Browse Forums Home Finance Re: Paying a house with credit card? 3Aug 10, 2010 4:29 pm do you have the credit limit to cover the house cost???? have you actually spoken to your credit provider??? If you have not got the credit limit on the card then speak to your provider if you think you can over pay your card beforehand expect a visit from the law as it can be viewed as money laundering which is a very VERY serious legal matter Good luck just make sure you do pay the.debt in full at the end of the month to avoid interest I went outside once. The graphics were alright, but the gameplay sucked! Settlement:22nd June Slab:27th August Frame:16th Sept Bricked:21st Oct Roof:24th Nov Linings HANDOVER23rd March! Re: Paying a house with credit card? 4Aug 10, 2010 4:50 pm zeropoint P.S First post, please be kind. What is this, ozbargain? anyway we were wanting to do the same thing, but the builder said we could only pay the $5k deposit or so on credit card, everything else had to be bank deposit or cash. And thinking of how many retailers now add on 3% for amex to cover the increased transaction cost, I doubt any builder would take credit card payments without adding some kind of surcharge, which would prety much eliminate the benefits of getting any "free" points. Worth a try though, all they can say is no! Also consider an alternative approach using a LOC against your equity, spending everything on your credit card and paying it off using the LOC which is what we're doing, downside is the establishment and ongoing fees for a LOC. T&T Knockdown and rebuild - building Metr1con Nolan 41 (43) @ http://tim-and-tina.blogspot.com! http://www.verdantdental.com.au Re: Paying a house with credit card? 5Aug 10, 2010 4:56 pm Hey there. that's what we're doing as well. Our builder lets us pay by credit card, and credit card limit is not a problem cause obviously you've got the money depositing into credit card so it doesn't matter in terms of limit. only thing you might wanna check with your bank (or the credit card provider) whether there's a cap in the points you could possibly earn. For us, we're with Anz Frequent Flyer platinum and it does not have cap in earning points. So far, I only know Anz and Westpac that they don't have points cap with FFQ points. If you have points cap, it'd be useless. My friend did this, and she's going to States business class for her and partner paid by points. how great is this! this is one of the reason why we chose this builder and also Anz. Always plan ahead:) Good luck! Re: Paying a house with credit card? 6Aug 10, 2010 5:08 pm slknv zeropoint P.S First post, please be kind. What is this, ozbargain? anyway we were wanting to do the same thing, but the builder said we could only pay the $5k deposit or so on credit card, everything else had to be bank deposit or cash. And thinking of how many retailers now add on 3% for amex to cover the increased transaction cost, I doubt any builder would take credit card payments without adding some kind of surcharge, which would prety much eliminate the benefits of getting any "free" points. Worth a try though, all they can say is no! Also consider an alternative approach using a LOC against your equity, spending everything on your credit card and paying it off using the LOC which is what we're doing, downside is the establishment and ongoing fees for a LOC. T&T 3% is quite steep and you're right would wipe out any point benefits! i was quoted 1% for visa. Incidentally I check ozbargain religiously Re: Paying a house with credit card? 7Aug 10, 2010 5:11 pm saemiseon Hey there. that's what we're doing as well. Our builder lets us pay by credit card, and credit card limit is not a problem cause obviously you've got the money depositing into credit card so it doesn't matter in terms of limit. only thing you might wanna check with your bank (or the credit card provider) whether there's a cap in the points you could possibly earn. For us, we're with Anz Frequent Flyer platinum and it does not have cap in earning points. So far, I only know Anz and Westpac that they don't have points cap with FFQ points. If you have points cap, it'd be useless. My friend did this, and she's going to States business class for her and partner paid by points. how great is this! this is one of the reason why we chose this builder and also Anz. Always plan ahead:) Good luck! Awesome! and here I thought I was a genius with coming up with the idea first Can I ask if there was a surcharge? and which builder? I've already applied for the Westpac Singapore KF card, and Citibank Select (both of which are unlimited reward points). Re: Paying a house with credit card? 8Aug 10, 2010 5:37 pm Hi, we're in WA and builder was Redink. they didn't charge us for paying with Credit card:) I didn't know they can actually charge on to clients.....if they did, I wouldn't have done it. not worth it. Re: Paying a house with credit card? 9Aug 10, 2010 6:27 pm Regarding possible surcharges, remember everything can be negotiated, never let the first 'no' stop you. I recently bought a car with my credit card from a Dealer who also gave me a sob story on surcharges. Funny though he still did the deal instead of missing the sale. Re: Paying a house with credit card? 11Aug 10, 2010 8:26 pm i did this - well sort i owner built my house using my credit card then used load to pay credit card. Got plenty of points and paid for the odd power tool, cleaning stuff for the house and hopefully the last lot of vouchers will get me the clothes line. Re: Paying a house with credit card? 12Aug 10, 2010 10:15 pm saemiseon Our builder lets us pay by credit card, and credit card limit is not a problem cause obviously you've got the money depositing into credit card so it doesn't matter in terms of limit. only thing you might wanna check with your bank (or the credit card provider) whether there's a cap in the points you could possibly earn. Good luck! Just remember you can only spend up to your limit even if your card is in credit (unless it's changed in the last few years....) My building thread : viewtopic.php?f=31&t=36059 Paid initial deposit 24/7/10 Tender appointment 20/8/2010 Flooring and tile appointment 25/9/10 Colour and Electrical appointment 13/9/10 December site start delayed Site start (YAY!) 17/1/11 Slab pour 1/2/2011 Re: Paying a house with credit card? 13Aug 10, 2010 10:19 pm building1 saemiseon Our builder lets us pay by credit card, and credit card limit is not a problem cause obviously you've got the money depositing into credit card so it doesn't matter in terms of limit. only thing you might wanna check with your bank (or the credit card provider) whether there's a cap in the points you could possibly earn. Good luck! Just remember you can only spend up to your limit even if your card is in credit (unless it's changed in the last few years....) It should be ok now to spend more then you limit if you put your account into credit, however if by chance the maximum per transaction is credit limit then I'll just swipe multiple times. Re: Paying a house with credit card? 14Aug 11, 2010 7:33 am zeropoint It should be ok now to spend more then you limit if you put your account into credit, however if by chance the maximum per transaction is credit limit then I'll just swipe multiple times. Did you miss my post putting a Credit card in credit by such a large amount will flag your account for money laundering Speak to the credit provider of your card and they can make the provision for you on the card by increasing the limit as a one off As for surcharging all credit cards companies charge the merchant a fee to provide the credit service for purchasing if you get told that there is surcharges for a specific card or all credit card transactions it is the merchant passing the fee it should be paying on a card on to you and sometimes collecting a little extra for themselves How do I know all this It's my part of my job I went outside once. The graphics were alright, but the gameplay sucked! Settlement:22nd June Slab:27th August Frame:16th Sept Bricked:21st Oct Roof:24th Nov Linings HANDOVER23rd March! Re: Paying a house with credit card? 15Aug 11, 2010 12:30 pm zeropoint building1 saemiseon Our builder lets us pay by credit card, and credit card limit is not a problem cause obviously you've got the money depositing into credit card so it doesn't matter in terms of limit. only thing you might wanna check with your bank (or the credit card provider) whether there's a cap in the points you could possibly earn. Good luck! Just remember you can only spend up to your limit even if your card is in credit (unless it's changed in the last few years....) It should be ok now to spend more then you limit if you put your account into credit, however if by chance the maximum per transaction is credit limit then I'll just swipe multiple times. I think the point being made is that if you have a credit card limit of $5,000 this is all you can put on the card each cycle (usually monthly). So you can't go and spend $10,000 on the card in a month and avoid 'penalty charges' for going over your limit simply by keeping the balance below the $5,000 mark. This is the way cards operate in the organisation I work for anyways. We have a house in Doreen. Built the PD Kensington 24 (with Alfresco & Rumpus option). We are in...Decorating in progress...pics to come soon... Re: Paying a house with credit card? 16Aug 11, 2010 2:10 pm mecha-wombat zeropoint It should be ok now to spend more then you limit if you put your account into credit, however if by chance the maximum per transaction is credit limit then I'll just swipe multiple times. Did you miss my post putting a Credit card in credit by such a large amount will flag your account for money laundering Speak to the credit provider of your card and they can make the provision for you on the card by increasing the limit as a one off As for surcharging all credit cards companies charge the merchant a fee to provide the credit service for purchasing if you get told that there is surcharges for a specific card or all credit card transactions it is the merchant passing the fee it should be paying on a card on to you and sometimes collecting a little extra for themselves How do I know all this It's my part of my job Thank you both for bringing this up, however I have previously confirmed with my credit card company that loading money onto my credit card will not be a problem (actually they suggested it), and there is no daily limit on each purchase. First payment next week, so we'll see how it goes! Re: Paying a house with credit card? 17Aug 11, 2010 2:14 pm Yep as long as I'm aware of it, I have few people who've done this, no problem myself, working for bank for many years (bankwest and citibank), never had issues with this In regards to money laundry issues, bank will still make a report on this so see the source of the funds, and for your case, it's from your genuine savings..it's purely up to you how you wanna spend your own money. I don't see that being an issue with money laundry. Good luck, and look into all the different kinds of points offered by banks and maximise the points you can get...and maybe some free holidays hey! Re: Paying a house with credit card? 20Aug 31, 2010 5:01 pm Awesome! sorry for the late reply. may I suggest not to get citibank card? haha it's not the best service you'd get....except that it's a world-wide bank so you can get access from everywhere. but other than that, it's not the best bank to deal with when it comes down retail side of it (eg. credit card, normal tran acc) You’re on the right track, wire brush in a grinder then a zinc rich epoxy primer then a top coat of some sort, like a waterproofing membrane. Raising the concrete would… 1 7031 How good is Simeon?! Always taking time to help others out! Wish we were building in NSW and could work together. Thanks for all that you do! 7 6567 Really tight at the top of the stairs- how to get furniture into those rooms? Study books - does anyone really use them these days? Large storage closet would be more functional. 2 6885 |