Countrywide’s Credit Card Rewards Feature Enables Cardmembers to Pay Down Their Mortgages Faster; Rewards Fully Transferable to Friend, Family Member’s Countrywide Mortgage – Survey: 71 percent of cardmembers opting to redeem points to pay down their mortgage
Thousand Oaks, CA (Vocus/PRWEB ) November 27, 2007 — Countrywide Bank, FSB, the third largest federal savings bank in the U.S.¹ and a member of the Countrywide (NYSE:CFC) family of companies, today revealed the results of a survey of more than 2,000 of its customers who have a Countrywide Rewards℠ Visa® Card. According to the survey, 71 percent of respondents said they have saved money on their mortgage, or plan to use the principal reduction option, by using the card’s distinctive rewards feature.
“The results of this survey show that the majority of cardmembers are enjoying the benefits of the mortgage rewards feature² and they are well on their way to reducing their mortgage principal balance,” said Countrywide Bank Senior Vice President Ted Bowers. “As we approach the holiday season, we hope our cardmembers consider their mortgage rewards as a unique gift alternative for a family member or friend who also has a Countrywide mortgage.”
Launched in February 2007 with First USA³, the innovative Countrywide Rewards℠ credit card enables cardmembers to earn one point for every dollar spent on purchases and interest, with no point cap. Once cardmembers earn 2,500 points they can redeem them for a $50 payment applicable to any outstanding Countrywide mortgage principal balance, not just their own Countrywide mortgage.
“Countrywide Bank is known as a bank for serious savers who appreciate the fact that our efficient business model allows their money to work harder for them,” said Countrywide Bank Managing Director Michael Feldman. “I think the results of this survey indicate that our cardmembers are a lot like our deposit customers, in that they appreciate value and are smart about how they manage their finances. And the fact that we have rates among the highest in the nation on the 3-month, 6-month and 12-month CD, shows that we are dedicated to helping people save more of their hard earned money,” said Feldman.
Additional key findings that emerged from the survey include:
- Customers using the principal reduction reward feature are significantly more satisfied with the card than those using the other reward features available.
- Nearly half of Countrywide Rewards℠ Visa® cardmembers who have a Countrywide mortgage indicated they are more likely to keep Countrywide as a mortgage provider because of the card.
- More than one-third of customers closed out a previously held credit card after receiving the card.
Consumers may apply for the Countrywide Rewards℠ Visa® card by coming to one of more than 165 Financial Centers across the U.S., by calling 800-339-8216 or by visiting http://www.countrywidebank.com.
Survey Methodology
This survey was conducted online within the United States by Countrywide, between September 13 and 24, 2007 among 2,061 adults (aged 18 years and older).
About Countrywide Bank
Countrywide Bank, FSB, is a member of the Countrywide Financial Corporation (NYSE: CFC) family of companies. Countrywide Bank offers consumers highly competitive rates on certificates of deposit and money market accounts and, through its family of companies, also offers investment* and insurance products. Customers can review banking products and services, check rates on deposits, and apply for new accounts by phone, online, or at one of more than 165 financial centers located throughout the country. In addition, the company offers the same superior rates and unsurpassed personalized service to its business customers through its Premier Business Banking and Commercial Banking Divisions. For more information about Countrywide Bank, visit http://www.countrywidebank.com. Member FDIC. Equal Housing Lender.
*Countrywide Investment Services and Countrywide Insurance Services Products: Not FDIC Insured, Not Guaranteed By Any Bank, Not A Deposit, May Lose Value, Not Insured By Any Federal Government Agency
¹ Ranking is based on Second Quarter 2007 as reported by the FDIC.
² Cardmembers earn 1 point for each $1 of net purchases and 1 point for each $1 of interest. Cardmembers may receive double rewards when applying earned points to pay down the principal on an outstanding Countrywide mortgage. For every 2,500 points earned, cardmembers may receive a $50 payment to apply to the principal balance of a Countrywide mortgage. Points cannot be earned on balance transfers, cash advances, any checks that are used to access your account, travelers checks, unauthorized or fraudulent charges, or fees of any kind, including fees for products that protect or insure the balances of your account. There is no maximum number of points that a cardmembers can accumulate in the program. See Rewards Program Rules and Regulations, which will be mailed after the account is established.
³ First USA is the agent banking division of Chase Bank USA, N.A.
