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Countrywide Visa Rewards Credit Card Offers 2% Cashback On Everything

Published 6/27/08 (Modified 12/19/13)
By MoneyBlueBook

Editor's Note: Thank you for your interest, these offers have expired and are no longer available.

Countrywide Bank is currently offering the Countrywide Rewards Platinum Visa Card for a remarkable 2% cash back on all purchases. Very few other credit card offers come close - except maybe the similarly advertised 1.5% cash back Fidelity Visa Signature Card. Most other top value cash back credit cards restrict higher rebates to special purchase categories such as grocery stores, gas stations, and restaurants. This card's one of the best non-restrictive purchase cards out there.

The only caveat is that to get the high 2% cash back rebate, you'll need to redeem your rebate points as a deposit to your Countrywide savings account, money market account, or as a payment towards a Countrywide mortgage loan. With the offer, you'll receive 1 purchase reward point for every $1 you spend using the credit card. Everytime your rebate balance reaches 2,500 points, you can redeem your points for an instant $50 Countrywide bank deposit or mortgage payment - essentially a 2% cash back offer.

This offer is basically your base 1% cash back offer for non Countrywide bank account holders with an additional special bonus rebate on top for those who are. With the standard purchase offer, you only get 1% back, redeemable for gift cards to a participating merchant of your choice, or a $25 check to use towards home improvement and related supplies. But if you are a Countrywide bank or mortgage customer as well, you'll get double the rewards, effectively. There is no annual fee, and best of all for high credit card spenders, there is no cap or limit to the amount of rewards you can earn.

While the card has been around for some time in one form or another, it wasn't until relatively recently that the Countrywide Platinum Visa started to allow customers to redeem points as a savings account deposit as well - becoming a true cash back credit card. Before the switch, the card was just one of those real estate mortgage payment credit card offers.

Take Advantage Of The Max 2% Cash Back Offer With A Countrywide Savings Or Money Market Account

As a credit card buff, I'm always on the prowl for new credit card bonus rewards and purchase rebate offers. I didn't pay much attention to this credit card offer (since it was just another 1% rebate credit card to me) until I recently opened a Countrywide SavingsLink account so I could write a review about the company's interest rate offerings. I was personally able to open a Countrywide savings account instantly with no hard credit check performed. If you're an interest rate chaser, it's hard to beat a consistent performer like Countrywide. Countrywide Bank has historically offered very high APY interest rates for its interesting bearing savings and money market services. In my regularly updated list of the best high yield savings accounts, I have consistently listed Countrywide Bank as a top performer for its high rate of return for account holders and reliability in offering fast ACH transfer services for those with multiple linked bank accounts. For the high yield SavingsLink, there is a $1,000 minimum balance to open and you'll need at least $10,000 to get the highest APY rate. For those of you who maintain less than $10,000 in your savings account, there are better choices elsewhere.

Converting An Existing Chase (First USA) Credit Card Into The Countrywide Visa Platinum Card

Since I try my best to keep my FICO credit score rating high, I would rather not recklessly submit an application for a new credit card offer unless I had no other option available to me (new credit card applications ding your credit score ever so slightly everytime). Therefore, I turned to my existing portfolio of cards instead. Since the Countrywide credit card is currently being run by Chase (First USA) card services, I was able to call in and convert an old Chase branded Platinum Visa card into the new Countrywide Visa Platinum Card. Keep in mind, this type of conversion without a new card application is only possible if you have a current Chase or First USA credit card with either the Signature or Platinum designation.

What Will Happen To Countrywide Banking Services With Bank Of America's Upcoming Acquisition?

It wasn't too long ago that Countrywide dodged the bankruptcy bullet due to heavy involvement in the subprime mortgage loan mess. With its pending acquisition by Bank of America still being processed and Bank of America already having indicated that it intends to operate Countrywide separately under its existing Countrywide name for at least until 2009, there remains speculation as to what will become of the current line of Countrywide products. One possibility is that the 2% cash back Countrywide credit card will get serviced by Bank of America. But it's also possible that the program might get shifted onto another card provider like American Express. I'm just speculating at this point, by the way. When Bank of America acquired MBNA, it took the pre-existing 2% rebate MBNA Fidelity 529 Mastercard and hammered it into a new American Express card with a lower 1.5% rebate offer. However and very importantly, existing cardholders were allowed to keep and maintain their old 2% rebate offer as is.

Changes are definitely going to come, but if you are willing to take a little bit of chance, you might be able to secure yourself a great 2% reward card good towards all purchases. How Bank of America plans on integrating or modifying the Countrywide bank account redemption portion of the current offer is a good question. If you're not willing to take the leap and roll the dice, you might want to consider going with a more predictable and less drama-filled cash back credit card program.

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6 Responses to “Countrywide Visa Rewards Credit Card Offers 2% Cashback On Everything” 

  1. Philsq says:

    Hey, I thought you might want to know that there appears to be a better 2% option out there. Check out (link). They have a 2% card as well. I do not think there are any catches with the card (no required savings account etc.) Household bank was recently acquired by HSBC, and this 2% card has already survived (or been added due to) the acquisition. The only drawback, according to posters on fatwallet.com, is that the card tends to grant low credit limits of around $2,000 - at least initially.

  2. Raymond says:

    If the $2,000 credit limit is accurate...that's a major bummer. That's almost like a student credit card then. Thanks for the tip though!

  3. Carolyn Schneider says:

    First USA has notified me that my Countrywide charge plate shall be taken over by them and my rewards of 1,119 will be lost, I can't seem to find the site to the reward information because I don't want to lose them. can you help!

  4. Amanda says:

    Countrywide was taken over by Chase and they don't offer the 2% rewards anymore and you have to accumulate 10,000 points for them to send you a $100 check. The only reason we switched cards and got the Countrywide card was for the $50 towards our mortgage. The transition was poorly done as well. I just went into my account one day and the info wasn't there and I had to call and get it activated on Chase's website.

  5. Jim Landgrebe says:

    I had much the same experience. I was not aware of the transition terms which resulted in the elimination of a 1% matching reward when credited toward my mortgage. Two Chase credit cards recently showed up in the mail with the Countrywide account numbers on them and I set them aside in a safe place (not realizing that they were replacing my Countrywide cards). It was only when I called to find out how to credit the points toward my mortgage that I was informed of the change in the card's terms. The lack of knowledge on my part resulted in my $350 "reward" becoming $175. I am very irritated and hope that a class action suit will be forthcoming.

  6. bert says:

    Fidelity will give you 2% rewards towards your college savings account
    "Fidelity�� Investment Rewards�� American Express�� Card"
    http://personal.fidelity.com/products/checking/content/amex_rewards_card.shtml.cvsr?showcard=all

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