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Paying the mortgage w/ credit card?

February 16th, 2011 at 07:35 am

I'm thinking about setting up some of my bigger bills to be paid via credit card, namely my mortgage. I figure I could be getting rewards money for purchases I have to make anyway. Right now we charge our groceries and some other things to the credit card and pay it off every couple of weeks, so it seems like the same philosophy.

But I'm nervous to try it for some reason. Does anyone else do this? Any advice or cautionary tales?

14 Responses to “Paying the mortgage w/ credit card?”

  1. MonkeyMama Says:

    Does your mortgage company allow you to do that?

    I absolutely would do it - would be another $270 per year credit card rewards, for us (directly to our ROTH account). Big Grin
    Okay - so I googled and the first thing that popped up is there is a way to pay mortgage (& maybe other bills) with my newer Fidelity rewards card. I may have to kiss your feet if it works. I got our health insurance set up through the cc this year - which earns us $175 per month. Between the two, that's almost $40/month savings PLUS buys a little float.

  2. MonkeyMama Says:

    Correction: $175 per year.

  3. ThriftoRama Says:

    I don't see why not. Just make sure the bank accepts CC payments, and won't add on a fee.

  4. MonkeyMama Says:

    Nevermind, FIA discontinued their free bill pay service (and it wasn't eligible for rewards, anyway?).

    If you can figure out how to do it without a fee, let us know how. Wink

  5. Homebody Says:

    Ooh I wonder if AMEX would allow it?? I should put it on my list of phone calls to make.

  6. Apprentice Bliss Hunter Says:

    Great idea if it works out !

  7. WISEWOMAN Says:

    Great idea!

  8. dmontngrey Says:

    It's a neat idea in theory, but I've never heard of anyone succeeding in this! You may be able to get the money charged to the card somehow, but there will most likely be fees and definitely NO rewards.

  9. ceejay74 Says:

    Thanks guys! It hadn't even occurred to me that it might not be allowed, but you're right. I went to my mortgage website and the only ways to pay them are with check or checking-account debit. I could've sworn someone on this site had posted about paying their mortgage via credit card, but maybe I'm imagining things (or misinterpreted something).

    I shall have to go through my other bills and see if I can set any of them up to pay via credit card. Now I'm wondering if there are others that only accept checks or debit. Condo association, student loans ... hmm.

    This may be harder than I thought! My only concern had been about whether it's complicated to remember to pay the credit card every time there's a payment.

  10. Looking Forward Says:

    I had thought of the same thing years back, but no go on the mortgages or car payments. It could have really added up to some nice rewards.

  11. Shiela Says:

    We pay our mortgage with our Citibank credit card but it has no rewards. We have been doing it like this for years now. I think we did it this way when DH got rid of his old savings account. We probably should change this now that DH and I have a joint account. We use this card like a debit card, we always deposit money into it at the start of the month. I think DH like to do it this way because we never gets caught out by not having enough money for the mortgage esp since our payment changes a lot due to having an interest only mortgage. Of course, if you don't put enough money into the credit card you will have to pay interest. From the credit card company's point of view it is considered as taking cash out. According to DH's calculation if we ever get caught out the penalty is not as much doing it this way.

    Again we do it this way because we have an interest only mortgage. Otherwise, I don't think it is worth doing it this way. Unless of course you can get rewards for it. For some reason it works for us.

  12. WISEWOMAN Says:

    Try paying your homeowners and car insurance by credit card. Combined, I received $25 cash back on my credit card.

    I also charge almost everything (including) food on my credit card. I like the year end summary showing the details of my spending.

    I only advocate this if you are able to pay these bills in full when they become due.

  13. FrugalTexan75 Says:

    I was able to pay my rent via CC when I lived in my apartment. The rewards points were awesome!

  14. Jerry Says:

    I wonder if this is something that is being phased out, or if it's just not allowed everywhere? I can see how it would lead to great rewards, if eligible, especially regular, large bills like insurance, rent, mortgage, etc. Interesting thread...
    Jerry

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