If you have a home loan with Countrywide, then this credit card may be right for you.
The Countrywide Visa Rewards card, issued by FirstUSA, has the following features:
- No annual fee
- Earn 1 point for every $1 spent in card purchases and interest
- Introduction 0% fixed APR for up to 12 months (balance transfer fee: 3% of the amount of each transaction, but not less than $5.00 nor more than $75.00).
And each time you accumulate 2,500 points in rewards, you can choose to redeem your points for:
- A $50 payment towards an outstanding mortgage principal balance with Countrywide Home Loans or,
- A $25 check made payable to you or,
- A $25 gift card/gift certificate to National merchants
That is, if you opt for paying off mortgage balance, the rewards is doubled to 2% of your purchases instead of 1% if you choose to receive check or gift card. Use this link if you want to apply for the card.
Citi also offers a Home Rebate MasterCard which gives back 1% on every day purchases (6% on Internet connections, telecom services, cable, satellite, and utilities for 12 months), but cashbacks you accumulated are paid toward you designated mortgage company only once a year, which makes the offer much less appealing the Countrywide Rewards card if you have a home loan with them.
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EverBank Money Market Account 1.25%: Open an EverBank Money Market Account with a minimum balance of $1,500 and earn 1.25% bonus rate for the first six months. The first year APY is 1.01% for account balance up to $50,000. Find out more about this offer.
The 2% on your mortgage deal from Countrywide is a fantastic deal. If I hada CFC mortgage, I would do that in a heartbeat.
The 2% rebates toward home loan is indeed a very good deal, as you said, especially for people who have a long term loan that just started. I especially like that rebates will used to pay off loans whenever it reaches the limit, much better than what Citi offers through their credit card which only pays the loan once a year.