August 3rd, 2009

Chase Rewards Checking Customers with 1% Mortgage Cash Back Deal

Chase today announced an amazing deal for homeowners – Chase will pay 1% cash back for any Chase Mortgage enrolled in automatic payments from a Chase checking account. Each year, the 1% Mortgage Cash Back allows enrolled Chase Exclusives customers to earn 1% of their scheduled monthly principal and interest mortgage payment.

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They must simply:

Get a Chase mortgage to buy or refinance their home and
have their monthly mortgage payment automatically deducted from their Chase checking account.

“Today, consumers want to get more from their money and our innovative 1% Mortgage Cash Back program does just that. It is a great example of how Chase Exclusives rewards you for having both a Chase checking account and a Chase mortgage,” said David Lowman, Chief Executive Officer of Chase Home Lending “We talked to many customers and prospects, and they really liked the idea of having their bank help them pay down their mortgage. They also liked the option of getting the reward in cash.”

That means, the 1% Mortgage Cash Back allows a homeowner with a 30-year, fixed-rate $210,000 mortgage at 6 percent to save almost $12,000 and pay off their mortgage nine months early.

The 1% Mortgage Cash Back program is available as a Chase Exclusives offer to checking account customers in most Chase bank branches and via phone at 1-888-789-1714.

“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,” said Michael Cleary, Chief Marketing Officer for Chase Retail Banking.

How It Would Work

How the 1% Mortgage Cash Back works for a Chase Exclusives customers with a $210,000 mortgage with a 6 percent interest rate fixed for 30 years:

Scheduled Principal/Interest Payment:	$1,259 $15,108 annually)
Annual Reward Earned if enrolled in 1% Mortgage Cash Back:	$151.08
Total Rewards Paid by Chase Over 29 Years:	$4,381
Estimated Interest Savings:	$7,515 (with principal down payment option selected)
Total Savings Over 30 Years:	$11,896 (with principal down payment option selected and length of mortgage shortened by nine months)

About the banks

Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity.