Customers who have the Chase Sapphire Reverse credit card and are looking to buy a home now are in for treat. Or are they?
JPMorgan Chase announced Monday its new offer to existing Sapphire, Sapphire Preferred and Sapphire Reserve credit card holders – if they open a mortgage with the bank from now until Aug. 6, a reward of 100,000 points await them, according to realtor.com.
According to a Business Insider report, over the summer last year, the bank unveiled the Chase Sapphire Reserve card, which featured a $450 annual fee and 100,000 bonus points – worth $1,500 – just for signing up.
A whopping 900,000 people reportedly signed up for the card between September and November, although Chase has declined to confirm the numbers.
However, Chase cut the sign-up points in half early this year, as it reduced the bank’s profit by $200 million in the last quarter of 2016. But the bank still saw as it as a good move.
"The card was so successful it cost us $200 million, but we expect that to have a good return on it," CEO Jamie Dimon said in a CNBC interview early this year. "I wish it was a $400 million loss."
Now, the bank is once more offering 100,000 points to cardholders – this time especially to millennials who are on the lookout to purchase a new home.
“Half of Chase Sapphire customers are millennials, many of whom are looking to buy their first home now or in the near future," said Pam Codispoti, president of Chase Branded Cards in a statement.
"With tremendous enthusiasm around the new Sapphire Reserve card and ongoing popularity of Sapphire Preferred, this is another way to provide even more value to our shared customers."
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According to a Business Insider report, over the summer last year, the bank unveiled the Chase Sapphire Reserve card, which featured a $450 annual fee and 100,000 bonus points – worth $1,500 – just for signing up.
A whopping 900,000 people reportedly signed up for the card between September and November, although Chase has declined to confirm the numbers.
However, Chase cut the sign-up points in half early this year, as it reduced the bank’s profit by $200 million in the last quarter of 2016. But the bank still saw as it as a good move.
"The card was so successful it cost us $200 million, but we expect that to have a good return on it," CEO Jamie Dimon said in a CNBC interview early this year. "I wish it was a $400 million loss."
Now, the bank is once more offering 100,000 points to cardholders – this time especially to millennials who are on the lookout to purchase a new home.
“Half of Chase Sapphire customers are millennials, many of whom are looking to buy their first home now or in the near future," said Pam Codispoti, president of Chase Branded Cards in a statement.
"With tremendous enthusiasm around the new Sapphire Reserve card and ongoing popularity of Sapphire Preferred, this is another way to provide even more value to our shared customers."
Related stories:
Market reforms could add more than $300bn in mortgages a year, says JPMorgan Chase CEO
JPMorgan to pay $800 million to settle Lehman Brothers lawsuit
