Fairway Home Mortgage borrowers now have the opportunity to earn rewards on their mortgage payments with the newly launched Made Essential Visa Signature Preferred Card. This card, offered by Made Card, a New York-based financial technology company, allows cardholders to earn rewards on everyday spending, home-related expenses, and mortgage payments. The rewards can be redeemed towards the borrower’s home loan with Fairway, as well as future refinances or purchases with the lender. While anyone can apply for the card, only Fairway Home Mortgage borrowers can redeem rewards towards these specific options.
The Made credit card stands out as a rare offering that allows users to earn rewards on mortgage payments without any additional fees. Similar products are available from companies like Mesa and Bilt.
Here’s a closer look at the benefits of the Made credit card:
How the Made credit card works
Cardholders do not use the Made card to make direct mortgage payments. Instead, they need to link their mortgage with Fairway or through Plaid, a third-party service. In order to earn rewards on mortgage payments, users must also use the card for spending in other categories.
Rewards
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3X points per $1 on gas, EV charging, groceries, and utilities (up to 30,000 points per calendar year).
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2X points per $1 on home improvement, home maintenance, and furniture (up to 20,000 points per calendar year).
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1X point per $1 on all other purchases.
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Bonus “mortgage matching” points: Earn 1 point for every dollar spent on purchases towards your mortgage payments, capped at the monthly amount of your mortgage payment.
For example, if your monthly mortgage payment is $2,000 and you spend $1,500 on groceries, you’ll earn 4,500 points on groceries (3X rate) and 1,500 points towards your mortgage through mortgage matching.
To qualify for mortgage matching, the mortgage account must be for your primary residence, and you must be the owner of record on the property.
🤓Nerdy Tip
Check if you’re preapproved on the More website without affecting your credit scores. Your credit scores may only be impacted when you officially accept an offer, as is typical with most credit card applications.
Redemption options
Points can be redeemed in various ways, including:
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Cash back towards your Fairway mortgage.
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Towards closing costs on future Fairway refinances or purchases.
Mortgage redemptions provide the best value at 1 cent per point, while points are worth 0.8 cent each towards gift cards and 0.7 cent each for statement credit. Points do not expire as long as the account is open, active, and in good standing.
In addition to these benefits, the Made credit card offers perks such as two complimentary preventative HVAC maintenance visits per year, an air conditioning filter credit, a 24/7 repair hotline for emergencies, access to pre-screened service providers, and exclusive deals on home-related services or products. Cardholders may also receive special incentives like card-linked offers with select merchants.