I thought I'd post here before I took it to the national Nest board. Has anyone ever paid their mortgage with an AmEx? I'd LOVE to get all those miles for a chunky bill I pay every single month. Might actually take some of the sting out of things...
I used to work with a gal that never even used her debit card. Every purchase she made went on her AmEx and they just paid one big bill at the end of the month. She got gobs and gobs of perks.
I know many mortgage companies have spots on their websites for you to pay your bill with a CC, but AmEx opted out of it for a while. If anyone has any insight, I'd totally appreciate it!
Re: NBR: Money Matters
We have not done this but we are also considering switching to the credit card method. We've been systematically building up our savings account so that we can start doing this without it feeling like we just took a huge chunk out every month and leaving us with a big fat goose egg in the bank. Also trying to decide if I want to use my AMEX and earn skymiles which we don't really need but sometimes like to have so we don't have to do standby. Or maybe use another one that has Worldpoints or something. My grandmother has been doing this for years and never knew she was earning points until I asked her to bring me her bill. Sure enough she was earning them all along. I had her call to request a catalog and they told her they would just apply the cash value to that month's bill. She forgot to ask how much it was worth. When her bill came that month she only owed $12 for an entire month's worth of living expenses. Nice.
I would love to also, but wondering if the Mortgage companies are willing to take the cost of using the CC. I know AMEX was the highest percentage when I was working in billing for a company that accepted credit cards and we did NOT accept it for that reason.
I will ask my money manager when he gets home if he has ever considered.
DD- 9
DS-6
c/p- April 2016
missed m/c- 6w5d; discovered 8w2d- September 2016
Lord. This is all ridiculously complicated. As of 2007, AmEx was working with only ONE company to allow you to pay your mortgage with their card AND earn rewards. It was only available at closing and you had to pay a $350 fee just to be eligible.
As a PP said, some CC companies strictly prohibit rewards points accruals for utilities, mortgages and stuff like that. There are weird ways around it, but you end up paying a 3rd party broker fees for the exchange. CC companies definitely don't want their rewards programs being taken for a ride!
So the short answer for now is, "No." You can't use your AmEx to pay for your mortgage.
We have an AMEX/Costco branded card that pays cash back and we love it. We put everything on it except utilities and mortgage. I should look into whether we can put some monthly bills on there.
I had friends whose parents put the college tuition payments on the credit card. They got crazy miles.
We earn a bunch of points by putting our child care cost on our credit card and paying it off every month.
Then at the end of the year we file for reimbursement for our childcare FSA from work---well the maximum FSA. Still
So double incentive... tax benefits and credit card points.
My podunk daycare doesn't take credit cards. Would be nice, though. It's a great idea!