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, Calif., Nov. 27 /PRNewswire/ -- 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(SM) Visa(R) 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 feature(2) 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 USA(3), the innovative Countrywide
Rewards(SM) 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(SM) Visa(R) 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(SM) Visa(R) 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.
SOURCE Countrywide
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Related links:
http://www.countrywide.com
http://www.countrywidebank.com/
CONTACT:
Countrywide Media Hotline, 1-800-796-8448,
pressroom@countrywide.com
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