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Rate Reduction Rewards

Rate Reduction Rewardsâ„ 

In order to qualify for a 0.25 percent rate drop every three months (up to 1 percent per year), the program requires that the customer:

  • Register their account on the customer website
  • Opt in to Go Paperless
  • Agree to receive electronic correspondence from Prestige
  • Have full coverage insurance
  • Verify their address, email, and phone number every six months on myprestige.com
  • Make 3 consecutive, on-time payments

In order for the customer to qualify for a 0.5 percent rate drop every three months (up to 2 percent per year), the customer must meet the 0.25 percent rate drop requirements and:

  • Sign up for AutoPay.

The minimum interest rate allowed under the program is 14 percent. All customers with interest rates less than or equal to 14 percent do not qualify for Rate Reduction Rewards. To receive Rate Reduction Rewards, you must enroll in the program and meet all applicable requirements. The monthly payment amount remains the same with each rate reduction, resulting in an earlier payoff. Individual amortizations and savings will vary depending on terms and length of the contract. Not all customers will qualify.Charged off accounts are not eligible for Rate Reduction Rewards. Prestige reserves the right to collect post charged off accounts at the full contract rate. Prestige is not obligated to offer Rate Reduction Rewards to its customers, and may change or terminate the program at any time, without notice.

 

Rate Reduction Rewards brochure

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How Rate Reduction Rewards can save you money

Rate Reduction Rewards gradually decreases your interest rate as you continue to meet requirements and make payments on time. Your monthly payment amount will stay the same, but a larger percentage of your monthly payment will go towards the principle on your loan, resulting in an earlier payoff.

Charged off accounts are not eligible for Rate Reduction Rewards.  We reserve the right to collect post charged off accounts at the full contract rate.