Pay that Mortgage with Plastic

by Roberta Murphy

Pay your mortgage with plastic? It’s now a possibility!

Amex Black Card

We us our AmEx cards for groceries, gasoline, every Costco trip and even college tuition. One card provides cash back at the end of each year, and the other accrues points that can be used for airline travel, hotel stays and a host of other indulgences.

Imagine earning travel miles, rewards and cash back just for charging your mortgage payments. Ever on the cutting edge, American Express has announced that for the first time in credit card history, AmEx cardholders will have the opportunity to pay their monthly mortgage payments using their American Express cards.

Currently offered only through American Home Mortgage Corporation, this Express Rewards Mortgage Program will be offered for eligible prime loans. American Home has a clear goal: …to differentiate themselves from their competitors and to appeal to the premium customer—the affluent, high-spending American Express cardmember.

American Express understands their luxury market well. In 2003, they introduced luxury rental payments (we accept them for our vacation rentals), and in 2006, they allowed for luxury condominium down payments on the American Express card.

AmEx cardholders with qualifying new purchase or refinance loans made through American Home Mortgage will be charged a one-time fee of $395 for enrollment in this program. The fee is paid to AHM at the time of closing.

American Home Mortgage is the 10th largest retail lender in the United States, and originates loans in all 50 states.