GMAC Mortgage Corp. announced this week that a credit card issued by MBNA America Bank will help cardholders pay down their mortgage balances with GMAC Mortgage.
Cardholders of the GMAC Mortgage Equity Rewards MasterCard will earn one point for every dollar in net retail purchases charged to the card. Each time a cardholder accumulates 2,500 points, $25 will be credited to the cardholder’s mortgage principal with GMAC Mortgage.
There is no annual limit on points and no annual limit on how many equity rewards can be applied to the reduction of mortgage principal. Redemption is automated and occurs once each quarter.
The card is offered at a 7.9 percent annual percentage rate and has no annual fee.
GMAC is among the nation’s top 10 residential mortgage servicers and originators. MBNA is an international financial services company providing lending, deposit and credit insurance products and services.
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