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I searched and didn't find this topic...

I was just browsing the Countrywide website while looking at my mortgage statement. I noticed they have a Countrywide Rewards Visa Card. Per the website, "Each time you reach 2,500 points, redeem for:
- A $50 payment towards an outstanding mortgage principal balance with Countrywide Home Loans..." which is equal to 2% back to be applied to your Countrywide mortgage.

For Countrywide mortgage holders, this would be a great card to have for all those other purchases that would otherwise only be earning 1%.

I applied and got instantly approved!

http://bank.countrywide.com

The link is in a green box on the right side.

Hope this helps someone!

Member Summary
Most Recent Posts
Did not work for me.

peteypablo (Apr. 21, 2009 @ 12:15a) |

They sent me a letter by mail. Chase is not honoring the 0% APR promotion with the original agreement. Blargh.

xnoodle (May. 01, 2009 @ 2:39a) |

I hate to dig up an old thread, but...

Good news on my front (for a change). I previously had both the Chase Freedom and... (more)

mythosaz (May. 12, 2009 @ 9:55p) |

Link to card Countrywide Rewards Platinum Visa


Card Highlights
• Intro 0% Fixed APR for up to 12 months* (UPDATE: card showing 6 months now)
• Earn 1 point for every $1 spent in card purchases and interest
• No Annual Fee
• Each time you reach 2,500 points, redeem 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.



UPDATE: You can now redeem 2,500 pts for a $50 deposit into a Countrywide savings account.

Rewards Program Fine Print

Maximum point accumulation is 60,000 points per calendar year on net purchases. Points are earned on card purchases and interest. Points are not earned on balance transfers, cash advances, any checks that access your account, travelers checks, or fees of any kind, including fees for products that protect or insure the balances of the cardmember's account.
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Nice find.

The last time I looked at their site and card it didn't seem to offer that reward

BT, 3% of the amount of each transaction, but not less than $5.00 nor more than $75.00. With 0% on BT and purchases you can use it for both rewards and BT.

I wonder if a HELOC would count as "outstanding mortgage principal".

Great find. Thanks

thanks OP. I got deferred, probably because I just did a Sony card app yesterday, both FirstUSA/Chase products. Would be great to get though.

Thanks OP! I was annoyed when my bank sold my loan to countrywide, but now I'm grateful!

I have to say this is an insanely good offer. Same great 2% as the discontinued FIA Fidelity 529 MasterCard but with a 12 month 0% kicker. Had I not so recently tanked my credit score with my AOR I'd be all over this.

As it is, my wife (clean credit) is going to be all over this. My plan is to forget the BT and just charge up $60k of personal/business purchases on this up over the next year. ($60k because that is the annual reward limit.)

Too bad you can't pay your countrywide mortgage each month with your countrywide visa.

For what its worth, this card is issued by Chase (First USA).

Too bad, being a Chase card, that $50 payment towards principal is not good for Chase mortgages as well...

audex said: Too bad you can't pay your countrywide mortgage each month with your countrywide visa.
quote for the day, I agree with you at this point.

If you already have a Countrywide mortgage, do they still do a hard pull when you apply for their Visa card?

Edit: sorry, should have known the answer from the posts by BankofGreed and turrdog above.

ThursdaysChild said: If you already have a Countrywide mortgage, do they still do a hard pull when you apply for their Visa card?

Yes, because it's not a Countrywide card, it's a Chase card. They'll (Chase) pull a hard everytime, and in my unfortunate experience, pull a hard inquiry for doing simple account services (ie CLI, re-allocating limits, consolidating cards, etc).

ThursdaysChild said: If you already have a Countrywide mortgage, do they still do a hard pull when you apply for their Visa card?

Of course, the card is issued by Chase, they have no access to the mortgage application you made with Countrywide.

Good find...1200 bucks a year on mortgage reduction...not bad at all...


PlainGirlJane said: I searched and didn't find this topic...

I was just browsing the Countrywide website while looking at my mortgage statement. I noticed they have a Countrywide Rewards Visa Card. Per the website, "Each time you reach 2,500 points, redeem for:
- A $50 payment towards an outstanding mortgage principal balance with Countrywide Home Loans..." which is equal to 2% back to be applied to your Countrywide mortgage.

For Countrywide mortgage holders, this would be a great card to have for all those other purchases that would otherwise only be earning 1%.

I applied and got instantly approved!

http://bank.countrywide.com

The link is in a green box on the right side.

Hope this helps someone!

Only downside is you can't refi except with Countrywide again.

Auream said: ThursdaysChild said: If you already have a Countrywide mortgage, do they still do a hard pull when you apply for their Visa card?

Of course, the card is issued by Chase, they have no access to the mortgage application you made with Countrywide.

Wouldn't matter with Countrywide anyway's, They are pull happy. I got a pull for a CD then a few months later I opened the savingslink and got a second pull

g10ny

Please excuse me for being naive, but can you explain a little more? Do you only get the 2% if you you refi?

I have exceeeded my hard and/or soft prepay period...

Isn't the use of the credit card just to apply a payment to the principal reduction? or were you replying to another's post?

Michael B.

g10ny said: Only downside is you can't refi except with Countrywide again.

ElectricSavant said: g10ny

Please excuse me for being naive, but can you explain a little more? Do you only get the 2% if you you refi?



g10ny said: Only downside is you can't refi except with Countrywide again.

If you refi at a different mortgage company you can't apply the 2%, can you?

So the purpose of their promotion is retention...what is your point ?

jmz668 said: ElectricSavant said: g10ny

Please excuse me for being naive, but can you explain a little more? Do you only get the 2% if you you refi?



g10ny said: Only downside is you can't refi except with Countrywide again.

If you refi at a different mortgage company you can't apply the 2%, can you?

ElectricSavant said: So the purpose of their promotion is retention...what is your point ?


Just answering your question. No need to be confrontational.

Ok i see...but for those of us with Countrywide mortgages, what a great incentive!!! and seemingly free money that we would not otherwise have !!!


I think it is a great idea and would encourage other companies to do this...Gawd bless capitalism...

Michael B.

jmz668 said: ElectricSavant said: So the purpose of their promotion is retention...what is your point ?


Just answering your question. No need to be confrontational.

Thanks OP! My ad blocker was blocking this ad by default so I never would have seen it without this post!

mhesidence said: BT, 3% of the amount of each transaction, but not less than $5.00 nor more than $75.00. With 0% on BT and purchases you can use it for both rewards and BT.

I wonder if a HELOC would count as "outstanding mortgage principal".


no points earned on BT
great find op...at least for me

update: in 30 seconds got approved and will have the card in less than 2 weeks

I applied last week, got deferred but they still haven't done a hard pull? That can't be good, I did just apply and get approved for a Sony card the day before. Going to call and check tonight.

same here, 30 seconds approval.

My wife received her card today. Guess how the rewards program works.

When you get 2500 points you can redeem them for $50 against your Countrywide Mortgage. This much you knew already. What I didn't know until just now is that when you redeem the points they just mail you a check made out to "Countrywide Home Loans" and you have to mail it in.

This is kind of a bummer because of the hassle and the postage. On the other hand, it opens the door to reducing your normal payment by $50 and using the Chase check to make up the difference. In other words, instead of prepaying your mortgage, you just pay it according to the normal schedule but pay less. You might want to do this if you had an especially favorable rate for example.

I guess this also answers the question of what kind of loans you can pay with this card. I think any loan with Countrywide which you can pay with a check made out to "Countrywide Home Loans" should work with this card.

Hmm... I know you can drop your payment off at some Countrywide offices. This may solve the problem of the postage if you have one close to you. The Countrywide offices is kind of out of my way though.

The other thing some of you might be interested in is the card comes with a BT check attached to the card carrier. It's just like the Chase Sony card if you are familiar with that. The terms included with the card confirm that the check is treated as a 0% BT for 12 billing cycles following opening of the account. The fee is 3%, minimum $5, maximum $75. No points earned on the BT check.

I successfully wrote the check attached to the Sony card to myself and deposited it in my non-Chase checking account. Chase seems to allow these checks to be used that way. It even says "Write this check as you would a personal check."

I have another Chase card...do they allow you to roll existing credit lines into new ones? I have done that previously with Citi but don't know about Chase. And does the fact this card is from Firstusa matter in relation to all that?

how about their loan rates? Higher rates destroy the rewards.

neuist said: how about their loan rates? Higher rates destroy the rewards.
My 5.25% loan is not too high.

ETA. Got my card today.

jmz668 said: neuist said: how about their loan rates? Higher rates destroy the rewards.
My 5.25% loan is not too high.

ETA. Got my card today.

thanks, 5.25% is really not high while it depends on region and types

neuist said: thanks, 5.25% is really not high while it depends on region and types
Midwest, 20 year, fixed mortgage.

PugRanch said:

When you get 2500 points you can redeem them for $50 against your Countrywide Mortgage. This much you knew already. What I didn't know until just now is that when you redeem the points they just mail you a check made out to "Countrywide Home Loans" and you have to mail it in.

It seems a lot like the student loan checks from Citi's TY points.

g10ny said: PugRanch said:

When you get 2500 points you can redeem them for $50 against your Countrywide Mortgage. This much you knew already. What I didn't know until just now is that when you redeem the points they just mail you a check made out to "Countrywide Home Loans" and you have to mail it in.

It seems a lot like the student loan checks from Citi's TY points.


yep...slide that puppy into the atm for deposit...

I got approved instantly, my account got bought by Countrywide, my interest rate.

There's a lot of talk about BoA buying Countrywide. If that happens, I wonder how it will effect this Chase/Countrywide card.

I did not get approved instantly online but got the card today. My mortgage was bought by CW.

Skipping 213 Messages...
I hate to dig up an old thread, but...

Good news on my front (for a change). I previously had both the Chase Freedom and Countrywide card -- both at 4,100 -- an odd state considering how few cards I had. When Countrywide was discontinued, I was issued a second chase at 4,100. CSR at activation time was happy to combine the cards into a single $7,900 card at the good rate I apparently had on the original Chase Freedom.

A rare win.



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