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Pay your mortgage with a credit card Archived From: Finance

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alert mods    
   posted: Sep. 5, 2007 @ 12:30a

There is a new service out called CardIt, I just paid my mortgage with it and it went flawless. The website is www.cardit.com

Has anyone else used this service before?

Gent


   posted: Sep. 5, 2007 @ 12:30a

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.


alert mods    
   posted: Sep. 5, 2007 @ 12:33a

notanormalgent said:There is a new service out called CardIt, I just paid my mortgage with it and it went flawless. The website is www.cardit.com

Has anyone else used this service before?

Gent

Is there a fee to use this service???


alert mods    
   posted: Sep. 5, 2007 @ 12:38a

Looks a little shady. I just don't understand. Where are the loops I am supposed to jump through?


alert mods    
   posted: Sep. 5, 2007 @ 12:40a

I smell a scam...or bacon.


alert mods    
   posted: Sep. 5, 2007 @ 12:56a

My lender accepted the payment! It worked great, plus I got frequent flier miles. There is a small fee, but totally worth it for me since I got to leverage my cash.


alert mods    
   posted: Sep. 5, 2007 @ 1:04a

notanormalgent said:My lender accepted the payment! It worked great, plus I got frequent flier miles. There is a small fee, but totally worth it for me since I got to leverage my cash.

what was the net payment amount?
what was the fee?
how many days between were card was charged and the payment was credited?


alert mods    
   posted: Sep. 5, 2007 @ 1:04a

and why dont you tell us HOW MUCH exactly is the "small fee" you mention??


alert mods    
   posted: Sep. 5, 2007 @ 1:06a

notanormalgent said:My lender accepted the payment! It worked great, plus I got frequent flier miles. There is a small fee, but totally worth it for me since I got to leverage my cash.Um, no leverage, you just paid a fee (about 3%, I'm guessing) to delay having to pony up the cash another month. But I'm sure it worked great for you, just so you could have a nice story to tell us all (and since you dont get paid if people dont give it a try themselves).


alert mods    
   posted: Sep. 5, 2007 @ 1:09a

OP doesn't pay his taxes. Considering he breaks the law, this is probably a scam.


alert mods    
   posted: Sep. 5, 2007 @ 1:14a

Actually, you're right, the fee was 2.49% + $20 transaction. I used it on Friday, and it went through today. A salesman? I wish! I'm stuck at a terrible job that I'm trying to get out of.


alert mods    
   posted: Sep. 5, 2007 @ 1:16a

Thats $20 more than officialpayments.com

You can charge stuff, like property taxes, and it will be cheaper than using this to pay the mortgage....

oh wait you dont pay taxes


alert mods    
   posted: Sep. 5, 2007 @ 1:17a

SpiderPig said:OP doesn't pay his taxes. Considering he breaks the law, this is probably a scam.

I've paid all of my taxes, that's how I got a house!


alert mods    
   posted: Sep. 5, 2007 @ 1:20a

I actually asked about officialpayments.com, and they have the official business method patent on property taxes, and CardIt has the business method patent on revolving mortgage debts and auto craft revolving debt.


alert mods    
   posted: Sep. 5, 2007 @ 1:22a

My business has a credit card processing account. I have my business send a check to my mortgage company, then put through a charge to my credit card to collect that same amount. PM me your mortage payment address and credit card info, and I'll do the same for you!


alert mods    
   posted: Sep. 5, 2007 @ 1:28a

It's a scam, why else would they hide their processing fees


alert mods    
   posted: Sep. 5, 2007 @ 1:32a

Glitch99 said:My business has a credit card processing account. I have my business send a check to my mortgage company, then put through a charge to my credit card to collect that same amount. PM me your mortage payment address and credit card info, and I'll do the same for you!

Talking like that without a license, seems like YOU'RE breaking some FEDERAL LAWS! You better be careful because the FBI might be knocking on your door soon!


alert mods    
   posted: Sep. 5, 2007 @ 5:16a

notanormalgent said:Actually, you're right, the fee was 2.49% + $20 transaction. I used it on Friday, and it went through today.

Doesn't sound like a wise decision to me. Let's say your mortgage payment was $1000. You paid $20 + $24.90 (total $44.90 in fees) just to get 1000 miles (maybe 2000 if they are doubled) and you can leverage your $1000 for one month - are you going to make back the $44.90 in one month off of that $1000? I doubt it.

As far as the miles go, let's say you do this for 12 months at double miles, then you'll have 24,000 miles - just 1,000 miles short of getting a domestic ticket. But you've just paid $538.80 ($44.90 x 12) to get those miles. Probably could buy a ticket for less.

I'm not buying into this scheme. And I'll be waiting for your message on what to do when your CC goes into collections because you charged your mortgage payments to your CC card. Good luck with that.

But wait!! I see a great plan here. I'll just charge my entire mortgage using this service. I owe about $65k. So that's about $1640 in fees. Then I will do an AOR to transfer this to 0% credit cards. I may have to do this in stages because I don't have a CC with a $65K limit. I will call this my MOR-AOR. Plus I will have enough miles to get a business class international ticket so I can leave the country and bail on the whole thing after I sell the house and pocket the cash. Oh, this is brilliant!! I have to get moving on this right away. Not!


alert mods    
   posted: Sep. 5, 2007 @ 5:37a

GotRocks said:[
But wait!! I see a great plan here. I'll just charge my entire mortgage using this service. I owe about $65k. So that's about $1640 in fees. Then I will do an AOR to transfer this to 0% credit cards. I may have to do this in stages because I don't have a CC with a $65K limit. I will call this my MOR-AOR. Plus I will have enough miles to get a business class international ticket so I can leave the country and bail on the whole thing after I sell the house and pocket the cash. Oh, this is brilliant!! I have to get moving on this right away. Not!You can bet a lot of people are going to do exactly that....especially people having trouble making their housing payments. Then once their CCs are run up, theyll default.


alert mods    
   posted: Sep. 5, 2007 @ 6:21a

Sounds like this is your company and you're trying to get some free promo on FW.


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