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CNBC
a day ago
- Business
- CNBC
Here's everything you need to know about the new Chase Sapphire eligibility rules
Chase is making some changes to their eligibility rules around the popular Sapphire credit cards. What used to be a rule that you couldn't be a cardholder of both the Chase Sapphire Preferred® Card (see rates and fees) and Chase Sapphire Reserve® (see rates and fees) has now changed, meaning you can double down on earning Chase points. A big caveat, though? You might not be able to earn both cards' welcome bonuses. Here's what to know. On Chase's site On Chase's site With Points Boost, your rewards will be worth up to 1.5x on thousands of top-booked hotels and flights from select airlines through Chase Travel. Good to Excellent670–850 19.99% - 28.24% variable $95 Earn 75,000 bonus points See rates and fees. Terms apply. Member FDIC. Read our Chase Sapphire Preferred® Card review. The Chase Sapphire Preferred® Card packs a punch for a $95 annual fee card, offering annual travel credits, comprehensive travel protections and $5 or 5% of the amount of each transfer, whichever is greater On Chase's site On Chase's site Get more than $2,700 in annual value with Sapphire Reserve. Excellent740–850 20.24% - 28.74% variable $795 Earn 100,000 bonus points + $500 Chase TravelSM promo credit See rates and fees. Terms apply. Member FDIC. Read our Chase Sapphire Reserve® review. The Chase Sapphire Reserve® is a standout premium credit card with plenty of luxury perks and statement credits to justify its annual $5 or 5% of the amount of each balance transfer, whichever is greater Before the overhaul of the Chase Sapphire line of cards, the bank didn't allow a user to be the primary account holder on both the Sapphire Preferred and Reserve cards; you could only have one. This was Chase's previous rule on owning multiple Sapphire cards at once: The product is not available to either (i) current cardmembers of any Sapphire credit card, or (ii) previous cardmembers of any Sapphire credit card who received a new cardmember bonus within the last 48 months. If you are an existing Sapphire customer and would like this product, please call the number on the back of your card to see if you are eligible for a product change. You will not receive the new cardmember bonus if you change products. That's now changed, however. As of June 23, 2025, you can now be a cardmember of both the Chase Sapphire Preferred and Sapphire Reserve. Why would you want to have both? Well, they cater to different spending. While the Preferred works with more everyday purchases, allowing you to earn on online groceries and streaming, the Reserve rewards your travel. Plus, with the two, you can more quickly collect valuable Chase Ultimate Rewards® points. The only caveat is that there's a good chance you won't be able to score a welcome bonus on both cards. A Chase spokesperson told CNBC Select that new account bonus offer eligibility for either the Reserve or the Preferred will be based on several factors, including previously earned bonus offers and the number of cards opened and closed, among others. If you already had one of the Sapphire cards and earned its welcome bonus, you may not earn the welcome bonus on the second Sapphire card you get. This is on the product page of Chase's website: The new cardmember bonus may not be available to you if you currently have any other personal Sapphire cards open, previously held this card or received a new cardmember bonus for this card. So, while Chase is opening up the doors to the possibility of owning both Sapphire cards, earning their respective welcome bonuses seems like it's going to be more on a case-by-case basis. It's worth noting that the site does specifically say, "personal Sapphire cards," and after confirming with a Chase spokesperson, Chase Sapphire Reserve for BusinessSM (see rates and fees) cardholders can still open a consumer Sapphire card and earn its bonus. Thus, having the business card will not impact your eligibility for the other Sapphire bonuses. With this current language, it seems like it's still possible to earn both bonuses; if you had one of the Reserve or Preferred cards and earned its bonus, you could then downgrade that card to a non-Sapphire card and then apply for the Sapphire card you haven't held yet and earn its bonus. While this could be a good way to maximize the welcome offers, some people may be devoted to one card over the other and not want to downgrade for a bonus. Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here. At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit card article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit card products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Business Times
21-07-2025
- Business
- Business Times
As interest rates normalise, private credit can help portfolios
'HOW did you go bankrupt?' 'Two ways. Gradually, then suddenly.' – Ernest Hemingway, The Sun Also Rises Often quoted and widely recycled, that response from Mike Campbell – the fictional once-wealthy friend of Jake Barnes, narrator in Hemingway's novel – captures more than just personal financial woes. It's an apt description of how long-running trends unravel – first with subtle shifts, then with violent clarity. Economist Rudiger Dornbusch put it more clinically: 'In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.' Both sentiments apply to today's bond market. For nearly four decades, falling interest rates created a generational tailwind for fixed income. Bonds didn't just pay income, they delivered capital appreciation, diversification, and ballast. Now, that dynamic is breaking down. Prices have fallen, and correlations have flipped. The 40 per cent in a 60/40 portfolio – which comprises fixed income, the supposedly steady part – has become a problem. But there's one corner of the market that has held steady amid all this instability: private credit. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up From tailwind to headwind The bond bull market began in 1981, when then-Federal Reserve chair Paul Volcker engineered a brutal double-dip recession to break inflation's back. At the time, the 10-year Treasury yield peaked near 16 per cent. What followed was a 39-year stretch of disinflation, financial globalisation, and central bank credibility, which drove yields lower and bond prices higher. For fixed income investors, it was a golden era where being long duration paid off. A simple strategy of buying 10-year Treasuries and rolling them annually would have delivered over 8 per cent in annualised returns from 1981 to 2020. The Bloomberg Barclays Aggregate Bond Index returned a similarly impressive 8 per cent over that same period. Bonds weren't just a buffer against equity risk; they were a consistent source of performance. But that golden era followed a very different one. In the 35 years before 1981, yields climbed steadily and were far more volatile. Bondholders clipped coupons while watching principal values erode. Price appreciation simply wasn't part of the fixed income playbook. There were no 'total return' bond funds because, frankly, there was no total return to chase. The middle ground We're not heading back to the 1970s. The US economy is structurally stronger; the Fed is more disciplined; and the lessons of the Volcker era still hold. But we're also not in a new bond bull market. Instead, we're in a period of normalisation where rates are higher than the recent past but still lower than long-term historical norms. Following the global financial crisis (GFC), the Fed supported the bull market in bonds with quantitative easing. But in 2022, the central bank began reducing its balance sheet, and by continuing to let its Treasury holdings mature without reinvesting the proceeds, it has kept upward pressure on rates with the increased supply. Increased fiscal spending and higher deficits bring uncertainty and expectations of higher future Treasury issuance, increasing the term premium demanded by investors. This middle ground comes with consequences: greater volatility and interest rate risk, less price support, and less reliable diversification. We've written extensively about how rising rates scramble traditional asset class relationships. In 2022, when the Fed launched its most aggressive hiking cycle in decades, the longstanding negative correlation between stocks and bonds broke down. Since then, the two have moved in the same direction in 31 of the past 40 months, nearly 80 per cent of the time – a dynamic that undermines the very foundation of balanced portfolios. If you believe that we're beginning a normalised inflationary regime, different from the sub-2 per cent post-GFC era, the unreliable stock-bond correlation is likely to continue. Based on historical data, the stock-bond correlation becomes positive beginning at 2 per cent inflation, strengthening as inflation increases. It's not just the lack of diversification that's troubling. Bond market volatility, once rare, is becoming routine as a result of policy uncertainty. Modest data surprises or policy comments now trigger exaggerated moves across the yield curve, and central banks retreating as a steady source of demand has reduced market liquidity that helped keep bond prices stable and predictable. Once major buyers of Treasuries, central banks are pulling back as rising yields in markets such as Germany and Japan make US Treasuries less appealing, especially after factoring in currency hedging costs. At the same time, heightened uncertainty has caused the term premium to resurface, hitting an 11-year high in May. Investors are demanding more compensation for interest rate risk, reflecting a structurally different regime. In April, high-yield bond prices suffered their steepest drop since the early days of the pandemic – second only to March 2020. Private credit's quiet consistency While public credit markets have endured drawdowns and dislocations, private credit has functioned as intended, providing financing to borrowers and liquidity to private equity sponsors without disruption. That resilience is showing up in the data. April's tariff-driven volatility caused liquid credit spreads to swing sharply – widening in one of the most significant moves in history, before recovering around 71 per cent by early May. In contrast, the private credit market operated as usual, providing a stable source of funding for companies throughout the turmoil. Private credit's advantages are structural. In a world of higher rates and unpredictable correlations, it can offer insulation from policy shifts, with floating rates and lower correlation to public markets. The private credit model brings lenders (investors) directly to borrowers in a 'farm to table' model, reducing the role of bank intermediaries and giving back this spread to investors. The strategy's floating rate nature reduces exposure to interest rate risk, leaving credit risk as the primary concern – one that experienced managers seek to address through careful underwriting, active portfolio management, and within private investment-grade credit, a focus on first-lien senior secured debt. Historically, private credit has delivered steady cash flows, limited volatility, and a reliable alternative source of return. Importantly, the private credit space extends far beyond traditional direct lending. Today, the total addressable market for private credit exceeds US$30 trillion, a significant expansion from less than US$100 billion prior to the GFC. Private asset-backed financing has become a vital source of capital for companies in high-growth areas such as energy, digital infrastructure, and transportation, while providing investors with hard asset collateral, amortising cash flows and over-collateralisation. The continued growth of these sectors may expand the asset-backed financing opportunity and potentially give investors an increasingly diverse mix of private credit strategies, providing more resilient portfolios. That's good news for investors, because as they confront the 40 per cent problem – the end of easy returns and automatic diversification from public traditional fixed income – they'll need to adapt. In a portfolio that's no longer self-balancing, we believe that tools like private credit are essential. The writer is chief investment strategist, Blackstone Private Wealth Solutions
Indian Express
19-07-2025
- Business
- Indian Express
RBI's record banking system fund infusion is not boosting loan growth
The Reserve Bank of India (RBI) began pumping money into the banking system in December 2024, while the Monetary Policy Committee (MPC) started cutting interest rates in February. However, the MPC's 100 basis points (bps) of rate cuts and the lakhs of crores of money provided by the RBI to the banking system has had little impact on demand for loans. In fact, credit growth has almost halved from the middle of 2024. And economists think loan growth may fall further in the coming months. According to data released on June 30 by the RBI, non-food credit extended by Indian banks was up 9.8 per cent year-on-year (YoY) as at the end of May, down from 11.2 per cent in April and 16.2 per cent a year ago, after excluding for the impact of the merger of HDFC Bank with Housing Development Finance Corporation in July 2023. The sector-wise breakdown makes for similar reading. Take loans to industry, for instance, which showed a growth of just 4.9 per cent YoY at the end of May, down from 6.7 per cent in April and 8.9 per cent a year ago. At the same time, the amount of money the RBI has pushed into the banking system has ballooned. It first cut banks' Cash Reserve Ratio (CRR) by 50 bps in December 2024, after which — through a variety of instruments, such as purchases of government bonds — the Indian central bank added nearly Rs 10 lakh crore into a system that was tight on cash starting the second half of 2024 due to tax outflows and the RBI's own operations in the foreign exchange market. And while the rupee stabilised before the RBI loosened its grip somewhat in 2025, demand for bank loans has continued to weaken even as borrowing costs have fallen. According to RBI data, new bank loans were around 20 bps cheaper in May compared to a year ago. Wasted liquidity surplus? According to J.P. Morgan economists, the continued addition of liquidity into the banking system by the RBI is a futile attempt to bring down lending rates of banks — beyond a point. In a note published earlier this month, the investment bank's economists said 'there is no evidence that liquidity 'causes' credit or deposit growth. If anything, the causality is reversed, with credit driving liquidity growth, through the deposit and Cash Reserve Ratio channel.' As per its analysis, J.P. Morgan found that the entire impact on banks' lending rates from changes in banking system liquidity is because of movements in the interest rate at which banks lend to each other — the 'call rate'. As such, once the call rate declines to a certain level, there is no incremental benefit in terms of a further decline in banks' lending rates from the provision of additional liquidity by the RBI. The central bank, seemingly, has taken note of this too, and in recent days looked to suck out the excess money it has pumped into the banking system. Since June 27, the central bank has removed almost Rs 7 lakh crore. However, given the temporary nature of these operations, much of these removed funds are already back with banks. But even before the RBI began conducting these temporary operations — called variable rate reverse repos — to drain out excess money, banks were already keeping them at a central bank facility in return for a fixed rate of interest of 5.25 per cent. However, the amount banks were choosing to keep at this so-called Standing Deposit Facility has more than quadrupled in the last one year — from a daily average of Rs 58,817 crore in June 2024 to Rs 2.59 lakh crore in June 2025. Clearly, there are few takers for loans from banks. Will the weak loan growth continue? Weakness in demand for loans has been a concern for the MPC, which cut the policy repo rate by a larger-than-expected 50 bps to 5.5 per cent on June 6 to push banks to cut their lending rates faster. But this 'transmission' of policy rate cuts to lending rates of banks — which can take up to one year, although the RBI over the years has tried to make this process faster — depends on a variety of factors. According to Nomura economists Sonal Varma and Aurodeep Nandi, a faster and more complete transmission of changes to the policy repo rate requires not just excess money in the banking system but also a lower credit-deposit (CD) ratio, which is an indicator of the proportion of a bank's deposits sent out as loans. 'The periods of maximum pass-through of policy rate cuts have typically happened in periods when the credit-deposit ratio was much lower in the 70-74 per cent range,' Varma and Nandi said in a report on July 8, adding that the ratio was currently just below 80 per cent. According to them, the RBI's latest bank lending survey is indicative of moderating demand for loans, especially for retail and personal loans, while the global trade uncertainty coupled with rising imports from China is keeping industrial capacity utilisation subdued. As a result, Varma and Nandi see credit growth falling even further to 7-8 per cent by March 2026. Need for loan demand As RBI Governor Sanjay Malhotra noted on June 6, for banks to lower their lending rates, there needs to be demand for loans. And demand for loans depends on the macroeconomic conditions and appetite for credit. Clearly, the fact that the RBI has felt the need to inject so much money into the banking system and reduce the policy repo rate by 100 bps in a matter of months is a sign of weakness in macroeconomic conditions — even if the annual GDP growth rate is seen stable around 6.5 per cent. '…credit demand follows the momentum in economic activity and often continues to rise despite a rise in interest rates. The reverse is also empirically observed. If credit demand is moderate, a reduced interest rate may not boost it over the next 12-24 months. For any impact, it is critical to hold the rate steady for 18-24 months,' the Boston Consulting Group said in a report this month. Siddharth Upasani is a Deputy Associate Editor with The Indian Express. He reports primarily on data and the economy, looking for trends and changes in the former which paint a picture of the latter. Before The Indian Express, he worked at Moneycontrol and financial newswire Informist (previously called Cogencis). Outside of work, sports, fantasy football, and graphic novels keep him busy. ... Read More
Scotsman
17-07-2025
- Entertainment
- Scotsman
A chance to win £500 and drink cocktails with Lisa Snowdon in this gintastic competition!
You could be 'mixing' with Lisa Snowdon in this gintastic competition The perfect role for gin lovers has been announced as Reserve, by Warner Hotels, is looking to pay one lucky applicant £500 to sip elegant gin cocktails with TV and radio presenter, Lisa Snowdon. Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The role is calling for a 'Gintern' who will have the chance to visit two iconic properties; The Runnymede on Thames and the Heythrop Park in the Cotswolds to take part in cocktail making masterclasses in beautiful surroundings and provide feedback on their experience. As well as sipping their way through a selection of over 30 craft gins and learning different ways to savour the popular spirit, the lucky candidate will receive exclusive access to each of the hotels' award-winning spas, world-class entertainment and outdoor activities like golf and boat trips down the River Thames. Advertisement Hide Ad Advertisement Hide Ad Lisa Snowdon, who was appointed 'Chief Joy Officer' at Reserve, by Warner Hotels earlier this year, said: 'There's nothing better than sipping on your favourite cocktail in a beautiful bar, and spending time learning how to mix your favourite drinks is the perfect way to truly savour the experience – and maybe even discover something new. 'I'm so excited to be welcoming our lucky Gintern to The Runnymede on Thames and Heythrop Park for a gin masterclass like no other – I know it's going to be joyous!' David Murdin, Chief Marketing Officer at Warner Hotels, added: 'We're thrilled to be working with Lisa in our search for a 'Gintern'. We created the role after commissioning research which showed our guests prioritise exceptional food and drink experiences." To apply for the unique role and one-off experience, or to find out more about Reserve, by Warner Hotels, visit by July 21.* Advertisement Hide Ad Advertisement Hide Ad Reserve, by Warner Hotels, consists of two unique and sophisticated properties, including flagship riverside destination The Runnymede on Thames in Windsor and the stunning 300-year-old Grade II-listed Heythrop Park in the Cotswolds, which combines historical grandeur with modern charm. Warner Hotels is the UK's leading provider of short breaks, exclusively for adults. With 16 unique properties in stunning locations across the UK, a Warner Hotels break allows guests to re-discover the moments that make them glow, whether it's relaxing in a luxurious spa, indulging in delicious food and drink prepared by expert chefs, exploring incredible surroundings or experiencing electrifying live shows and entertainment. *Terms and conditions apply
Scotsman
17-07-2025
- Entertainment
- Scotsman
A chance to win £500 and drink cocktails with Lisa Snowdon in this gintastic competition!
You could be 'mixing' with Lisa Snowdon in this gintastic competition The perfect role for gin lovers has been announced as Reserve, by Warner Hotels, is looking to pay one lucky applicant £500 to sip elegant gin cocktails with TV and radio presenter, Lisa Snowdon. Sign up to our daily newsletter – Regular news stories and round-ups from around Scotland direct to your inbox Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The role is calling for a 'Gintern' who will have the chance to visit two iconic properties; The Runnymede on Thames and the Heythrop Park in the Cotswolds to take part in cocktail making masterclasses in beautiful surroundings and provide feedback on their experience. As well as sipping their way through a selection of over 30 craft gins and learning different ways to savour the popular spirit, the lucky candidate will receive exclusive access to each of the hotels' award-winning spas, world-class entertainment and outdoor activities like golf and boat trips down the River Thames. Advertisement Hide Ad Advertisement Hide Ad Lisa Snowdon, who was appointed 'Chief Joy Officer' at Reserve, by Warner Hotels earlier this year, said: 'There's nothing better than sipping on your favourite cocktail in a beautiful bar, and spending time learning how to mix your favourite drinks is the perfect way to truly savour the experience – and maybe even discover something new. 'I'm so excited to be welcoming our lucky Gintern to The Runnymede on Thames and Heythrop Park for a gin masterclass like no other – I know it's going to be joyous!' David Murdin, Chief Marketing Officer at Warner Hotels, added: 'We're thrilled to be working with Lisa in our search for a 'Gintern'. We created the role after commissioning research which showed our guests prioritise exceptional food and drink experiences." To apply for the unique role and one-off experience, or to find out more about Reserve, by Warner Hotels, visit by July 21.* Advertisement Hide Ad Advertisement Hide Ad Reserve, by Warner Hotels, consists of two unique and sophisticated properties, including flagship riverside destination The Runnymede on Thames in Windsor and the stunning 300-year-old Grade II-listed Heythrop Park in the Cotswolds, which combines historical grandeur with modern charm. Warner Hotels is the UK's leading provider of short breaks, exclusively for adults. With 16 unique properties in stunning locations across the UK, a Warner Hotels break allows guests to re-discover the moments that make them glow, whether it's relaxing in a luxurious spa, indulging in delicious food and drink prepared by expert chefs, exploring incredible surroundings or experiencing electrifying live shows and entertainment.
