Today TaxMama hears from Ray in Pasadena, CA who asks, “I am about to make a down payment on a house.
It’s a huge sum of money and I’d like to get some miles on the payment if possible.
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Can I pay for this with a credit card? My lender was saying that they usually just take a cashier’s check.
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.
Be aware that it usually costs 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.
So be sure to ask about their fees before you proceed. Remember to ask if they have any no-fee checks or advances.
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Sometimes, they do, but don’t offer unless you ask.
Also make sure they will give you miles for cash advances. Not all credit cards will.
Consider asking if your credit card company can offer you reduced or 0% interest rates for 6 months or more.
You may be able to invest the money you would have used for the down payment during those months – especially if the free interest period is 12 months or so.
But, DON’T use your credit card unless you actually have enough money to cover the down payment and can pay it back quickly, perhaps as soon as escrow closes – especially if they charge interest on that money,
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. And did you know that the mileage points you get are not taxed?
Yup – ask Tim at frequentflier.com https://frequentflier.com/
And, remember, you’ll find answers to questions about all kinds of tax issues, free. Where? Where else? At TaxMama.com
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