Having recently bought a house, I’m about to transition from paying rent. Bilt provides a routing number, allowing the use of the credit card as if it were a checking account. I’ve previously paid my car registration online with my Bilt card through the DMV, as they don’t accept credit cards. What obstacles exist that would prevent me from using this card for my mortgage payments after I leave my apartment?
Could it be possible that your mortgage service provider does not accept payment via credit cards? Have you tried reaching out to them? Also, I wonder if there might be specific fees tied to using a credit card for such large transactions. Would love to hear if you’ve managed a workaround!
While Bilt offers an innovative way to pay using card-like checking, many mortgage lenders do not accept credit card payments due to processing fees and lack of association with traditional checking accounts. Moreover, using a credit card for mortgage payments can limit benefits if the transaction fees are high, outweighing potential rewards or points earned. It’s advised to verify if your lender supports this payment method and evaluate any costs involved before proceeding. Sometimes utilizing alternative payment methods might be more cost-effective.