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Is it Still Possible to Use Credit Card to Make Mortgage Payment


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Recently we received a Credit Card from PEN-FED with a $22K limit. I received three letters of denial before persuading them to grant the card. The purpose of the PEN-FED card is to consolidate our USAA and Citi AAdvantage cards (just under under $22K combined). We will take that amount divide it by 18 payments and pay it off in 18 months or less. We are committed in doing that.

 

My question to the group is this: Now that our AAdvantage Card is $0 is there any way possible that we can use it to pay our monthly mortgage payment which is held by Wells Fargo and accrue miles each month??

 

I called Citi about Citi checks and they said I cannot accrue miles using the checks. Any other ideas??

 

Many Thanks, Michael & Amy

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You can do it with Bluebird for $3.95 for each $500 in your mortgage payment. However it can be a pain to find a CVS or other retailers (that accept credit cards) with VR's in stock. And as was mentioned earlier the 500 AA Miles may not be worth $3.95.

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no mortgage company I've ever heard of will take a CC without a 3%+ fee, which costs more than the benefits are worth.

 

one thing I'm surprised about is that so many CUs accept the first deposit by CC and then you can just withdraw it and they charge you no fee. I didn't check what the max amount was, but that could be a good way to churn.

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