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Paying my mortgage with a credit card
Posted on 3/8/17 at 10:26 pm
Posted on 3/8/17 at 10:26 pm
I did this today. I can't believe they accepted a cc as a form of payment. I mean they're making 3% on my loan and probably paying 1.5-2% in merchant fees. It's a small community bank. I couldn't imagine a large bank allowing this. The only kicker is I have to go into the bank once a month and have them swipe my card. There's no auto pay feature available. Meanwhile, I'm racking up the points for my next vacation, sorry for the subtle brag
This post was edited on 3/8/17 at 10:26 pm
5
Posted on 3/8/17 at 10:34 pm to 3morereps
Those points you are getting aren't overcoming the 3% fee most likely unless you are finding amazing travel point deals. Therefore, you are likely lightly money on fire
Posted on 3/8/17 at 10:40 pm to TigerTatorTots
quote:
Those points you are getting aren't overcoming the 3% fee most likely unless you are finding amazing travel point deals. Therefore, you are likely lightly money on fire
I think the 3% was the rate he's paying on the mortgage, not a fee he was charged for the transaction.
Posted on 3/9/17 at 8:11 am to slackster
quote:
I think the 3% was the rate he's paying on the mortgage, not a fee he was charged for the transaction.
I can almost guarantee they are charging some % for him to use his credit card or they wont be a bank much longer. The percentage he is paying is also probably meeting or exceeding his cc rewards as well so like the above poster said...lighting money on fire or at best breaking even but having to go in branch monthly. I may me dead wrong, though.
This post was edited on 3/9/17 at 8:12 am
Posted on 3/9/17 at 8:48 am to 3morereps
quote:
Paying my mortgage with a credit card by 3morereps
In an attempt to maximize my rewards points, I tried to do this with my Chase Sapphire Card and my mortgage holder (Wells Fargo) wouldn't allow me to do it. Lucky for you that you found a lender to let this go through
This post was edited on 3/9/17 at 8:49 am
Posted on 3/9/17 at 9:28 am to LSUDbrous90
quote:
i can almost guarantee they are charging some % for him to use his credit card or they wont be a bank much longer. The percentage he is paying is also probably mee
I was surprised that last month I was able to Buy my wife's new car with a credit card. Was at the Toyota dealership about to write a check and saw a credit card machine on his desk, I asked if he was involved. He said no same as cash, figured I could use the airline miles
This post was edited on 3/9/17 at 9:31 am
Posted on 3/9/17 at 10:06 am to TigerintheNO
quote:
I was surprised that last month I was able to Buy my wife's new car with a credit card. Was at the Toyota dealership about to write a check and saw a credit card machine on his desk, I asked if he was involved. He said no same as cash, figured I could use the airline miles
I did something similar when I purchased my car. I put down a $7,500 down payment on my credit card to get the points and I was shocked as well when they allowed me to do it.
Posted on 3/9/17 at 10:19 am to Hammond Tiger Fan
quote:
I did something similar when I purchased my car. I put down a $7,500 down payment on my credit card to get the points and I was shocked as well when they allowed me to do it.
They would only let me put 10k on my card when I did it, but I was quite stocked to get that money back.
Posted on 3/9/17 at 10:43 am to Hawkeye95
Ya, dealerships have limited me and I've been able to put $3k on a card twice.
As for mortgage, there were some roundabout ways to pay mortgage/rent with a CC that were fairly easy and profitable to do back in 2013/2014 but I haven't done it in a while once those routes were shut down.
As for mortgage, there were some roundabout ways to pay mortgage/rent with a CC that were fairly easy and profitable to do back in 2013/2014 but I haven't done it in a while once those routes were shut down.
Posted on 3/9/17 at 12:33 pm to Teddy Ruxpin
quote:
As for mortgage, there were some roundabout ways to pay mortgage/rent with a CC that were fairly easy and profitable to do back in 2013/2014 but I haven't done it in a while once those routes were shut down.
when I worked at a bank, we would actively tell customers to do checks for their mortgage and have it drop on the balance transfer portion. I am not sure whether they still do that, but it was a "thing" with capitalone for a while. This was late 90s fwiw, and I worked in the IT department of balance transfers
This post was edited on 3/9/17 at 12:34 pm
Posted on 3/9/17 at 12:56 pm to 3morereps
I'll be buying an engagement ring this year and will prolly spend 10-15k on it. I have a card that gives me 2% cash back on every purchase, but the limit is $6,600.
My plan is to pull up the ring I want on Blue Nile, go to a brick and mortar store and ask if they can beat or match the price and if they'll let me pay my max credit card limit in 2-3 installments.
How quickly will they laugh me out of the store?
My plan is to pull up the ring I want on Blue Nile, go to a brick and mortar store and ask if they can beat or match the price and if they'll let me pay my max credit card limit in 2-3 installments.
How quickly will they laugh me out of the store?
This post was edited on 3/9/17 at 12:58 pm
Posted on 3/9/17 at 1:03 pm to boosiebadazz
Money is money, IMO. If they offer a regular payment plan, I dont see why they would be opposed to this. They may charge a fee, but you could negotiate it. Say their merchant fee is 2.4 percent, offer to pay 1 percent on each transaction. Or maybe one percent on the first 2 transactions, and 2 percent on the third.
Posted on 3/9/17 at 1:07 pm to boosiebadazz
They won't laugh at all. I did something similar and they let me put 50% down at payment, and 50% down when I picked up the ring (took 3-4 weeks for them to do what they do).
Posted on 3/9/17 at 1:08 pm to 3morereps
I tried to do this w/ my car, but I was told it would come across as a cash advance and I would be hit w/ the 3% cash advance fee. Watch out for the fee and make sure they are not hitting you with the cash advance fee.
Posted on 3/9/17 at 1:37 pm to boosiebadazz
quote:
I'll be buying an engagement ring this year and will prolly spend 10-15k on it.
Seems like a waste. I'll also likely be buying a ring this year and spending about 10% of that.
Posted on 3/9/17 at 1:39 pm to MusclesofBrussels
Well you do you, man 
Posted on 3/9/17 at 1:59 pm to boosiebadazz
quote:
I'll be buying an engagement ring this year and will prolly spend 10-15k on it.
Dear lord baby Jesus. Didn't you just get out of school? I really hope you're from a wealthy family and this is just a drop in the bucket. I can't understand the reasoning behind it otherwise.
None of my business. Do you brah.
Posted on 3/9/17 at 2:04 pm to I Love Bama
I spent $1000 on my wife's engagement ring, but I already had a diamond. That was just for the setting.
Posted on 3/9/17 at 2:04 pm to 3morereps
quote:
It's a small community bank. I couldn't imagine a large bank allowing this.
What bank? I've tried with every bank I've ever had a mortgage with, and none would allow me.
Posted on 3/9/17 at 2:06 pm to I Love Bama
I got out of school 5 years ago. It's not derailing any saving, spending, or investment plans.
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