For years, it’s been the holy grail for the credit card rewards-seeking homeowner: how can the mortgage be paid with plastic? Now, Amex has answered this question and in so doing, opened the door to the possibilities of massive point accumulation. Amex announced today that Cardmembers can now pay their monthly mortgage payments with […]

For years, it’s been the holy grail for the credit card rewards-seeking homeowner: how can the mortgage be paid with plastic? Now, Amex has answered this question and in so doing, opened the door to the possibilities of massive point accumulation.

Amex announced today that Cardmembers can now pay their monthly mortgage payments with their American Express card on eligible prime loans from American Home Mortgage Corp. through its “Express Rewards Mortgage” program. Cardmembers with qualifying new purchase or refinance loans can enroll at closing by paying a one-time fee of $395 to the lender. It’s expected that an similar agreement with IndyMac Bank is in the works and will be completed this summer.

This follows on the heels of an apparently successful program where condo down payments were accepted by Amex.

Read more…

From Credit Card Watcher - www.creditcardwatcher.com