Mortgage lender Paramount Residential Mortgage Group (PRMG) has launched a co-branded bank card with fintech firm Mesa.
The Mesa Homeowners Card is noteworthy as a result of it permits cardholders to earn factors on their month-to-month mortgage funds.
No different bank card corporations can help you make a mortgage cost, not to mention earn factors for doing so.
That’s the most important draw of this new card, however the way in which it really works is moderately unorthodox so concentrate.
As well as, that you must spend not less than $1,000 on the cardboard outdoors the mortgage every month to truly earn the factors.
PRMG’s Mesa Householders Card Rewards You for Paying the Mortgage
From what I can see, this new PRMG co-branded Mesa Householders Card isn’t any completely different than the default model.
The press launch merely states “PRMG purchasers can have entry to an unique, personalized model of the Mesa Householders Card.”
Maybe that simply means having the PRMG brand on the entrance of the cardboard?
Aside from that, it says it options all the identical advantages of Mesa’s flagship card, and upon studying via the phrases and situations I couldn’t discover something distinctive right here.
That apart, this card works like the usual model in that it rewards you for making mortgage funds every month.
However as an alternative of truly paying the mortgage with a credit card, you hyperlink your checking account with the Mesa app to confirm the existence of your mortgage account.
And most significantly, the mortgage quantity you enter through the card software course of determines your eligible rewards.
So be sure you enter the best mortgage cost you make (just one mortgage is eligible assuming you’ve gotten a number of mortgages).
From there, there’s no must pay your mortgage with the Mesa Householders Card. And for that matter, you may’t anyway!
PRMG Credit score Card Perks for Householders
However so long as you spend $1,000 elsewhere every month utilizing the cardboard, you’ll earn one Mesa Level per $1 in your month-to-month mortgage cost, as much as 100,000 factors yearly.
For instance, when you’ve got a month-to-month mortgage cost of $3,000 and enter it into the applying, then spend not less than $1,000 through the cardboard, you’ll earn 3,000 Mesa factors.
Do that for all 12 months of the yr and also you’ll earn 36,000 factors only for the mortgage, plus the factors for the opposite spending.
Talking of, the cardboard earns 3X Mesa Factors on house enchancment, decor, upkeep, utilities, and daycare.
And 2X on on a regular basis purchases, together with groceries, fuel, EV charging, and so forth., together with one level on different spend. So it’s a good card earnings category-wise, all with no annual price.
Nevertheless, they’ve restricted redemption choices proper now, so different playing cards may nonetheless be a greater match.
Wait to Apply After Your Mortgage Closes!
The PRMG co-branded model of the Mesa Householders Card is now accessible to all certified PRMG purchasers.
However one humorous factor within the press launch is that they do inform potential prospects to attend to use for the cardboard after closing on their house buy when working with a PRMG mortgage officer.
Why? As a result of it’s a no-no to apply for new credit during the home loan process as it could jeopardize your software.
The very last thing you’d need is to get denied a mortgage since you tried to open a bank card earlier than your mortgage funded.
That is good recommendation from PRMG and actually applies to some other bank card or new line of credit score through the mortgage course of. Simply wait to keep away from any undesirable surprises!
For the report, PRMG is a mid-sized mortgage lender that does most of its enterprise within the states of California and Oregon.
Maybe different mortgage lenders will even open co-branded Mesa bank cards sooner or later as properly?
Earlier than creating this website, I labored as an account government for a wholesale mortgage lender in Los Angeles. My hands-on expertise within the early 2000s impressed me to start writing about mortgages 19 years in the past to assist potential (and current) house consumers higher navigate the house mortgage course of. Observe me on X for warm takes.