Chase’s Sapphire credit cards are a hit with consumers for their travel benefits, but Chase is adding rewards for staying at home.
People who carry the Chase Sapphire® Card, the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve℠ are eligible to receive 100,000 bonus Ultimate Rewards points after closing on a mortgage with Chase. The offer is available to existing cardholders through Aug. 6.
“More than half of Chase Sapphire Reserve and Preferred customers are millennials,” Chase spokeswoman Ashley E. Dodd says in an email. “We know from many sources that homeownership is still a top priority for millennials to achieve at some point. So this is just another way to bring value to those customers.”
As of May 9, NerdWallet’s daily average APR for a 30-year fixed-rate mortgage was 4.2% (see current rates here). On the same day, Chase was showing an APR around 4.01% for the same mortgage (current rates here), so its rates are in line with national averages. The bonus points are for new mortgages only; refinances or home equity loans do not qualify.
NerdWallet values Chase Ultimate Rewards® points at 1 cent a piece when redeemed for cash or statement credit. So 100,000 points equal $1,000 if redeemed at the basic 1 cent rate. When redeeming points for travel through Chase’s travel portal, Chase Sapphire Preferred® Card cardholders get a value of 1.25 cents per point; Chase Sapphire Reserve℠ cardholders get 1.5 cents per point.
If you’re a Sapphire cardholder and in the market for a new home, this offer may be a nice sweetener — as long as the mortgage rate you get is competitive. As with all personal finance products, shop around and compare the offers.