Get 100,000 Ultimate Rewards Points with Your Next Mortgage

Chase recently made available the opportunity to earn 100,000 Ultimate Rewards points when you finance your home with Chase.

You’ll have to be a holder of either the Chase Sapphire, Sapphire Preferred or the Sapphire Reserve credit cards to be eligible for the 100,000 Ultimate Rewards points.

And then, of course, you’ll have to qualify for the mortgage.

The fine print of this deal includes:

• The offer is only available for new, residential first mortgage purchase loans submitted directly to Chase.
• Applications must be submitted between May 8, 2017, and August 6, 2017.
• The 100,000 Ultimate Rewards points will be posted to the Primary Cardholder’s account within 10 weeks after mortgage closing.
• The 100,000 UR point bonus may result in the receipt of taxable income from Chase and they may be required to send/file with the IRS, a form 1099-MISC.

Whether you’d have to pay taxes on the 100,000 UR points remains to be seen.  Credit card (Ultimate Rewards) bonuses are not considered income.  Does that change because it’s tied to a mortgage?  To that, I do not have the answer.

What I do know, is that 100,000 Ultimate Rewards points, no matter how they are earned, can go a long way toward free travel.

If you haven’t read my other pieces which involve earning Ultimate Rewards points, then here’s a quick overview of the UR program.

Ultimate Rewards Program

Ultimate Rewards is Chase Bank’s  transferable points program.

Ultimate Rewards points can be used in a variety of ways, but my favorite, and more times than not, the most valuable is to transfer to travel partners to book award flights or hotel stays.

Ultimate Rewards Airline Partners: United, Southwest Airlines, Virgin Atlantic, British Airways, Korean Air and Singapore Airlines.

Ultimate Rewards Hotel Partners: Hyatt, IHG, Marriott, and Ritz-Carlton.

All UR points transfer to travel partners at a 1:1 rate.

Which means, 100,000 Ultimate Rewards points can become 100,000 United MileagePlus miles – enough for 4 economy class roundtrip tickets within the continental U.S.

Or, 100,000 UR points transferred to Hyatt Hotels would get you 20 free nights in many Hyatt Place hotels, or 3 free nights in the highest tier Park Hyatt properties.

The versatility makes Ultimate Rewards points – in my opinion – the best transferable points program currently available.

And why the offer of 100,000 UR points for getting a mortgage through Chase, a pretty good offer.

Mortgage

Of course, a home, and its associated mortgage, is the largest purchase most of us will ever make.  And for that purchase, you want to make sure you’re getting the absolute best deal possible.

Which means, the lowest interest rate for the loan period you’re applying for.  And if Chase’s mortgage interest rate is higher than what you can get with another bank, you really need to consider if the 100,000 UR points incentive is worth it.

Remember, you’ll be making higher monthly payments – because of the potentially higher interest rate – for many years to come.  And over the life of a mortgage, those higher monthly payments will definitely add up.

So, while I’d love to say…go grab those 100,000 Ultimate Rewards points!…you really need to shop around before you make your final mortgage decision.

If Chase’s mortgage rates are comparable to others, then by all means, jump on this fantastic Ultimate Rewards deal.

If Chase’s mortgage rates are higher, then pass and go with the offer that will save you the most money.

Don’t forget, there are always credit cards to sign up for and bonus spend categories on which to focus that will add to your Ultimate Rewards balance.

Click the following link if you’re interested in learning more about the 100,000 Ultimate Rewards points mortgage offer.