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Update: This offer is no longer available.
Update 11:54am: Chase has reached out to clarify that Chase Sapphire cardholders are eligible in addition to Chase Sapphire Reserve and Chase Sapphire Preferred cardholders.
Chase made waves last fall with the spectacular 100,000-point offer on the brand-new Chase Sapphire Reserve card, which proved to be so popular that the bank temporarily ran out of the material to make the cards. Now, Chase is back again now with a new 100k offer: Through August 6, you’ll get 100,000 Ultimate Rewards points for closing a new mortgage through Chase Mortgage.
In a unique twist, this offer is only for Chase Sapphire Reserve, Chase Sapphire Preferred and Chase Sapphire cardholders. Chase stats show a rather amazing figure: More than half of Chase Sapphire Preferred/Reserve customers are millennials. And, while many millennials are jet setters, Chase research shows home ownership is still a top priority for this generation. So, the bank wants to keep the relationship going with these cardholders with this new bonus.
Chase reached out to give us an early heads-up about this new offer. And, we tried to ask all the questions you would have:
- Will these points be transferable to Ultimate Rewards partners? Yes. The 100,000 points will be deposited into your credit card UR account and can be transferred to partners or spent on travel.
- Is this offer available for refinances or home equity loans? No. This offer is only for customers purchasing a home.
- Is there a minimum mortgage principal amount? No minimum principal balance is tied to this particular offer.
- Will maintaining your mortgage keep your Ultimate Rewards account active if you close your Chase Sapphire Preferred/Reserve? No. As the points will be transferred to your Sapphire card, these points will be tied to the expiration policies of these cards.
- Does this offer combine with the current $595 cash back offer from Chase Mortgage? Yes. If customers enroll in automatic mortgage payments from a Chase checking account and select paperless mortgage statements, new homeowners can also earn this $595 cash back offer in addition to the UR bonus.
This 100,000-point bonus is equal to $1,500 of free travel for Reserve cardholders — or $1,250 for Preferred cardholders — when redeemed through the Chase travel portal. But, this should be seen as a baseline value. By transferring these Ultimate Rewards points to transfer partners, you can get much more value out of these points.
We applaud Chase for thinking of an innovative way of standing out in the mortgage market. This is a particularly wise move to continue to connect with its huge, young contingent of Chase Sapphire customers.
A whopping $1,500 of travel expenses — or even more value when you transfer to UR partners — is a compelling bonus for signing up for a mortgage. And, it can get even better combined with Chase Mortgage’s $595 cash back offer.
Of course, a sign-up bonus isn’t the only important aspect to consider when you are getting a loan. Make sure that you’re not accepting a higher interest rate or worse terms for this up-front bonus. That said, if rates and terms are similar, Chase makes a strong case for your business with this offer.
Featured image courtesy of courtneyk via Getty Images.
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