Since Wells Fargo Home Mortgage introduced the Home Rebate CardSM program in 2007 homeowners have used their rewards to automatically pay down $50 million in mortgage principal balances.
Head of Wells Fargo’s consumer financial services group Beverly Anderson says the card is one example of how banks can
“Virtually every purchase a customer makes with the card counts toward rebates credited to the principal on their Wells Fargo Home Mortgage loan,” she said.
The rebates are applied automatically in $25 increments until the mortgage loan is paid off and help reduce their long-term mortgage interest on fixed rate loans. For example, she said, a cardholder with a $150,000 mortgage who spends $1,500 a month using the card could shorten the life of the mortgage loan by more than one year.
Wells also offers a zero liability program to protect card holders from fraud and theft, and free Internet based credit management tools such as rapid alerts that keep borrowers informed about all conducted and declined transactions and a smarter credit center with credit and debt related articles, videos and tips.
