Pay Mortgage W Credit Card

Hey all,
I haven't had a credit card in over 10 years and recently signed up for the Chase Rewards card for the points. I have been doing the groceries and a host of other daily shopping with it and as soon as it posts, I pay it off just to get rewards point. So I got to thinking, would it be possible to pay the mortgage with it? That would be buku points. LOL. Has anyone done this before? Is it even possible. So far I have gotten close to 10K points plus the initial 2ok points they gave me for signing up for it. So its almost $350 or 1 ton of pellets and the rest went towards a cord of wood. Just a thought as I watch the rain come down.

 

I'm going to say no..
They typically won't allow you to pay from anything other than a bank account w/routing # etc.
There are some cards available from specific mortgage lenders that give you cash back towards your mortgage.

As long as you use them responsibly(like you are now) they are a good credit vehicle, otherwise folks get in over their head and pay out the nose for stuff

 

Yup, I do it along with my car payment every month

 

Thanks for the reply basod, I only charge what I would have paid cash for anyway. I've been diligent at paying as soon as it posts. I may contact the mortgage company and inquire.

 

This is how you can do it - I have a Chase card for the GF to use and have never bothered to even setup any billpay stuff with them.
http://www.investopedia.com/ask/answers/12/paying-mortgage-with-credit-card.asp
I have my electric, satellite, and phones set to a Capital One card, smaller bills but same priniciple

 

I don't see how a mortgage company would accept payment from a credit card because I think they would want all their cash, not 97% of it or whatever the credit card processing service's cut is. On the other hand if the credit card was issued by the same bank they might encourage it in the hopes that you convert the mortgage payment on a loan of 5-7% into a credit card balance at a rate of 18-21%.

 

I pay everything I can with my CC's to get the bonus points - never carried a balance other than a year in college. For gas I even have a special card - Discover open road - that gives 5% back at gas stations. All our groceries and everyday spending go on another card that does 2% at groceries, we buy a lot of stuff on amazon with an amazon card. I pay a couple bills such as my cell phone and TV on a card because those companies let you select a CC as payment.

But Ive never seen a way to do the mortgage... and I would if I could. But Id need yet another card to make that worthwhile anyway as most of the ones I have max out points at $10,000 of yearly spending or so.

 

I don't do that, but I do often charge and pay at sams club. The rewards points often add up and help pay for the pricy plus membership.

 

While it may be possible to make the payment itself, it surely won't get you points.

 

Well it was a good idea but our bank doesnt accept CC payments. There goes that. I will still continue to get 2% cash back on all purchases and 5% on certain stores during certain periods. Between groceries and gas and the house utilities we can still get enough points a year to get close to 2 tons of pellets which is my main goal. free heat. Thanks everyone for taking the time to respond and do some research to make this post interesting. The goal is to pay as we go and never incur any interest on our purchases.
Kat

 

We buy as much as we can on our LL Bean credit card. Our house is starting to look like an LL Bean catalog.

 

The rewards stuff can become some sort of reasoning for folks to impulse buy, even if you pay it off every month - did you really need the stuff you bought? Plastic is just far too easy for some to use/over-use

I know we can't take the money with us, but I'd like to have a large pile of it at my disposal when those thoughts start to become a reality

 

Oh we don't buy anything on impulse. We are very good with our money.

 

The above is not directed at anyone in particular - just my general feeling about CC's in general.

 

We don't buy anything we don't absolutely need. Impulse is not really in our vocabulary. We come from the school of Dave Ramsey so we are intentional. I haven't had a credit card in over 10 years neither has my wife. We just got the cards for the points on things that we would be buying anyways such as food and gas and utilities. Again as mentioned abo

 

We are the opposite, put nearly anything over $10 on the card. My wife never visits the ATM and asks me for cash once every few months. The points add up quick.... Groceries and gas are huge monthly expenses. I would guess we net $500+ yearly from cash back rewards, this while never carrying a balance.

 

Bravo!