GAMC issues Mortgage Equity Rewards credit card.

GMAC MORTGAGE, HORSHAM, PENNSYLVAnia, has announced the GMAC Mortgage Equity Rewards MasterCard[SM], a no-annual-fee Platinum Plus credit card issued by MBNA America Bank NA, Wilmington, Delaware. The card helps cardholders pay down their mortgage balance with GMAC Mortgage by applying equity awards directly to mortgage principal.

Cardholders earn one point for every dollar in net retail purchases charged to the card. Each time a cardholder accumulates 2,500 points, $25 is credited automatically to the cardholder's mortgage principal with GMAC Mortgage. There is no annual limit on points and no annual limit on how many equity rewards can be applied to the reduction of the mortgage principal. Redemption is automated and occurs once each quarter.

The GMAC Mortgage Equity Rewards MasterCard is offered at a 7.9 percent annual percentage rate (APR) and includes an introductory rate of 0 percent on cash-advance checks and balance transfers until April 2005, credit lines of up to $100,000 and more.