Chase unveils new banking loyalty programme
In the US, Chase has announced a wide-ranging package of loyalty rewards under the banned 'Chase Exclusives' to help encourage its cheque account customers to expand their relationship with the bank.
Chase Exclusives is a loyalty programme that provides Chase cheque account holders with better rates, various rewards and benefits, and bigger discounts on nearly all banking products offered through the bank's 3,100 branches.
Immediate benefits According to Michael Cleary, head of product development and marketing for Chase's Consumer Bank, "Our cheque account customers are the foundation of our business, so we created Chase Exclusives to help deepen these relationships by providing benefits that are real, quantifiable, and immediate."
For example, Cleary suggested that an average customer could benefit by some US$2,000 or more over time simply by using Chase for their basic financial needs such as mortgages, home equity loans, and certificates of deposit.
Rewards offered Beginning in June 2008, the programme offers cheque account customers several enhanced rewards, including:
- A discount of 0.125% or 0.25% on the interest rate of a mortgage;
- A discount of 0.25% or 0.50% on the interest rate of a home equity loan or line of credit;
- A free rewards programme based on the Chase debit card;
- A discount of 0.25% or 0.50% on the interest rate of an auto loan;
- A discount of 0.25% on the interest rate of a personal loan;
- Higher interest rates on certificates of deposit;
- The waiver of an IRA annual fee;
- A free review of an investment portfolio;
- Triple rewards for purchases in five everyday spending categories (up from two categories previously) when using the Chase Freedom credit card.