Originally Posted by flitemite
anybody know if mortgage (or rent) payments can acrue freq flyer miles? .... i heard credit card companies are likely to count mortgage/rent payments as a "cash" transfer/exchange because an actual product or service is not being purchased in that case.
(edited by DaDOK)
Every so often someone will ask this question. The thought of shelling out thousands of dollars a month and not getting miles/points seems so . . . wrong! And such a waste.
However, I think the general consensus is that no bank will accept a mortgage payment by CC. IF there is an isolated bank out there, someone here on FT would have shouted from the rafters about it.
And BTW, I disagree with you the reason is that "an actual product or service is not being purchased". You are purchasing the right to live in the home until it is paid in full -- not much different from anything else you buy in installments. For instance, if you buy a $6,000 home theater in installments of $100/month for 60 months/5 years (likely more $$ to account for interest), you don't technically 'own' it until the loan is paid in full. Yet those electronic companies accept CC's as payment. I think banks don't accept them because that's the way they've always done it.