American Express has just decided to let cardholders with prime loans at select lenders charge their monthly mortgage payment with their credit card, and obviously, earn rewards, points and/or cash back for using the plastic. Just imagine… never having to worry about paying your mortgage late… and imagine all of the points that you could earn by having a recurring $1,000, $2,000, $3,000 or more monthly charge on your American Express Card. If you ask me, American Express has the right idea – they’re the first credit card company to offer a program like this, and I’m sure that many others will follow. To start, the credit card mortgage payment program will only work with one lender – American Home Mortgage (AHM), but mark my words – there will be more lenders following… and likely many more credit card companies too.
Here is the full release from American Express: