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Chase Launches Mortgage Bonuses for Credit Card Customers

Chase Mortgage Bonuses

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Last year, Chase rolled out a promotion for customers of their Sapphire credit cards. It was possible to get a bonus of 100,000 Ultimate Rewards points for closing a mortgage with the bank. This offer expired on August 6th, 2017.

Starting yesterday morning (April 2nd, 2018) they have rolled out a new promotion in which Sapphire cardholders who apply for a home mortgage will qualify for Ultimate Rewards points after the loan closes. The reward you will receive will depend on the credit card product you have. Further, you can not stack bonuses if you have more than one card product. The reward structure is as follows:

 

Chase Mortgage Bonuses

 

Chase Sapphire Reserve Credit Card: Receive a bonus of 75,000 Ultimate Rewards points for closing a mortgage through August 31st, 2018.

Chase Sapphire Preferred Credit Card: Receive a bonus of 50,000 Ultimate Rewards points for closing a mortgage through August 31st, 2018.

Chase Freedom Unlimited Credit Card: Receive a bonus of 25,000 Ultimate Rewards points ($250 cash back) for closing a mortgage through August 31st, 2018.

Chase Freedom Credit Card: Receive a bonus of 25,000 Ultimate Rewards points ($250 cash back) for closing a mortgage through August 31st, 2018.

Chase Sapphire Credit Card: Receive a bonus of 25,000 Ultimate Rewards points for closing a mortgage through August 31st, 2018.

 

Our Analysis

Historically Chase hasn’t offered the most competitive rates on home mortgages. However, they are willing to match rates you can secure from other financial institutions, so it is worth asking the question. If you can secure the same rate through Chase that you can elsewhere and earn an Ultimate Rewards bonus on top of that, this is a great offer. At the end of the day, you shouldn’t be making lending decisions just to secure a points bonus if the terms are not favorable.

 

Bottom Line

These bonuses are an interesting development from Chase, as they are a great way for them to cross-sell financial products to existing credit card holders. This will not work for refinancing opportunities and the offer expires on 8/31/18. If you are in the market for a new mortgage, make sure to check out these offers from Chase.

 

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2 Responses

  1. Drisdy says:

    I have an existing mortgage from Chase… you think I can call to get SOMETHING from them – along the lines of Ultimate Rewards points??

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