Chase Exclusives Rewards Checking Customers with new 1% Mortgage Cash Back
Homeowners can save thousands, shorten their mortgage by a number of months
Iselin, N.J. - Chase, one of the nation’s leading consumer banks, today announced
1% Mortgage Cash Back, an innovative new benefit from Chase Exclusives, the program that rewards checking account customers for using the bank’s other products and services.
Each year, the 1% Mortgage Cash Back allows enrolled Chase Exclusives customers to earn 1% of their scheduled monthly principal and interest mortgage payment. They must simply 1) get a Chase mortgage to buy or refinance their home and 2) have their monthly mortgage payment automatically deducted from their Chase checking account.
“Today, consumers want to get more from their money and our innovative 1% Mortgage Cash Back program does just that. It is a great example of how Chase Exclusives rewards you for having both a Chase checking account and a Chase mortgage,” said David Lowman, Chief Executive Officer of Chase Home Lending “We talked to many customers and prospects, and they really liked the idea of having their bank help them pay down their mortgage. They also liked the option of getting the reward in cash.”
Chase will pay customers 1% of their total scheduled monthly principal and interest payment on each annual anniversary of the loan’s origination as long as payments are made automatically and in full from their Chase checking account. Customers can apply that annual payment directly to their mortgage principal or receive a cash deposit in their checking account. The program can save customers thousands of dollars over the life of their loan.
The 1% Mortgage Cash Back allows a homeowner with a 30-year, fixed-rate $210,000 mortgage at 6 percent to save almost $12,000 and pay off their mortgage nine months early.
The 1% Mortgage Cash Back program is available as a Chase Exclusives offer to checking account customers in most Chase bank branches and via phone at 1-888-789-1714.
“Chase Exclusives make a Chase checking account a smart choice for consumers because we provide special offers on mortgage, credit cards, savings accounts and debit cards,” said Michael Cleary, Chief Marketing Officer for Chase Retail Banking. "These can be worth thousands of dollars to our customers as we say thank you for their continued business and help them with their financial needs.
“The bottom line is that a Chase checking account saves customers money -- and that’s very important in times like these,” he said.
Chase Exclusives benefits also include:
* Richer rewards for a Chase Freedom credit card
* A free rewards program on a Chase debit card
* A discount up to 0.50 percent on the interest rate of an auto loan
* A discount up to 0.50 percent on the interest rate of a home equity loan
* Higher interest rates on certificates of deposits
* The waiver of an IRA annual fee
* Free review of an investment portfolio
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Chase is the U.S. consumer and commercial banking brand of JPMorgan Chase & Co. (NYSE: JPM), which operates more than 5,100 branches and 14,000 ATMs nationally under the Chase and WaMu brands. Chase has 151 million credit cards issued and serves consumers and small businesses through bank branches, ATMs and mortgage offices as well as through relationships with auto dealerships and schools and universities. It also serves 26,000 commercial banking clients, including corporations, municipalities, financial institutions and not-for-profit entities. More information about Chase is available at www.chase.com.
About 1% Mortgage Cash Back:
When Chase researched its patent-pending 1% Mortgage Cash Back, consumers preferred it 2 to 1 over a rate reduction or closing cost discount, and also liked deciding how the reward would be paid. With the offer, customers must decide at enrollment between the principal pay down option or the cash back option. The 1 percent annual award is calculated based on the standard schedule of principal and interest. If the customer makes extra principal payments in a calendar year, those payments do not count towards the 1 percent award. Customers must set up Automatic Mortgage Payments (ACH) at time of closing, remain active in automatic payments and stay current on their loan payments. Customers also must maintain an active Chase checking account. For more about 1%Mortgage Cash Back, visit the interactive Web site www.chase.com/MortgageCashBack.
How It Would Work
How the 1% Mortgage Cash Back works for a Chase Exclusives customers with a $210,000 mortgage with a 6 percent interest rate fixed for 30 years:
Scheduled Principal/Interest Payment: $1,259 $15,108 annually)
Annual Reward Earned if enrolled in 1% Mortgage Cash Back: $151.08
Total Rewards Paid by Chase Over 29 Years: $4,381
Estimated Interest Savings: $7,515 (with principal down payment option selected)
Total Savings Over 30 Years: $11,896 (with principal down payment option selected and length of mortgage shortened by nine months)
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