American Express introduces mortgage payments credit card

24th May 2007
By Julia Chan

US card titan American Express has launched the industry's first credit card which allows cardmembers to pay monthly home mortgage repayments on the card. American Home Mortgage Corporation will be the first lender to offer express rewards mortgage program for eligible prime loans.

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The express rewards mortgage program is designed specifically for consumers seeking a new or refinanced prime loan, while providing cardholders with the ability to pay recurring monthly mortgage payments on the American Express card. This allows for greater convenience and security as they will have one less check to write and one less due date to remember.

Moreover, it also offers cardholders an extra opportunity to earn membership rewards, cashback, airline or hotel points or other types of rewards affiliated with their card simply by paying their monthly mortgage.

There will be a one-time enrolment fee of $395 to the lender when joining the scheme and is open to all American Express consumer cardholders.

"By introducing an entirely new industry to card acceptance, American Express is providing tremendous value to our cardmembers, issuers and our merchant partners," said Bill Glenn, president of establishment services for the North America and global merchant network group at American Express. "The ability to pay recurring monthly mortgage payments on the card, typically a consumer's largest monthly expense, brings unprecedented convenience and rewards to our cardmembers. This builds on the American Express tradition of innovation, enabling our cardmembers to use their card where and when they want to spend in categories such as luxury apartment rentals, private jets and corporate events."

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