus points for every $1 sent.  A lot of us don't usually buy anything from EQ but there is also Target, Walmart, Best Buy, JcP and tons of other places.  I'm just kicking myself in the butt now for never looking around it.  Probably lost 20,000 points or more because I buy from most of those merchants.
As of 04/23/2011 - 731 for EQ FICO
As of 03/02/2012 - 779 for TU FICO
As of 12/2010 - 720 - 729 For EX (Chase FICO Score Provided by EX)
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: CC Rewards For Paying Mortgage

The only way I can think of it to set up a PayPal account and pay yourself the mortgage (which the CC would "see" as a purchase), drop the money into your checking account, and then pay the mortgage.

Only fly in the ointment is the fee (roughly 2%) that PayPal charges.
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