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Wells Fargo is closing its Wells Fargo Home Rebate Card to new applicants. The card's signature feature is a rewards program that allows customers to reduce their Wells Fargo mortgage principal. Cardholders earn rewards of 1% on all purchases; each time the rewards balance reaches $25, it can be applied to the cardholder's mortgage.
“To simplify our product offerings and provide more value to our customers, we are in the process of retiring the Wells Fargo Home Rewards credit card, and are no longer actively marketing this option,” says Jason D. Menke, a spokesman for Wells Fargo credit cards. “Customers can continue using their Wells Fargo Home Rebate Card for the foreseeable future.”
Wells Fargo is offering an alternative with the Wells Fargo Cash Wise Visa® card, which offers 1.5% cash back and comes with a sign-up bonus that offers the potential for even more money back. Further, new cardholders can earn 1.8% cash back on qualified digital wallet purchases in the first 12 months. The annual fee is $0.
If you have Wells Fargo bank accounts, you have many ways to redeem your rewards easily — including applying them to your mortgage principal. “The Wells Fargo Cash Wise Visa® card allows customers to redeem their rewards points toward their qualifying Wells Fargo mortgage loan, and provides greater value on purchases than the Home Rewards card,” Menke says.
You can also redeem rewards for cash in $20 increments with your Wells Fargo ATM or debit card or deposit the rewards into your Wells Fargo checking or savings account. Wells Fargo’s Earn More Mall offers bonus rewards for shopping at select online stores, such as Under Armour, Kohl’s and J. Crew. The bank's rewards program also lets you redeem for merchandise, travel, gift cards and more.