Sep 15, 2018, 3:34 pm
Last edit by: SanDiego1K
https://www.marketwatch.com/story/chase-is-now-offering-points-on-a-checking-account-but-theres-a-big-catch-2018-09-14
https://money.cnn.com/2018/09/13/news/companies/chase-sapphire-banking/index.html
April 2019: sweetened offer requires 45 days to earn points plus 45 additional days to hold money in account:
https://accounts.chase.com/consumer/banking/online/sapphireUR
Online application
Customers must make at least $75,000 in new deposits, or in investments, to qualify. Those investments must be kept at Chase and cannot be retirement investments. If customers meet those requirements, they will also get access to a new digital investment platform called YouInvest by JPMorgan, which gives commission-free stock and ETF trades with $0 account minimums.
https://money.cnn.com/2018/09/13/news/companies/chase-sapphire-banking/index.html
April 2019: sweetened offer requires 45 days to earn points plus 45 additional days to hold money in account:
https://accounts.chase.com/consumer/banking/online/sapphireUR
Online application
Customers must make at least $75,000 in new deposits, or in investments, to qualify. Those investments must be kept at Chase and cannot be retirement investments. If customers meet those requirements, they will also get access to a new digital investment platform called YouInvest by JPMorgan, which gives commission-free stock and ETF trades with $0 account minimums.
- You need a Sapphire or Freedom credit card to be eligible
- You need to hit the minimum balance within 45 days and maintain it for 90 days
- You need to leave the money in the account for 6 months
- Offer extended to March 5 2019
- As of 4/22/19, Chase.com had an expiration date of 6/15/19 and 90 days duration for the 60,000 UR promotion. https://accounts.chase.com/consumer/banking/online/sapphireUR
- No fees on ATMs worldwide, including refunds on fees charged by non-Chase ATM owners
- No fees on everyday banking, including foreign exchange fees, outgoing wire transfers and stop payments
- Higher ATM withdrawal limits
- Commission-free stock and ETF trades (new You Invest platform)
JPMorgan offers 60,000 points to sign up for its new Sapphire bank account
Dec 18, 2018, 4:44 pm
#152
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Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
The ATM fee reimbursements don't do much for me as I rarely take cash out except when overseas and I have a Schwab account for that also and supposedly Cap 360 is adding $15 refunded every month also so that basically leaves me with 3 options that are free to take money out overseas.
What I would like to see are like you mentioned increased rewards, I think they'll have to do this anyway considering the competition the new AMEX Gold card is providing the CSR.
With the Sapphire banking though I think as the other poster pointed out there doesn't seem to be that much of a difference between CPC and Sapphire now and so they will probably have something in the middle. Also considering they seem to be strict about issuing the JPMR card to only private banking perhaps they will launch a product which fits nicely in the middle for CPC.
What I would like to see are like you mentioned increased rewards, I think they'll have to do this anyway considering the competition the new AMEX Gold card is providing the CSR.
With the Sapphire banking though I think as the other poster pointed out there doesn't seem to be that much of a difference between CPC and Sapphire now and so they will probably have something in the middle. Also considering they seem to be strict about issuing the JPMR card to only private banking perhaps they will launch a product which fits nicely in the middle for CPC.
It is going to be interesting to see what Chase is going to do. CPC clients do not qualify for the Sapphire banking bonus. This is a big minus. I do not think they are happy. It is like Chase gives you JPMR CC, but then issues a CSR card with 50,000 bonus, but the JPMR card holders do not qualify....
Dec 18, 2018, 4:55 pm
#153
Join Date: Jan 2017
Posts: 100
Dec 18, 2018, 5:08 pm
#154
Join Date: Jan 2017
Posts: 100
I think Chase may give a better exchange rate than Schwab does. But it is very hard to compare since we never get chance to figure out.
It is going to be interesting to see what Chase is going to do. CPC clients do not qualify for the Sapphire banking bonus. This is a big minus. I do not think they are happy. It is like Chase gives you JPMR CC, but then issues a CSR card with 50,000 bonus, but the JPMR card holders do not qualify....
It is going to be interesting to see what Chase is going to do. CPC clients do not qualify for the Sapphire banking bonus. This is a big minus. I do not think they are happy. It is like Chase gives you JPMR CC, but then issues a CSR card with 50,000 bonus, but the JPMR card holders do not qualify....
I might have the opportunity to test this out in the next couple days, I'll be flying out on Thursday for Christmas and will be outside the country and I plan on taking my Schwab, 360 and Sapphire Debit cards with me.
I was interested to see if the 360 ATM withdrawal triggers the refund as the wording on Capital One's site is a little ambiguous.
Dec 18, 2018, 5:35 pm
#156
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Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
I might have the opportunity to test this out in the next couple days, I'll be flying out on Thursday for Christmas and will be outside the country and I plan on taking my Schwab, 360 and Sapphire Debit cards with me.
I was interested to see if the 360 ATM withdrawal triggers the refund as the wording on Capital One's site is a little ambiguous.
I was interested to see if the 360 ATM withdrawal triggers the refund as the wording on Capital One's site is a little ambiguous.
Dec 18, 2018, 6:55 pm
#158
Join Date: Jan 2017
Posts: 100
Yes, I put the required amount into my checking and moved it into my YouInvest account and then bought VMMXX. The terms clearly state that Youinvest counts as meeting the requirement for the 60k bonus.
Dec 18, 2018, 7:00 pm
#159
Join Date: Jan 2017
Posts: 100
Like I mentioned, I curious what they will now do to set CPC apart but it seems like the majority of benefits you can get with Sapphire Banking now.
Dec 18, 2018, 7:16 pm
#160
Join Date: Aug 2003
Location: Seattle, WA. USA
Programs: MR, AA, UA, DL, AVIS and growing
Posts: 1,172
This sounds too good to be true! I don't have a problem parking 75 for 3 months for 60k UR points. Interest rate is .01%. I wonder if there are any risk of point claw back. Plus free stock trades is a nice perk.
On TPG there are saying that the points come with a 1099 and we will have to pay taxes on them. This could be a deal breaker...
I can't find much fine print on the bonus on the Chase website. Has anyone heard more on this?
https://thepointsguy.com/news/chase-...banking-bonus/
https://accounts.chase.com/sapphire/brand
On TPG there are saying that the points come with a 1099 and we will have to pay taxes on them. This could be a deal breaker...
I can't find much fine print on the bonus on the Chase website. Has anyone heard more on this?
https://thepointsguy.com/news/chase-...banking-bonus/
https://accounts.chase.com/sapphire/brand
Thus if your in the 25% tax bracket will cost you $45.00 to do this offer plus $75k for 90 days or more in Chase Saphire checking.
In addition you must fund account account within 45 days but charged $25/mo fee until funded.
If you had a chase Saphire Reserve card then 60,000 points transfers at 1.5 rate equal to $900.00 for travel.
Last edited by euromannn; Dec 29, 2018 at 10:23 am Reason: Chase Banker overruled Chase phone rep $600 reported on 1099-INT,
Dec 19, 2018, 6:09 am
#161
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,952
Dec 19, 2018, 6:59 am
#162
Join Date: Sep 2018
Posts: 11
Where did you hear this? There's the "for certain banking products ATM fees are refunded $15 per statement period" disclaimer that's been in the footer of their site forever, but that's only for certain grandfathered accounts.
Dec 19, 2018, 7:23 am
#163
Join Date: Sep 2008
Location: AUS
Programs: BAEC Gold, AA PPro, Hyatt Globalist, Amex Plat
Posts: 7,027
My philosophical question, is why in the world would anyone with any level of wealth be enticed by CPC? I keep thinking I'm missing something, but here is a link to the benefits:
https://chaseprivateclient.chase.com/
"What Are Some of the Key Benefits of being a Chase Private Client?
There are many benefits on most products and services, and we find that different people have their own favorites. Some people love having fewer monthly fees8, such as no Chase fees on wire transfers and withdrawals at non-Chase ATMs. In addition, we will refund ATM fees charged by the ATM owner. Others love that you can travel with no foreign exchange rate adjustment fees on debit card purchases, and get access to free Arts & Culture Passes in select U.S. cities (where available) that let you explore all the best your city has to offer. We even find that many people sign up for Chase Private Client excited about one benefit, only to make the most of other benefits they hadn’t considered before. "
CPC requires a commitment of $250K, yet I cannot see anything in that list of benefits that would entice me to move assets from one of our brokerage accounts to Chase. I can get "free Arts & Culture Passes" for my additional $175K in assets? Yea... no.
In reviewing the above URL it mostly looks to me that for your deposit they'd like to provide you a dedicated team to help you take out loans with them (e.g. car loans, home loans, etc)
If anyone that has any substantial level of wealth at Chase rather than at a more traditional brokerage (e.g. Fidelity, Schwab) I'd certainly be curious to hear the reasoning.
Regards
Dec 19, 2018, 8:29 am
#164
Join Date: Aug 2003
Location: Seattle, WA. USA
Programs: MR, AA, UA, DL, AVIS and growing
Posts: 1,172
CHASE rep claimed "$60.00" on 1099-INT .........I asked 2 times.
If you have Chase Saphire reserve CC the 60k UR are redeemed value at $900............so something is fishy the way Chase claims it will report on 1099-INT.So reporting $60.00 doesn't make sense but that is what Chase has advised, TWICE.
Its the same old story as you posted ----- CCs product reward points are not taxed with 1099-int but the banking side is and that valuation confuses each bank what is reported to IRS on 1099-INT.
Banks get confused on reward point and taxation issues. If you get interest at a normal checking account of $10 or more goes to 1099-INT in any bank. But reward points on checking account promos are triggered at $600.00 at least that's what Citi and Bank Direct used to communicate.
I Strongly suspect as I'm sure you do, that Saphire checking promo 60k UR points will be valued at $600 but I have no way of confirming since Chase is so badly managed. If valued at $600 on 1099-INT then with 25% tax bracket its costing $150.00 to receive 60K UR points and you must deposit $75k for 90 days which degrades this promotion.
If you have Chase Saphire reserve CC the 60k UR are redeemed value at $900............so something is fishy the way Chase claims it will report on 1099-INT.So reporting $60.00 doesn't make sense but that is what Chase has advised, TWICE.
Its the same old story as you posted ----- CCs product reward points are not taxed with 1099-int but the banking side is and that valuation confuses each bank what is reported to IRS on 1099-INT.
Banks get confused on reward point and taxation issues. If you get interest at a normal checking account of $10 or more goes to 1099-INT in any bank. But reward points on checking account promos are triggered at $600.00 at least that's what Citi and Bank Direct used to communicate.
I Strongly suspect as I'm sure you do, that Saphire checking promo 60k UR points will be valued at $600 but I have no way of confirming since Chase is so badly managed. If valued at $600 on 1099-INT then with 25% tax bracket its costing $150.00 to receive 60K UR points and you must deposit $75k for 90 days which degrades this promotion.
Last edited by euromannn; Dec 19, 2018 at 11:09 am
Dec 19, 2018, 8:45 am
#165
Join Date: May 2011
Location: NYC (LGA, JFK), CT
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Posts: 4,888
Does Chase have decent savings/CD options? Right now I use Schwab for brokerage and online banks for savings - combining them could work for this account, but I would need to replicate the savings/CD rates at Chase.