The Offer
Chase is offering Sapphire, Sapphire Reserve, and Sapphire Preferred cardholders a special bonus offer:
- Close on a Chase mortgage and get 100,000 bonus Ultimate Rewards points on your Sapphire credit card
Reader D. shared with us an internal memo that’s going around Chase bankers regarding this promo which has some more detail:
The Fine Print
- Customers must have Sapphire, Sapphire Reserve or Sapphire Preferred credit card prior to 05/07/2017 to be eligible for this offer.
- This offer is only available for new, residential first mortgage purchase loans submitted directly to Chase.
- Applications must be submitted between 05/08/2017 and 08/06/2017.
- Chase mortgage loan must be funded and closed in order to be eligible to receive 100,000 Ultimate Rewards points.
- Upon the customer’s enrollment, Chase will review the account to ensure the eligibility criteria are met.
- This offer is not transferable, is limited to one per property at any given time, and may be discontinued at any time without notice.
- 100,000 Ultimate Rewards points will be posted to the Primary Cardholder’s account within 10 weeks after closing a purchase mortgage with Chase.
- Your participation in the program may result in the receipt of taxable income from Chase and we may be required to send to you, and file with the IRS, a Form 1099-MISC (miscellaneous income). You are responsible for any tax liability, including disclosure requirements, related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.
- The UR points will be standard UR points and can be transferred to partners or spent on travel (TPG).
- Offer is not valid for refinance. Offer is not valid for home equity loan.
- No minimum principal if required for this bonus offer.
- Sapphire card must be opened to get the points.
Stacking the Deal
Especially interesting is that Chase also has an offer to get $595 cash for closing on a mortgage (link), and the two offers stack as per the info in the memo above, and as was confirmed by Chase specifically with TPG.
Note, there are additional qualifications necessary to be eligible for the $595 bonus. You need a Chase checking account, and the mortgage payments need to be setup to be paid automatically from your Chase checking. There’s also a requirement to get paperless statements for the mortgage.
Incidentally, there’s currently a $300 Chase checking bonus (along with a $200 Savings bonus) currently available, so it’s not a bad time to open a Chase checking account.
Our Verdict
This offer obviously won’t work for most people since it’s only for those looking to close on a mortgage. Moreover, we don’t recommend necessary swaying your decision where to borrow based on an offer like this since the rates and fees of the mortgage are the most important thing to look at.
That said, Chase is the second-most popular mortgage lender in the USA after Wells, and it could be worth looking at their rates and fees to see if it makes sense. Depending how you value the UR points, there can be, perhaps, $2,500 in value between the two deals stacked together.
They seem to be targeted homeowners, but it should work for investment properties as well.
Hat tip to reader D. and TPG
