The wildly popular 100,000-point credit card sign-up bonus that Chase offered in 2016 and later scaled back by half is back, but with a catch ? a big one. To get this massive windfall of points, you have to finance a home mortgage through Chase Mortgage.
What is usually the biggest purchase of a lifetime is now worth at least $1,000 in Chase Ultimate Rewards? (UR) points. Points can be redeemed for cash back at a value of one cent each; customers who hold the Chase Sapphire Reserve? card get 50% more value when they redeem their points for travel through Chase Ultimate Rewards?; some credit card points experts value UR points at more than two cents each. Points can be redeemed toward travel, cash, gift cards and more, redemption values vary based on how you redeem your points.
The offer is for new mortgages and existing customers only
The bonus is offered only to certain existing Chase credit card customers. You must have the Chase Sapphire? Card, Chase Sapphire Reserve? or Chase Sapphire Preferred? Card prior to 05/07/2017 to be eligible for this offer.
The offer only applies to new residential first mortgage purchase loans, not to refinances or home equity lines of credit, submitted directly to Chase. Applications must be submitted between May 8, 2017 and August 6, 2017. The Chase mortgage loan will have to be funded and closed in order to be eligible to receive the 100,000 Ultimate Rewards points. After Chase determines the eligibility criteria are met the Ultimate Rewards? points will be posted to the primary cardholder?s account within 10 weeks of your closing. Other conditions apply.
Chase is making this offer as a way to attract Millennials, who it says make up half of Chase Sapphire customers and are likely to buy their first home soon. More Millennials are buying homes through Chase, the company says, with customers under the age of 35 making up 36 percent of its mortgage origination in 2016, up from 20 percent in 2015.
Offer is driven by demographics and credit card popularity
The ?tremendous enthusiasm? around the new Sapphire Reserve card in 2016 and the ongoing popularity of the Sapphire Preferred card helped Chase decide to make this offer, the company said.
The Chase Sapphire Reserve? card had an initial sign-up bonus of 100,000 points, prompting an estimated 900,000 people to sign up for it in three months. More than 10.4 million people opened Chase credit card accounts in 2016.
The Chase Sapphire Reserve? card has an annual fee of $450, and gives cardholders many benefits beyond its current new cardholder bonus (50,000 bonus points after spending $4,000 on purchases in the first three months from account opening):