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Countrywide Rewards Visa - 2% mortgage credit Archived From: Finance

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alert mods    
   posted: Mar. 8, 2007 @ 1:46a

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!


   posted: Mar. 8, 2007 @ 1:46a

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.

Message edited by: PlainGirlJane on 2008-02-25 01:32:18 CST
alert mods    
   posted: Mar. 8, 2007 @ 7:49a

Nice find.

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


alert mods    
   posted: Mar. 8, 2007 @ 8:51a

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".


alert mods    
   posted: Mar. 8, 2007 @ 12:31p

Great find. Thanks


alert mods    
   posted: Mar. 8, 2007 @ 2:07p

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.


alert mods    
   posted: Mar. 8, 2007 @ 3:09p

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


alert mods    
   posted: Mar. 8, 2007 @ 7:24p

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.)


alert mods    
   posted: Mar. 8, 2007 @ 7:59p

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


alert mods    
   posted: Mar. 8, 2007 @ 8:51p

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


alert mods    
   posted: Mar. 8, 2007 @ 9:18p

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


alert mods    
   posted: Mar. 8, 2007 @ 9:24p

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.


alert mods    
   posted: Mar. 8, 2007 @ 11:55p

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.


alert mods    
   posted: Mar. 9, 2007 @ 4:05p

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).


alert mods    
   posted: Mar. 9, 2007 @ 6:04p

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.


alert mods    
   posted: Mar. 10, 2007 @ 4:27p

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!


alert mods    
   posted: Mar. 10, 2007 @ 4:53p

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


alert mods    
   posted: Mar. 10, 2007 @ 4:57p

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


alert mods    
   posted: Mar. 10, 2007 @ 9:41p

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.


alert mods    
   posted: Mar. 10, 2007 @ 9:49p

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?


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