Chase Sapphire Cardholders Can Earn 100,000 Rewards Points with New Mortgage Loan
Chase has launched an exclusive offer for Sapphire rewards customers. Cardholders can earn 100,000 bonus points on their cards when they take out a new mortgage loan through Chase.
This is a limited time offer. Cardholders must apply for the home loan between May 8 and August 6, 2017 to qualify for the bonus points. The points will be added to the rewards account within 10 weeks of closing on the home.
The special is also limited to pre-existing Sapphire cardholders—those who had a Sapphire, Sapphire Preferred or Sapphire Reserve card on or before May 7, 2017. Chase saw a tremendous increase in credit card accounts in 2016 after the launch of the Sapphire Reserve card, complete with a $450 annual fee and a 100,000 point sign-up bonus. That was later dropped to 50,000 points because the original bonus cost Chase as much as $300 million in profits.
Industry experts estimate nearly 900,000 people signed up for a Sapphire Reserve card between September and November 2016. A large portion of those applicants were Millennials, and Chase is hoping to tap into that market with this new offer. Many Millennials are first-time homebuyers, and may be enticed by the new bonus to open their mortgage loans with Chase. The surge of large-value loans may be enough to offset the loss from the initial sign-up bonus.