Credit card issuers are trying hard to find new ways to generate revenue.
After all, credit cards delinquencies are near historic lows, cardholders are paying down their debt, and add-ons like insurance and payment protection have withered under close scrutiny.
Discover is trying to use their base of credit card customers to jump-start their mortgage business which they began in June of last year.
Now through April 16, Discover cardholders can receive five percent cashback by using their Discover card to pay for the appraisal deposits on a home purchase through Discover Home Loans. The money will be deposited into the cardmember's account within two billing cycles.
Discover Home Loans is offering some additional rewards:
- If a cardholder uses a recommended personal real estate coordinator and earn up to $3,100 in cash rewards and discounts.
- If Discover Home Loans isn't ready to close a home purchase on time, cardholders will receive a $1,000 credit toward the closing costs credited to their account.
- Returning customers receive up to a $2,000 credit toward lender origination fees.
