AmEx To Allow Customers to Charge Condo Down Payments

By Anthony Longo 14 09 2006 by Author

Amex Black Card for Condos American Express Co. will begin allowing select customers to use its credit cards to charge their condominium down payments. Currently, the service will be limited to buyers of luxury condos in Manhattan, as American Express rolls out the program with New York real-estate firm Moinian Group for one its projects under construction. Both companies say they plan to expand the service. The change will allow the customers a chance to earn reward points and frequent-flyer miles, getting one point for every dollar charged.

Terms of the deal were not disclosed, but Moinian will pay a fee to American Express for every transaction. Condo buyers will not be charged any additional fees.

Source: Banknet360

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We have seen this before in New York with rental apartments. I believe Related of New York had set up an arrangement to allow renters to pay their rent on their AMEX in specific rental apartment developments. In any case - awesome way to ring up your points to your new AMEX Black Card!