Chase Offers Some Cardholders 100,000 Rewards Points for New Mortgage

Photo by Andy Dean Photography / Shutterstock.com

JPMorgan Chase is going after millennials with a new mortgage-credit card cross promotion.

From now through Aug. 6, Chase will award 100,000 Ultimate Rewards points to existing Chase Sapphire, Sapphire Preferred and Sapphire Reserve cardholders who finance a home with the bank. According to Chase, half of its Sapphire customers are millennials.

Chase says it’s hoping the new offer will convince more of those millennial cardholders to take the plunge and purchase a home. The bank says customers under age 35 made up 36 percent of its mortgage originations last year — a 20 percent hike over 2015. Chase hopes to see another uptick in millennial homebuyers in 2017.

According to ThePointsGuy, the rewards-points bonus is worth up to $1,500 when redeemed for travel through Chase’s Ultimate Rewards, but that’s just its baseline value. If you sign up for automatic mortgage payments from a Chase checking account and agree to paperless statements, you’ll earn an additional $595 cash back.

To qualify for the offer, you need to have been a cardholder as of May 7. But you’ll need to act quickly if you want to cash in on it. You must be approved for a mortgage by Aug. 6 to be eligible, although your loan may close after that date, says CNN Money.

But before you start house hunting, remember that purchasing a home is a huge commitment. Greg McBride, chief financial analyst at Bankrate.com, tells CNBC:

“The 100,000 points is one of the most generous — and perhaps tops — that we’ve seen for financial products. But it doesn’t negate the need to shop around for the best deal or justify settling for an inferior loan that could cost far more in the long run.”

Chase rolled out the Sapphire Reserve card in 2016. CNN Money says the card was a hit with consumers, even though it has an annual fee of $450. The original card offer came with a 100,000-point signup bonus. That number has since been cut by half to 50,000 points.

What do you think of Chase’s offer? Sound off below or on Facebook.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Read Next
5 Home Improvements That Help You ‘Age in Place’

These safety-conscious home upgrades can help retirees stay in their home.

These 5 Laptops Have the Best Battery Life

Need a laptop that runs as long as you do? Check out these models.

This Is the Best Age to Buy Long-Term Care Insurance

If you wait too long to apply for coverage, you could be denied. So, when’s the sweet spot to apply?

29 Purchases That Can Save You Money Every Day

Sometimes, you’ve got to spend to save.

7 Income Tax Breaks That Retirees Often Overlook

Did you realize all these tax credits and deductions exist — or that they apply to retirees?

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Most Popular
10 Things Frugal People Never Buy

If you’re a true tightwad, the mere thought of spending money on these items gives you the willies.

10 Useless Purchases You Need to Stop Making

You might as well flush your money down the loo if you spend it on these things.

7 Social Security Rules Everyone Should Know by Now

Confusion over Social Security is a shame, considering how many of us will need this money badly.

9 Shopping Mistakes to Avoid at Costco

Are you missing out on serious savings at your favorite warehouse club?

If You Find This Thrift Shopping, Buy It

They don’t make coffee makers like this anymore.

The 16 Cars Most Likely to Last 200,000 Miles

One automaker takes half the spots on a list of the longest-lasting vehicles.

14 Things You Should Stop Buying in 2021

These convenient household products come with hidden costs that you might not have considered.

3 Ways to Get Microsoft Office for Free

With a little ingenuity, you can cut Office costs to zero.

Is Writing a Check Still Safe?

Every time you pay by check, you hand your bank account numbers to a stranger.

6 Ways to Protect Your Retirement Accounts From Hackers

Imagine having $245,000 stolen from your retirement account — and not being reimbursed.

8 Things You Should Replace to Improve Your Life Today

Being frugal isn’t smart if you put off replacing these items.

This Is the Most Dependable Car Brand in the U.S.

This brand’s vehicles are least likely to give drivers repair headaches, according to J.D. Power.

7 Social Security Benefits You May Be Overlooking

There’s more to Social Security than retirement benefits.

13 Amazon Purchases We Are Loving Right Now

These practical products make everyday life a little easier.

7 Hidden Sections of Amazon Every Shopper Should Know

These little-known departments of Amazon are gold mines for deal-seekers and impulse shoppers alike.

The 6 Best Investing Apps for Beginners

If you’re looking to ease into investing in the coronavirus economy with just a little money, check out these easy-to-use tools.

7 Kirkland Signature Items to Avoid at Costco

Even if it seems you save a bundle buying Costco’s Kirkland Signature brand products, they may not be the bargain they appear to be.

Homeowners Say These 2 Kitchen Appliance Brands Are Best

One brand takes five of the top honors, while another ranks highest in three categories.

The 10 Worst States for Retirees in 2021

Based on factors like affordability, quality of life and health care, these are not ideal places to spend retirement.

View More Articles

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.