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notiger1997
Member since May 2009
17023 posts
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| Questions about putting house notes and downpayments on credit card, etc (Posted on 2/1/13 at 10:22 am)
I have excellent credit and make it a point of putting everything possible on my credit cards, even monthly bills where possible.
I'm about to buy a new car and was wondering if they would allow me to put all are part of a downpayment on a credit card?
Also, I had asked one time about being able to set up my housenote to be paid via credit card each month and the mortgage company told me no. I'm assuming that this is a business decision by them and not a law or anyting correct?
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40 Rouge 
LSU Fan
Red Stick
Member since Feb 2009
1477 posts
| re: Questions about putting house notes and downpayments on credit card, etc (Posted on 2/1/13 at 10:25 am to notiger1997)
Depends on the dealership... most limit the amount you can put on a CC during a transaction. For example, when we bought my wife's car, the dealership had a 2k limit per card, so we used 4 cards and just paid the blances off that month. We did it for rewards points.
Mortgage notes are ACH'd straight from checking.
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PurpleAndGold86
LSU Fan
Houston, TX
Member since Jun 2012
5310 posts
| re: Questions about putting house notes and downpayments on credit card, etc (Posted on 2/1/13 at 10:36 am to notiger1997)
quote:
I'm about to buy a new car and was wondering if they would allow me to put all are part of a downpayment on a credit card?
Depends on the car dealer. I bought a Chevrolet and they would not let me. Could only put it on a debit card.
quote:
Also, I had asked one time about being able to set up my housenote to be paid via credit card each month and the mortgage company told me no. I'm assuming that this is a business decision by them and not a law or anyting correct?
I am assuming that there are no mortgage companies that would let you put your mortgage payment on a credit card.
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yellowfin 
Illinois Fan
Paige is Pretty
Member since May 2006
51798 posts
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| re: Questions about putting house notes and downpayments on credit card, etc (Posted on 2/1/13 at 10:44 am to notiger1997)
I would negotiate using a card for the down payment with the price of the card.
I doubt you'll find a mortgage company that will accept them
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LSUchuck
LSU Fan
Member since Dec 2004
1387 posts
| re: Questions about putting house notes and downpayments on credit card, etc (Posted on 2/1/13 at 10:49 am to PurpleAndGold86)
quote:
I am assuming that there are no mortgage companies that would let you put your mortgage payment on a credit card.
Correct. You can't pay debt with debt.
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foshizzle
LSU Fan
Member since Mar 2008
25082 posts
| re: Questions about putting house notes and downpayments on credit card, etc (Posted on 2/1/13 at 12:02 pm to notiger1997)
Some dealerships will let you buy the entire car on a credit card, not just the downpayment. I've seen it done. But they will charge you the fee that VISA/MC charges vendors. It's a great way to pay 2% extra for your vehicle.
You can't pay a mortgage by credit card though. I suppose in theory you coule write it into the contract (again, 2% extra per payment) but that would make it nonstandard and nonconforming, no mortgage lender will go there.
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LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
8582 posts
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| re: Questions about putting house notes and downpayments on credit card, etc (Posted on 2/1/13 at 12:05 pm to LSUchuck)
quote:
Correct. You can't pay debt with debt.
News to me as I sure as hell have.
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notiger1997
Member since May 2009
17023 posts
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| re: Questions about putting house notes and downpayments on credit card, etc (Posted on 2/1/13 at 1:11 pm to foshizzle)
Thanks folks. I figured that for sure about the mortgage.
I had put $20,000 in medical bills on credit card over a 5 month period. The insurance companies had sent me the checks, so I just put them in my account and paid hospital with CC and made good $$ in rewards.
They wouldn't let me do that last time I tried. 
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hen
LSU Fan
past the point of no return
Member since Sep 2007
1729 posts
| re: Questions about putting house notes and downpayments on credit card, etc (Posted on 2/1/13 at 1:23 pm to LSUchuck)
quote:
Correct. You can't pay debt with debt.
Or: You can't pay secured debt with unsecured debt.
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foshizzle
LSU Fan
Member since Mar 2008
25082 posts
| re: Questions about putting house notes and downpayments on credit card, etc (Posted on 2/1/13 at 1:37 pm to hen)
quote:
You can't pay secured debt with unsecured debt.
Sure you can, if the contract allows it. It's just that mortgage contracts don't.
And there's absolutely nothing stopping you from taking a cash advance on a credit card to put money in your checking account, and using that to pay the secured debt. May not be smart, but it's possible.
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meldawg399
LSU Fan
nola
Member since Oct 2008
677 posts
| re: Questions about putting house notes and downpayments on credit card, etc (Posted on 2/1/13 at 4:38 pm to foshizzle)
quote:
And there's absolutely nothing stopping you from taking a cash advance on a credit card to put money in your checking account, and using that to pay the secured debt. May not be smart, but it's possible.
Paid off a second mortgage with a balance transfer check after depositing it in my bank account. Have to be able to come up with the cash in a year to pay off the balance transfer and make all minimum payments on time, or it'll hurt. But if you're disciplined you can do it.
Or transfer the balance transfer to another credit card balance transfer at the end of the promotional period.
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