What mortgage company lets you pay via credit card?

[holden j caufield]

I pretty much pay for everything via a cc and collect a good amount of rewards points. I pay everything off at the end of the month. I figure my next home purchase I will try and get a mortgage with a company that allows payment via cc. What are the options? Thanks

 

[Argo]

What mortgage company lets you pay via credit card? The one that charges you extra 2-3% in interest.

How would it make any economic sense for a mortgage company to pay credit card fees? Especially given current rates. They are a business, not a charity.

 

[Capt Caveman]

I can't think of any, why would they want to eat the cc fee?

 

[RossMAN]

This has been discussed before, there's probably a suggestion or two buried in those threads.

 

[mrjminer]

If there are any that let you, they will probably charge you a "convenience fee" or something similar.

My apartment takes CC, but there's like a $20 or $30 fee for it. Only around $3 for an electronic check, but meh, I can eat that fee just for the convenience and electronic trail.

 

[Brainonska511]

If there are any that let you, they will probably charge you a "convenience fee" or something similar.

My apartment takes CC, but there's like a $20 or $30 fee for it. Only around $3 for an electronic check, but meh, I can eat that fee just for the convenience and electronic trail.

You're willing to pay an extra $200-$350/year just to be able to pay with a credit card instead of writing a check? Sounds kind of expensive for such a tiny 'convenience'.

 

[mrjminer]

You're willing to pay an extra $200-$350/year just to be able to pay with a credit card instead of writing a check? Sounds kind of expensive for such a tiny 'convenience'.

I meant I eat the electronic check fee.

Hell no I'm not paying $20-$30 a month to use a CC!

 

[holden j caufield]

yeah I figured it was a small chance but I was thinking maybe if you had a chase mortgage you could pay with a chase cc and they wouldn't take that big a hit while getting an auto pay on the mortgage.

 

[RossMAN]

About 30 seconds of Googling:

http://www.fatwallet.com/forums/finance/1402768/

http://thefinancebuff.com/pay-mortgage-with-credit-card-for-free.html

https://www.chargesmart.com/blog/2013/02/use-american-express-t-your-mortgage/

 

[mrjminer]

About 30 seconds of Googling:

http://www.fatwallet.com/forums/finance/1402768/

http://thefinancebuff.com/pay-mortgage-with-credit-card-for-free.html

https://www.chargesmart.com/blog/2013/02/use-american-express-t-your-mortgage/

Note on the 3rd link:

Security Fee
Although ChargeSmart will allow you to pay your mortgage, subsequently using your American Express card, you will have to pay a fee that is usually between 2%-2.5% of the transacting amount. We also charge a large payment security fee in addition to the normal fee as a fraud prevention measure. But, since you are transacting in denominations, I do not see this as an issue.

 

[edro]

My utility company only charges $1.50 for credit card processing... that's a good deal.

 

[WilliamM2]

My utility company only charges $1.50 for credit card processing... that's a good deal.

That would be about 1.75% for me. Glad mine doesn't charge anything for CC payments.

 

[edro]

My bill is ~$200+ in winter, so it's almost always <1%.
I don't know how or why they charge a flat fee instead of a percentage.
I guess most customers have lower bills where it pays off?

It is Duke Energy through Western Union Speedpay.

Sorry to derail... this thread is about mortgages, not utilities.

 

[Eug]

Heh. Considering I only pay an interest rate of 2.89% right now on my mortgage, if I paid by credit card (if that were possible), that would mean nearly double the interest because of credit card fees.

And it's not as if my American Express is going to give me an extended warranty on my house.

 

[MixMasterTang]

Heh. Considering I only pay an interest rate of 2.89% right now on my mortgage, if I paid by credit card (if that were possible), that would mean nearly double the interest because of credit card fees.

And it's not as if my American Express is going to give me an extended warranty on my house.

Are you sure you know how interest rates work? A 3% credit card fee applies to the payment amount, the 2.89% APR applies to your balance.

 

[SunnyD]

My utility company only charges $1.50 for credit card processing... that's a good deal.

I fail to see how paying for the company's cost of doing business, which is rolled into it's product rates in the first place, is a good deal in any case.

I pay my utilities by check specifically because of this bullshit.

 

[rh71]

Verizon can be paid by cc for free. Water bill can be paid by cc too but there's a 2% fee regardless of payment method if we do it electronically. That's all I found for me.

 

[edro]

I fail to see how paying for the company's cost of doing business, which is rolled into it's product rates in the first place, is a good deal in any case.

I pay my utilities by check specifically because of this bullshit.

Because most credit cards give you at least 1% cash back.
It's actually CHEAPER to pay with credit card.

 

[Xonim]

1) Sign up for a Serve account using the Softcard app (Android).
2) Use Chase or Barclays CC to load $1500/mo to your Serve account without any fees. This will take 3 transactions of $500 each (limit per day), which can be set up to occur automatically each month.
3) Use Serve's free billpay to pay your mortgage, wherever that is. Collect CC rewards.

If your mortgage is over $1500/mo, it gets more complicated but is still doable through Serve.

Target's new reloadable Red card might be a better option if your mortgage is more than $1500/mo. Works mostly the same way, except the credit card loads need to happen in a store. Also helps if the new Red card is available in your area, as it isn't yet available everywhere.

Either account would also work for car payments or student loan payments.

 

[Genx87]

I had this idea a few years ago. My mortage rate is 2.875%. I figured if I pay with my Discover Card that would lower my effective rate to 1.875% with the 1% back. Banks arent totally stupid. They understand the fee's and disallow it in a lot of cases. Or charge you the fee + their own fee making it pointless to use a CC.

 

[MixMasterTang]

I had this idea a few years ago. My mortage rate is 2.875%. I figured if I pay with my Discover Card that would lower my effective rate to 1.875% with the 1% back. Banks arent totally stupid. They understand the fee's and disallow it in a lot of cases. Or charge you the fee + their own fee making it pointless to use a CC.

Are you sure you know how interest rates work? A 1% credit card cash back applies to the payment amount, the 2.875% APR applies to your balance. Assuming a $1000 mortgage payment on a balance of $241,000 your cash back per year would be $120 for the discover card. A 1% APR reduction would be $125 PER MONTH, so basically 13 times more savings than 1% cash back.

 

[Genx87]

Are you sure you know how interest rates work? A 1% credit card cash back applies to the payment amount, the 2.875% APR applies to your balance. Assuming a $1000 mortgage payment on a balance of $241,000 your cash back per year would be $120 for the discover card. A 1% APR reduction would be $125 PER MONTH, so basically 13 times more savings than 1% cash back.

Apparently I didnt put much thought into it. Either way the bank doesnt take a CC.

 

[edro]

Are you sure you know how interest rates work? A 1% credit card cash back applies to the payment amount, the 2.875% APR applies to your balance. Assuming a $1000 mortgage payment on a balance of $241,000 your cash back per year would be $120 for the discover card. A 1% APR reduction would be $125 PER MONTH, so basically 13 times more savings than 1% cash back.

lol, ignorance is bliss.

He has a 2.875% rate, but doesn't know what that means.
lucky bastard...

 

[postmortemIA]

lol, ignorance is bliss.

He has a 2.875% rate, but doesn't know what that means.
lucky bastard...

he just knows it is lower than 3.875% rate.