Frequent Flyer Miles ... Ask TaxMama ... July 16, 2004

Ask TaxMama.Com
Tax Information With A Mother's Touch

Published by Eva Rosenberg, MBA, EA
Volume 6, Issue 267 July 16, 2004


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Frequent Flyer Miles

» From: Pasadena, CA

Dear TaxMama:

I am about to make a downpayment on a house. It's a huge sum of money and I'd like to get some MILES on the payment if possible. Can I pay for this with a credit card?

My lender was saying that they usually just take a cashier's check.

Thanks for your help

Rase

Hi Rase,

What a delicious idea!

Yes, you can. Call up your credit card company and ask them to transfer the money to your bank account as a cash advance - or use one of those convenient checks they send you each week in the mail.

You can use those funds to get the cashier's check.

See - everyone wins.

However, it will usually cost you about $35 or up to 3% of the amount of the check. Look for a credit card that limits the fees to a fixed amount (like the $35), not an open-ended percentage.

FIND OUT what fees they charge for these cash advances.

Also find out if they will give you miles for cash advances.

See if your credit card company can offer you reduced or 0% interest rates for 6 months or more.

But, DON'T do this unless you actually have enough money to cover the down payment and can pay it back quickly, like, as soon as escrow closes.

Actually, it doesn't hurt to leave that money in the bank so your lender can see your assets, until you close on the loan.

Have fun in your new home!

Best wishes,

Eva Rosenberg
Your TaxMama

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