Press Release

Consumers with Rewards Cards Not Reaping Full Benefits

Minneapolis, MN - December 7, 2006 -

Survey Reveals 41 Percent of Rewards Cardholders Rarely or Never Redeem Credit Card Reward

While over 50 percent of respondents in a recent national survey of American consumers reported having at least one or two rewards credit cards, more than 41 percent of these reward cardholders either rarely or never even bother to use their rewards. The results of the national survey sponsored by GMAC Mortgage also indicate that traditional rewards programs, such as airline miles, are losing steam as only 13 percent of all respondents in the survey ranked airline miles as valuable. 

"The results of this national survey send a loud and clear message that consumers are looking for a more compelling option when it comes to credit card rewards programs," said Mike Piazza, vice president at GMAC Mortgage.  "Many consumers have reward cards, but the value of those cards is reduced when it comes to redeeming their rewards points. There is a lot of hassle value associated with trying to redeem miles or points."

The GMAC Mortgage survey also revealed that nearly one in four rewards cardholders would use their rewards more often if it were easier to redeem their points. Seven percent of the rewards cardholders categorized the value of their credit card rewards as worthless and do not even bother with them. The recent survey of 3,000 Americans was conducted by market research firm Harris Interactive, on behalf of GMAC Mortgage.

The recent release of the ditech.com Equity Rewards MasterCard along with the existing GMAC Mortgage Equity Rewards MasterCard are two examples of rewards programs that give consumers a different option when it comes to credit card rewards programs. Exclusively available to GMAC Mortgage and ditech.com mortgage customers, these Equity Rewards cards allow users to pay down their mortgage with each qualified retail purchase. Users earn one point for every dollar in net retail purchases charged to the card, and when they accumulate 2,500 points, they will receive an automatic principal reduction of $25 on their GMAC or ditech.com mortgage. There are no restrictions on the number of points that can earned and redeemed on an annual basis.

To apply for the GMAC Mortgage Equity Rewards MasterCard credit card, call 1-800-821-8758 and mention priority code L4W0 or apply online at http://www.newcardonline.com and enter priority code C08P. To apply for a ditech.com Equity Rewards MasterCard credit card, call 1-800-821-8758 and mention priority Code MB3R or apply online at http://www.newcardonline.com and enter priority code MB36.

About GMAC Mortgage
GMAC Mortgage, LLC is among the nation's top ten residential mortgage originators and servicers. The company originates first and second lien residential mortgage loans through a nationwide network of 300 retail offices, direct lending centers, and Internet sites, http://www.gmacmortgage.com and http://www.ditech.com. GMAC Mortgage is an indirect subsidiary of GMAC ResCap (Residential Capital, LLC), a leading real estate finance company with diversified businesses covering the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization in the secondary market. GMAC ResCap (http://www.rescapholdings.com) is an indirect wholly owned subsidiary of GMAC LLC.

Back to Press Releases