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By Thomas Redman, CardTrak.com

The infamous ditech.com has launched its own credit card. The new "ditech.com Equity Rewards MasterCard" credit card offers one point for every dollar in net retail purchases charged to the card. Each time a cardholder accumulates 2,500 points, that cardholder qualifies for a $25 reduction of principal on the cardholder's mortgage with ditech.com. There are no annual limits on points or on how many rewards can be applied to reduce mortgage principal. Points are redeemed automatically, and rewards are applied once a quarter. The card is offered at a 7.9% APR and includes a 0% intro APR on cash advance checks and balance transfers for the first twelve billing cycles, plus credit lines of up to $100,000. In 2004 the "GMAC Mortgage Equity Rewards MasterCard" credit card was introduced. For more information visit: www.newcardonline.com