Chase Mortgage is trying something new to create added incentive for Millennials to secure a mortgage through the bank.
Existing Sapphire credit card customers who purchase a mortgage with Chase will get 100,000 Chase Ultimate Rewards points, which can be used for travel, gift cards, cash back and more.
There are a few stipulations to this first-of-its-kind offer. People can’t simply go and sign up for the card now. Chase Sapphire cardmembers are required to be members as of May 7, 2017. Plus, the offer is only valid through Aug. 6, 2017.
While the offer is not exclusive to Millennials since the credit card is not solely for Millennials, they are a key audience.
Chase explained that it partnered with Chase Sapphire to reach the next generation of consumers in the market for a new home.
“We want to show the true benefit of being a Chase customer throughout the many stages of life, whether it’s opening your first credit card or buying your first home,” said Amy Bonitatibus, chief marketing officer for Chase Mortgage. "We designed this exclusive mortgage offer for our Chase Sapphire customers to reach a new wave of homebuyers."
Following trends in the rest of the industry, Chase witnessed an increase in Millennial homeownership among its customer base and expects this trend to continue. Customers under the age of 35 made up 36% of Chase’s mortgage originations volume in 2016, up from 20% in 2015.
Most notably, a high percentage of Sapphire customers are Millennials.
Pam Codispoti, president of Chase Branded Cards, said, “Half of Chase Sapphire customers are Millennials, many of whom are looking to buy their first home now or in the near future.”
