An incentive just for having (and paying, of course) a mortgage? Well that’s one way to make today’s dim economic picture a little brighter. In August, Chase announced a new program offering 1% cash back on mortgages held by Chase checking account customers. We started seeing offers for this appear in direct mail in October.

Mortgage incentives aren’t new, but an on-going cash back program is something we haven’t seen before. “Chase Exclusives”, which the 1% cash back program is part of, rewards checking customers for using other Chase products. It’s a great loyalty builder; tapping into the ongoing consumer need to get more for less and really delivering on the promise of an “incentive” for working with Chase.

Customers receive the 1% cash back if they follow certain criteria on new or existing Chase checking accounts. They can receive the rebate either in cash or apply it towards the mortgage principle.

Is 1% back enough to prompt mortgage-holders to refinance with Chase, especially with lending standards tightened? How else can financial institutions innovate to get more out of the customers they have?

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