Wells Fargo announced that it will be introducing a brand new credit card. If you are home owner looking for a way to save money on your mortgage, you might want to listen up. The new Wells Fargo card, called the Wells Fargo Home Rebate Card, is designed to help homeowners pay off their mortgage faster.
he card does, however, only work for those people that have a mortgage with Wells Fargo. So, if you have your mortgage through another bank, this new card won’t do you a whole lot of good. If you do have a mortgage through Wells Fargo, or if you are in the market for refinancing your mortgage and are considering going through Wells Fargo, this new card can be a great deal.
With the Wells Fargo Home Rebate Card, you will receive a 1% rebate on nearly every purchase you make. Of course, credits to your card and any returns made on your card will not count toward this rebate. Otherwise, there really are no limits to the purchases that qualify for the program. Even better, the rebate you earn is automatically applied to your mortgage as soon as you earn $25. In addition, there is no cap on how much money you can earn to pay off your mortgage with the card.
The card has already been piloted with a small group of mortgage customers. According to Peter Ho, the manager of the card, the new card helped “mortgage customers understand that with this card their day-to-day spending is better managed, better protected and better rewarded.”
This new credit card program is a great way for banks to try to build stronger and better relationships with their customers. This seems like a win-win situation to me, as the banks find a way to hold onto their customers while customers get to save a little money on their mortgage.
With this particular card, you can potentially save a substantial amount of money as you earn money back from your card and work toward paying off your mortgage early. After all, the earlier you pay off the principal on your loan, the less interest you will pay. Just remember to be smart with your card and pay the balance off at the end of each billing cycle. That way, you won’t have to pay more in finance charges than you earn in cash back.