Financial tip of the day: Charge the rent to your credit card?

bill corbett....the article states "if your in GREAT financial state "

Credit cards can be used for anything imo but paying the balance off when it's due or before is the key. Some people don't have the type of discipline it takes when it comes to cc's so they need to stay away from this type of payment. There's enough people loosing thier homes
already!

http://www.recoupgear.com

This is the most irresponsibile idea, what do we expect, it's the NYTimes.
People that do not read this article will think it's a great idea and we will have more people out on the street along with those people who can't pay their mortgages. WAKE UP PEOPLE TO THE LIBERAL PRESS!!!!!!!!!

The only thing dumber than charging (and not paying off) your credit card is giving over 20% of your income to organized religion. It's not a ticket to heaven!!! I can't think of a bigger waste of money.

You need to first make sure there are no convenience fees associated with doing this. Most States have State laws that prohibit a business from charging extra for using a credit card but companys such as utilities, government agencys, rental companys, mortgage companys, car dealers, etc. can charge up to 5% convenience fee just for the convenience of using that card. And your reward points are usually only around 1%.

With the majority of businesses charging additional fee's if using a credit card, it doesn't pay to use one. If you pay your utility bills, property taxes and other items via credit card, they access a transaction fee. Dominion Virginia Power will charge 14.95 for every bill paid with a credit card. Our local county will charge you 5% of your tax bill to use your credit card to pay for it.

Any benefit you would get for rewards doesn't make it worth the extra fees.

It amazes me how we are constantly bombarded with this kind of advice from these so called experts. The use of credit should only be used in emergencies period. You set yourself up for a worl of debt which is what these companies want. I just quit a banker position recently. Trust me debt is the number one product of banks. Beware! Your banker is not necessarily your friend. He's commissioned or giving incentives to advise you to get that home equity loan for "emergency" purposes. Don't do it. Pay your rent in cash.

Most homeowners realize they will pay about twice the purchase price of their home on a traditional mortgage - a mortgage that will take about 30 years to pay off.

Introducing a way to break that cycle of financial drain—the Money Merge Account. Developed by a team of financial experts with years of experience in the mortgage industry, the MMA rapidly reduces the principal of your mortgage, practically eliminating the interest from accruing on your loan. Your 30-year mortgage can now be paid off in about 8 to 11 years, with no change to your lifestyle or refinancing of your existing mortgage.

The Money Merge Account is not a bi-weekly payment or debt roll-down system. It’s an entirely new approach that gives homeowners flexibility with their money and complete financial freedom.

www.NoMortgage.info

As many others have stated, using a credit card is great as long as you pay the balance each month. We just bought a car and got $2500.00 off because we had been using our GM card!!! It only took two years to rack up that amount of money in "earnings." Two years ago we cashed in our "earnings" for another car as well. There is no beating those savings!
Using your credit card also keeps your money in your savings account throughout the month, allowing you to earn more interest (on top of the credit card rewards). ***Another great way to earn interest off the credit card company's money is to find cards that are offering 0% interest (or a very low rate) for a certain period of time, as well as no balance transfer fee. Do a balance transfer for the full amount of the credit line into your savings account. Don't touch the money, and let it sit there earning interest!!!

It is a VERY do-able thing! IF everything is properly done. For instance, we purchased property on Maui...and pay for it with our American Express Card....We earn GREAT rewards from the company....and it keeps the Credit Rating in superb shape.......additionally, the points we earn allow us to 'bump' up to First Class for those flights to Hawaii each year. You can't do this with all companies...but we're certainly enjoying the benefits of ours!

I actually pay my quarterly property taxes with my credit card. I put the amount the mortgage company used to collect with my principle and interest into a savings account every month (gets a few dollars interest especially since my yearly property tax is $22,000.) and then as soon as the bill comes I pay it off. I get a few hundred dollars in cash back bonus money every year which pays for my Christmas gift purchases. But you have to be smart about this in order for it to work. Don't carry any balances!

If you have an excellent credit status, you can make money from the CC companies. I have been making between $250 and $350 per month, total, from a number of CC companies for over five years. Using balance transfer, and convenience checks, at anywhere between 0% and 3.99%, which I have invested in Money Market and CD accounts, at between 4.5 and 6.0%, over that period, I have recouped every cent in interest I had paid to the CC companies, and more!!! The very few complications I have had with the CC companies have been handled very quickly and satisfactorally by them. I do have a 40+ year credit history which states that I have NEVER missed a payment. It pays to be responsible!!!

To the person who said they tried this and are in debt because of it, they weren't saying to do it and not pay it off, it is only if you can afford to pay it off every month. This is why I love my American Express Card, everything gets charged to it and I get one bill, maybe two as I don't charge my mortgage to it every month. I don't even keep a checking account, I just go to the bank and get one cashiers check and pay the whole bill. I rarely even carry much cash on me and I never have to balance a checkbook or pay any interest. Of course you don't spend more than you can pay for each month becasue American Express has to be paid in full every month. You have to be a well organized person and be very financially savvy to do this, but my husband is, he knows what to and not to spend money on and when we purchased a new home 2 years ago he was told by the mortgage agent that we have the highest credit rating possible.

We had friends that had excellent credit but discovered their credit score had dropped a few points for no reason. They found out that if you pay off your card each month, then you have too much credit left "open" to use. Also, they got a department store card to catch the benefit on sales but paid it off each month also. Something is wrong in America if you "have to carry a small balance" and you are penalized for taking advantage of sales by using a store card. Since when is "paid in full" bad? The credit card bunch is in with the credit companies, it seems. Looks like something that should be looked into?