Debt it at an all time high for American consumers, for the first quarter of the year the countries debt was caused by mortgages and student debt loans. Loan companies are constantly devising strategies to entice the public to take out loans and it seems to be working.
When it comes to taking our loans these days, you can earn loyalty rewards and frequent flyer miles along with more premium subscriptions. Since 2010, spending on credit card rewards has doubled thanks to such great reward programmes. Student loans and mortgages are now incorporating a similar setup, where you can get free flights and more.
This month has been monumental in terms of loan and student loan rewards. Thanks to new initiatives by lenders, when taking out a mortgage with Chase Bank, you can earn 100,000 points. JetBlue is offering a student package, where 50,000 points are up for grabs when you refinance your student loans. Although these deals sound unbelievably good, are they truly worth refinancing loans and taking out mortgages on?
Chase Is Offering 100,000 Points If You Take Out A Mortgage!
The biggest mortgage lender in America, Chase Bank is now offering a deal that most people cannot pass up. They also boast being the biggest credit card company in the U.S.A. Chase is utilising those two factors and is offering 100,000 reward points for new mortgage customers.
The deadline: To be eligible for the reward points, you must apply for your mortgage before August 6th. With this being said, it might not be a wise move to take out a mortgage just for the credit card points.. so keep this in mind. Other deals like this one are expected to come up because of the partnership that ChaseBank and JetBlue has recently signed with student loan companies.
Mortgage type: If you take out the mortgage it must be your first one with Chase Bank. Also, refinancing is not available.
What do those points actually mean?: Each reward point is valuable and equate to real life products. Once you acquire the points, you can transfer them to other airlines, such as United and many more. Hotels also accept those points, the Marriott and Hyatt will take them. If you book your travels through Chase Bank, those points can be spent like cash. For American students, having a reserve card will add another 50% to your point balance.
JetBlue Is Giving Away 50,000 Points For Student Loan Refinancers
Only up until a few years ago, people were refinancing their mortgages because it was their biggest debt. As many students will agree, mortgages are no longer the biggest debt, as student loans are increasingly difficult to pay off in the USA. The market for student loans is a vast land of options. Companies such as NerdWallet and more are offering options to refinance student loans. Every year, it seems like a new student debt company is opening up and they are striving.
SoFi is the largest student financing company, with their partnership with JetBlue being announced this week. This means that you can now earn points whilst paying off your student loans.
Students are only eligible to earn these flyer points if they are new SoFi customers.
This offer is not restricted to an end date, although it can be removed at any time. This means that students should sign up soon if they are only joining for the points.
How does it work? For every $2 that you refinance with SoFi you will earn 1 TrueBlue point. This is the case for up to 50,000 points. You will receive the points within 90 days of refinancing.
For students already flying with JetBlue, these points are very valuable because you can add them to your existing points. In conclusion, these points are a great opportunity for young people to fly at a cheaper rate. Although the cost is refinancing your current student loans. So it is not ideal for every student, but if you are thinking of financing already, it is a good incentive.
Stay updated with the latest student articles. Check out how the new GOP bill will affect your health insurance.