CardIt

Infobox_Company
company_name = CardIt, LLC.
company_
company_type = Private
foundation = San Francisco, California (2006)
location = San Francisco, California, USA
key_people = Philip Mikal, Co-Founder
Alexander Zada, Co-Founder

industry = Consumer Internet,
Credit Cards,
Mortgage, Online payments

products = Mortgage payments via credit card

revenue = undisclosed

num_employees = undisclosed

homepage = [http://www.cardit.com/ www.cardit.com]

CardIt is an online payment system for monthly mortgage bills using a major credit card. Philip Mikal and Alex Zada were co-founders. CardIt is a California limited liability corporation with headquarters in San Francisco. It was founded in 2006 and has partnered with major technology and financial services companies.

CardIt was the second to publicly announce their credit card mortgage payment service. Cardit.com launched September 7th, 2007. [http://cardit.com/static/cardit_launch.pdf] The first was American Express' Express Rewards Mortgage Program, which was announced in May 2007. [ [http://home3.americanexpress.com/corp/pc/2007/ahmc.asp American Express Announces a First for Credit Card Industry - Monthly Mortgage Payments ] ] There are differences in each program, most notably the service fee. American Express charges an enrollment fee of $400 for one year. CardIt charges 2.49% + $19.99 per transaction.

Criticism

Consumer watchdog groups such as American Consumer Credit Education Support Services argue that while Cardit's services may give some people added flexibility when making their mortgage payments, the service is just as likely to get many panicked consumers even deeper in debt, especially given the 2007 Subprime mortgage financial crisis. [ [http://www.guardmycreditfile.org/content/view/896/50/ GuardMyCreditFile: Credit Issues ] ] [ [http://blogs.tampabay.com/realestate/2007/09/behind-on-your-.html (Un)Real Estate | tampabay.com: Archives ] ] [ [http://www.housingwire.com/2007/09/14/is-paying-your-mortgage-with-a-credit-card-a-good-idea Housing Wire » Is Paying Your Mortgage With a Credit Card a Good Idea? ] ]

References

See also

*United States housing bubble
*2007 Subprime mortgage financial crisis

External links

* [http://cardit.com/ CardIt]
* [https://www.indymacmortgage.com/auto/NCA/AMEX/AE_ERM_NCA_LP.htm American Express Rewards Mortgage Program]
* [http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2007/09/17/tidbits1.html?jst=cn_cn_lk Putting house payments on plastic gives new meaning to 'credit crunch']
* [http://www.imfpubs.com/issues/imfpubs_imp/6_19/news/1000007551-1.html CardIt Aims to Profit by Processing Credit Card Payments for Cash-Strapped Mortgage Borrowers]