Update 6/23/20: It’s possible this offer is actually available to everybody (1,2). Would be good if American Express made the terms clearer if that is the case. Might be worth calling American Express first to confirm your eligibility.
The Offer
- American Express is offering some cardholders $2,500 if they refinance their home loan with Better.com
The Fine Print
- Must be used by October 28th, 2020
Our Verdict
We saw a similar offer with Quicken loans. I think you’re normally just better off going for the best rate rather than chasing these types of refinance offers. It’s interesting that American Express is offering multiple variants of basically the same offer. I’m guessing this is something that they are split testing and plan to have some sort of public offer in the future. One thing a card issuer like Chase has over American Express is the ability to cross sell to cardholders more profitable products such as home loans.
Hat tip to reader Joshua
Its back guys. its $2000 now.
William Charles
https://better.com/with/amex
Posted, thanks https://www.doctorofcredit.com/american-express-cardholders-2000-6000-for-purchasing-refinancing-mortgage-with-better-com/
Anyone redeem this offer lately?
TLDR: I received my money from AmEx/Better.com much sooner than expected! About 2 weeks after my loan was funded.
—
July 29th – Refinance Closed
August 3rd – Loan Funded
August 18th?? – Amex Statement Credit
My refinance ended up closing later than expected, but that was mainly for issues unrelated to Better.com. Oddly enough it said that the credit was posted to my account on July 17th, well before my loan actually closed but around the time I completed the task on Better.com’s dashboard. I know for a fact it had to have been credited between August 5th and August 18th.
Hmm, now that I’m seeing that the deal is dead. I’m guessing I received my credit earlier since they were processing everyone at the same time. :/
Application had to be submitted prior to July 25th and closing should be prior to Oct1st. Thankfully I had submitted on July18th so they applied the promo to my application.
Oh, great find Eric. Thanks. My closing was done last week and loan was funded on Tuesday. So looking for the credit soon.
Thanks for letting me know. Mine is yet to be received. They said it may take upto 8 weeks. Waiting patiently. !!
Hello, I am already locked in with Better (before the deadline) and about to close. Does anyone know what kind of amex cards they accept? For example I have an AmEx card through USAA….would that be eligible?
No, the card must be a consumer card issued by Amex. During the final tasks it should ask you to enter last 5 digits of card and includes the fine print of what Amex cards are acceptable.
This offer is dead. I was able to refi two properties and received credit on both.
How did the credit show up on your account? I closed about 3 weeks ago and am still waiting. Does it just appear as a -2500 transaction?
Yes it appears as a -2500 credit on your amex account. Both my credits showed up about 6 weeks after closing. It could take up to 8 weeks.
Refi 1:
May 16 – Rate Lock
May 18 – Conditionally approved
June 11 – Ready for closing email received
June 14 – Closing disclosure accepted
June 18 – Closing docs signed at home
June 24 – Funded
June 25 – Payoff confirmation received from curent lender
Aug 7 – $2,500 Amex Statement Credit
Refi 2:
May 27 – Rate Lock, Appraisal ordered
May 28 – Title report ordered.
May 29 – Appriasal completed
May 29 – Appriasal report received
June 1 – Appraisal cleared, title rpoert received.
June 2 – Title report cleared.
June 9 – Ready for closing email received
June 12 – Closing disclosure accepted
June 16 – Closing docs signed at home
June 18 – Funded
June 19 – Payoff confirmation received from curent lender
Aug 4 – $,2500 Amex statement credit
Has anyone tried asking Better to send the credit to an AU card? Someone I know who doesn’t have an Amex card clicked through the link with the hopes that they could use an AU card I add for them on my Amex account (so that the name on the mortgage app will match the name on the credit card). Any DPs on this?
Hi there – is the amex promo still running? I just submitted an application with BETTER.
Can this credit be applied to an Amex business card, or only personal?
I’ve got several grand on an Amex biz card with 0% interest. If I have to put the credit on a personal card, does Amex allow me to transfer credit or debt between personal and biz cards?
I requested an ACH transfer of my credit balance via the AMEX Chat Bot. It arrived in two days.
You could do the same and then just pay down your biz card.
Hi, do you have to receive the email offer in order to receive the $2500 credit? thanks.
no
I completed this offer with Better in April. Unfortunately locked my rate in late February before rates dropped a ton. I did get 4 bids from other Banks/credit unions…, Better was the lowest. Then with the $2500 it was a slam dunk. My closing costs were $2400 so I netted $100 and dropped my rate .5%. Got the $2500 on my Aspire card 4 weeks after close. It was a good experience.
What unfortunate? I did the same, rate dropped, I did it again. Netted even more. That is fortune.
Did you use this offer twice?