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Regular Contributor
isisblue
Posts: 145
Registered: ‎08-28-2007
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Wells Fargo Home Rebate Card

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

Starting Score: EQ 433 12/2008
Current Score: EQ 649EX (LO Pull) 683 TU 663
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Senior Contributor
john398
Posts: 3,521
Registered: ‎01-19-2009
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Re: Wells Fargo Home Rebate Card

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/

Regular Contributor
MS00000000
Posts: 122
Registered: ‎03-01-2009
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Re: Wells Fargo Home Rebate Card

 


isisblue 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.

Regular Contributor
idmd
Posts: 194
Registered: ‎09-18-2009
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Re: Wells Fargo Home Rebate Card

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?
Established Contributor
KIPPIE12
Posts: 620
Registered: ‎05-09-2009
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Re: Wells Fargo Home Rebate Card


idmd 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.

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Regular Contributor
idmd
Posts: 194
Registered: ‎09-18-2009
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Re: Wells Fargo Home Rebate Card

[ Edited ]
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 :smileyhappy:
Regular Contributor
isisblue
Posts: 145
Registered: ‎08-28-2007
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Re: Wells Fargo Home Rebate Card

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

thanks for the info!


Starting Score: EQ 433 12/2008
Current Score: EQ 649EX (LO Pull) 683 TU 663
Goal Score: 700 12/11


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Established Contributor
Tazman81
Posts: 711
Registered: ‎06-23-2010
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Re: Wells Fargo Home Rebate Card


isisblue wrote:

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

thanks for the info!


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


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