A Brand-New Credit Card Lets You Earn Cash-Back Rewards on Your Mortgage

Homeowners seem to be the next battleground for rewards card issuers, from Bilt Rewards planning to introduce mortgage-earning features early next year to the Mesa Homeowners Card that launched in late 2024.

Now, another card is entering into the space: the Made Essential Visa Signature Preferred Card.

Created by NYC fintech Made Card in partnership with Fairway Home Mortgage, this new card and platform promises to streamline (and reward) part of the homeownership experience.

With no annual fee and 1x points on mortgage payments, the card sounds interesting on paper. But how does it actually work? Here’s what you should know.

Made Card Overview

The brand-new Made card launched yesterday, November 20, and is available to new applicants online.

This Visa credit card charges no annual fee, and the approval process is straightforward. You can complete a quick online application to see if you’re preapproved without affecting your credit score. If you choose to move forward and open the account, your credit may be impacted by a hard inquiry on your credit report. However, there’s no penalty for walking away after the preapproval check.

Applicants who decide to open the account will get access to a virtual card number to start spending immediately, though their physical cards should arrive within 7 to 10 business days.

Downloading the Made app (iOS) will allow you to manage your account and rewards. From there, you can link the existing bank account you use to pay your mortgage via a secured Plaid link.

How To Earn Points

You’ll earn “points” with this card, but what you’re really earning functions like cash-back rewards. At the time of launch, the Made card only offers redemptions for gift cards, cash-back to your bank account, and a statement credit on home expenses. Here are the earning rates:

• 3x points on gas, EV charging, groceries and utilities (up to $10,000 per year, then 1x points)
• 2x points on home improvement, home maintenance, and furniture (up to $10,000 per year, then 1x points)
• 1x points on mortgage payments, including taxes, HOA, and other escrow payments
• 1x points on all other eligible purchases

According to the fine print, points can be “redeemed for rewards as may be available from time to time and as determined by Made Card in its sole discretion,” and “the standard redemption value may vary and is subject to change.”

Upgraded Points confirmed with Made Card that the rates — at the time of writing — are 0.7 cents per point for statement credit, 0.8 cents per point for gift cards, and 1 cent per point toward closing costs and rate buydowns with Fairway Mortgage. Remember, though, that the rates or redemption options can change at any time.

In addition, the Made card comes equipped with purchase protection, extended warranty protection, return protection, price protection, and travel and emergency assistance.

Final Thoughts

The new Made card launches at a time when Americans are dealing with higher costs of living than ever. However, the card’s rewards are limited to cash-back, and redemption values can vary, so it’s worth comparing your options before deciding whether to apply for this card.