Making your mortgage payment with your credit card!

I guess credit card companies are “fighting back”. People have been using home equity to pay off credit card debt, so now they want to get a little piece of that equity again. They couldn’t wait for the borrower to rack up big balances again, they want to now help borrowers rack up mortgage payment balances. See this story:

American Express will let customers who pay a one-time fee of $395 use their credit cards to make their monthly mortgage payments automatically, earning points that can be redeemed for services or cash.

I honestly do not know how wise it is for people to do this. I guess it would be a good thing for certain people. But the points you earn from your mortgage payment better be worth any financial difficulties you might run into down the line, because once you start carrying a balance you’re back to square one – refinancing to pay off your credit card!

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