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For most of us, the biggest debt we’ll ever pick up in life is the mortgage to our home. Looking at a mortgage of $225,000 financed over 30 years with a 4% interest rate, the monthly payment would be just under $1,100.
What if it were possible to pay that mortgage using a points-earning credit card? Every year there would be an additional $12,890.16 in credit card spend to help cover minimum requirements to reach those lucrative bonuses, or at least another 12,000 plus points in whichever rewards program is linked to the credit card used. But are there actually any banks that’ll take a credit card as a form of payment for a mortgage?
I’ve heard through email of a few people that are able to pay their monthly mortgage on a credit card, but these are few and far between and should be considered the rare exception, not the norm. So what about everyone else? Is it possible to use a points-earning credit card to pay off a mortgage? The answer is yes, but not directly. To do this an intermediary product must be used:
This is a great way to pick up some points or miles paying what is, in many cases, the largest recurring bill every month. Use your Starwood Preferred Guest Credit Card from American Express to pick up my most valuable and favorite SPG point. Or, if you’re looking to bulk up on Ultimate Rewards, the Chase Sapphire Preferred Card would be the way to go.
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Chase Sapphire Preferred® Card
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$0 intro first year
$95 annual fee |
Earn 50,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. That's $625 in travel when you redeem through Chase Ultimate Rewards® Read Review » |
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Chase Sapphire Preferred® Card |
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| Read the FTG Review » | ||||||
In either case, while a credit card isn’t being used to directly pay a mortgage, a fantastic (and free) intermediary product provides a vehicle where earning points for paying a mortgage is possible for everyone.
You can use this same method to pay other bills that don’t accept credit cards or that charge a hefty fee for credit card use. A few that stick out to me are electric bills, taxes, daycare or tuition. Think outside the box — a little effort can have a nice reward without any additional out of pocket costs.
Have questions about this or other topics? Feel free to email me.
*Terms and restrictions apply.
[Photo via Getty]
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Delta® Reserve for Business
- Annual Fee: $450 fee
- Foreign Fees: No
- Card Type: Travel
Add to Favorites
- Earn 40,000 bonus miles and 10,000 MQMs after you spend $3,000 in purchases with your new Card in the first 3 months.†
- Earn 15,000 Medallion® Qualification Miles (MQMs) and 15,000 bonus miles after you reach $30,000 in eligible purchases on your Card in the calendar year.
- Earn 2 Miles per dollar spent on eligible purchases made directly with Delta. Earn 1 mile on every eligible dollar spent on purchases.
- Settle into your seat sooner with Priority Boarding and enjoy 20% savings on eligible in-flight purchases in the form of a statement credit.
- Pay no foreign transaction fees when you spend overseas.‡
- Complimentary Delta Sky Club® Access.‡
- Terms and limitations apply
- See Rates & Fees
Delta® Reserve for Business
- Annual Fee: $450 fee
- Foreign Fees: No
- Card Type: Travel
| FTG Review | Reward Breakdown | Points Breakdown |
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Breakdown
Earn (pt.)
Spend
3 months
0
$3,000
Per dollar on eligible purchases with Delta Purchases
2.00
$1
All Purchases
1.00
$1
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