I don't think Chase is making any money on this. People who buy travelers checks (aside from folks like us who do it for the miles) do so for an upcoming trip so almost all of the checks are cashed in the course of the next three or four weeks. The interest on a thousand dollars for two or three weeks doesn't come close the cost of handling, mailing, phone cards, etc. This is a promotion to introduce people to Chase with the idea of signing them up to become Chase checking, saving or investing customers and its a lot cheaper than what,say, Etrade is doing which is to pay people 100.00 to sign up. Once Chase identifies the people who have an ulterior motive (us) a letter goes out.