Buy A Condo With a Credit Card?

Yes, you can really put a down payment to a condo with an American Express Card.  You even get frequent flier miles from using a credit card for a down payment.  The Moinian Group, based in New York City, is building luxury condos in one of the last residential frontiers in Manhattan and wants to broaden its appeal by taking credit cards for a down payment. 

This will be the first Condo project to take credit cards in New York City.  You will be able to put down around $60,000 to $150,000 on an American Express card which is worth four or more free hotel nights or at least one free airfare depending on what branded card you choose. 

Timeshares have been known to take credit cards but the trend is edging towards condos because people want to pay with a frequent flier miles card to earn free flights.  Today’s consumers also want the convenience of using a credit card for these larger purchases. 

American Express is also involved in a service that lets apartment tenants pay rent with their cards which has been deployed in 34 states.  As the housing market goes into a buyers market you will see more similar programs roll out.