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Account iconAn icon in the shape of a person's head and shoulders. It often indicates a user profile. Login Show Can I pay my mortgage with a credit card? Yes, but the cost may outweigh the benefitsInsider's experts choose the best products and
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LoadingSomething is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. Some homeowners might be drawn to the idea of paying their mortgage with a credit card for the potential of earning credit-card rewards. Others may have a brief gap in their cash flow and need a quick solution. Whatever your situation, it's important to weigh all of the potential benefits and drawbacks when considering whether to use a credit card to make your monthly mortgage payment. Paying a mortgage with a credit card isn't simple, but it can be done. It can be appealing to charge mortgage payments to a credit card. After all, it's likely your largest recurring expense — or one of your largest — each month. You may dream of racking up rewards points or simply need to keep cash handy for other expenses. Unfortunately, mortgage lenders don't usually accept credit-card payments directly. However, you may be able to use a third-party service to complete the transaction. In order to pay your mortgage with your credit card, check out Plastiq, a third-party platform that offers this service. With Plastiq, you can pay your mortgage or even a home equity line of credit (HELOC) with your Mastercard or Discover credit card. The platform doesn't support Visa or American Express for mortgage payments. If other third-party processors add this service, you may be able to find a more suitable workaround for paying your mortgage with a credit card in the future. But for now, Plastiq is the only option. AdvantagesThere are some potential advantages to paying your mortgage with a credit card.
DisadvantagesPaying your mortgage with a credit card also has some disadvantages.
Other ways to pay your mortgageSince mortgage lenders don't accept credit-card payments, you may be wondering how else to pay your mortgage. In the digital age, you should always have the option of paying via your lender's website or app. You should also be able to pay with the old-fashioned method of mailing a paper check, but be sure to factor in sufficient time for the check to reach the lender. Maybe you'd even prefer dropping it off in person, if your lender operates a local bank branch or credit union. Make sure to verify the payment method you plan to use is compatible with your lender. If credit-card rewards are your motivation, you can still reap those benefits through other home costs. Here are some expenses you might consider charging to your credit card:
Keep in mind that the same guidance about credit utilization applies with other household expenses. If you have a particularly costly month, pay off your balance as soon as possible to keep your credit utilization ratio low. The bottom line"Paying a mortgage with a credit card seems like an enticing idea," says Stephen Keighery, CEO and founder of Home Buyer Louisiana. It could buy you time if you're in a financial pinch, but Keighery warns that it doesn't "magically erase" financial trouble. Plus, there are fees to consider. Maximizing credit-card rewards is appealing, but fees and potential credit score impacts can negate those benefits. The majority of homeowners are likely better off earning credit-card rewards from other home-related purchases.
Kate Underwood Kate Underwood Kate Underwood pivoted from a high-school language teaching career to become a personal finance writer. She now gets to spend her days providing actionable financial guidance and empowering others to rewrite their own financial stories. When not writing, she enjoys chasing after her two sons, spending time in nature, and planning her next trip. You can connect with her at www.kateunderwoodwriter.com. Read more Read less Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards. Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available. **Enrollment required. Related articlesMore... Can I use a credit card to pay my mortgage?Yes. Technically paying down your mortgage with a credit card is possible, but it is a complicated process. Mortgage lenders do not accept direct credit card payments, so you will need to find a workaround service like Plastiq in order to carry out the transaction.
Can you pay bills with credit card and get points?Yes, you can pay most bills with a credit card for points and many credit cards will earn you rewards for doing so. Expenses such as utilities, rent, medical bills and taxes are some of the opportunities to pay for bills with a credit card for points.
What bills can be paid with a credit card?The short answer is, entertainment and nonessentials can usually be paid with a credit card with no fees. Services, utilities, and taxes, can often be paid with a credit card but with a processing fee. Loan payments, are usually check or bank withdrawal payment only.
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