Cash offer on foreclosed home. Can I use a cc?

[eeyoresmom]

I am closing on a bank owned property I purchased with a cash offer next week. Does anyone have any experience for or against using a credit card for any part of the purchase allowed? Obviously I have the cash but don't want to pass up an opportunity to get a lot of cc rewards if possible.

 

[MillauFr]

I doubt it. The best rewards opportunity that I ever came across was when the US mint was letting you use a credit card to buy Susan B Anthony dollar coins for $1 and shipping was free. You could order thousands of coins at a time. People would just take the boxes of coins down to the bank and deposit them racking up thousands of airlines miles in the process. Obviously the US Mint caught wind of this and shut the offer down.

 

[Marionnette]

I am closing on a bank owned property I purchased with a cash offer next week. Does anyone have any experience for or against using a credit card for any part of the purchase allowed? Obviously I have the cash but don't want to pass up an opportunity to get a lot of cc rewards if possible.

It would be considered a cash advance, would incur interest beginning with the day it was executed and would not earn any points. That is, if you could even do it at all.

 

[supersnoop]

I am closing on a bank owned property I purchased with a cash offer next week. Does anyone have any experience for or against using a credit card for any part of the purchase allowed? Obviously I have the cash but don't want to pass up an opportunity to get a lot of cc rewards if possible.

Who do you expect to swipe your credit card for this purchase?

 

[Albort]

unless they take a crapload of money orders, i dont think theres any other way to do so.

 

[eeyoresmom]

I was thinking MAYBE the lawyer for closing costs but looking for anyone who had tried.

 

[aprilchem]

I'm really surprised you can't do this. We have bought cars on a credit card several times - we just pay them off right away.

 

[bjscheel]

I work in a law office and we personally would not swipe a credit card for a real estate transaction and have to pay the fees on it! We take credit cards for paying fees due to us from clients, but not for transactions which do not benefit us.

 

[bjscheel]

I'm really surprised you can't do this. We have bought cars on a credit card several times - we just pay them off right away.

The difference being the dealer who swipes the card is also making the profit off the car. The attorney closing on a house doesn't get the proceeds from the house so no incentive to take a credit card.

 

[HarperLeigh]

I'm really surprised you can't do this. We have bought cars on a credit card several times - we just pay them off right away.

We have never been able to put more than $5000 on a card, either for a car or recently, replacing all our landscaping. We were told that was their max they allowed to be charged.