I just found out about the Citi Home Rebate Card.

Here are a few features of the card. The first one is the one that intrigues me the most:
1. Rebates applied to your mortgage principal.
2. Don't have a mortgage yet? Good News! You will get statement credit instead to start saving for your dream house.
3. NO CAP or limits on the amount of rebates you can accumulate in a year.
4. NO ANNUAL FEE

Now, I'm not sure what this means. I'm tempted to open it, especially with the 0% APR on balance transfer for 12-month, with no fee.

Does anyone have that card? Ever heard of it?