American Express has reportedly collaborated with two fintech firms, Better and Rocket Mortgage by Quicken Loans, to support customers looking for home loans.
Cardholders securing mortgages from Better or Rocket Mortgage can get a statement credit of $2,000 for conforming mortgages, reported CNBC.
According to the publication, these cardholders can also secure $6,000 for jumbo mortgages.
The collaboration only brings the partner offers to the cardholders. It does not include a revenue-sharing agreement, stated the publication.
The move follows a mortgage offering pilot that commenced in 2019, with Amex going live with Better earlier this month and Rocket Mortgage this week.
American Express Ventures, the venture unit of the cards firm, participated in the Series C financing round of Better in 2019.
The digital mortgage lender has a valuation of $7.7bn and aims to go public plans to go public via a blank check firm in the final quarter of 2021.
“Amex has tonnes of different partners that they’ve used throughout the years, which used to be a lot more travel focused, and now they’re broadening out into financial services,” D.A. Davidson analyst Chris Brendler was quoted as saying.
American Express was recently in the news for its new hybrid work model, enabling its employees to permanently work remotely up to two days a week.
The new hybrid model will be fully adopted from the week starting from 4 October 2021. However, the implementation will be subject to regional conditions, Covid-19 related guidelines and vaccination rate among other factors.
In May this year, the firm launched “book a flight now, pay later” in US.
This will enable its US consumer card members to book flights at AmexTravel.com and pay later using Plan It at checkout.