as per topic ... i am thinking of using credit card to pay off my home loan. Not those cards that offers points. But cards that offers certain amount of rebate ...

is there such a card out there in the market?! point of view? anyone?!

can ah ? i dont think u can.

why? to get the rebates?

I dont think you can becoz such card never exists, and its a liability to the banks....

If u cant pay to the house loan, bank may rampas ur house and auction it..
But since u use credit card to pay then that means bank cant rampas ur house and they can only blacklist ur credit card application or other future loan but u still can get to keep ur house...

LOL ..yeah ..i was thinking ...some card offer rebates for oil pump and retail transaction ...so is loan repayment for car and property included?!

if we even save a bit by getting rebates ..why not?! too bad its not applicable.

if can good lo, i will use to pay my car and house installment.
can earn point/rebate ma

technically, you are not allowed you pay one credit by another credit without incurring charges. Some special package exist e.g. when you first join 1 credit card company, they allow zero fees balance transfer.

Else, you can cash advance (hefty fees incurred) and pay car/house loan, that's legal but very stupid way. Other ways are more creative involving purchases, you think yourself..... but keep it legal pls.

mana boleh

what about lock-in period? if ur loan still within the lock-in period then no point pay off i think.

technically its not allowed but is it legal?! lol ..and cash advance i think carried a higher interest charges than any house loan available ... and yes i was thinking bout using credit card to pay my car and house loan to earn the rebate

There's nothing legal or illegal as it's not possible.
The bank doesn't provide a card merchant terminal for you to swipe your credit card to pay any loan - housing, personal loan, hire purchase, OD etc... alike.

This post has been edited by b00n: Nov 16 2009, 04:26 PM

yeah ..but what bout we do a standing instruction to charge the loan amount into the credit card monthly ...i do that with my insurance payment

U canot do a SI (Standing Instruction) to charge to credit card becoz there are no such service...However u can do SI to charge to your savings/current account.

Insurance ofcourse is allowed because its not liability to bank.

Agree that it is not possible to do it directly credit card to housing/car loan account.

For illustration purpose, creative way would be, offer to pay for your fren's dinner/lunch and you collect cash from him/her, you swipe card. then you got cash to pay your housing/car loan. Big items, small items, you hardworking enough, you get the fruit, think it's too tedious?? yeah, not worth the small rebates you get.

@abijiu,
Am not sure if there's such a card but what U first need to determine is whether you're allowed to pay your home loan via CC. My thought is you probably can't - Y would the bank allow you to pay up your home loan via another unsecured loan?!

Hmm.. There is no such option to let us pay via CC .. even car loan also dont have rite

@feizaiII,
Don't think so - reason as stated in my previous post

There is no way the banks will allow it because then they would have to pay 3-5% merchant fee to the credit card company from the amount received.

Only can pay using CC for stuff and services as far as I know. Loans definitely cannot swipe.

Such thing dont exist bcos

#1 Bank r not stupid.. they are the smartest organization as they are always at the winning end..
#2 There is no big "kap lah" in this world
#3 Homeloan is from bank, CC is also from bank, they will NOT create such facilities to Kill Themselves (giv u rebate summore ?? )
#4 Do you know where the "rebate" $$ comes from?? Bank pay for CC charges for you to use CC to pay homeloan?? Bank only take CC charges.. bank dont pay CC charges
#5 Can do SI for insurance.. bcos Insurance is not loan.. Homeloan = get first pay later; Insurance = pay first get later..
#6 Try to ask a banker.. we are eager to know to

This post has been edited by eugene jk: Nov 18 2009, 01:58 AM

brilliant to you can even think of this idea...

bank should consider this