Downpayment on a Credit Card? Hey, Why Not?

Can you imagine charging the entire downpayment on your new home to a credit card -- even if it’s hundreds of thousands of dollars?

As of last week, the answer became yes for condominium unit buyers at the 46-story, 478-unit Atelier condominium development on Manhattan’s West Side -- as long as they charged the full amounts to their American Express cards.

The Atelier, developed by The Moinian Group, a major commercial and residential real estate firm, is the first project in the country to allow purchasers to put their downpayments on a credit card. But American Express told Realty Times last week that "plastic" downpayments may become a lot more commonplace for high-end condo buyers. The company confirms that it is in active discussions with realty developers in several other cities to offer similar Amex downpayment programs.

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