Countrywide Credit Card

Countrywide credit card is a discontinued credit card from Countrywide Financial Services.
 

   
This credit card was issued by FirstUSA and was not only available to Countrywide’s clients. Known as the Countrywide Rewards Platinum Visa, the credit card offered attractive features such as a rewards program and an introductory low interest rate.

A Countrywide credit card holder was given the opportunity to earn 1 point for every dollar s/he spent on purchases. These points could be accumulated for rewards starting from 2,500 points. The good news was there were no limitations on the amount of points a cardholder can earn. Furthermore, a 2% cash back was given to Countrywide credit card holders who chose to redeem points to their money market or savings accounts in Countrywide. Those who had existing mortgages could also choose to redeem points towards outstanding balances (with a promised 2% cash back). Accumulating 2,500 points meant a $50 payment towards a mortgage balance in Countrywide. Those planning to improve their homes were also given a chance to exchange half of their redemption amounts for a $25 check or $25 gift card from National. Those who didn’t have an account in Countrywide were also given 1% cash back, which can be redeemed through the check or the gift card.

As an introductory promo, the Countrywide credit card offered 0% APR for the first 12 billing cycles. Balance transfer was also allowed, with a transaction fee of 3% of the amount or a range between $5 and $75. The card also did not have an annual fee. Because of these convenient features, the Countrywide credit card became one of the top mortgage payment credit cards in the United States.

In the first quarter of 2009, Bank of America’s acquired Countrywide Financial. Since First USA was owned by Chase, the decision to discontinue the Countrywide credit card was made. Letters were sent to cardholders in February 2009 stating that the relationship between Countrywide and First USA has concluded and that the Countrywide credit card was now being replaced by the Chase Freedom credit card. Though this still depended on the creditworthiness of the cardholders, it didn’t leave them in confusion. They were given a month to continue using their Countrywide credit card and to redeem rewards from Countrywide’s Rewards Program. If they were qualified for the Chase Freedom credit card, they will be allowed to use the same account number and to transfer all remaining balances to their Chase card. No other conditions were included in the letter.


  

Source: Credit Cards For People With Bad Credit Rating


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