Buying houses on credit card

Viewing 6 posts - 1 through 6 (of 6 total)

Mick INC
Member
@mick-inc
Join Date: 2003
Post Count: 43
January 1, 2005 - 9:55 pm
Hey All
I have heard about people initially paying for a house with a credit card to pick up frequent flier points. Does anyone know if this is possible? Has anyone here done it?
Would you be able to put your credit card in credit to the price of the house and still receive reward points?
I would appreciate any help on this topic
Mick
Sonja
Member
@sonja
Join Date: 2004
Post Count: 338
January 1, 2005 - 11:24 pm
There are times I have put my card in cedit for various reasons (never more than a few thousand though) and the points were awarded when purchases were made. I can’t see why this wouldn’t work on a larger scale if you have access to that amount of money. If you are borrowing to buy the house I’m not so sure that the financier would want to deposit the funds into your credit card.
Regards,
Sonja
byronent_2
Participant
@byronent_2
Join Date: 2004
Post Count: 337
January 2, 2005 - 1:18 am
WE bought a house in Broken Hill on credit card.
If the agent lets you then I can’t see why not.
Banks shouldn’t mind it as they earn a fee for service from teh merchant, ie: Real Estate Agent.
You may get an agent who wants to charge you the fee, but you can push it so he charges his clients.
The house we bought cost just over $20,000
Byronent
Adelaide SA
Julian2
Member
@julian2
Join Date: 2003
Post Count: 82
January 3, 2005 - 3:25 am
Not sure about the points, but I know someone who maxed out two cards ($10k limit on each) and withdrew the cash for a house deposit. He actually paid his deposit in folding stuff. It probably wouldn’t work for most due to the high cost of credit on the cards but he made it work for himself until he could re-finance at bank rates. This guy arrived from Africa with very little – but hit the deck running as soon as he landed here (NZ) and is now (presumably) a good deal better off than many kiwis.
Julian2
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
January 3, 2005 - 2:37 pm
I think the major stumbling block would be the fee charged by the credit card company (2-3%), if the agency is prepared to wear this then it wouln’t be a probably – as long as they had the facility.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
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byronent_2
Participant
@byronent_2
Join Date: 2004
Post Count: 337
January 3, 2005 - 2:49 pm
Where are you banking, our business is charged 0.9% so quite a discount and almost bearable in a sale.
Byronent
Adelaide SA