The HomeCard Company has said that HomeCard, which can help potential home buyers save for their down payments, will be made available to consumers in early 2010. The company said that consumers can earn up to 25% cash-back on everyday purchases which can be deposited into an interest bearing FDIC insured savings account to help speed savings for down payments or to fund home repairs.
HomeCard will be either a MasterCard® or Visa® card, and will be offered as a debit card, a secured credit card, or as a standard credit card dependant on consumers’ preferences and credit score.
Jack Loop, president and founder, said: “With some banks raising rates and fees for cards, we thought the time was right to launch a new cash-back card. It’s the first ‘ethical’ credit and debit card designed specifically to help consumers save for down payments, buy a home, get the right mortgage, and even get up-to-date information on how to retain and maintain a home.
“Buying and retaining a home is one of the most important financial and quality-of-life decisions a person or a couple makes. We started The HomeCard Company and invented the HomeCard to help ease the financial end of that decision by helping consumers earn along the way and give them a path that can lead to the American dream of owning and retaining a home.”
