A popular rewards program launched last year by Chase Bank designed to lure in potential millennial homebuyers with cash incentives is expanding to include a broad swath of additional cardholders, the banking giant announced.
Following the success of a pilot program exclusive to Sapphire cardholders, Chase is offering up to 75,000 Ultimate Rewards points or MileagePlus Miles to Freedom, United MileagePlus Club and Explorer cardholders who acquire a mortgage through the banking giant before September.
“Last year’s offer reached many millennials, who are the fastest growing group of new homebuyers in the country,” Amy Bonitatibus, a spokesperson for Chase Home Lending, told DS News. “Now, a wider range of customers can earn rewards for getting a Chase mortgage.”
Customers must be Sapphire, Freedom, United MileagePlus Club or Explorer cardholders before they close on a mortgage. The bonus is not available for existing homeowners looking to refinance their mortgage or take out a home equity line of credit.
Chase Sapphire Reserve and Chase MileagePlus Club cardholders are eligible for up to 75,000 points or miles and Chase Sapphire Preferred and Chase MileagePlus Explorer Card customers can earn up to 50,000 points. All other cardholders can earn 25,000.
Homeownership among millennials, a generation boasting 83 million Americans between the ages of 22 and 37, has declined in part due to high credit standards, rising housing prices and lifestyle choices, and banks including Chase have sought to draw them in with new incentives.
Chase launched a similar promotion last year that allowed Sapphire cardholders, many of whom are millennials, to earn up to 100,000 bonus points for purchasing a new home.
The new promotion may also be stacked with a new grant program Chase Home Lending announced last month, which offers up to $3,000 in grants and incentives for new buyers in moderate and low-income communities.
“We’re committed to helping more families achieve homeownership,” said Mike Weinbach, CEO of Chase Home Lending in a statement. “A common barrier for some families is the upfront cash for closing. By providing closing cost and down payment assistance, we can help more families buy homes they can afford now and in the future.”