I receive compensation for many links on this blog. You don’t have to use these links, but I am grateful to you if you do. American Express, Citibank, Chase, Capital One and other banks are advertising partners of this site. Any opinions expressed in this post are my own, and have not been reviewed, approved, or endorsed by my advertising partners. I do not write about all credit cards that are available -- instead focusing on miles, points, and cash back (and currencies that can be converted into the same).
Last year Chase offered 100,000 points for a home mortgage. That offer was stackable with a fee rebate that required signing up for automatic monthly payments, and Chase Private Client customer discounts also.
The branch used to be how Chase would get additional business, if you opened your checking account there you might also take a credit card and a mortgage from the place you did your financial business. A lot of banking is online now, and they’re viewing credit cards and points as a platform for cross-selling customers.
Early on they identified mortgages as a way they might be making money from the customers they brought on with the Chase Sapphire Reserve since the benefits and points are so valuable it’s tough to make make money with as much as that card spends on customers.
Apparently incentivizing mortgages with points makes Chase twice as likely to get a mortgage from cardmembers. So they’ve brought back points offers.
Here are the offers:
- Chase Sapphire Reserve cardmembers can earn 75,000 points.
- Chase Sapphire Preferred cardmembers can earn 50,000 points.
- No annual fee Sapphire, Freedom, and Freedom Unlimited offers are to earn 25,000 points.
- United MileagePlus® Explorer Card cardmembers can earn 50,000 miles and those with the Club card can earn 75,000.
One thing we learn about the Chase Sapphire Reserve cardmember population — in addition to average credit scores (785) and annual income ($180,000) Chase has shared before — is that “[t]he average Reserve customer has … more than $800,000 in deposits and investments.” So they figure a down payment shouldn’t be a problem.
(HT: Doctor of Credit)