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September 13, 2006

Condo Developer Accepting American Express for Down-Payments
In perhaps the mother of all rewards points opportunities, American Express is piloting a program that allows condo buyers to charge down-payments on their American Express cards. American Express' first partner in this venture is New York developer The Moinian Group, whose under-construction development The Atelier, on Manhattan's Far West Side, is already accepting American Express for down-payments.

American Express introduced credit card acceptance for rental properties in 2003, and says that the success of that program was the catalyst for extending card acceptance to condo down payments.

American Express has not announced plans to roll out the program on a wider scale, although calling this a pilot would suggest that to be a potential next step. Card acceptance for down payments on other types of real estate has not been discussed, either.

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