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What’s your largest monthly expense? For many, it’s a home mortgage payment. As a result, you might try to pay your mortgage with a credit card to earn extra rewards. After all, this can be an easy way to consistently earn bonus points. However, you must first verify that your mortgage servicer accepts credit card payments.
And if you want to earn points on paying rent on an apartment, consider the Bilt World Elite Mastercard®. You can pay rent and earn points (up to 50,000 per calendar year) on your apartment without the transaction fee. Plus, even if your property only accepts checks, you may pay through the Bilt Rewards app. Bilt will then send a check on your behalf. Even better, you can redeem your points for next month’s rent. You can also use the Bilt World Elite Mastercard points to put towards a down payment on a home.
Learn more: Bilt World Elite Mastercard®
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.
Why Pay Your Mortgage With a Credit Card?
Credit card mortgage payments are an easy way to earn the best credit card offers. Your mortgage lender might let you make credit card payments directly to your mortgage.
However, not everyone works with credit cards. Wells Fargo, for example, doesn’t accept credit card payments.
Fortunately, there are some ways to get around this. One workaround is to use a third-party payment app like Plastiq, though plan to pay a processing fee. This fee is typically around 2.5% of the payment total.
Your purchase rewards will need to be worth more than the processing fees to make paying by credit card worth it. If this may be something of interest to you, these are some of the cards you should consider first to pay your mortgage.
Chase Sapphire Preferred Card
The Chase Sapphire Preferred® Card comes with a variety of perks that make redeeming points extra valuable. Your points can be worth 25% more when redeemed through the Chase Ultimate Rewards® portal.
Your points can be worth a lot more by transferring them at a 1:1 ratio to an airline or hotel partner. Some of the most flexible partners include:
- Avianca LifeMiles
- British Airways
- United Airlines
- Singapore Airlines
- Southwest Airlines
- World of Hyatt
Frequent flyer miles tend to be most valuable when redeemed for first-class award flights. Your points can easily be worth up to 6 cents when redeemed for first-class or business-class seats. Emirates and Singapore Airlines have some of the best premium cabin options.
One award route to consider first is flying in the Singapore Suites class from New York to Frankfurt. One-way award space can be found for 86,000 miles plus fees and taxes.
The Chase Sapphire Preferred earns unlimited:
- 5x points on travel purchased through Chase Ultimate Rewards® (excluding hotel purchases that qualify for the $50 Anniversary Hotel Credit)
- 3x points on dining (including eligible delivery services, takeout, and dining out)
- 3x points on online grocery purchases (excluding Target®, Walmart®, and wholesale clubs)
- Also 3x points on select streaming services
- 2x points on all other travel purchases
- 1x point per $1 spent on all non-bonus purchases
There is a $50 annual Ultimate Rewards Hotel Credit. It comes in the form of a statement credit that will automatically be applied to your account when your card is used for hotel accommodation purchases made through the Ultimate Rewards program. Plus, on each account anniversary, you’ll earn bonus points equal to 10% of your total purchases made the previous year.
New Chase Sapphire Preferred® Card cardholders can earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. That’s $750 when redeemed through Chase Ultimate Rewards®.
The Sapphire Preferred also has a reasonable $95 annual fee and no foreign transaction fees.
The Platinum Card from American Express
The Platinum Card® from American Express is one of the best premium credit cards you can use for travel. It also has one of the highest minimum spending limits for a travel credit card. New The Platinum Card® from American Express cardmembers can earn 80,000 Membership Rewards® points after spending $6,000 on purchases on their new Card in the first 6 months of Card Membership.
Learn more: Johnny Jet Recommended Credit Cards
You can also transfer your points at a 1:1 ratio to these airlines:
- Delta Air Lines
- Flying Blue
- Singapore Airlines
This can be an excellent option if you want to fly overseas with credit card points. You can also book partner flights for domestic travel with most international airline loyalty programs. One example is a round-trip economy class flight to Hawaii from the U.S. West Coast on Alaska Air for 25,000 miles. You will need to transfer your Membership Rewards to Singapore Airlines first.
Qantas can be another exciting option if you have been wanting to visit Australia.
The card is best for frequent flyers. The card comes with travel perks including a $200 airline fee credit (in the form of a statement credit; enrollment required) and complimentary airport lounge access.
Cardholders earn 5x Membership Rewards® Points for flights booked directly with airlines or with American Express Travel, up to $500,000 on these purchases per calendar year, and earn 5x Membership Rewards® points on prepaid hotels booked with American Express Travel.
Cardholders can get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when they pay with your Platinum Card®.
Also, select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Card.
Plus, American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. Now there are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
There’s also a digital entertainment credit. Cardholders can get up to $20 in statement credits each month when they pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Peacock, Audible, SiriusXM, The New York Times, and other participating providers. Enrollment required.
In addition to enjoying TSA PreCheck or Global Entry access, cardholders can also enjoy CLEAR perks. Breeze through security with CLEAR® Plus at 45+ airports nationwide and get up to $189 back per year on your membership (subject to auto-renewal) when you use your Card.
Another exciting benefit is the ability for cardholders to get up to $300 back each year on an Equinox+ subscription or any Equinox club membership when they pay with their Platinum Card. Enrollment required. Learn more.
Plus, get a $155 Walmart+ credit, which covers the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. The cost includes $12.95 plus applicable local sales tax.
Get the full details and learn more in our in-depth The Platinum Card from American Express review.
The annual fee is $695 (See Rates & Fees) but can be offset with the perks, which are valued at over $1,400.
Learn more: Johnny Jet Recommended Credit Cards
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card is the most exciting flat-rate travel rewards credit card. Its signup bonus is worth pursuing when paying your mortgage. This bonus can also be easier to earn.
Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel, with the Capital One Venture Rewards Credit Card.
The Capital One Venture Rewards Credit Card earns 2x miles on all purchases. So, anything and everything you purchase on your card will earn double miles. However, if you are wanting to earn a few more miles on travel, good news—earn 5x miles on hotels and rental cars booked through Capital One Travel. Plus, Venture cardholders will earn 5x miles when booking through the Turo app or on Turo.com (through May 16, 2023).
The annual fee is $95.
Southwest Airlines Credit Cards
If you fly Southwest Airlines often, you should strongly consider getting a Southwest Airlines Rapid Rewards credit card. Consumer cards include the Southwest Rapid Rewards® Plus Credit Card, the Southwest Rapid Rewards® Priority Credit Card, and the Southwest Rapid Rewards® Premier Credit Card.
New Southwest Airlines (consumer) credit cardholders can earn 50,000 bonus points after spending $1,000 on purchases in the first 3 months from account opening.
The bonus can be a great way for you to start accumulating points to visit destinations like Hawaii with you and a loved one.
British Airways Visa Signature Card
The British Airways Visa Signature® Card might not appear like a utilitarian miles credit card at first glance. But Avios have flexible redemption options for domestic and international travel.
For example, domestic American Airlines and Alaska Airlines flights start at 7,500 Avios each way. You can also fly to Hawaii from the U.S. West Coast for 25,000 miles roundtrip. Of course, you can book award flights to Europe on British Airways or another Avios partner.
Cardholders earn 3 Avios per $1 spent on purchases with British Airways, Aer Lingus, Iberia, and LEVEL. Cardholders also earn 2 Avios per $1 spent on hotel accommodations when purchased directly with the hotel. Plus, earn 1 Avios per $1 spent on all other purchases.
Plus, new British Airways Visa Signature® Card cardholders can get 10% off British Airways flights starting in the United States when they book through the website provided in the welcome materials.
Additionally, every calendar year you make $30,000 in purchases on your British Airways Visa card, and you’ll earn a Travel Together Ticket good for two years.
New British Airways Visa Signature® Card cardholders can earn up to 100,000 Avios! New cardholders earn 75,000 Avios after spending $5,000 on purchases within the first three months of account opening. Then, earn an additional 25,000 Avios after spending $20,000 in the first 12 months of account opening.
This card has a $95 annual fee but doesn’t charge a foreign transaction fee.
Using a credit card to pay your mortgage is a possibility. However, you may need to use a third-party payment app to submit payment, as most lenders prefer you use a checking account to keep fees low. Using a credit card can be well worth it when you can earn a valuable signup bonus or get above-average redemption values.
Do I pay my mortgage with a credit card?
Some mortgage lenders and servicing companies let you pay your mortgage with a credit card. However, your bank might require you to make a cash advance (which doesn’t earn purchase rewards or a signup bonus) if you wish to pay your mortgage with a credit card. You also pay interest charges on cash advances.
Another option is to use a third-party payment app like Plastiq. In most cases, you will need to pay processing fees between 2.5% and 3% of the payment amount.
Can you pay mortgages with a Visa credit card?
It’s possible to pay your mortgage with a Visa credit card. However, your lender or the credit card issuing bank may not let you charge mortgage payments to your credit card. They may even consider it a cash advance that doesn’t earn rewards points and requires you to pay interest.
One of the best Visa credit cards for paying your mortgage is the Chase Sapphire Preferred® Card.
If your lender or credit card provider doesn’t let you pay directly with a credit card, you will need to use a third-party payment app. Whether you pay directly or use an external app, plan on paying a processing fee between 2.5% and 3%.
What bills can be paid with a credit card?
Almost any recurring bill can be paid by credit card including:
- Cell phone
- Streaming services
- Charitable donations
- Property taxes
- Income taxes
- Utilities (i.e., electric, gas, or water bill)
- Mortgage payments
Depending on the bill, you may be charged the processing fee. This is most common when making loan payments or paying bills to government agencies. The average processing fee is between 2.5% and 3%. Merchants are most likely to accept Visa, Mastercard, American Express, and Discover for payment.
For rates and fees of The Platinum Card® from American Express, please click here.