Chase, the commercial banking brand of JPMorgan Chase, has announced 1% Mortgage Cash Back, a new benefit from Chase Exclusives. It is a program that rewards checking account customers for using the bank’s other products and services.
Reportedly, each year, the 1% Mortgage Cash Back allows enrolled Chase Exclusives customers to earn 1% of their scheduled monthly principal and interest mortgage payment. The bank has added that the customers must get a Chase mortgage to buy or refinance their home and have their monthly mortgage payment automatically deducted from their Chase checking account.
The bank claimed that it 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. In addition, customers can apply that annual payment directly to their mortgage principal or receive a cash deposit in their checking account.
Michael Cleary, chief marketing officer for Chase retail banking, said: “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.”
