Earning Rewards For Mortgage Payments

Struggling to make mortgage payments on time? You certainly aren’t alone. Now, however, you can at least earn some perks for your ongoing troubles.
American Express said yesterday it will begin allowing consumers to charge their monthly mortgage payments, making them eligible for bonuses including rewards points on airline travel and hotels.

The American Express program applies to new mortgages for buying real estate or a mortgage refinance of a qualifying loan from American Home Mortgage.

For an initial $395 fee, cardholders will have their American home mortgage payments charged automatically, officials from Amex said.

The company is recruiting other home loan lenders in the more than $1 trillion home mortgage market, an American Express spokeswoman said.

This is the first time that a mortgage lender has agreed to accept monthly home loan payments on a credit card, officials said.

Participants will be eligible for benefits including airline and hotel points, cash back, and retail discounts.

For American Express charge card users who choose the company’s membership rewards program, a $3,000 monthly mortgage loan payment will earn roughly enough points in a year to get a DVD recorder, video player, an espresso machine, or free economy-class companion airline ticket.

American Express began accepting payments for luxury housing rental payments in 2003 and down payments on condos last year.

SOURCE: New York Daily News