San Francisco - May 29, 2013
Wells Fargo Home Mortgage customers with a Home Rebate CardSM have used their rewards to automatically pay down $50 million in mortgage balances since the card’s launch in 2007.
Virtually every purchase a customer makes with the card counts toward rebates credited to the principal on their Wells Fargo Home Mortgage loan. These rebates are applied automatically in $25 increments until the mortgage loan is paid off. The rebate can help customers potentially reduce their long-term mortgage interest by thousands of dollars and lower the number of their remaining payments on fixed rate loans. For example, a cardholder with a $150,000 mortgage who spends $1,500 a month on the Home Rebate Card could shorten their payment schedule by more than one year.
"The card is just one example of how we help customers make smart use of their money and achieve their financial goals," said Beverly Anderson, head of Wells Fargo’s Consumer Financial Services group. “The Home Rebate Card provides a way for customers to manage day-to-day spending while automatically paying down what is likely their largest debt – their mortgage."
The Wells Fargo Home Rebate Card is protected by the Zero Liability program, which provides cardholders with zero liability if their Wells Fargo Credit Card, ATM Card or Check Card are lost, stolen or used without authorization and cardholders promptly notify Wells Fargo.
Free Credit Management Tools Wells Fargo is committed to providing customers with the tools and resources they need to succeed financially - including responsibly managing their credit. For example, the Smarter CreditTM Center is a free site that contains articles and videos about how to establish, improve, protect, and obtain credit. It also provides information about ways to reduce debt. Cardholders who have Online Banking access can also sign up for Rapid Alerts, which notify customers by text notification of certain transactions, including declined transactions; gas charges at the pump; foreign transactions; cash withdrawals at ATMs; online withdrawals; online, phone, or mail purchases; and purchases exceeding a set amount.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.