The cost of purchasing a house is quite high. In this case, you probably find yourself looking at your bank account, wondering if you can afford to pay down payment and purchase something else. There is an opportunity to earn enough points using your credit card in order to purchase a property.
However, the point is that people are often misinformed regarding the usage of points from various credit cards. They probably think that they can simply combine all their scattered points from various credit cards like Chase Freedom Flex and Amex Gold in order to collect enough money to pay for closing costs or even buy some furniture. Unfortunately, this cannot be done.
In fact, it is virtually impossible to merge points from various credit card programs. It means that Chase points belong to Chase, Amex points belong to Amex, etc. In other words, you cannot simply combine everything.
It should be noted that there is one exception. You can merge points of one company among each other. It is an opportunity for you to accumulate lots of points for future purchase of a house.
Log into your Chase account and click on “Combine Points” option of the Ultimate Rewards program.
Choose the card which has points that you want to transfer.
Select a destination card, it is preferable to choose Chase Sapphire Preferred as its points are more valuable.
Confirm the process of transferring.
How this information can be used for buying a house? First of all, it gives you additional freedom of action. For example, you can transfer your points to travel partners in order to buy a cheap ticket to some destination. Alternatively, you can simply get cash back and purchase some items with it.
The same thing can be done with Amex cards as well. You can easily merge your Membership Rewards points, but you need to do this in the same name. Otherwise, your relatives will not like the present from you.
Finally, the last advice before you start buying a house regarding credit cards. It is not recommended to immediately cancel old cards after the purchase. In order to get lower interest rate, your credit score should be higher.