A new perk for homeownership is targeted toward Millennials.
According to CNBC, Chase announced that it will offer 100,000 reward points to existing credit card customers who take out a home loan with the bank this summer.
Greg McBride, the chief financial analyst at Bankrate.com, said that the reward, which is worth up to $1,500, is one of the most generous incentives he’s seen. But, he says that buyers still need to research and shop around for the best home deal.
Other banks have similar programs. Capital One has offered air travel miles to customers who purchased property with them.
Banks are spending more on credit-card rewards to build loyal customers for other parts of their businesses. … Millennials are a prime target. For example, at Chase, 36 percent of mortgages last year were taken out by borrowers who were under 35 years old or younger, up from 20 percent in 2015.