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Chase adds mortgage rewards

Chase is offering cardholders of its premium Sapphire line 100,000 points, valued at approximately $2,000, if they open a mortgage with the bank, reports Market Watch .

This is the latest strike in an ongoing rewards battle between American Express and Chase — a battle that rose to its peak last year — to offer the most attractive rewards to lure in new credit card customers.

As 2016 drew to a close, American Express and Chase both offered up to 100,000 points as incentives to pick up their ultra-premium cards. Both have since walked back the rewards somewhat. While Chase and American Express remain the leaders with headline-grabbing perks, spending industry-wide by issuers on rewards is high, having risen to $22.6 billion in 2016, up from $10.4 billion in 2010. 

Now Chase is using rewards to make existing clients profitable and loyal. Unlike previous large point payouts aimed to grow new cardholders, Chase’s mortgage points offer has current customers in its crosshairs. Chase’s rewards frenzy has hit huge numbers of new customers — some estimate 90,000 signed up for Sapphire Reserve from September and November 2016 — but now the challenge is keeping those customers around. After all, nothing is stopping the customers from abandoning the cards after they cash in on their sign-up bonuses. By luring millennials or other homebuyers to open up a mortgage, the bank aims to increase the stickiness of its rewards-driven customer base. Should Chase’s efforts prove successful, it could be the start of a trend to attach rewards to other profitable bank products, such as auto loans, at Chase and other issuers.

News From NAMB: May 12, 2017

Their name is the Consumer Financial Protection Bureau but the CFPB believes they should regulate loans to small business as well.  Director Cordray announced his intent to regulate small business lending at a listening session in Los Angeles.  The one federal law that applies to both residential and commercial lending is ECOA.  Dodd/Frank Section 1071 put ECOA under the regulation of the CFPB.  A close look at Dodd/Frank Section 1071, shows it expands ECOA to “credit for women-owned, minority-owned, or small business.”  Note the word “or.”  That goes far beyond ECOA.  This would allow the CFPB to exercise considerable power over small business finance.  It appears Cordray is on the move in this area because On August 21, 2015, eighty-four Democrat members of the House of Representatives wrote Director Cordray to “urge the Consumer Financial Protection Bureau (CFPB) to expedite rulemaking on the implementation of Section 1071.”  His failure to do anything in this area

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