Comments on: Poll: Will You Use Credit Card to Pay Mortgage?

By: New Service Allows You to Pay Your Mortgage with Your Card | Credit Card Assist Blog

Tue, 10 Feb 2009 07:35:21 +0000

[...] I think the practice of encouraging people to pay their mortgage with a credit card is absolutely terrible. To me, paying your mortgage with a credit card is a dangerously slippery slope. But if [...]

By: Dylan

Dylan — Thu, 10 Jul 2008 17:23:37 +0000

I used that site for a couple months but was having a hard time making the numbers work… I broke even in the end but not by much. Does anyone know what happened to it? In any case, I read an interesting story on Housing Wire yesterday and I think I’m going to try out the site they recommend:

http://www.housingwire.com/2008/07/09/new-service-touts-mortgage-payments-by-credit-card/

By: Cris Nale

Cris Nale — Wed, 24 Oct 2007 18:17:18 +0000

In addition to the AmEx program, you can now also pay your mortgage with a credit card at cardit… let me dig up the website…

By: Dylan

Dylan — Thu, 04 Oct 2007 17:59:09 +0000

I think people with credit should be treated like adults. I have never been late on a cc payment and don’t need or want to be policed by advocacy groups looking out for people who cant control their own spending. I pay everything I can with credit for two reasons – the rewards and the organization. I see everything on one bill and pay it all electronically.

I saw a new service came out already, but it seems more appealing than the AMEX program. It’s called Cardit — there is a fairly lofty per transaction fee but it sure beats $395 … I am trying to figure out a way to beat it with my Citi card. I probably won’t use it until I get a new card (0% intro APR) but Im glad to see the credit police taking a break. Some of us in the room are grown-ups.

By: Previous Poll Results | The Sun’s Financial Diary | A Personal Finance Blog on Saving and Investing

Tue, 29 May 2007 14:22:38 +0000

[...] far I have conducted three polls on this site, one about paying mortgage with credit cards is still ongoing and two were closed. The reason I like to run opinion polls is to get real life [...]

By: Sun

Sun — Mon, 28 May 2007 15:42:53 +0000

James: I am with you on paying mortgage with credit cards and if it’s available to me, I will use it without any hesitation. I have been using credit cards for nearly ten years and didn’t have a single late payment. As you said, if using credit card correctly, credit cards can work for you instead of hurting you. If possible, I will charge everything with credit cards. If you have to spend the money, why not get some back (rewards)?

db: I agree with you that not everyone is disciplined enough to pay each and every credit card bill on time. There are people late for their payments once in a while for whatever reasons, but do you trust yourself to make on time payment every time? If you do, then this program is not going to hurt you in any way. Besides, this program is not for everyone. I think those who had a history of being late in making payment won’t be included in the program.

As for where the money is coming from, I think it can come from either profits from credit card transactions or financial charges that some members paid. It’s not a bad idea that credit card companies give back a little of their huge profits as rewards to encourage people to use their cards more.

By: Jennifer

Jennifer — Mon, 28 May 2007 08:56:35 +0000

One tight month and the next thing you know you’re paying interest on your mortgage to your credit card company. Besides, I have to wonder how they must be jacking up regular rates to float all these rebate-type credit cards.

By: Bobby

Bobby — Sat, 26 May 2007 04:15:20 +0000

I have gone through your site its good and excellent, and found many interesting things to read, gathered information.

By: db

db — Fri, 25 May 2007 23:28:23 +0000

Well, I still think it’s a rotten idea, and I agree it’s not the CC’s fault if you get in trouble, it’s your own.

I can see there are some merits to the idea of getting cashback and doing the whole “pay in full by the end of the month” thing. Unfortunately, I don’t trust human nature to stick to the rational way of doing it. I fully expect some people will end up starting to float their mortgage.

Besides, I still have to wonder where the money is coming from that enables these cash dividends. Hmm, my suspicious mind thinks it comes from higher fees. Higher fees that eventually get trickled back down to the consumer as higher costs.

By: James G.

James G. — Fri, 25 May 2007 23:18:11 +0000

I’d do it. If you get 1% cashback or other rebates on your CC then this is a quick and easy way to get more benefits in your pocket, granted you have the self-control to not overdo your spending and pay in full each month.

To me, I’d rather put my mortgage, cell phone, and other bills all on CC and pay ONE time per month instead of several smaller payments to deal with. I’m really seeing no downsides to this if you use your cards correctly (i.e. PIF each month so interest doesn’t affect you). The criticism of having a late payment or not being able to pay your mortgage bill in a “tight month” is going to affect you whether or not you charge it to a CC or not.

Now if you do carry a balance, and can’t control your spending enough to ensure you have enough to pay your CC bill every month, then this would be BAD for you. But generally, I think things like this should be made available to those who can benefit. If anyone gets in trouble by using this, it’s their fault and not the CCs.

By: Super Saver

Super Saver — Fri, 25 May 2007 22:57:49 +0000

Hmm… using credit to pay debt. I definitely wouldn’t do it.