As homeowners continue to express their desire to pay down debt and focus on saving for the future, Wells Fargo & Company has expanded its Wells Fargo cash back card program to give eligible customers the ability to pay down their home equity principal.
Customers can choose to automatically apply cash rewards to their eligible Wells Fargo checking and savings accounts, or pay down their personal lines and loans. They can also request their cash rewards in the form of a check or a credit to their credit card statement. Further, customers can pay down their Wells Fargo home mortgage with the Wells Fargo home rebate card.
Since 2007, when the company introduced its Wells Fargo home rebate card, nearly $10.5m has been applied to the principal on Wells Fargo home mortgage loans. Virtually every purchase customers make with their Wells Fargo cash back card or Wells Fargo home rebate card counts toward a 1% rebate. The rebate will be applied automatically to the selected account in $25 increments, and there will be no cap on the amount of rebate customers can earn.
Peter Ho, product manager at Wells Fargo, said: “The Wells Fargo cash back card and Wells Fargo home rebate card are designed to reward our customers for their day-to-day spending, while helping them pay down their debt and save for the future. Customers are getting savvier about their money. They want to become financially successful and Wells Fargo has the products and services that can help.”
