Wells Fargo Home Rebate Card

[Anonymous]

Has anyone heard anything or used this particular card from Wells Fargo? thoughts? Get rewarded for using your credit card! Earn a 1% rebate on your net purchases towards the principal balance of your eligible Wells Fargo mortgage loan when you make purchases with the Wells Fargo Home Rebate Card

[john398]

I see it says:

Get rewarded for using your credit card! Earn a 1% rebate on your net purchases towards the principal balance of your eligible Wells Fargo mortgage loan when you make purchases with the Wells Fargo Home Rebate Card.

I wonder if current wells fargo home loan people can get credits towartds there home

link: https://www.wellsfargo.com/credit_cards/home_rebate/

[MS00000000]

---

@Anonymous wrote:
Has anyone heard anything or used this particular card from Wells Fargo? thoughts? Get rewarded for using your credit card! Earn a 1% rebate on your net purchases towards the principal balance of your eligible Wells Fargo mortgage loan when you make purchases with the Wells Fargo Home Rebate Card

---

I have a Wells Fargo mortgage and considered this card when I recently decided to apply for a few more cards. There is a savings calculator on their site where you can estimate what you'd save, how much it would shave off the end of your loan, etc. When I crunched the numbers, it seemed that over a 30 year period of this kind of savings at 1%, I would not reduce the amount of the loan by enough to justify this card over other rewards cards with bigger savings. It may be more worthwhile for people with shorter mortgages and higher spending, but it didn't look like a good option in my situation.

Also, the rewards are limited to a mortgage rebate. Other cash back rewards cards of 1% allow you to use that 1% on anything, your mortgage or whatever, and you see the tangible rewards more obviously than you might if it only applied to the mortgage. And it's possible to get more than 1% in cash back rewards on other cards as well.  In most cases, if your interest rate on your mortgage is low enough, you'd be better served by using your rebate/rewards in another way, IMO.

[Anonymous]

My other question is what happens if WF sells your mortgage? Since April 2010 I've been sold twice. I'm finally now with WF but who knows next month?

[KIPPIE12]

---

@Anonymous wrote:
My other question is what happens if WF sells your mortgage? Since April 2010 I've been sold twice. I'm finally now with WF but who knows next month?

---

I've been with Wells for 2 years now, and i'm glad they haven't sold me off.  I, unlike some, really like Wells Fargo. They have been great to me in servicing of my mortgage.They have also been responsible with my escrow disbursements when they are due. Not much care for the card side of Wells, but their mortgage services are great up to this point.

[Anonymous]

I have no problem with WF as a servicer of my mortgage. I just think in this day and age of bundling and selling mortgages that anyone who would want this card is taking a strange risk. I'd almost guarantee that next piece of mail I opened after receiving this card would be a letter from WF telling me they sold my mortgage

[Anonymous]

ah doesn't matter anyway now, I got declined.  They gave me a mortgage, but no card how funny!

thanks for the info!

[Tazman81]

---

@Anonymous wrote:

ah doesn't matter anyway now, I got declined.  They gave me a mortgage, but no card how funny!

thanks for the info!

---

Sorry to hear about the decline...  did they say why?