Cards to Allow Holders to Funnel 'Cash Back' into Housing Accounts

A New Caanan, Conn.-based company plans to offer "cash back" rewards on credit and debit card purchases that card holders can choose to put into a Federal Deposit Insurance Corp. insured savings account for home purchases and repairs. The HomeCard Co. Inc. said it will make the card available to consumers in early 2010. The "cash back" amount will range from 1% to 25% of a purchase. The card also will offer holders savings on mortgages and insurance, as well as on other real estate and homeowner services. Jack Loop, president and founder of the company, said the card will be available as a debit card, a secured credit card or a standard credit card dependant on consumers' respective preferences and credit scores. He said the card's rates are set to be lower than those banks are charging.