UR points/UA miles for a home mortgage
Aug 13, 2018, 5:55 pm
#16
Join Date: Jul 2014
Location: SFO
Posts: 266
Hey everyone. I am actually in the process of acquiring a mortgage loan. I was able to get Chase to beat the best price on bank rate for my jumbo, so I was happy with that. Then my banker told me about this promotion.
However I have some questions for those who have achieved this bonus: https://thepointsguy.com/news/75000-...hase-mortgage/
I currently hold a Freedom card. Obviously if I close my loan now, I get my 25k and I'm done. However, my understanding is if I can open up a CSR card in time before closing, I can get 75k.
1. TPG says you cannot double dip between two cards, but in my case would I get the 75k or 25k for having both cards open?
2. If I do get the 75k in lieu of the 25k, am I still eligible for the CSR's 50k sign up bonus?
The fine print did not address any of these questions.
However I have some questions for those who have achieved this bonus: https://thepointsguy.com/news/75000-...hase-mortgage/
I currently hold a Freedom card. Obviously if I close my loan now, I get my 25k and I'm done. However, my understanding is if I can open up a CSR card in time before closing, I can get 75k.
1. TPG says you cannot double dip between two cards, but in my case would I get the 75k or 25k for having both cards open?
2. If I do get the 75k in lieu of the 25k, am I still eligible for the CSR's 50k sign up bonus?
The fine print did not address any of these questions.
Aug 13, 2018, 6:00 pm
#17
Join Date: Jul 2014
Location: SFO
Posts: 266
I'll chime in. We just closed on our house and Chase had a better 30-year fixed rate by a wide margin. I was unaware of the 100k bonus when I cold-called them while shopping around (we have credit cards with them so I figured why not), so this was truly a bonus.
To the closing costs, they were right in the middle of the road. I worked hard to drive those costs and any/all interest points down. But, it was worth the headache compared to the other rates I was seeing. Started shopping them in early May, closed beginning of July.
All that said, the points have still not showed up and the phone calls I've had inquiring about them have not been confidence inspiring. One agent even looked at my original 100K sign-up bonus and claimed I'd already received the home purchase bonus! The Sapphire Reserve folks just keep saying "there's a memo" in my account showing that we've closed and the points should be deposited soon. The home loan folks say it has nothing to do with them and I should talk to the Sapphire Reserve people. I plan to call again tomorrow since Friday is the deadline to close.
To the closing costs, they were right in the middle of the road. I worked hard to drive those costs and any/all interest points down. But, it was worth the headache compared to the other rates I was seeing. Started shopping them in early May, closed beginning of July.
All that said, the points have still not showed up and the phone calls I've had inquiring about them have not been confidence inspiring. One agent even looked at my original 100K sign-up bonus and claimed I'd already received the home purchase bonus! The Sapphire Reserve folks just keep saying "there's a memo" in my account showing that we've closed and the points should be deposited soon. The home loan folks say it has nothing to do with them and I should talk to the Sapphire Reserve people. I plan to call again tomorrow since Friday is the deadline to close.
thanks
Aug 13, 2018, 6:58 pm
#18
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Intermountain West
Programs: Too many to list
Posts: 12,082
Hey everyone. I am actually in the process of acquiring a mortgage loan. I was able to get Chase to beat the best price on bank rate for my jumbo, so I was happy with that. Then my banker told me about this promotion.
However I have some questions for those who have achieved this bonus: https://thepointsguy.com/news/75000-...hase-mortgage/
I currently hold a Freedom card. Obviously if I close my loan now, I get my 25k and I'm done. However, my understanding is if I can open up a CSR card in time before closing, I can get 75k.
1. TPG says you cannot double dip between two cards, but in my case would I get the 75k or 25k for having both cards open?
2. If I do get the 75k in lieu of the 25k, am I still eligible for the CSR's 50k sign up bonus?
The fine print did not address any of these questions.
However I have some questions for those who have achieved this bonus: https://thepointsguy.com/news/75000-...hase-mortgage/
I currently hold a Freedom card. Obviously if I close my loan now, I get my 25k and I'm done. However, my understanding is if I can open up a CSR card in time before closing, I can get 75k.
1. TPG says you cannot double dip between two cards, but in my case would I get the 75k or 25k for having both cards open?
2. If I do get the 75k in lieu of the 25k, am I still eligible for the CSR's 50k sign up bonus?
The fine print did not address any of these questions.
Last edited by philemer; Aug 13, 2018 at 7:05 pm
Aug 13, 2018, 7:19 pm
#19
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,955
There may be more than one offer, but that does not appear to apply to this one:
Be sure to also understand the tax implications.
https://www.chase.com/personal/mortg...pphire-reserve
Customer must be a Chase Sapphire Reserve primary cardmember on the mortgage closing date to be eligible for this offer.
This offer is only available for new, residential first-lien mortgage purchase loans submitted directly to Chase. Applications submitted to third parties are not eligible. Mortgage applications must be submitted between 3/19/2018 and 08/31/2018. Chase mortgage loan must be funded and closed in order to be eligible to receive 75,000 Ultimate Rewards points.
Approval of a credit card is not a guarantee of approval of a mortgage. Approval of a mortgage is not a guarantee of approval of a credit card. Applying for more than one credit product may reduce your chances of credit approval. Additional spending on credit products may also reduce your chances of loan approval.
After mortgage closing, Chase will review the account to ensure the eligibility criteria are met. This offer is not transferable, is limited to one per property at any given time and may be discontinued at any time without notice. 75,000 Ultimate Rewards points will be posted to the Primary Cardmember’s account within 10 weeks after closing a purchase mortgage with Chase. Primary cardmember must be included on mortgage note and their Chase Sapphire Reserve account must be open and not in default as of the date of posting.
Credit Card Point awards, grants, cash back and other awards (“awards”) transferred to you under the terms of the Program will be considered by Chase a discount of underwriting fees paid at mortgage closing. Any awards transferred at or outside closing in excess of the value of the underwriting fee may be considered miscellaneous income received from Chase and we may be required to send you, and file with the IRS, a Form 1099-MISC (Miscellaneous Income) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which you participate and are awarded the benefits of the program. You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.
Accounts subject to credit approval. Restrictions and limitations apply. Credit cards are issued by Chase Bank USA, N.A. Offer subject to change.
All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.
Home lending products offered by JPMorgan Chase Bank, N.A.
This offer is only available for new, residential first-lien mortgage purchase loans submitted directly to Chase. Applications submitted to third parties are not eligible. Mortgage applications must be submitted between 3/19/2018 and 08/31/2018. Chase mortgage loan must be funded and closed in order to be eligible to receive 75,000 Ultimate Rewards points.
Approval of a credit card is not a guarantee of approval of a mortgage. Approval of a mortgage is not a guarantee of approval of a credit card. Applying for more than one credit product may reduce your chances of credit approval. Additional spending on credit products may also reduce your chances of loan approval.
After mortgage closing, Chase will review the account to ensure the eligibility criteria are met. This offer is not transferable, is limited to one per property at any given time and may be discontinued at any time without notice. 75,000 Ultimate Rewards points will be posted to the Primary Cardmember’s account within 10 weeks after closing a purchase mortgage with Chase. Primary cardmember must be included on mortgage note and their Chase Sapphire Reserve account must be open and not in default as of the date of posting.
Credit Card Point awards, grants, cash back and other awards (“awards”) transferred to you under the terms of the Program will be considered by Chase a discount of underwriting fees paid at mortgage closing. Any awards transferred at or outside closing in excess of the value of the underwriting fee may be considered miscellaneous income received from Chase and we may be required to send you, and file with the IRS, a Form 1099-MISC (Miscellaneous Income) or Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which you participate and are awarded the benefits of the program. You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.
Accounts subject to credit approval. Restrictions and limitations apply. Credit cards are issued by Chase Bank USA, N.A. Offer subject to change.
All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.
Home lending products offered by JPMorgan Chase Bank, N.A.
https://www.chase.com/personal/mortg...pphire-reserve
Sep 12, 2018, 11:24 am
#20
Join Date: Jul 2014
Location: SFO
Posts: 266
Just an update, I opened up a CSP card a few weeks before I closed on a Chase mortgage loan. My banker confirmed that I should receive the 50k bonus in lieu of the 25k bonus for holding the Freedom card. He said he couldn't receive an answer whether the CSP spending bonus would still be applied, but we reasoned that those are two separate programs and that likely I would also receive the spending bonus. I'll keep this post updated when all my expected points have posted.
Separately, I'd like to also state that you must be very diligent and to shop your loan. I was able to get the cheapest rate at Chase based on the product I choose (30y jumbo 4% at par). I lucked out by not only getting the cheapest par rate in the market at the time of shopping, due to lender disclosure error (transfer taxes) they gave me another $14k credit towards closing. Prior to arriving at chase, the cheapest 4% quote was to pay $3k and to open up a $100k deposit account and monthly impounds. So all-in-all Chase saved me $17k towards closing. These credit card points (and the $500 auto-debit credit) are just icing on the cake. Woot woot.
Separately, I'd like to also state that you must be very diligent and to shop your loan. I was able to get the cheapest rate at Chase based on the product I choose (30y jumbo 4% at par). I lucked out by not only getting the cheapest par rate in the market at the time of shopping, due to lender disclosure error (transfer taxes) they gave me another $14k credit towards closing. Prior to arriving at chase, the cheapest 4% quote was to pay $3k and to open up a $100k deposit account and monthly impounds. So all-in-all Chase saved me $17k towards closing. These credit card points (and the $500 auto-debit credit) are just icing on the cake. Woot woot.
Oct 8, 2018, 12:14 pm
#21
Join Date: Jul 2014
Location: SFO
Posts: 266
One more update on my journey of achieve this UR award for closing a mortgage loan. Last week I received an email congratulating me for closing my loan and that I was being awarded 25k UR for holding the Freedom card. I went through a few back and forth messages with Chase stating that my mortgage banker told me I should have received the 50k for holding the CSP in lieu of the Freedom. Chase never relented, and said something to the effect that the only bonus I was "registered for" in the system was for Freedom and not CSP.
I've pretty much given up, and then 5 days afterwards, 50k UR points magically appeared in my UR bank in my Freedom card account. It appears the systems at Chase are out of sync along with the customer service scripts. I can confirm you should receive the higher bonus when holding multiple cards.
I've pretty much given up, and then 5 days afterwards, 50k UR points magically appeared in my UR bank in my Freedom card account. It appears the systems at Chase are out of sync along with the customer service scripts. I can confirm you should receive the higher bonus when holding multiple cards.