Pay mortgage with American Express or other credit card - possible? (AMEX, charge)
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It costs business to accept credit cards... most will not accept them for large purchases, especially for payments where the sale is already completed.
I already quoted you their agreement. Like I said before, call and ask them.
And now I'm through arguing with you.
I called 800-528-4800 and spoke to Hector. He states that there is no issue on the AMEX side with paying for whatever you'd like. The problem is with the lender (Mortgage Provider), because they won't take the payment.
You never did link anything that stated that AMEX will not allow this transaction...even though you stated that they will disable your card. Quit making stuff up.
You can't argue anymore because you have no facts.
You can, but they might be treated like a cash advance, which might mean a transaction fee and higher interest.
If you're paying it off every month then you wouldn't have to pay interest, but I'm not sure about the transaction fee. I've never used the checks. I personally didn't think you could use an unsecured card to pay secured debt but I'm no expert. Seems strange to be able to pay your mortgage with a credit card when you can't even buy a lotto ticket with one. Plus is you don't pay it off monthly you're going to be paying extra interest on top of the original loan. My guess is a lot of companies don't allow it due to the whole secured vs unsecured debt issue.
One other thought would be to see if you can set your mortgage up on an auto draft to the card?
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Quote:
Originally Posted by Tallysmom
OP this is going off the rails -- but I would bet the answer is sometimes. Depends on your mortgage company -- and then also who they turn around and sell it to a few years down the road. I would pick up the phone and call the customer service line to your company and ask.
In the past making a payment to a mortgage company by using a credit card was a no go. Lately that is changing, but it's not without it's downfalls - the fees could add up to a pretty fair amount. New programs encourage paying your mortgage via credit card
My mortgage company does not take credit cards but they do allow/take (no fee) automatic payments from bank accounts.
Quote:
Originally Posted by midwestlaxer
you mean where you give one example, such as a loan...
when I gave several examples of a contract which didn't quite fit your blanketed statement.
To pay the mortgage with the AMEX card is not a violation, in fact, AMEX wants their card used everywhere for everything by everyone that will take it...the hard part is finding a lender that will take the AMEX as payment.
AMEX is big on paying household bills with their card. Paying by card is not a cash advance (unless a convenience check is used) and a person does earn rewards by using their card for paying household bills (rewards are not earned when using it as a cash advance/convenience check). The following is from the AMEX website about using their cards for household bills.... FAQs
You can even pay your IRS bill with an AMEX and it's considered a transaction by AMEX , unless you use a (cash advance) convenience check to make the payment with. The IRS is not allowed to pay credit card transaction fees (because of the Taxpayer Relief Act of 1997) so the IRS farms out the collecting by credit card to third party vendors who are allowed to charge the card holder a fee for using a credit card.
Typically a business/merchant (such as a utility company, etc) is not allowed to charge a fee if a card is used, unless accepting credit cards is not a normal business practice and/or the business/merchant uses a 3rd party to handle the credit card payment. In that case they can charge a fee if a card is used.
When I was car shopping a couple of years ago I planned on paying half of the price by credit card. I contacted the credit card company and informed them of my plans. I also asked if it would be considered as a transaction or a cash advance. They stated that it would be a transaction and I would receive the rewards when using the card. When I found the (slightly used) vehicle that I wanted, the dealer didn't bat an eye when I asked if I could pay half of the cost with a credit card, which was roughly around $7k, and they didn't charge me a transaction fee either. I paid the credit card in full when the statement cut and got a nice little rewards check out of the deal.
Really doubt you can...I've looked into it. Your lienholder loses money if you pay by credit card. Amex charges about 2.5% so they would lose a quality amount of money per month.
I wish I could though! I'd get SO MUCH reward points!
I called 800-528-4800 and spoke to Hector. He states that there is no issue on the AMEX side with paying for whatever you'd like. The problem is with the lender (Mortgage Provider), because they won't take the payment.
You never did link anything that stated that AMEX will not allow this transaction...even though you stated that they will disable your card. Quit making stuff up.
You can't argue anymore because you have no facts.
OK, if they told you that then I stand corrected. Have at it.
My past experience with them proved the opposite to be true, so I am not making anything up, only speaking from past experience.
Really doubt you can...I've looked into it. Your lienholder loses money if you pay by credit card. Amex charges about 2.5% so they would lose a quality amount of money per month.
I wish I could though! I'd get SO MUCH reward points!
But think about it -- it can be a win win for the bank. Bank of America issues credit cards and Bank of America does mortgages. One of the stipulations could be that you can pay your mortgage with a credit card as long as they are both BofA products.
Suppose (hypothetically) that that folks had a high enough credit limit and liquid funds to regularly pay their mortgage, car payment, college tuition, etc. with credit cards ... in order to 'earn' points and rewards. While some might actually pay-off these charges on a monthly basis, how long do you really think it would take for the whole 'house of cards' to collapse under the weight of undisciplined borrowing (eg; 'robbing Peter to pay Paul')?
-- What about when folks started to rationalize that they could then 'temporarily' use their actual money, for short-term investments? Actually, we've actually seen this scenario under the guise of 'spending one's home equity.' We all know how that turned-out!
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