Wells Fargo Introduces Home Rebate Credit Card
Sick of airline miles? Is your mortgage payment more than you can handle? If so, you may want to check out the new Wells Fargo credit card aimed at paying down mortgage principal.
The credit card is not an entirely new concept, as similar credit cards are currently available with Citibank, Countrywide, and Bank of America to name a few, but the release of the card does seem a bit more interesting amid troubling mortgage default and foreclosure data nationwide.
The new Wells Fargo Home Rebate CardSM allows customers to pay off $1 of principal for every $100 spent using the credit card, and those savings can be significant over time.
If you spend $10,000 a month with the Home Rebate card, you’ll shed $100 off your principal mortgage balance each month. Not a bad deal for simply opening a new credit card.
The Home Rebate credit card carries no annual fee, has 0% APR for the first six months for purchases and balance transfers, and has no limit to the rebate that can be applied towards mortgage principal.
Every time $2,500 is spent using the card, your Wells Fargo Home Mortgage loan principal is automatically credited.
There is one catch, your mortgage has to be a Wells Fargo Home Mortgage loan to qualify for the program, and it doesn’t include Reverse Mortgages; Commercial 1st Mortgage; Farm and FHA 1st and 2nd Mortgages; VA 2nd Mortgage; Piggy Back Mortgages; CNVN Insured and Uninsured 2nd Mortgages; HUD 2nd Mortgage; and loans that are in process or not yet fully funded.
If your mortgage is currently with Bank of America, Countrywide, Citibank, or GMAC don’t fret. They have similar credit cards. Visit the appropriate website for details.
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Posted Under: Credit Help and Tips