cmatthes1 said:FYI...

I wouldn't allow these rewards to accumulate too much

Just think, they can sell your mortgage at ANYTIME and your rewards are useless

Good point. CW bought our mortgage from E*Trade 4 years ago, but you can bet I'll be cashing in the 2500 points as soon as available. Going to be pumping $5K/month through this card to get the $100 principle checks. Bit cumbersome to have to request a physical check and then have to turn around and mail it right back to them at the cost of a stamp.

sammy1224 said:How would this work if both, usband and wife, are on the mortgage? Can each individual apply for their own, respective card and gain the benefit of the 2% reward?
This question made me VERY curious about what you could do, so I called customer service. According to the lady I spoke with, anyone with this card can send the $50 towards ANY COUNTRYWIDE mortgage home loan account. I can, for example, apply it towards a family member's CW home loan. So the answer, in short, is YES.

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.When I called to ask about the previous question, the CSR said that they are changing this process and is expected to go into effect May 10th. Instead of how PugRanch said, the new process will allow CW to send the $50 directly to your account (or someone elses)

You know, on a traditional fixed-rate mortgage, making principal payments, there wouldn't really be any specific hurry in applying these bonuses, would there? It's not like interest is computed daily, you'd just be shortening the duration of the loan. I would guess the main impetus would be the threat of having the loan sold out from under you to someone besides Countrywide.

Does anyone try to recolocate your other chase card cl to this card? I am planing to do this, but since I haven't received the card yet, I will wait and to check once I got the card. Mainly I aplly for 12month 0% apr. Hopefully i will got aproved.

I got denial one of the chase card, I try to call this morning ask Chase to reconsider open this card by relocate cl from other account, She won't do it. So I missed this card that I really want it, which has countrywide reward. Guess is the negative when you have such hight Blance.Is kind of sad, because I really really want this card...

Hey guys

I'm probably asking a very dumb question but my brain is so busy with my finals that I can't seem to understand simple stuff. So please forgive the newbie.

I just couldn't understand what is so special about this card. I mean couldn't someone just get one of those 5% Cash Back cards and redeem his/her points as cash and just make payments to countrywide? I mean, what is the special thing that is attracting you?

Can you pay your countrywide mortgage with this credit card and earn points like that? If you can, then sure we've got about total of 2000$ monthly mortgage payments for 2 houses. So, if I can pay my mortgage with this credit card I'm able collect 24k points which is around 450$ Cash Back per year if it is 1 points towards the mortgage, then this is perfect, since nobody else lets you pay mortgage with credit cards.

Or is it giving you the $50 check every time you reach 2500 points and not erasing your points. That wouldn't make sense though. (Although a bank in Turkey that I used to work with was giving away plane tickets for certain points without you losing any points, and you were still able to redeem the points as Cash Back, so that's how I thought that may be possible).

So, yeah, if you can tell me what's going on, that would be awesome...


By the way, I guess my parents' mortgage company is not countrywide but just wondered the the excitement...

PS: I'm not trying to sound sarchastic, or greedy, or b.tchy, I'm just too naive, and millions of projects to worry about :S

Thanks

Tosunum

What jmz said, plus if you are enamored with 5% get the Countrywide card and make only the minimum payment, saving the rest in a 5% savings account. So you can get the 2% kickback nearly immediately PLUS 5% APY for the first year. OK, OK, that is overstating what is actually possible but you get the idea. A flat 2% is fantastic in its own right but this card allows you to do even better -- at least for the first year.

Of course there's a big catch -- your loan needs to be serviced by Countrywide but some of us lucked into that.

The only other places I know to get 2% are the Fido 529 MasterCard which is no longer available for new customers and the Orchard Bank 2% card which seems to come with ridiculously small credit lines. That's why I'm excited about this card.

What's the deal with maintaining your account online with these clowns? Yodlee sends me to Chase but Chase says I can't mix my accounts. Confusion reigns.

Update: I transferred 5k of my limit to my other Chase card no problem. Still can't add the card to my accounts on Chase's website. Weird.

Just redeemed 2500 points for 50$. The 50$ posted as a misc. posting less than a week later. There was NO CHECK, nor was there any mailing involved.

It was an online form in which I entered the mortgage account number, address, and my name, and it posted shortly thereafter. Redeemed through the credit card page at cardmemberservices.com.

Painless, no postage, and for those with this mortgage, a true 2% card. Thanks again OP!

Figured it out, set it up with Card services as the bank.

golf247 said:Anyone figure out how to set this card up to auto download into MSMoney? I've tried with bank as First USA. All the countrywide choices in MSMoney indicate Passport is needed and on the Cardservices website it doesn't seem that Passport is needed.