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IBD note: the main advantage of this card is that you can apply cashback to your mortgage principal and pay off the mortgage faster.
According to the BofA website, if $250 Home Advantage payments are applied to principal of a $160,000, 30-year, fixed-rate, 7.0% mortgage per quarter, one may save $15,604.67 and pay off the mortgage by almost 2 years faster.
Terms from BofA website:
These savings are based on a $160,000, 30-year, fixed-rate loan at 7.0% with extra Home Advantage principal payments applied quarterly starting in year one. Your actual savings will vary based on your pattern of qualifying purchases, your payments on your mortgage, and the terms of the Home Advantage program, which can be changed at any time.
You may redeem Points towards payments to your mortgage provider. Points may be redeemed in increments of 5,000. Each increment of 5,000 points will be converted into an equivalent value of $50 US Dollars. In order to take advantage of this redemption option, you must be enrolled in Online Banking, you must log onto www.fiacardservices.com/worldpoints and you must enter the requested information in the fields shown (this will include your mortgage account number, the name of your mortgage provider and the address and phone number of your mortgage provider). Payment will then be sent by FIA Card Services, N.A. to the mortgage provider you have indicated either electronically or by check within fifteen (15) business days. If a payment is rejected for any reason or does not clear within ninety (90) days from the date it was issued by FIA Card Services, N.A. to your mortgage provider, the payment will be considered void and the points used to obtain the mortgage reward will be reinstated to your account. FIA Card Services, N.A. cannot guarantee that your mortgage provider will accept payments from FIA Card Services, N.A. on your behalf. If your mortgage provider refuses to accept payment for any reason, we will notify you by mail. There is no limit to the number of mortgage reward redemptions you may complete each year. If an adjustment to your Points total, whether due to error, refund, credit or any other form of rescission causes you to receive more credit to your mortgage provider than you were otherwise entitled to, you agree you may owe FIA Card Services, N.A. the value of such excess. FIA Card Services, N.A. is not responsible for how the payment is applied to your mortgage account and cannot control whether payments will be applied to the principal balance on your loan or any other outstanding loan fees. Questions regarding the accrual of Points and the sending of payments to your mortgage provider will be resolved by FIA Card Services, N.A. Following the transfer of your mortgage rewards payment from FIA Card Services, N.A. to your mortgage provider, FIA Card Services, N.A. shall not be responsible or liable for the administration of this payment or items associated with your mortgage, which shall be the responsibility of your mortgage provider; any questions should be directed to your mortgage provider. It is your responsibility to ensure that payments made by FIA Card Services, N.A. towards your mortgage loan on your behalf do not violate the terms of your agreement with your mortgage provider. FIA Card Services, N.A. is not responsible or liable for any prepayment penalties that your mortgage provider may charge to your mortgage account. FIA Card Services, N.A. reserves the right to change or cancel this redemption option at any time.
