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
Oct 13, 2018, 8:04 pm
#76
Join Date: Sep 2017
Programs: WN A-list., Marriott Plat, National EX, UA Silver
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"with the exact date to be announced shortly"
Oct 16, 2018, 6:07 am
#77
Join Date: Aug 2012
Location: BOS/MHT/PVD/BDL
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Oct 16, 2018, 7:58 am
#78
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
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60,000 Ultimate Rewards points will be posted to the primary cardmember's account up to 45 days after qualifying for the offer. Credit card product changes during the promotional period or prior to the fulfillment of the bonus will forfeit this bonus offer. This offer is not transferable, and is subject to change. Chase credit cards are issued by Chase Bank USA, N.A.
The Ultimate Rewards bonus points transferred to you under the terms of the Program are considered miscellaneous income received from Chase, and may be reportable to you and the IRS on Form 1099-INT (or Form 1042-S, if applicable) for the year in which the points are posted to your account. You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.
The Ultimate Rewards bonus points transferred to you under the terms of the Program are considered miscellaneous income received from Chase, and may be reportable to you and the IRS on Form 1099-INT (or Form 1042-S, if applicable) for the year in which the points are posted to your account. You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.
Oct 16, 2018, 10:17 am
#79
Suspended
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Posts: 4,412
Oct 16, 2018, 11:29 am
#80
Original Poster
Join Date: Feb 2015
Location: New York
Posts: 230
The way I view it is that at $75,000 you can instead put this in a 2.15% high yield interest rate account like citizens access or purepoint and yield about $390 for those 90 days that you have to place in the chase account. Compare that to the 60,000 miles you get which is equal to about $600. So your net gain is about $200 -- so how much trouble do you want to net out only $200
Oct 16, 2018, 11:31 am
#81
Join Date: Sep 2018
Posts: 11
Not sure your math is right on that - it's 75k across Chase accounts, so your money would be in a You Invest account earning 2.19% in VMMXX or similar money market fund.
The way I view it is that at $75,000 you can instead put this in a 2.15% high yield interest rate account like citizens access or purepoint and yield about $390 for those 90 days that you have to place in the chase account. Compare that to the 60,000 miles you get which is equal to about $600. So your net gain is about $200 -- so how much trouble do you want to net out only $200
Oct 16, 2018, 12:21 pm
#82
Join Date: Sep 2017
Programs: WN A-list., Marriott Plat, National EX, UA Silver
Posts: 289
The way I view it is that at $75,000 you can instead put this in a 2.15% high yield interest rate account like citizens access or purepoint and yield about $390 for those 90 days that you have to place in the chase account. Compare that to the 60,000 miles you get which is equal to about $600. So your net gain is about $200 -- so how much trouble do you want to net out only $200
Exactly. It doesn't have to all be in the low interest rate checking account.
Oct 16, 2018, 1:10 pm
#83
Original Poster
Join Date: Feb 2015
Location: New York
Posts: 230
Oh wait, so it's across all accounts. Well that's an easier sell! Thanks for clarifying:
Within 45 calendar days, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or J.P. Morgan investment accounts (excluding insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts including but not limited to Traditional and Roth IRAs, Keogh, Simple IRAs, and 401(k) Plans).
Within 45 calendar days, transfer a total of $75,000 or more in qualifying new money or securities to a combination of eligible checking, savings and/or J.P. Morgan investment accounts (excluding insurance products; fixed and variable annuities; 529 College Savings Plans; any retirement accounts including but not limited to Traditional and Roth IRAs, Keogh, Simple IRAs, and 401(k) Plans).
Oct 16, 2018, 1:19 pm
#84
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Location: EWR/PHL/BWI
Posts: 4,412
The way I view it is that at $75,000 you can instead put this in a 2.15% high yield interest rate account like citizens access or purepoint and yield about $390 for those 90 days that you have to place in the chase account. Compare that to the 60,000 miles you get which is equal to about $600. So your net gain is about $200 -- so how much trouble do you want to net out only $200
You need to think about your opportunity cost. Where is the money you are moving? What rate you earning now? If you are earning 2% with that money and you are earning 1% with Chase, then you lose 1% and earn the 60k URs. If you earn the same rate of 2% or 5%, then you just net earn the 60k URs with no additional cost.
Also, you receive all the Chase banking benefits.
Oct 16, 2018, 1:34 pm
#85
Original Poster
Join Date: Feb 2015
Location: New York
Posts: 230
Ya, that was exactly how I was thinking, but the other posters made a good point that you can continue to invest in a money market fund rather than their 0.01% savings rate
The wrong way of thinking.
You need to think about your opportunity cost. Where is the money you are moving? What rate you earning now? If you are earning 2% with that money and you are earning 1% with Chase, then you lose 1% and earn the 60k URs. If you earn the same rate of 2% or 5%, then you just net earn the 60k URs with no additional cost.
Also, you receive all the Chase banking benefits.
You need to think about your opportunity cost. Where is the money you are moving? What rate you earning now? If you are earning 2% with that money and you are earning 1% with Chase, then you lose 1% and earn the 60k URs. If you earn the same rate of 2% or 5%, then you just net earn the 60k URs with no additional cost.
Also, you receive all the Chase banking benefits.
Oct 16, 2018, 4:37 pm
#86
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Oct 16, 2018, 6:03 pm
#87
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Oct 17, 2018, 7:40 am
#88
Join Date: Jan 2004
Location: DCA
Posts: 3,395
Does anyone have experience buying Treasury bills through Chase's Youvest site? I notice that it says in the terms and conditions that they are commission free but I was just curious how well it works in practice. It seems to me that with the 1 month t-bill currently paying around 2.2% it could make sense to redirect money from online savings accounts to Chase to meet the minimum asset and time duration that way. Then again the whole thing could be too much hassle for the points.
Oct 17, 2018, 8:33 am
#89
Original Poster
Join Date: Feb 2015
Location: New York
Posts: 230
Does anyone have experience buying Treasury bills through Chase's Youvest site? I notice that it says in the terms and conditions that they are commission free but I was just curious how well it works in practice. It seems to me that with the 1 month t-bill currently paying around 2.2% it could make sense to redirect money from online savings accounts to Chase to meet the minimum asset and time duration that way. Then again the whole thing could be too much hassle for the points.