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
Sep 13, 2018, 4:13 pm
#1
Original Poster
Join Date: Feb 2015
Location: New York
Posts: 230
JPMorgan offers 60,000 points to sign up for its new Sapphire bank account
https://money.cnn.com/2018/09/13/new...ing/index.html
$75k in a checking account seems a little steep buy may be worth it just to park cash for 3 months
$75k in a checking account seems a little steep buy may be worth it just to park cash for 3 months
Sep 13, 2018, 6:29 pm
#2
Join Date: Apr 2012
Programs: 25 million points to burn!
Posts: 1,522
You could also buy their fee-free stocks, u don’t just have to park cash.
but the thing I’m wondering is if you can get the 60K if you already have gotten a different checking account bonus in the past year.
but the thing I’m wondering is if you can get the 60K if you already have gotten a different checking account bonus in the past year.
Sep 13, 2018, 6:50 pm
#3
Join Date: Sep 2017
Programs: WN A-list., Marriott Plat, National EX, UA Silver
Posts: 289
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
Sep 13, 2018, 7:49 pm
#4
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
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
I plan to move some $$$ to open an account. It is good to park your $$ in more than one place.
Sep 13, 2018, 8:05 pm
#5
Join Date: Sep 2017
Programs: WN A-list., Marriott Plat, National EX, UA Silver
Posts: 289
I paid some tax on CC bonus $. Maybe Chase and I think it is on the $300 CSR travel credit. I do not think we pay taxes on the SUB. The amount is negligible. It is not a deal breaker.
I plan to move some $$$ to open an account. It is good to park your $$ in more than one place.
I plan to move some $$$ to open an account. It is good to park your $$ in more than one place.
I am also wonder if this is a one time only promo or if it can be repeated like other Chase bank account promos after a wait period.
I will update what I find tomorrow when I speak to Chase branch rep.
Sep 13, 2018, 8:12 pm
#6
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Normally I only pay taxes on cash signup bonus, not points. The tax on UR points can vary depending on how they are used, so I don't know how they would calculate the tax. If they value them at only $.01 and capital gains tax is 24% (depending on tax bracket) that could be $144 in taxes.
I am also wonder if this is a one time only promo or if it can be repeated like other Chase bank account promos after a wait period.
I will update what I find tomorrow when I speak to Chase branch rep.
I am also wonder if this is a one time only promo or if it can be repeated like other Chase bank account promos after a wait period.
I will update what I find tomorrow when I speak to Chase branch rep.
But the CSR $300 is cash. Some other cash credits are also taxed, but it varies.
The Chase free trade offer is clearly a winner here. I think they want to catch BA Preferred Reward program. I do not want to pay $5 or so at E*Trade, Fidelity or Schwabs. I do not care what they say about trade quality etc. That is BS.
Sep 13, 2018, 8:48 pm
#7
Join Date: Nov 2016
Location: SFO
Programs: Hilton Diamond, Marriott Gold, IHG Plat
Posts: 756
I paid some tax on CC bonus $. Maybe Chase and I think it is on the $300 CSR travel credit. I do not think we pay taxes on the SUB. The amount is negligible. It is not a deal breaker.
I plan to move some $$$ to open an account. It is good to park your $$ in more than one place.
I plan to move some $$$ to open an account. It is good to park your $$ in more than one place.
Normally I only pay taxes on cash signup bonus, not points. The tax on UR points can vary depending on how they are used, so I don't know how they would calculate the tax. If they value them at only $.01 and capital gains tax is 24% (depending on tax bracket) that could be $144 in taxes.
I am also wonder if this is a one time only promo or if it can be repeated like other Chase bank account promos after a wait period.
I will update what I find tomorrow when I speak to Chase branch rep.
I am also wonder if this is a one time only promo or if it can be repeated like other Chase bank account promos after a wait period.
I will update what I find tomorrow when I speak to Chase branch rep.
Sep 13, 2018, 9:39 pm
#9
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Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Sep 13, 2018, 11:21 pm
#10
FlyerTalk Evangelist
Join Date: Jul 2008
Location: IAH
Programs: DL DM, Hyatt Ist-iest, Stariott Platinum, Hilton Diamond
Posts: 12,788
I wouldn't be too sure about that. If you dig around in the Citi forum and google, I believe many Citi checking account bonuses that were paid in Thank You points did receive 1099-INTs. Also banking TYPs weren't transferable to partners. Now since I don't think Chase has ever done a UR related banking promotion, we don't know how they'll treat this, but I would go into it expecting to get a 1099 and them to assign a value of 1 cpp, since that's what the cash out value of UR points are and be pleasantly surprised if they don't issue 1099s.
Sep 13, 2018, 11:31 pm
#11
Join Date: Nov 2013
Location: PHX, SEA
Programs: Avis President's Club, Global Entry, Hilton/Marriott Gold. No more DL/AA status.
Posts: 4,422
Chase periodically sends me mailers for $500 bonuses if I open an account for 6 months with any direct deposit. I don't bank with Chase but my mom put in 6x$100 DD and got $500 for it.
My point is, 60k UR shouldn't require such a steep balance.
My point is, 60k UR shouldn't require such a steep balance.
Sep 14, 2018, 3:17 am
#12
Join Date: Sep 2017
Programs: WN A-list., Marriott Plat, National EX, UA Silver
Posts: 289
75k is a steep requirement but according to this are article Chase is doing this to target a specific demographic they want as customers. They also want to get more users on their new JPMorgan's You Invest platform that just launched.
https://www.localnews8.com/news/econ...ount/794514925
https://www.localnews8.com/news/econ...ount/794514925
Sep 14, 2018, 9:08 am
#14
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Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
I think a lot people get it wrong that you need to keep $75,000 cash in the account and hold it for many months. This is not what Chase wants you to do and they do not even want this kind of customers.
Chase wants to keep your WEALTH at its bank, be cash, stock, mutual funds, ETF, IRA etc. If you get those sitting somewhere that you are paying a fee, such as any of the brokers, or you get an IRA from your previous job, then this is the way to go.
If you keep the cash at Chase and move the $$$ out later, Chase may try to get the URs back.... They want some relationship. It is Sapphire Banking relationship. BA and Wells Fargo both are doing it. Also CitiGold.
Chase wants to keep your WEALTH at its bank, be cash, stock, mutual funds, ETF, IRA etc. If you get those sitting somewhere that you are paying a fee, such as any of the brokers, or you get an IRA from your previous job, then this is the way to go.
If you keep the cash at Chase and move the $$$ out later, Chase may try to get the URs back.... They want some relationship. It is Sapphire Banking relationship. BA and Wells Fargo both are doing it. Also CitiGold.
Sep 14, 2018, 9:48 am
#15
Join Date: Oct 2009
Location: New York
Programs: AA Exp / Marriott Titanium / Hilton Gold / Hyatt Globalist / United Silver
Posts: 958
Things that are not certain:
1) What point valuation will they use if they are going to issue you a 1099
2) Is it going to be like Citi where taxable points are not transferable to other people or other program?
I remember Citi issuing 1099-MISC for Checking account Thank You Points about 5 - 6 years ago. Did they stop doing that? Citi used 1.6c/ TYP to issue a tax form back then IIRC.
Also, CSR $300 would be considered a rebate, so not taxable.
1) What point valuation will they use if they are going to issue you a 1099
2) Is it going to be like Citi where taxable points are not transferable to other people or other program?
I just do not think we pay taxes on reward points. As you said, we can all value the points differently.
But the CSR $300 is cash. Some other cash credits are also taxed, but it varies.
The Chase free trade offer is clearly a winner here. I think they want to catch BA Preferred Reward program. I do not want to pay $5 or so at E*Trade, Fidelity or Schwabs. I do not care what they say about trade quality etc. That is BS.
But the CSR $300 is cash. Some other cash credits are also taxed, but it varies.
The Chase free trade offer is clearly a winner here. I think they want to catch BA Preferred Reward program. I do not want to pay $5 or so at E*Trade, Fidelity or Schwabs. I do not care what they say about trade quality etc. That is BS.
Also, CSR $300 would be considered a rebate, so not taxable.