Every AI tool you’ve used stops working the moment you stop typing.
You ask. It answers. Then it waits for you to come back.
Dots don’t wait. OpenAI introduced them on September 29, 2026, at its DevDay event, and they keep working in the background after your conversation ends.
A dot remembers what you asked for last week. It keeps the work moving while you’re off the clock. And it checks in when there’s a decision that actually needs you.
And before you think that it’s just another feature or setting that doesn’t truly scratch an itch, this might actually change things. It’s a different way of working with AI.
Here’s what a dot actually is, who can get one, and what this kind of tool means in practice.
Disclaimer: While these are general suggestions, it’s important to conduct thorough research and due diligence when selecting AI tools. We do not endorse or promote any specific AI tools mentioned here. This article is for educational and informational purposes only. It is not intended to provide legal, financial, or clinical advice. Always comply with HIPAA and institutional policies. For any decisions that impact patient care or finances, consult a qualified professional.
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Know What a Dot Actually Is
Under the hood, a dot runs on OpenAI’s GPT-6 Astra model. It has its own cloud computer with its own browser, separate from whatever device you’re using to talk to it.
That separation is the whole point. Your laptop can be closed, and the dot’s cloud work keeps going.
OpenAI doesn’t really frame a dot as a tool you open and close. It’s more like an extension of you. It learns your preferences and standards over time, so you can hand it more without directing every step.
Here’s what that looks like in practice:
You create a dot once, give it a name and a look, and keep working with the same one, rather than starting fresh with every task.
You can reach it through ChatGPT, Slack, Microsoft Teams, or a voice call. It’s the same dot in every channel, and it can draw on relevant context across them.
It connects to apps you already use, over 4,000 of them through OpenAI’s plugin ecosystem, so it can pull from your email or documents directly instead of you pasting everything in.
It does background research on its own, even without a specific ask. OpenAI calls this proactive research, and the tools it uses are read-only: they can’t send messages, edit app content, or control a browser or computer. Anything the dot does as a follow-up still has to clear its permissions.
Before an action affects your accounts or shares information, an automatic review decides whether the dot can go ahead, needs your approval, or has to hand that step to you. Some sensitive tasks, such as changing a password, are always left to you.
With your permission, it can also connect to your own computer to work with local files or installed software. Only one personal computer can be connected at a time, and it has to be online with the ChatGPT app open.
So here’s the simplest way to think about it. A regular AI chat answers your question and waits for the next one.
A dot takes on a responsibility and keeps it. It comes back with results, and with the decisions that need you.
This is Different from the “Usual” ChatGPT
It’s tempting to read this as a faster version of what ChatGPT already does.
That’s probably not the right read. What OpenAI seems to be testing is something different: whether you’re ready to hand ongoing responsibility to an AI system, not just individual tasks one at a time.
TechCrunch’s coverage of the launch says it like this. Unlike ChatGPT or Codex, dots aren’t bound to a particular device or interface. They’re designed to keep working toward goals you set, in the background, with little oversight.
While a lot of this was already possible with other similar agentic tools, what’s new is bundling it into a package centered on independent action.
Here’s the thing, though. The bigger change might be the persistent identity. You get one dot you build a working relationship with, instead of a tool that resets every time you open a new chat.
OpenAI’s own launch examples give you a feel for this:
A developer’s dot watches customer feedback and prepares tested fixes for review.
A scientist’s dot reruns analyses as new data arrives and flags what needs a second look.
A sales lead’s dot keeps a proposal and test plan current as requirements and test results change.
Now think about your own week. If you’re managing more moving pieces than you can hold in your head, maybe a packed clinical schedule plus a growing side business or a few other ventures, this is a tool built to hold onto a responsibility rather than wait for you to ask again.
Picture What a Dot Could Do for You
If you’re running a demanding clinical career alongside other ventures, the appeal is pretty straightforward.
Say you assign a dot to track an investment’s quarterly reports. Or chase down a stalled side project. Or keep your content calendar organized.
You don’t have to re-brief it every week. It keeps track, follows up, and brings you results and the decisions that need you.
That convenience comes with the same considerations that apply to any AI system you give standing access to real accounts and real data. A few of them are specific to this launch.
Before You Try Dots
1. Review your permissions deliberately, not automatically
You choose which apps your dot can use. But it can also draw on plugins already connected to your ChatGPT account, with whatever permissions those connections already have.
So before you create a dot, audit what’s connected.
Keep anything containing protected health information out of it unless your organization’s compliance team has confirmed an approved, HIPAA-compliant setup. A personal ChatGPT plan is not a clinical system.
If you’re on a personal plan, check your data controls too. OpenAI says you can choose whether your dot’s conversations and work are used to improve its models.
2. Understand what “proactive research” actually means
The research itself is read-only. While it’s working in the background, your dot can’t send messages, edit app content, or control a browser or computer.
That’s a real safeguard. But it only covers the research. What your dot does next depends on the permissions and rules you’ve set.
3. Calibrate autonomy instead of maxing it out
OpenAI is direct about this: dots can make mistakes, and consequential work needs your review.
The built-in approval checks help. Custom Rules also let you require approval for specific actions or block them outright.
One more thing. Pausing a dot doesn’t reverse anything it’s already done. So set your boundaries before the work starts, not after.
4. Watch how agentic systems behave when things go wrong
Days before dots launched, OpenAI disclosed that AI agents in its research environment had posted 53 user-provided images to image-hosting sites without the company’s knowledge. The links weren’t publicly listed, but they could still be found.
The disclosure was part of OpenAI’s ongoing review of incidents where its agents reached the open internet and misbehaved.
To be clear, that incident involved an internal research system, not dots. But it’s a useful reminder. Agentic AI is still new territory, and even the people who built it are actively learning how to contain it.
None of this is a reason to skip dots, or agentic AI tools in general.
It’s a reason to onboard one the way you’d onboard any new hire with real access. Clear boundaries from day one. Not broad trust by default.
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Stay Curious But Be Careful What You Connect
OpenAI is making a clear bet here. The next leap in AI usefulness isn’t faster answers. It’s an AI that holds onto responsibility the way a competent assistant would.
If you’re already stretched across a clinical career and a few other things on the side, that’s a shift worth watching closely, even before it shows up in your account.
Whether it’s worth adopting right now comes down to two things. Where your plan and region land. And how comfortable you are giving real access to a system designed to take on more with less step-by-step direction.
For now, the sensible move is the same one that applies to every AI tool: stay curious, try it, and be careful about what you connect to it.
So I’m curious. If you had a dot running in the background tomorrow, what’s the first responsibility you’d hand it? And what would you never let it touch? We’d love to hear it so share it in the comments!
Download The Physician’s Starter Guide to AI – a free, easy-to-digest resource that walks you through smart ways to integrate tools like ChatGPT into your professional and personal life. Whether you’re AI-curious or already experimenting, this guide will save you time, stress, and maybe even a little sanity.
Want more tips to sharpen your AI skills? Subscribe to our newsletter for exclusive insights and practical advice. You’ll also get access to our free AI resource page, packed with AI tools and tutorials to help you have more in life outside of medicine. Let’s make life easier, one prompt at a time. Make it happen!
Disclaimer: This article is for general informational and educational purposes only. It does not constitute medical, legal, compliance, or professional advice. The information provided here is based on available public data and may not be entirely accurate or up-to-date. It’s recommended to contact the respective companies/individuals for detailed information on features, pricing, and availability.All screenshots, if any, are used under the principles of fair use for editorial, educational, or commentary purposes. All trademarks and copyrights belong to their respective owners.
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President Vladimir Putin on Thursday reiterated Moscow’s long-held position that Russia is not planning to attack European countries but will respond to aggression with “all weapons” in its arsenal.
In remarks at a foreign policy forum, Putin accused the West and Europe of escalating tensions by talking about preparing for a war with Moscow in the coming years, conducting military drills in the Baltic Sea, and seizing Russian vessels.
His remarks followed Moscow’s warning to NATO that it would not hesitate to use nuclear weapons to defend Kaliningrad should any members of the military alliance try to cut off the Baltic exclave from the rest of Russia.
Several Russian embassies in Europe this week issued statements that said Moscow has “information that NATO is preparing (an) air and naval blockade of Kaliningrad and (the) Kaliningrad region.”
They accused European leaders of “playing a dangerous game” by saying Russia might attack another country or ramp up a campaign of destabilizing attacks with drones and sabotage. Moscow has called the allegations absurd.
“There should be no mistake — Russia would be ready to use all its arsenal, including nuclear weapons, to defend its territory if NATO countries try to isolate (the) Kaliningrad region from the rest of the country,” the Russian Embassy in Ireland said in its statement on Tuesday.
Asked at the Valdai Club forum Thursday whether Russia was on the cusp of a war with NATO or whether both were trying to intimidate each other, Putin said: “It’s not intimidation, it’s a response to an attempt to intimidate us.”
Putin said that “everything is written correctly” in the earlier warning to NATO.
“If it comes to a direct attack on the Russian Federation — in this case we mean Kaliningrad, or maybe some other territories — of course, inevitably and immediately the question of Russian Federation using all weapons at the disposal of our country will appear on the agenda,” he said.
Putin didn’t specify whether Moscow would use nuclear weapons but said it has arms that “no one else has” and would determine which to use in case of an attack.
NATO pushed back against Russian nuclear rhetoric
NATO spokesperson Allison Hart confirmed Wednesday that Russia had sent a written message to the U.S.-led military alliance. “We strongly denounce the threat of force, including any irresponsible nuclear rhetoric,” she said in a statement.
Hart insisted NATO is not targeting Kaliningrad and had sent a reply noting that “NATO is a defensive alliance and none of our activities or exercises pose a risk to any part of Russia.”
NATO Secretary-General Mark Rutte said Wednesday the bloc’s response to the message was “short and concise.”
“Basically what we said is, ‘Hey, listen, we are defensive alliance, and stop the nuclear threat. This is absolutely not called for and not helpful,’” Rutte told Euronews.
NATO’s response also urged Russia to stop its “unprovoked war of aggression against Ukraine,” now in its fifth year.
The Baltic exclave of Kaliningrad sits between NATO members Poland and Lithuania. It is home to Russia’s main Baltic navy base and other military assets, and nuclear-capable Iskander missiles are deployed there.
Western military officers have said that key military installations in Kaliningrad would be a likely first target should Russia ever attack any NATO ally.
NATO allies have conducted military exercises in the Baltic Sea region in recent months. More are planned in October. It launched Operation Baltic Sentry there last year to protect communication cables and pipelines.
On Aug. 18, NATO held an exercise over northern Poland and the Baltic region involving several aircraft, including an EA-37B Compass Call — a sophisticated American plane that can jam communications and radar, the U.S. Air Forces in Europe said.
Defense analysts believe the unannounced, large-scale exercise would not have been welcomed by the Kremlin.
Rutte urges continued focus on supporting Ukraine
European leaders and intelligence services have warned that Russia could be ready to strike at another country within a few years, especially if it wins its war on Ukraine.
Rutte told Euronews that Russia is trying “to divide us and lose the focus” on defending Ukraine.
“We will not,” he said, adding that the best way to respond is to provide Kyiv with more support.
“That’s the message. Calm, carry on, keep the support for Ukraine going. That’s how we deal with it,” Rutte said.
——
Associated Press reporter Lorne Cook in Brussels contributed.
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The Department of Education’s official FY 2023 cohort default rate is 0.4%, up from 0.0% for FY 2022. Just 14,296 of the 3.37 million borrowers in the cohort defaulted during the three-year measurement window.
The rate is low because the pandemic payment pause, the on-ramp, and the SAVE forbearance covered nearly all of the window.
The number that matters is coming next year. Draft FY 2024 rates arrive in early 2027 and will be the first calculated with no pandemic protections in place, and roughly 1,800 colleges already have nonpayment rates of 25% or higher.
The Department of Education released its official FY 2023 student loan cohort default rate on September 30, 2026, and the headline figure is 0.4%. Among 3,372,244 borrowers who entered repayment between October 1, 2022, and September 30, 2023, only 14,296 defaulted by September 30, 2025, according to the Federal Student Aid briefing. That is the fourth straight year the national rate has landed at or near zero, but it bears no resemblance to the 9.3 million borrowers currently in default on federal loans.
The gap between those two numbers is confusing a lot of people, including financial aid offices. The explanation is not that borrowers suddenly started paying. It is that the cohort default rate is a narrow, backward-looking measure, and the pandemic-era protections happened to cover nearly every day of the window it measures.
Basically, if you see this number, disregard it. It’s not helpful… yet. Here’s what to know.
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How The Cohort Default Rate Actually Works
A cohort default rate tracks one group of borrowers, those who entered repayment during a single federal fiscal year, and asks what share of them defaulted by the end of the second fiscal year after that. For the FY 2023 cohort, the window opened October 1, 2022, and closed September 30, 2025. Default, for this purpose, means a loan has gone at least 270 days without a payment.
The rate is calculated for every school that participates in federal aid, and the national figure is simply the sum of those schools. The FY 2023 calculation covered 5,417 institutions.
Congress built the measure as an accountability tool: under the Higher Education Act, a school with a CDR of 30% or higher for three consecutive years, or above 40% in a single year, loses access to federal student loans, and for-profit colleges have historically been the schools closest to those lines.
The lag is by design. Because the window runs three fiscal years and the Department needs most of another year to finalize the data, an official CDR describes borrowers who left school roughly four years before the number is published. The FY 2023 rate released this week was calculated on August 1, 2026, about borrowers who started repayment in late 2022 and early 2023.
Official National Student Loan Cohort Default Rate, FY 2012–FY 2023
Share of borrowers entering repayment each fiscal year who defaulted within the three-year measurement window
Line chart of the national cohort default rate falling from 11.8% in FY 2012 to 0.4% in FY 2023
Source: U.S. Department of Education, Federal Student Aid, FY 2023 Official National Student Loan Cohort Default Rate Briefing (Sept. 30, 2026). The FY 2019 through FY 2023 measurement windows were covered in whole or part by the pandemic payment pause (March 2020–Sept. 2023), the 12-month on-ramp, and the SAVE litigation forbearance. Chart: The College Investor.View as table
The Department’s own briefing says the FY 2023 rate “should be interpreted with caution.” The reason is a stack of three overlapping protections. The pandemic payment pause began March 13, 2020, and ran through September 2023, with no Federal student loans entering default during that stretch.
When payments resumed in October 2023, the Department added a 12-month on-ramp through September 30, 2024, during which missed payments were not reported to credit bureaus and borrowers could not be placed in default. Then the courts blocked the SAVE plan, and the roughly 7 million borrowers enrolled in it were placed in a litigation forbearance that stretched from July 2024 into the fall of 2025.
Lay those dates over the FY 2023 window and the math becomes obvious. The National Association of Student Financial Aid Administrators calculates that FY 2023 borrowers had exactly 365 days, October 2024 through September 2025, in which it was even possible to become delinquent long enough to hit the 270-day threshold, and SAVE borrowers were shielded for most of that year. The FY 2022 cohort had zero such days, which is why its rate was 0.0%. For comparison, the last fully pre-pandemic cohort, FY 2018, defaulted at 7.3%, and FY 2016 came in at 10.1%.
The distortion actually starts one year earlier than most people assume. The FY 2019 cohort entered repayment between October 2018 and September 2019, and its monitoring window ran through September 30, 2021. The pause arrived on March 13, 2020, roughly halfway through, and it did two things at once: payments stopped being required, and the delinquency clock froze for anyone already behind. A borrower who was 200 days late in March 2020 stayed at 200 days for the next three and a half years instead of crossing the 270-day line.
That left FY 2019 borrowers with somewhere between five and 17 months of real exposure, depending on when they entered repayment, instead of the usual three years. The result was a 2.3% rate, down from 7.3% the year before. The national rate had been declining slowly since FY 2012, when it peaked at 11.8%, but a five-point drop in a single cohort is not a trend. It is a window that closed early, and every cohort since has had the same problem or worse.
What The Numbers Show Underneath The 0.4%
Even inside a near-zero year, the data is showing a few signals. Borrowers at for-profit schools defaulted at 0.8%, double the 0.3% rate at public and private nonprofit institutions, with 4,821 of 576,634 proprietary-school borrowers in default. Foreign schools posted the lowest rate at 0.2%.
The cohort itself also shrank. The number of borrowers entering repayment fell 4.4% from the FY 2022 cohort, a drop of 156,845 people, and the decline at for-profit schools was 13.4%. The number of participating schools fell by 88, to 5,417, with for-profits accounting for 83 of the lost institutions.
Those shifts track with enrollment and lending trends The College Investor has covered, where fewer students are borrowing even as balances for those who do keep rising.
The Number Schools Should Be Watching Instead
The Department is telling colleges to focus on a different metric: the nonpayment rate. That figure measures the share of a school’s Direct Loan borrowers who entered repayment between January 2020 and May 2025 and are more than 90 days delinquent. The Department refreshed that data on September 22, 2026, using August 2026 figures, and the results show a much bigger issue.
Approximately 1,800 institutions have nonpayment rates at or above 25%, according to the Department’s announcement. That is consistent with the broader delinquency picture: as of June 30, 2026, Federal Student Aid data showed 9.3 million borrowers in default holding $234 billion, with another 1.5 million in late-stage delinquency and roughly 20% of borrowers in active repayment more than 30 days behind.
The nonpayment rate carries no sanctions. The CDR does, and the Department’s announcement spells out what it expects: draft FY 2024 rates will be issued in early 2027, and the official FY 2024 rates next fall will be “the first such release following the full expiration of pandemic-era flexibilities.”
The Department has asked schools above 25% to update their default prevention plans, attend an October 13 webinar, and complete a new self-paced training track on CDRs. The FY 2024 cohort entered repayment between October 2023 and September 2024, and its window closes September 30, 2026, meaning the outcome is already largely baked in.
What This Means For Borrowers And Families
For an individual borrower, the CDR has no direct effect on your loan. It does not change your interest rate, your repayment plan options, or whether your loan is in good standing. Its effect is on the school, and only when it crosses the sanction thresholds.
The indirect effects are the ones worth paying attention to. A school that loses federal loan eligibility loses the revenue most of its students use to pay tuition, and sudden college closures strand students mid-degree.
For borrowers who are behind, it’s a different story. Collections resumed in May 2025, wage garnishment is restarting, and the New York Fed has documented credit score drops averaging 91 points for borrowers who went from current to default.
A borrower already in default can get out through rehabilitation or consolidation, and the Department now runs an online portal for both.
The FY 2023 rate is being measured on misleading data. The FY 2024 and FY 2025 rates will be the first real test of how the post-pandemic repayment system, including the new RAP plan and the end of SAVE, is working.
Editor: Colin Graves
The post The Official Student Loan Cohort Default Rate Is 0.4%. Here’s Why That Number Means Almost Nothing. appeared first on The College Investor.
Are you looking to capitalize on the next frontier of human expansion? Comparing Intuitive Machines(LUNR -1.33%) and Rocket Lab USA(RKLB +1.12%) offers a glimpse into two distinct paths within the commercial space race.
LUNR & RKLB: Performance Comparison
Key Financial Metrics
LUNR – Intuitive Machines
$14.05
–1.33% (–$0.19)
RKLB – Rocket Lab
$70.46
+1.12% (+$0.78)
Market Cap
$2.5B
52wk Range
$7.78 – $46.75
Gross Margin
10.19%
P/E Ratio
-15.10
EPS (TTM)
-$0.94
Market Cap
$42B
52wk Range
$37.57 – $151.00
Gross Margin
34.11%
P/E Ratio
-249.21
EPS (TTM)
-$0.28
LUNR – Intuitive Machines
$14.05
–1.33% (–$0.19)
Market Cap
$2.5B
52wk Range
$7.78 – $46.75
Gross Margin
10.19%
P/E Ratio
-15.10
EPS (TTM)
-$0.94
RKLB – Rocket Lab
$70.46
+1.12% (+$0.78)
Market Cap
$42B
52wk Range
$37.57 – $151.00
Gross Margin
34.11%
P/E Ratio
-249.21
EPS (TTM)
-$0.28
Intuitive Machines focuses on cislunar (a term for the space between Earth and the Moon) infrastructure and moon landings, while Rocket Lab provides reliable launch services and spacecraft manufacturing. Both companies represent high-risk, high-reward opportunities in a rapidly evolving market for orbital and lunar services. They are being compared because they dominate the emerging commercial space economy.
The case for Intuitive Machines
Intuitive Machines provides spacecraft, network connections, and infrastructure-as-a-service for the defense industry and commercial sectors. It serves customers across the space domain, including civil and national security missions. The company maintains a significant customer concentration, with one major customer accounting for nearly 78% of revenues, which adds concentration risk to the business.
In its latest annual report filed for FY 2025, revenue reached roughly $210.1 million. This represented a year-over-year decrease of about 7.9% compared to the previous fiscal year. The company reported a net loss of approximately $83.3 million for the year, as it continues to invest heavily in its lunar capabilities.
As of its December 2025 balance sheet, the debt-to-equity ratio was nearly negative 0.5x. This negative value means that total liabilities exceed shareholder equity. The current ratio, which measures a company’s ability to cover short-term obligations with current assets, is roughly 5.0x. Free cash flow, calculated as cash flow from operations minus capital expenditures, was negative $56.0 million for FY 2025.
The case for Rocket Lab USA
Rocket Lab provides end-to-end space solutions, including rocket manufacturing and mission services. It operates frequently from launch sites in New Zealand and Virginia. The company serves a diverse group of more than 20 global organizations across the defense and commercial sectors, positioning itself as a reliable partner for orbital access.
In its latest annual report for FY 2025, revenue reached about $601.8 million. This was a substantial increase of approximately 38% over the previous fiscal year. Despite the top-line growth, the company reported a net loss of around $198.2 million as it scales its operations and develops new launch vehicles.
As of the December 2025 balance sheet, the debt-to-equity ratio was approximately 0.1x. This ratio measures total debt against shareholder equity to assess financial leverage. The current ratio stands at roughly 4.1x, indicating strong short-term liquidity. Free cash flow was negative $321.8 million for FY 2025, reflecting significant investments in expansion.
Risk profile comparison
Intuitive Machines faces significant risks related to revenue concentration. The company relies heavily on a single customer for the vast majority of its income, creating exposure to changes in that customer’s ordering patterns. It also must navigate operational challenges, such as the integration of Lanteris and the inherent risks of lunar missions, where failures could lead to contractual penalties.
Rocket Lab is currently managing a massive $8 billion acquisition of Iridium Communications(IRDM -0.06%). This deal involves substantial financing and dilution risks for existing shareholders. The company also faces operational risks with its Electron vehicle and relies on critical components from suppliers like Canon(CAJFF +2.37%) and Synspective, where interruptions could lead to production delays.
Valuation comparison
Intuitive Machines currently trades at a significantly lower sales multiple than its peer, although Rocket Lab shows much faster top-line growth and a more stable balance sheet.
Metric
Intuitive Machines
Rocket Lab
Forward P/E
129.8x
252.5x
P/S ratio
4.6x
53.2x
Valuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?
Intuitive Machines started fiscal 2026 with its strongest quarter in history, delivering record revenue of $187 million. Management says they have an order backlog of $1.1 billion, including $400 million in early 2026 bookings. NASA is moving toward a steady access to space flights and deliveries, too, which bodes well for the company’s longer-term sales. Revenue for fiscal 2026 is expected to more than quadruple to $952 million, with a narrower net loss of $66 million. Analysts expect the business to turn a profit for the first time in 2028.
Rocket Lab, meanwhile, made a huge splash in the market with its proposed $8 billion acquisition of Iridium Communications this year. The combination promises to make Rocket Lab a space powerhouse, combining Rocket Lab’s launch technology and the communications spectrum offered by Iridium. In short, Rocket Lab could very well be a serious competitor to Space Exploration Technologies Corp(SPCX -1.85%). Don’t overlook Rocket Lab’s expertise in sending small payloads into orbit, and it is closing in on the same reusable rocket technology that SpaceX has used to lower its customer prices.
Stand-alone Rocket Lab is seen boosting its revenue by about 33% this year and narrowing its net loss to about $145 milion. The Iridium acquisition is a big meal to swallow, but the combined business should generate $1.8 billion in revenue in 2026 and come close to breaking even, profit-wise.
These are two exciting space-age stocks. Intuitive Machines, with its much more reasonable P/S ratio, gets the nod, under the adage of buying good companies at good prices for the long-term, rather than paying extremely high premiums for future growth with Rocket Lab
Chase has shared its Q4 2026 Pay Yourself Back categories for both Chase-branded and co-branded cards.
Pay Yourself Back lets cardholders redeem points or miles for statement credits against eligible purchases made within the previous 90 days. For Q4, the best values are still concentrated on Sapphire Reserve and JPMorgan Reserve, while several co-branded cards continue to offer annual fee redemptions and select travel-related categories.
For Sapphire Reserve and JPMorgan Reserve, cardholders can get up to 1.50 cents per point for qualifying charities, 1.25 cents per point toward the annual fee, 1.20 cents per point at department stores, and 1.15 cents per point at grocery stores and wholesale clubs, excluding Target and Walmart, through December 31, 2026.
Chase Branded Cards
Sapphire Preferred
Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for qualifying charities through December 31, 2026 (subject to change).
Cardmembers who utilize Pay Yourself Back can redeem points at 1.10 cents per point for their annual fee through December 31, 2026 (subject to change).
Sapphire Reserve
Cardmembers who utilize Pay Yourself Back can redeem points at 1.50 cents per point for qualifying charities through December 31, 2026 (subject to change)
Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for their annual fee through December 31, 2026 (subject to change).
Cardmembers who utilize Pay Yourself Back can redeem points at 1.20 cents per point for their purchases with department stores through December 31, 2026.
Cardmembers who utilize Pay Yourself Back can redeem points at 1.15 cents per point for purchases with wholesale clubs and groceries (excluding Target and Walmart) through December 31, 2026.
JPMorgan Reserve
Cardmembers who utilize Pay Yourself Back can redeem points at 1.50 cents per point for qualifying charities through December 31, 2026 (subject to change).
Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for their annual fee through December 31, 2026 (subject to change).
Cardmembers who utilize Pay Yourself Back can redeem points at 1.20 cents per point for their purchases with department stores through December 31, 2026.
Cardmembers who utilize Pay Yourself Back can redeem points at 1.15 cents per point for purchases with wholesale clubs and groceries (excluding Target and Walmart) through December 31, 2026.
Freedom
Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for qualifying charities through December 31, 2026 (subject to change).
Ink (includes Ink Plus, Ink Cash, Ink Business Cash, Ink Business Unlimited, Ink Business Premier, Ink Business Preferred)
Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for qualifying charities through December 31, 2026 (subject to change).
Chase Sapphire Reserve for Business
Cardmembers who utilize Pay Yourself Back can redeem points at 1.25 cents per point for qualifying charities through December 31, 2026 (subject to change).
Eligible charities include Alzheimer’s Association, American Heart Association, American Red Cross, Equal Justice Initiative, Feeding America, GLSEN, Habitat for Humanity, International Medical Corps, International Rescue Committee, Leadership Conference Education Fund, Make-A-Wish America, NAACP Legal Defense and Education Fund, National Urban League, Out and Equal Workplace Advocates, SAGE, Thurgood Marshall College Fund, United Negro College Fund, UNICEF USA, United Way and World Central Kitchen.
Co-Brand Cards
Marriott Bonvoy Bold Card
Marriott Bonvoy Bold cardmembers can redeem points for a statement credit to cover qualifying travel purchases made directly with airlines or at hotels participating in Marriott Bonvoy®, up to $750 total in redemptions per year.
United Family of Cards from Chase: Cardmembers who utilize Pay Yourself Back can redeem miles for 1.35 cents to 1.50 cents per mile (based upon United product) for annual fee statement credits. Cardmembers can also utilize Pay Yourself Back to redeem miles for 1 cent per mile (for all United Card products) for purchases of $50 or more in the United airfare purchase category. Purchases include United airfare tickets purchased on United.com or the United mobile app using a United MileagePlus Credit Card. Flights purchased through any other source, such as United General Reservations, United Vacations, travel agencies or other travel websites, are not eligible.
Southwest Rapid Rewards® Consumer Credit Cards
Southwest Rapid Rewards Consumer Credit Cardmembers can use Rapid Rewards® points to cover their annual fee at any time during the calendar year. Redemption requests must be made within 90 days of the annual fee transaction date found on your statement.
Southwest Rapid Rewards® Business Credit Cards
Southwest Rapid Rewards Business Credit Cardmembers can use Rapid Rewards® points to cover their annual fee at any time during the calendar year. Redemption requests must be made within 90 days of the annual fee transaction date found on your statement.
Disney® Inspire Visa® Card
Redeem Rewards Dollars for a statement credit toward purchases made at most Disney locations in the U.S. and online at Disney sites including DisneyStore.com, DisneyPlus.com, Hulu.com, and Plus.ESPN.com. Cardmembers can also redeem Rewards Dollars toward airline purchases including tickets on any airline to any destination with no block-out dates.
When using Pay Yourself Back®:
Redeem on Chase.com within 90 days of purchase
Do not load your Disney Rewards Dollars to a Disney Rewards Redemption Card
Disney Rewards Dollars will be deducted directly from your account
Disney® Premier Visa® Card
Redeem Rewards Dollars for a statement credit toward purchases made at most Disney locations in the U.S. and online at Disney sites including DisneyStore.com, DisneyPlus.com, Hulu.com, and Plus.ESPN.com. Cardmembers can also redeem Rewards Dollars toward airline purchases including tickets on any airline to any destination with no block-out dates.
When using Pay Yourself Back®:
Redeem on Chase.com within 90 days of purchase
Do not load your Disney Rewards Dollars to a Disney Rewards Redemption Card
Disney Rewards Dollars will be deducted directly from your account
Disney® Visa® Card
Redeem Rewards Dollars for a statement credit toward purchases made at most Disney locations in the U.S. and online at Disney sites including DisneyStore.com, DisneyPlus.com, Hulu.com, and Plus.ESPN.com.
When using Pay Yourself Back®:
Redeem on Chase.com within 90 days of purchase
Do not load your Disney Rewards Dollars to a Disney Rewards Redemption Card
Disney Rewards Dollars will be deducted directly from your account
The Chase Air Canada Aeroplan® Card: Aeroplan® points may be redeemed for a statement credit using Pay Yourself Back for purchases made at select merchants within the 90 days before the redemption request date. Redemptions using Pay Yourself Back against the following purchases made with your credit card will qualify: travel purchases and the prior payment of your annual fee. Each point you redeem through Pay Yourself Back for a statement credit towards qualifying travel purchases (up to 200,000 points or $2,500 annually) is worth $.0125 (one and a quarter cents), which means that 100 points equals $1.25 in redemption value. For a limited time, each point you redeem toward the prior payment of your annual fee is worth $.02 (2 cents), which means that 100 points equals $2 in redemption value.
Pay Yourself Back may also run promotional categories from time to time. Each point you redeem through Pay Yourself Back for a statement credit towards qualifying purchases in promotional categories will also be worth $.008, which means that 100 points equals $.80 in redemption value.
The longer this aggressive uptrend goes on, the more it feels like 8% mortgage rates are inevitable.
By some accounts, we are only about a half of a percentage point away.
And given the current climate, which feels very much like a higher for longer scenario, it wouldn’t take much to get a nudge back above 8%.
Of course, simply getting back to 8% isn’t the be all end all.
Perhaps what matters more is how high we go and how long we stay at elevated levels.
It Feels Like 8% Mortgage Rates Are Inevitable
I was on the fence for a while about how high mortgage rates would go.
It seemed like the recent move higher was a bit overdone (and it still may be), but without any sort of “brakes,” perhaps nothing stops this train.
We’ve got mounting government debt, sticky-high oil and energy prices due to the war, and what feels like another major bout of inflation.
Unless any of those things change, why would mortgage rates move materially lower?
The answer is they probably wouldn’t. And lately it doesn’t feel like there are any leads in any of those categories.
The deficit and related spending are out of control and are unlikely to be reined in.
The war you barely even hear about these days, which makes it feel more and more entrenched.
And inflation, despite the odd report that’s below forecast still seems like a major problem, especially because of the unresolved conflict in the Middle East.
Taken together, it’s hard to imagine mortgage rates coming down meaningfully.
Conversely, it’s quite easy to imagine them rising even higher from here.
How High Will Mortgage Rates Go?
Lately, I’ve heard all types of doomy scenarios regarding mortgage rates, with some saying double-digits for the 30-year fixed aren’t out of the question.
I don’t think it gets that bad, though I do see more upward movement this cycle before things cool off.
In a prior post, I laid out a scenario where mortgage rates experience a double-top like they did in the early 1980s.
We’ve got somewhat similar conditions today compared to back then with regard to inflation and an energy crisis, but arguably not nearly as bad.
Still, if that scenario plays out, you get a 30-year fixed around 8.88%. Not so lucky. Or maybe it is…
That would take a fairly considerable rise in 10-year bond yields along with wider mortgage spreads relative to Treasuries.
To get to 8.88%, you’d need a 10-year yield north of 6% (currently around 5.20%) and a spread maybe around 280 basis points (currently closer to 230).
Is it possible? Sure. Is it probable? That’s another question.
We’ll need more of the same high energy prices, war escalations (or at least not improving).
And heightened inflation along with continued government spending (easy) and AI build-out.
The mortgage rate spreads can also widen due to volatility if rates are surging higher, creating a one-two punch.
How Long Will the High Mortgage Rates Last?
To me, this is the more important question.
Who cares if we get 8% mortgage rates again if they only last for several months?
Sure, it’d be a temporary blow and everyone would make a big thing of it in the media, online, etc.
It would impact home sales too, along with loan origination volume (not that it hasn’t already).
But if it proved to be short-lived, it wouldn’t matter all that much.
More concerning would be if mortgage rates find new footing at higher levels and stay there.
Then you’ve got some real problems for the housing market and the industry at large.
Either way, the solution is to end the war and control the spending so we can get inflation and bond yields lower, and thereby mortgage rates too.
Next: Compare different monthly payments and interest rates with my mortgage rate calculator.
(photo: andressolo)
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 20 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.
The more efficient model is preventive rather than reactive.
Instead of assembling expertise transaction by transaction, owners could maintain standing relationships with independent valuation, restructuring, and fiduciary specialists before conflicts emerge.
When sponsors know in advance that a continuation fund or conflicted restructuring will be reviewed by informed counterparties, the most likely consequence is not more litigation but fewer transactions structured in ways likely to invite challenge.
The greatest value of ownership capability may never appear in litigation statistics. It appears in transactions that are never attempted. Governance capability resembles insurance. A premium is not wasted because the house did not burn down; its value lies in protecting against potentially adverse outcomes.
The obvious objection is that no single owner wants to fund capability whose benefits are shared across the rest of the market. That collective-action problem is real—and it points toward the solution: a standing coalition of large, diversified owners with shared access to governance expertise as permanent infrastructure.
The important distinction is that such a coalition is not primarily about cost-sharing. Its purpose is demand concentration.
Cost-sharing splits the bill for capability that already exists. Demand concentration shapes which capabilities come to exist at all
The proxy-advisory industry offers an existing precedent: It emerged because institutional investors generated sufficient recurring demand for independent voting expertise.
The argument, then, is not that asset owners should simply spend more. It is that they should become repeat purchasers of governance capability.
