Mr. Cooper Home Rewards Card Frequently Asked Questions
Applying for the Mr. Cooper Home Rewards Card®
Who is issuing my Mr. Cooper Home Rewards Card?
The Mr. Cooper Home Rewards Card and Rewards Program are issued and maintained by Banco Popular de Puerto Rico. You will apply for the card with Banco Popular, and Banco Popular will determine whether you are approved for the card. Your monthly credit card statement will come from Banco Popular and you will make credit card payments to Banco Popular. Banco Popular will send any rewards you earn to Mr. Cooper, and your rewards will be applied to the unpaid principal balance of your Mr. Cooper mortgage.

How can I apply for a Mr. Cooper Home Rewards Card?
You can return to the Mr. Cooper landing page at https://www.mrcooperhomerewardscard.com or call 1-888-765-9865 to apply by phone.

What information will I need to apply for a credit card?
You’ll need to provide personal information, including:
Full name
Social Security Number or Individual Tax Identification Number
Date of birth
Home Address
Gross annual income
Mortgage Loan account number
Email address and Telephone number. Please also note you must be a resident of the United States, consisting of the 50 states, the District of Columbia, Puerto Rico, or the US Virgin Islands to apply for this credit card.

Why do you need my personal information for my credit card application?
Your personal information is required for identification purposes. Federal law requires us to record and verify each person who opens an account. We also use your personal information to obtain your credit bureau information, which we need to process your application.
 
Do I need to complete all the information on my credit card application?
Yes. Your application cannot be processed if all the requested information is not completed. 

Can I receive a Mr. Cooper Home Rewards Card without being a Mr. Cooper Home Loan customer?
No, you must have a valid Mr. Cooper mortgage loan number to apply for the Card. 

Can I use my spouse's Mr. Cooper Home Loan account number to apply for a Mr. Cooper Home Rewards Card?
If your spouse is the primary borrower on the Mr. Cooper Home Loan account, and you are listed as a co-borrower, you may use the Mr. Cooper Home Loan account number to apply for a Mr. Cooper Home Rewards Card. However, if you are not listed as a borrower on the Mr. Cooper Home Loan account, you may not use your spouse’s account number to apply for the card. The Mr. Cooper Home Rewards Card cardholder’s name must match a borrower’s name and account number on the Mr. Cooper Home Loan. If you would like an additional card for a family member, you can request to add an authorized user to your account.
After applying for the Mr. Cooper Home Rewards Card
How long will it take to process my credit card application?
Typically, you will get a response within 1-2 minutes. However, sometimes we will need additional information to process your application and the decision may be delayed up to 10 business days. You can check the status of your application by calling 1-888-765-9865 or by visiting the URL that will be sent to your email after completing your application.
 
When will I receive my Mr. Cooper Home Rewards Card?
If you are approved, you will receive your new Mr. Cooper Home Rewards Card, welcome kit and information about the card’s terms and conditions, including your credit limit and interest rate, by mail within ten business days.
General Credit Reporting Questions
What is a credit report?
A credit report is a summary of your credit history. It is used by creditors to determine whether they will extend additional credit to you, how much credit they are willing to give and what your interest rate will be.

What information is on a credit report?
Your credit report contains information on your past and present credit, including but not limited to:
History of on-time versus late payments
Total credit you currently have
Credit you’re currently using
Credit you have available for use
Previous credit inquiries
Personal and public information such as name, date of birth, Social Security and bankruptcy filings

How do I get a copy of my credit report?
You can contact any of the credit bureaus to get a free copy of your credit report once a year. Please see below for contact information:
Equifax.com (800) 685-1111
TransUnion.com (800) 888-4213
Experian.com (888) 397-3742
Innovis.com (800) 540-2505
 
What do I do if I find a mistake on my credit report?
You can file a dispute with a credit lender or with the credit bureaus directly.
Questions about Interest Rates
What is “Prime Rate”?
Prime Rate is a benchmark interest rate used by banks to determine rates they’ll charge when lending credit to customers. Prime Rate is determined by and can change at the discretion of the U.S. Federal Reserve.
 
What is the APR?
The APR or Annual Percentage Rate is the price you pay for borrowing money expressed as a yearly rate.  For credit cards, it is the rate of interest a credit holder will be charged on all or a portion of the balance owed if the full amount is not paid on or before the due date.
 
Is the APR competitive?
The APR is competitive among the different credit cards in the market.  Although the Prime Rate is determined by the U.S. Federal Reserve, different institutions add the margin they want to determine the APR for each of their credit products. 
 
Will my APR ever go down?
If the Federal Reserve lowers the Prime Rate, your APR may go down as well. For each billing period, the Interest Charge and APR will be determined as mentioned previously, thus the APR may fluctuate up or down each billing cycle.
 
How do I reduce the amount of interest I pay?
You will not be charged interest from the time you purchased goods or services, if you pay your full account balance by your Payment Due Date. In the event that you don’t pay the full account balance, while in Grace Period, you will not have to pay interest on the amount paid for that cycle. On subsequent cycles, you will not have grace period until you pay your full account balance on time for two cycles in a row.
Grace Period is the period of time a credit card company gives you to pay your new charges without having to pay interest on the new balance. 
Questions about Mr. Cooper Home Rewards Card
Do I earn rewards with the Mr. Cooper Home Rewards Card?
Yes! You earn rewards with every net purchase. Your rewards can be redeemed as a credit towards the unpaid principal balance on your Mr. Cooper Home Loan, or as a statement credit on your Mr. Cooper Home Rewards Card account, upon request.

What does ‘net purchase’ mean?
‘Net purchases’ refers to the total purchases minus any credits or returns. 

Do I need to transfer my rewards earned on my Mr. Cooper Home Rewards Card to my Mr. Cooper Home Loan account?
No. The rewards earned on your Card will be automatically credited directly to your Mr. Cooper Home Loan once your rewards balance reaches $25. Please allow 6-8 weeks for your rewards to be credited to your Mr. Cooper Home Loan.

Will my earned rewards always applied automatically or may I opt for another redemption method?
Your rewards will be automatically credited towards your Mr. Cooper Home Loan. However, you may call Popular Credit Services at 1-877-222-2316 to request that your rewards be redeemed as a statement credit on your credit card instead.  

Are there limits to earning rewards on the Mr. Cooper Home Rewards Card?
No. There are no earning caps on the Mr. Cooper Home Rewards Card.
 
Will the rewards earned on my Mr. Cooper Home Rewards Card expire?
If your account becomes inactive for a period of 4 years or more, your points will expire four years from the end quarter in which they’re earned. Your points will not expire as long as your account remains active and in good standing.
Questions about General Card Features & Benefits
What are the other benefits of the Mr. Cooper Home Rewards Card?
Earning Power: Use the Mr. Cooper Home Rewards Card for all purchases - from airline tickets and hotels, to gas and groceries, to big-ticket items like computers and home furnishings, to monthly recurring charges (utilities, daycare services, or tuition).
Automatic Bill Payments: Pay your bills with your Card. Contact merchants or service providers for exact details and acceptance.
AutoPay: Pay your Mr. Cooper Home Rewards Card bill automatically from any eligible checking or savings account in the United States.
Online Banking: Enroll to view transactions, make a payment, or set-up account alerts.
EMV chip technology: EMV® is a global standard for credit and debit payment cards based on chip card technology with enhanced security. Embedded in the card is a microprocessor containing the necessary information to make a payment. Over one billion cards outside the United States are currently utilizing this technology. See additional information on EMV chip technology below.
Is there an annual fee on the Mr. Cooper Home Rewards Card?
No. There is no annual fee on the Mr. Cooper Home Rewards Card.

Where can I use my Mr. Cooper Home Rewards Card?
The Mr. Cooper Home Rewards Card works just like any other credit card for purchases at millions of locations that accept Mastercard®.

Can I use the Mr. Cooper Home Rewards Card for instant cash at ATMs?
Yes. You can use your Mr. Cooper Home Rewards Card for cash advances at ATMs that accept Mastercard Credit Cards. Cash advances do not earn rewards. 

Whom should I call with questions about my Mr. Cooper Home Rewards Card?
Contact Popular Credit Services 1-877-222-2316 with any questions about your Card. We are open and available to answer questions about your account from 7:00AM to 2:00AM Eastern Time.

Is customer service available in Spanish?
Yes. Simply contact Popular Credit Services 1-877-222-2316. When you call this number, you will have the choice of connecting to a Spanish-speaking customer service representative or using the automated voice response system. The voice response system allows you to access detailed information about your Mr. Cooper Home Rewards account balance in English as well as in Spanish.
Questions about EMV Chip Card Technology
What is a chip credit or debit card?
Chip cards – or "smart cards" – have a microchip embedded in the credit or debit card. The chip is encrypted and provides additional security and protection against fraud. A chip card also has a magnetic stripe on the back of the card.

What are the benefits of my chip card?
The embedded microchip makes the card extremely difficult to copy, which provides enhanced security if it is lost or stolen and makes a card more difficult to counterfeit. Chip cards securely store information and process data safely and efficiently.

Will my card work outside the United States?
Yes. Your chip card will work at merchants processing transactions using a chip terminal or using a magnetic stripe. Chip cards can be used anywhere in the world where Mastercard is accepted.

Now that I have a chip card should I continue to notify you before I travel internationally?
Yes, advance notification will help ensure that legitimate purchases are approved.

What information is on a chip card?
The microchip embedded in the card stores information required to authenticate, authorize and process transactions. This is the same type of information already stored in the magnetic stripe. No personal information about your account is stored on the chip card.

Are chip cards safer to use than magnetic stripe cards?
Yes. Whenever a chip card is used at a chip-enabled terminal, a unique one-time code is created to mask your credit card number. This is nearly impossible for counterfeit cards to duplicate.

If my card has a chip, are you discontinuing magnetic stripes on cards?
No. Magnetic stripes will continue to be present on cards so they can be used at terminals in countries that have not yet converted to chip technology, including the United States. Most magnetic stripe cards will be eventually discontinued and replaced by a chip card.

Are there any additional fees on chip cards?
No additional fees apply to your new chip card.

Will my new chip card be protected against unauthorized charges?
Yes. Your new chip card will feature protection against unauthorized charges.

How do I make a chip card transaction?
Insert the chip portion of the card into the terminal with the chip facing up and make sure that the terminal recognizes it was inserted. Leave the card in the terminal until the transaction is complete. (If you remove the card too soon, the transaction will end and your purchase will not be processed.)
Follow the prompts on the terminal’s screen.
The terminal will display the purchase amount.
Once the purchase is approved, a receipt is printed for your signature. When your transaction is complete, you will be prompted to remove your card.
NOTE: At restaurants, a portable terminal may be brought to your table.

Do chip card transactions take longer?
During the purchase, the chip and terminal authenticate the transaction, which may take slightly longer than a magnetic stripe transaction.

Can I use my chip card on the internet or for mail or telephone purchases?
Yes. You’ll use your chip card the same way you currently use your magnetic stripe card for these types of purchases.