Question:

Can I make a mortgage payment with credit card?

Answer:

You could do that now. Whether borrowers can make a mortgage payment with credit card depends on whether their mortgage company has a contract with a credit card company. Surely, one can use their credit cards for the mortgage payment but the mortgage company won't deduct funds from a credit card account as they would do with a savings or checking account.

Perhaps, mortgage companies are afraid that a borrower using their credit cards for the mortgage payment will enter into too much debt and jeopardize their mortgage. Or, the issue of profit remains - why would the mortgage company agree to pay 2 or 3% margin to VISA when the other types of mortgage payment are still effective?

The fact is paying mortgage with a credit card is becoming possible, but not every lender will offer this opportunity. There are already payment plans using American Express and MasterCard. Those credit card mortgage payment plans vary to a great extent from a plan to plan:

  • Some may involve a several hundred dollar fee to enroll in the program;
  • Others may get you bonus points applied towards your principal instead of free airline miles;
  • Usually, only mortgage credit card payment plans are set up for prime mortgages only;
  • Also, HELOCs in the form of a credit card have long been into existence on the market.
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