Make Florida Mortgage Payments, Get Rewards

Struggling to make Florida mortgage payments on time? Aren’t we all. Now, however, you can at least earn some extra perks for your 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 home mortgages for buying real estate or to mortgage refinancing a qualifying loan offered by American Home Mortgage.

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

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

This will mark the first time that a mortgage lender has agreed to accept monthly mortgage 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 Florida mortgage loan payment will earn them roughly enough points in a year to get a DVD recorder, portable video player, espresso machine, or free economy-class companion airline ticket, the company said.

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

SOURCE: New York Daily News