- Most credit cards and mortgage providers are not set up to allow a person to charge a mortgage payment. In May 2007, American Express launched one of the first card programs that lets consumers put mortgages on plastic. This program, however, costs $395 per year, so it takes a mortgage worth more than $3,000 per year just to recoup the yearly fees via cash-back rewards.
- Some credit card programs let users put their rewards towards paying down their home. Ditech, a subsidiary of mortgage giant GMAC, has a package that includes a mortgage, secondary mortgage and credit card. Users get points for each dollar spent that go toward paying down the mortgage. Home Rebate Platinum Select MasterCard by Citibank lets account holders put mortgage from any provider on their card and earn 1 percent cash back. Even if you do not get rewards, putting mortgage on a card extends the grace period on the loan by another month.
- Qualifying for any credit card that lets users put a mortgage payment on it typically requires the borrower to have at least good credit. The Ditech program, for example, has a minimum credit score of 620. The American Express program is only available to people with prime rates too, according to Mortgage News Daily.
- Be prepared to pay off the mortgage payment in full each month. Finance charges for rollover expense range from 8 to 18 percent, which could make your mortgage payments much higher than they normally are and negate the benefit of a longer grace period or cash-back rewards. Use automatic bill payment if your bank or card offers it.
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