Fairway home mortgage borrowers now have a way to recoup some of the value in their mortgage payments.
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The $0-annual fee made essential Visa Signature Preferred card—recently launched by MedCard, a New York-based financial technology company—will earn rewards on everyday spending, household expenses, mortgage payments and more. The card is integrated into the mortgage process, so rewards can be redeemed towards your home loan with Fairway, but also towards future repayments or purchases with the lender. You don’t have to be a Fairway Home Mortgage borrower to apply, but you do need to be one to qualify for these options.
A credit card that lets you earn rewards on mortgage payments — without fees or surcharges on those payments — is rare but not unheard of, thanks to products from companies like Mesa And Bullet.
Here’s a closer look at what the MedMed credit card has to offer.
How the MedMed Credit Card Works
You don’t use MedCard to pay your mortgage directly, but you will need to link your mortgage to Fairway or Via. Plaid (a third party service). The important thing is to earn anyone Rewards On your mortgage, you’ll also need to spend in other categories with the card.
Rewards
3x points per $1 on gas, EV charging, groceries and utilities (up to 30,000 points per calendar year).
2x points per $1 on home improvement, home maintenance and furniture (up to 20,000 points per calendar year).
1x point per $1 on all other purchases.
Bonus “Mortgage Matching” Points: For every dollar spent on purchases, you’ll earn 1 point toward your mortgage payments (including taxes, HOA fees and other escrow payments). Mortgage points are locked into your monthly mortgage payment.
For example, if your monthly mortgage payment is $2,000 and you spend $1,500 on groceries during the billing cycle, you’ll earn 4,500 points on groceries (3x rate), plus 1,500 points on your mortgage through mortgage matching (you had $500 to spend before you hit the $2,000 cap).
To qualify for a mortgage, the mortgage account must be for your primary residence, and you must be the owner of record on the property.
🤓Nerve tip
On the More website, you can see if you are preapproved With no initial impact on your credit score. (It’s not until you officially accept the offer that your credit scores may drop temporarily, as is common with most credit card applications.)
Redemption options
You can redeem your points in several ways:
Cash back towards your Fairway mortgage.
Towards closing costs on future fairway renewals or purchases.
Mortgage Redemption offers the best value at 1 percent per point. Points are worth 0.8 percent toward gift cards, and 0.7 percent each toward statement credit.
Points do not expire as long as the account remains open, active and in good standing.
Other benefits
Med Med Credit Card also offers the following facilities:
Two complimentary preventive HVAC maintenance visits per year.
Air conditioning filter credit.
24/7 repair hotline for system and equipment emergencies.
Access to pre-screened service providers.
Special home service or product deals.
Occasionally, the card may have other benefits, such as offers linked to the card when you make qualifying purchases at select merchants.
