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The nation's largest home lender is ramping up marketing of a credit card that has helped customers eliminate $50 million of mortgage debt.
June 5 -
Christopher Whalen of Carrington Holdings on the coming evolition of the mortgage market.
November 21 -
After enjoying strong growth in its credit card business in 2012, Discover Financial Services is investing some of those returns in a more diverse range of products.
December 20
JPMorgan Chase (JPM) has distributed close to $90 million to customers through a rewards program for those who have both a checking account and a mortgage with the bank.
The program, established four years ago, offers customers 1% back, either in cash or applied against the principal of their mortgage, when they set up automatic monthly mortgage payments from a JPMorgan Chase checking account. The bank said Thursday that its Mortgage Cash Back program has paid out $37 million so far this year and $87 million to roughly 368,000 borrowers since it was established four years ago.
"We want our customers to know how much we value their business," said Kevin Watters, the bank's chief executive of mortgage banking. "That's why our Mortgage Cash Back program rewards customers who have both their mortgage and checking accounts with us."
Few banks offer rewards programs that let customers reduce the principal of their mortgage. Since 2007, Wells Fargo (WFC) has