Direct mortgage lender Ditech.com has released a new MasterCard credit card with a rewards scheme that allows customers to pay down their mortgage balance with every qualifying purchase.
The Ditech.com Equity Rewards MasterCard credit card is exclusively available to qualified Ditech.com customers. Cardholders earn one point for every dollar in net retail purchases charged to the card. Each time a cardholder accumulates 2,500 points, they qualify for a $25 reduction of principal on their mortgage with ditech.com.
There are no annual limits on points or on how many rewards can be applied to reduce mortgage principal. Points are redeemed automatically, and rewards are applied once a quarter.
Ditech.com, which is a business unit of Residential Capital, said that its new card offering complements the GMAC Mortgage Equity Rewards MasterCard credit card, which was released in 2004. Residential Capital is a business unit of GMAC-RFC.
With the Ditech.com Equity Rewards MasterCard credit card, your money works smarter, said Richard Powers, general manager of Ditech.com. Consumers want an alternative to the traditional credit card reward programs. Airline miles are nice, but the ability to pay down the principal on their mortgages is even better. It gives our mortgage customers even more control over their personal finances.