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Chase: Credit Card Wins, Mortgage Modification Suits Lose

Chase Credit Card news

Despite the ever-growing popularity in JPMorgan Chase credit card offers, the banking giant hasn’t found the right formula for recovering from the loan modification lawsuits.

This week, a federal judge ruled against the bank and will allow a suit that accuses it of misleading thousands of its mortgage customers with their loan modification options. How long will the bank continue to buck the system and what is the magic formula that’s working so well for its credit card division?

Keep reading as we explore both the claims by homeowners as well as some of the bank’s credit card offers. Will the company find a way to recover under Jamie Dimon’s leadership or has the damage been irrevocably done? It could be that its credit card side floats its other divisions as it continues to rebuild its reputation and public image – again, under Dimon’s controversial leadership.

Mortgage Loan Modifications

Towards the end of July, U.S. District Judge Richard Stearns announced homeowners around the nation would be able to continue their legal claims. These claims include accusations that the conglomerate dropped the ball numerous times as its mortgage customers sought help via the federal program, Home Affordable Modification Program.

His Honor also allowed claims that Chase deliberately drove homeowners into much deeper financial crises with what the judge referred to as “gross ineptitude”. The bank was accused of tacking on additional fees to those loans already in default. Even as some mortgage loans were being renegotiated, the bank chose to move forward with foreclosure filings anyway.

In his ruling, Judge Stearns wrote,

Some plaintiffs allege that they would have fared better economically had their homes been foreclosed by Chase at the outset instead of at the end of a drawn-out and ultimately futile modification process that Chase had no real intention of honoring… these are, of course, allegations – but for present purposes, the court must credit them.

Chase was one of several banks and mortgage providers that found itself in the middle of a $25 billion foreclosure abuse settlement.

So how can it get its credit card division right while annihilating its mortgage services? There are, of course, different compliance issues associated with each branch as well as department leaders and managers. And speaking of credit card offers, take a look at a few of its strongest offers.

Chase Sapphire Preferred Card

The Chase Sapphire Preferred card is a great choice with an introductory offer of 40,000 bonus points. The caveat is cardholders must make at least $3,000 in purchases during the first three months, worth $500 toward travel rewards booked through its Ultimate Rewards program. This card has a 1% reward rate on purchases and 2% for purchases made on travel and at restaurants.

There is a $95 annual fee associated with the Chase Sapphire Preferred Card but it’s waived for the first year and users will enjoy a nice 7% annual dividend on all new points earned. This even applies to points redeemed. One reason this card is such a great choice for those who travel internationally is the absence of foreign transaction fees.

Chase Freedom MasterCard

This Chase Freedom credit card is arguably the stronger choice in the cash back credit cards. After you spend just $500 in your first ninety days, you’ll enjoy a $100 statement credit. Also, there’s 5% cash back on up to $1,500 spent on rotating categories throughout each calendar and 1% cash back on everything else. There’s no annual fee and your points never expire.

Chase Ink Plus with Ultimate Rewards

If it’s a low interest credit card you’re looking for in a business credit card offer, check out the Chase Ink Plus with Ultimate Rewards offer. A $100 bonus cash back is added as an additional incentive, plus, earn up to 35,000 bonus points during the first year. If you travel for business, you’ll also have access to premium travel benefits, including complimentary access to airport lounges. Your rewards points never expire and there are no limitations on how many of those points you can earn.

Keep in mind the annual fee of $60 associated with the Ink Plus, but your first year is waived. The 0% intro APR applies to both purchases and balance transfers.

Chase Slate Vertical Card with Blueprint

This credit card offer has no shortage of benefits and perks, either and it remains one of the most popular credit cards in the Chase family, including an intro period with 0% APR for up to fifteen months. Other bonuses include include no annual fee and the Slate with Blueprint offers up many financial tools designed to help you save money each month. You’ll incur a 3% transfer fee, though this is in line with other comparable credit card offers.

Even if the Chase mortgage division leaves much to be desired, the credit cards are a great choice for those looking for low intro rates, cash back bonuses and perks.

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