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Pay mortgage with CC

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MyLoFICO
Valued Contributor

Pay mortgage with CC

I pay all my bills with my cash back cards. I would really like to pay my house payment with it as well. I don't mind if I incur a smallish charge but obviously I don't want to take a large hit. My mortgage is $1081 a month and that would go a long way with showing usage on my cap 1 cards. How can I make this happen with very minimal cost to me? I want it for the usage only. If the cost is too much I won't do it. I don't need the card to make the payment, just need the usage. Ideally I would like to put it on my Discover IT Secured for the rest of the year so when it graduates I have a lot of usage. 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 1 of 28
27 REPLIES 27
Anonymous
Not applicable

Re: Pay mortgage with CC


@MyLoFICO wrote:

I pay all my bills with my cash back cards. I would really like to pay my house payment with it as well. I don't mind if I incur a smallish charge but obviously I don't want to take a large hit. My mortgage is $1081 a month and that would go a long way with showing usage on my cap 1 cards. How can I make this happen with very minimal cost to me? I want it for the usage only. If the cost is too much I won't do it. I don't need the card to make the payment, just need the usage. Ideally I would like to put it on my Discover IT Secured for the rest of the year so when it graduates I have a lot of usage. 


Any of the sites that would allow you to pay your mortgage with a credit card is going to charge about a 2.75% fee to do so.  This is going to eat up any reward you would earn from paying with the credit card.  You would have to decide if the cost of doing so would be worth it.  Sites to look into are Chargesmart and Plastiq.

Message 2 of 28
MyLoFICO
Valued Contributor

Re: Pay mortgage with CC

I have a business Paypal account and my in person fee is 2.7%. I would still take a bout a $10 hit but it would be worth it for a few months. I just don't want to get into any legal trouble. Is this legal?


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 3 of 28
myjourney
Super Contributor

Re: Pay mortgage with CC


@MyLoFICO wrote:

I have a business Paypal account and my in person fee is 2.7%. I would still take a bout a $10 hit but it would be worth it for a few months. I just don't want to get into any legal trouble. Is this legal?


I see you mention this a lot in some of your post so I feel you should be aware that if any lender associates you running money through your business merchant account only to be reimbursed the funds back 

You will lose the merchant account, CC's and any rewards 

 

So is it really worth it because you're actually eating into the rewards anyway?

Plus your paying the swipe fee and if any processing fee via leasing  morgtage company then you aren't profiting at all probably losing 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 4 of 28
MyLoFICO
Valued Contributor

Re: Pay mortgage with CC


@myjourney wrote:

@MyLoFICO wrote:

I have a business Paypal account and my in person fee is 2.7%. I would still take a bout a $10 hit but it would be worth it for a few months. I just don't want to get into any legal trouble. Is this legal?


I see you mention this a lot in some of your post so I feel you should be aware that if any lender associates you running money through your business merchant account only to be reimbursed the funds back 

You will lose the merchant account, CC's and any rewards 

 

So is it really worth it because you're actually eating into the rewards anyway?

Plus your paying the swipe fee and if any processing fee via leasing  morgtage company then you aren't profiting at all probably losing 


This is what I was looking for. Ok, Its a no go. I don't want to take any chances with stuff like that. I just thought there might be a way to do so that was on the level. Just trying to be creative to generate more usage on my Discover without just buying stuff I don't need. 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 5 of 28
Anonymous
Not applicable

Re: Pay mortgage with CC

Is it pretty standard that most installment loan companies like those that offer mortgages, auto loans, etc. don't accept CC payments?  I know my mortage and auto loan company (WF) don't allow me to pay with a CC.  Would be nice if they did, however, to get that usage like the OP referenced.

Message 6 of 28
longtimelurker
Epic Contributor

Re: Pay mortgage with CC


@Anonymous wrote:

Is it pretty standard that most installment loan companies like those that offer mortgages, auto loans, etc. don't accept CC payments?  I know my mortage and auto loan company (WF) don't allow me to pay with a CC.  Would be nice if they did, however, to get that usage like the OP referenced.


Right, most don't, so, as Irish suggests,  you would use a 3rd party provider like Plastiq or Chargesmart, that take your credit card payment and pay the mortgage company via ACH (or maoiling a check if necessary).  But these companies charge fees for this service.

 

There are more creative ways to pay a mrtgage using a credit card, but a) not to be discussed here, and b) they quickly evolve into paying the cc company rather than the mortgage as people realize that money is fungible, and c) are anyway becoming harder.

Message 7 of 28
myjourney
Super Contributor

Re: Pay mortgage with CC


@Anonymous wrote:

Is it pretty standard that most installment loan companies like those that offer mortgages, auto loans, etc. don't accept CC payments?  I know my mortage and auto loan company (WF) don't allow me to pay with a CC.  Would be nice if they did, however, to get that usage like the OP referenced.


Simple they don't want to pay the swipe fees thus reducing the profits of an agreed to amount of principle and interest in the contract 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 8 of 28
MyLoFICO
Valued Contributor

Re: Pay mortgage with CC

I was hopping to not involve a 3rd party. Not real keen on giving my mortgage info out or my card info. It's not worth the trade off personally. Maybe someday they will make it where we can if we agree to pay the fees. 


Experian: 677 (28) | TransUnion: 697 (27) | Equifax: 684 (6)
Gardening as of: 1-23-2018
Updated 1-25-18
Message 9 of 28
vayub4
Regular Contributor

Re: Pay mortgage with CC

You can use plastiq.com

 

I have used them to make my car payments twice and it worked fine. They charge between 1.5% and 2.5%

Discover IT $25,500 Chase Freedom $14,500 CapOne QuickSilver $10,000 Walmart Mastercard $10,000 PayPal Xtras Mastercard $10,000 JCP $7,500 BOA Cash Rewards $6,900 OldNavy Visa $5,000 BarclayCard $3,700 Macys $3,500 HH Gregg $3,500 BestBuy $2,000 Last APP June/2016(useless rental apartment)Inquiries: Trans/7 Exp/16 Eqi/27
(1 Car Loan @2.74%)
Message 10 of 28
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