Wells Fargo Bank offers a credit card called the Home Rebate Card and it claims to “Save Thousands on Your Mortgage“. But how? Well, first you have to have a Wells Fargo mortgage loan and when you make purchases with your Wells Fargo Home Rebate Card you earn 1% rebate towards the principal balance of your mortgage. Most Wells Fargo Home Mortgage loans qualify for this product. However, the following Wells Fargo Home Mortgage loans are not eligible: Reverse Mortgages; Commercial 1st Mortgage; Farm loans; FHA 2nd Mortgages; VA 2nd Mortgage; Piggy Back Mortgages; CNVN Insured and Uninsured 2nd Mortgages; HUD 2nd Mortgage; and loans that are in process or not yet fully funded.
But what does this mean for you?
Say you have $200,000 remaining in mortgage principal, and a fixed interest rate of 5.45%. Then lets say you spend $2000 on you credit card a month. With 25 years left on your loan, here is what your savings will look like:
Additional Features
- 0% for 6 months on purchases and balance transfers.
- No Annual Fee
- Customize your card
- Free online account access. View charges, transfer funds, make balance transfers, and more.
- My Spending Report. Track your expenses with this free online report that’s updated automatically.
- Payment options. You choose your monthly payment due date, and can also sign up for automatic or online payments.
- Alerts. Stay on top of your account activity with free email alerts when you approach your credit limit, a payment is due, and more.
*See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer’s web site where you can review the terms and conditions for your selected offer.
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