Unfortunately, you cannot use an Amex Platinum card to directly purchase a house. However, the Amex Platinum Card may be useful when it comes to financing and preparing for a mortgage. The Amex Platinum Card offers a number of benefits that may be advantageous when it comes to buying a house.
These include travel benefits, such as discounted airfare and other perks that could help when traveling for home buying trips. Additionally, the Amex Platinum Card offers purchase protection, travel protection, and return protection.
With purchase protection, you may be able to get reimbursement for items purchased if they are lost, stolen, or broken within 90 days of the purchase date. The return protection may also be useful if you are unsatisfied with a purchase that you made to furnish or otherwise decorate the house.
Finally, the Amex Platinum Card includes access to pre qualifying or pre approvals for mortgages, which can make your mortgage shopping process much easier.
How rich do you have to be to have an American Express Platinum Card?
To qualify for an American Express Platinum Card, you need to have a steady source of income, a good credit history, and the financial means to pay an annual fee of up to $550, as well as the corresponding credit limit.
In addition to the annual fee, the American Express Platinum Card requires a minimum income of over $100,000 per year. That said, you may still be able to qualify for the card even if your income is lower than this, but you will need to demonstrate that you have the means to pay off your credit card charges.
These requirements make the American Express Platinum Card one of the more exclusive credit cards and are usually reserved for those who are quite well off financially. The card is designed for those who can consistently spend on luxury-level items and use their points for awards, transfers and upgrades.
Can I use my Amex for a house down payment?
Yes, you can use your Amex for a house down payment. It ultimately depends on the financial institution you are applying for a mortgage loan with, as some lenders may prefer other forms of payment such as bank wire transfers, cashiers checks or money orders.
But in general, American Express is a valid form of payment option for a down payment on a house or other large purchases like cars. Be sure that your Amex has available funds to cover the total down payment amount and that you will not incur any incidental fees or foreign transaction expenses while using the card.
It’s also a good idea to contact your lender(s) to confirm that Amex is an acceptable payment option for them prior to using your Amex for a down payment.
Is an Amex Platinum impressive?
Yes, an American Express Platinum card is an impressive card to have. This card has a range of impressive benefits, such as access to airline lounges, cashback, travel rewards, and much more. On top of that, the card comes with a hefty annual fee, so having one shows that you are someone who is financially responsible and willing to pay for the rewards and value the card offers.
With one of these cards, you’ll receive access to a range of privileges that are usually reserved for the wealthy and privileged, such as access to concerts, special events, and exclusive deals. This means that having an Amex Platinum card will help you stand out from the crowd, and make you look and feel like a VIP.
How much is a downpayment on a $300000 house?
The amount of a downpayment on a $300,000 house typically depends on the type of property financing you have secured. If you are able to obtain a conventional mortgage from a bank, your downpayment could range anywhere from 3.
5% to 20% of the purchase price, which would equate to a downpayment of anywhere between $10,500 and $60,000. If you are able to obtain an FHA loan, you may be able to buy a house with a downpayment of as low as 3.
5% of the purchase price – representing only $10,500 down. VA loans may also be available, which require 0% down. However, if you purchase the house in cash, you would need the full $300,000 upfront.
It is recommended to work with a financial advisor to determine the amount of the downpayment and the type of loan that will work best for your situation.
Can I use a credit card for a down payment on a home?
Yes, you can use a credit card for a down payment on a home. However, this is not usually advisable or recommended, as it can significantly increase your overall costs. Paying with a credit card will generally incur a processing fee or other service fee, and you may also be subject to interest and finance charges.
If you can cover the down payment without using a credit card, it is usually better to do so to avoid these additional costs. Additionally, some lenders have a minimum down payment requirement when using a credit card, so it is important to verify that you can meet the terms of your mortgage during the loan application process.
Can credit cards be used for downpayment?
Yes, credit cards can be used for downpayment in some cases. The type of downpayment and whether or not it can be done with a credit card will depend on the type of purchase. For example, some car dealerships and landlords may accept credit cards as a downpayment.
In some cases, a larger downpayment with a credit card may be beneficial as it could help to get a higher loan amount or reduce the interest rate. However, it’s important to remember that credit cards may have higher interest rates than other forms of payment and there may be other fees involved as well.
Be sure to read the terms and conditions of use and understand the risks involved before using a credit card for a down payment.
Do mortgage lenders look at credit card purchases?
Yes, mortgage lenders do look at credit card purchases when considering a loan application. Credit card purchases are used to evaluate your overall creditworthiness, which is an important factor when considering a mortgage application.
Mortgage lenders will look at the type of purchases you’ve made, how generous your credit limits are, your payment history, and whether or not you’re carrying any existing balances. A household budget filled with large, high-end purchases in addition to credit card balances could be a red flag to lenders that you aren’t in a financial position to handle a mortgage payment.
On the other hand, if you’re using your credit cards responsibly with regular payments and staying below your credit limits, it could reflect positively on your creditworthiness. Ultimately, it’s important to be cognizant of how credit card purchases reflect on your overall financial situation when applying for a mortgage.
Do they pull your credit the day of closing?
No, your credit is usually not pulled the day of closing. Instead, it is usually pulled a few days before closing. Lenders are typically required to review your credit report within three days leading up to your loan application and your closing date.
Depending on the type of loan you are applying for, lenders may require additional information from your credit report. This can include an appraisal, a loan-to-value ratio, or additional documents. Since this information can take time to review, it is important that your credit report is available to the lender prior to your closing date.
How much credit card debt is acceptable for mortgage?
The amount of credit card debt that is acceptable to have while trying to obtain a mortgage can vary depending on the lender and type of loan you are trying to qualify for. Generally, it is best to try and keep total debt, including credit card balances, to a maximum of 43% of your total household income or less.
This percentage is known as the debt-to-income ratio and is used by lenders to determine if you are a suitable candidate for a loan. Additionally, keep in mind that closing out accounts and/or paying off all of your debt may not always result in an increased credit score; some scenarios may actually show the opposite.
It’s important to speak with a credit counselor or mortgage loan originator to determine the best path for your particular situation.
Can I pay my car payment with a credit card?
Yes, you may be able to pay your car payment with a credit card. It depends on the dealership or lender you are using to finance your car, as many of them will not allow credit card payments. However, some lenders and dealerships may allow you to use a credit card to make your car payment, either by directly charging your card or by setting up an automated payment with the lender’s payment portal.
It’s a good idea to check with your lender or dealership to see if they allow credit card payments and what fees, if any, come along with using a credit card to pay your car payment. Additionally, if you do decide to use a credit card to make your payments, you should make sure you pay the balance in full each month in order to avoid interest charges.
What are Amex Platinum eligible purchases?
American Express Platinum eligible purchases include a wide variety of purchases made with the American Express Platinum card. Eligible purchases include everyday items such as groceries, dining, retail, and drugstore purchases, as well as purchases made on travel-related websites like airlines, hotels, car rental services, and online travel agencies.
Additionally, purchases of select streaming services, online subscription services, and magazine and newspaper subscriptions are also eligible purchases. The list of eligible purchases is subject to change, so it is important to check with American Express frequently for updates.
Eligible purchases made with the American Express Platinum card also include international transactions, but any international transaction will be subject to a foreign transaction fee. Some purchases using the card are not eligible for earning points, such as cash advances, balance transfers, ATM transactions, quasi cash transactions, and other fees or charges.
What purchases count for Amex points?
Purchases that count for American Express points vary depending on the type of credit card and associated rewards program. Generally speaking, most everyday purchases including things like groceries, restaurants, gas, and department stores should qualify for points when an American Express card is used.
However, there are additional categories that may qualify for points depending on what type of card and rewards program you have. For example, cards with more premium membership levels may qualify purchases through salons, spas, or travel and leisure outlets as eligible transactions for points.
Additionally, certain online shopping portals may be eligible for Amex points, as well as some select insurance programs. Check with your American Express program to see exactly which purchases count towards your points rewards.
Does Amex Platinum earn points on all purchases?
No, the American Express® Platinum Card does not earn points on all purchases. However, it does offer reward points for eligible purchases. Cardmembers can earn 5X Membership Rewards® points for flights booked directly with airlines or with American Express Travel, 5X points on prepaid hotels booked via amextravel.
com, one point per dollar spent on other purchases, and additional points with select partners. To qualify for rewards points, purchases must not be (1) returned or (2) to pay amounts owed on any American Express Card Accounts.
What counts as everyday purchases?
Everyday purchases include items that you buy frequently and use regularly. Most often, these items are necessary supplies, such as food, gasoline, clothing and other household essentials. Everyday purchases also include items that you may use regularly, such as books, music, movies, games and other services.
Some everyday purchases may also include non-essential items such as cosmetics, electronics, appliances, art and furniture. These purchases are typically more expensive than necessary buys and are discretionary in nature.
Everyday purchases can be paid with cash, credit/debit cards, or e-payments such as Google Pay or Apple Pay. For online purchases, online payment systems such as PayPal and Amazon Pay are also useful.
These payment systems provide additional levels of safety to secure your identity and your finances.