FlyerTalk Forums - View Single Post - Making mortgage payments with a CC for miles
Old Dec 20, 2008, 11:14 pm
  #2  
ANC
 
Join Date: Jan 2008
Programs: AS MVPG, CO, NW(now DL), Flying Blue
Posts: 6,554
oh probably not. That depends on the lender. For the most part not many accept this as payment simply because they dont want to pay the fees to visa, mastercard, etc. And trying to use a debit card that earns miles would be the same thing because they go through visa or MC as well. Since the fees are usually based on a percentage of the transaction and range from .25% to 5% depending on the vendor and volume, you are looking at any where from $20 to $250+ that the lender would have to pay for every mortgage payment. Ive been at car dealerships before where they told me the max I could down pay on a CC was $500 due to the fees they would incur. Its also illegal for the seller or payee to pass this fee along to you in the way of a "service fee" Recently my electric company tried to charge a credit card/debit card "service fee" for transactions. No sooner did they launch this program did it shut down! I wonder if you could send yourself a bill through paypal somehow then pay with the CC then transfer the money to your bank account then transfer it to the mortgage hmmmmm

Last edited by ANC; Dec 20, 2008 at 11:22 pm
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