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#2173075 - 04/11/18 07:28 PM Payments via Credit Card
JoAnne Offline
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Joined: Feb 2001
Posts: 795
Michigan
Are payments on mortgage loans using a credit card allowed? If so, can a fee be charged for using a credit card not issued by our Bank?
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#2173107 - 04/11/18 09:24 PM Re: Payments via Credit Card JoAnne
David Dickinson Offline
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David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
I'm not aware of any bank that will allow payments by other credit (a credit card).
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#2173110 - 04/11/18 09:30 PM Re: Payments via Credit Card JoAnne
fmissle Offline
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Pac NW
I wish. Think of the mileage I could earn each year!

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#2173112 - 04/11/18 09:33 PM Re: Payments via Credit Card JoAnne
Richard Insley Online
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Richard Insley
Joined: Oct 2000
Posts: 9,995
Toano, VA
Don't the Visa and MC rules restrict the use of these cards to make payments on other debts?
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#2173164 - 04/12/18 01:49 PM Re: Payments via Credit Card JoAnne
JoAnne Offline
Platinum Poster
Joined: Feb 2001
Posts: 795
Michigan
I found in the VISA rules where it talks about "Payment of Existing Debt" but I cannot find anything in the MasterCard rules. Does anyone know the rule number?
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#2173170 - 04/12/18 02:01 PM Re: Payments via Credit Card JoAnne
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,207
Galveston, TX
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#2173217 - 04/12/18 04:32 PM Re: Payments via Credit Card JoAnne
NSF, CRCM Offline
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NSF, CRCM
Joined: Apr 2013
Posts: 410
VA
I have a question, this is from the VISA Core Rules:

1.5.5.4 Payment of Existing Debt

Effective through 13 April 2018

A Merchant must not accept a Card1 to collect or refinance an existing debt unless either:
● The Transaction results from conversion of a Merchant's existing card program to the Visa
Program or Visa Electron Program.

● The Merchant is a government agency and the Transaction represents a loan payment. In this
case, the Transaction amount must not equal the loan balance unless it is the final payment.

A Merchant must not accept a Visa Card or Visa Electron Card as payment for a debt that is
considered uncollectible (for example: payments to a collection agency).

A Merchant must not:

● Accept Cardholder payments for previous Card charges

● Complete a Transaction that represents the collection of a dishonored check

These requirements do not apply to a Merchant in the US Region.


What does the last part mean?

Edit: Let me clarify. Does the last sentence mean a bank located in the United States is not bound by this section or does it mean something different?
Last edited by NSF, CRCM; 04/12/18 04:34 PM. Reason: Added clarification
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