Credit Cards

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Saturday, September 15, 2007

New Card Added: The Home Advantage World MasterCard

Citi® Credit Cards
Citi® Credit Cards
Recently added a new Bank of America card: The Home Advantage World MasterCard® with WorldPoints® Rewards. This card is similar to the Citi® Home Rebate Platinum Select® MasterCard in that accumulated rewards dollars are used to pay down a cardholder's mortgage balance.

I like these two cards. As long as the cardholder can pay his or her entire balance in full at the end of each month, these cards can really help homeowners improve their mortgage situation and, by extension, their finances in general. By paying down a mortgage balance with extra payments, or in this case with accumulated rewards dollars, homeowners can:

  • Build home equity faster. This is crucial in the current U.S. real estate environment. The more equity you have in your home, the less likely you are to run into problems if at some point you want to sell, refinance, or get a second mortgage (a home equity loan or a home equity line of credit.) FYI: a number of experts have recently predicted that the American real estate environment won't improve until 2009.
  • Lower the total amount of interest that will be paid on the loan. If you take the example of a $250,000 mortgage with a 30 year term and a typical interest rate, the savings can be in the many thousands of dollars. It's amazing how these things add up over time!
  • Payoff a mortgage faster. This is optimal for anyone with a mortgage, but especially optimal for homeowners who plan on using the equity in their home to help fund retirement.

Currently, the fee for transferring credit card balances to the Bank of America Home Advantage MasterCard is 3%, with a minimum of $10 and no maximum. However, the card offers a 12 month, 0% Introductory Annual Percentage Rate (APR) on Balance Transfers and Cash Advance Checks.

With the Citi® Home Rebate card, you can transfer credit card balances at 0% Intro APR for 12 months, and, currently, you don't have to pay a balance transfer fee for the initial balance transfer.


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