I have a few funny obsessions. When I traveled a lot for business, it was my frequent flier miles. I loved racking them up and looking at that number on my monthly statement go up after a long flight between Detroit and Ukraine. Now my life has changed, and they sit unused. I even had credit card that gave me frequent flier miles. I guess I like feeling like I am getting something for nothing.
My next foray into this stuff-for-free thing was my cash back American Express. I even tried to put part of a car purchase on a credit card once, just to get my perks, but the dealership wouldn’t let me. (Yes, I pay off my credit cards every month.)
Looks like I’ve got a big player willing to play my game now. A New York luxury condo development is allowing purchasers to put their down payment on their American Express. I guess I need to ask some mortgage lenders to weigh in on how such a move would affect the buyer’s ability to obtain financing. Presumably, they’ve thought that one through. I am not clear on whether they allow this on both the regular AMEX cards that are paid in full every month, or whether they include those that revolve.
I would certainly love all of the cash back that I would get from AMEX for my downpayment!
What do you think?
