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JPMorgan offers 60,000 points to sign up for its new Sapphire bank account

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Old Sep 15, 2018, 3:34 pm
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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.
  • 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
Customers who maintain $75,000 in qualifying deposits or investments receive:
  • 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)
Accounts that do not maintain a $75,000 average balance incur a $25 monthly fee.
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JPMorgan offers 60,000 points to sign up for its new Sapphire bank account

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Old Oct 22, 2018, 9:24 am
  #106  
 
Join Date: Jun 2006
Programs: AA, Delta, UA
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I received the offer and I called them to ask a few questions. I've had Chase banking for over 20 years, both savings and checking. But currently at the Chase Premier level (used to have Platinum, which is what I guess they are now calling Sapphire, but moved most of my cash elsewhere awhile back.) One thing they told me which I don't see in any of the boilerplate requirements was that the Sapphire Banking account had to remain openas a Sapphire account for six months...it could not revert to the Chase Premier if I went under the 75K minimum balance.

Still not sure if I am going to do this or not, if it means tying up that 75K for six months. But also wondering if the rep was right, as this isn't noted in any of the fine print. I may go into a branch to ask but wondering if anyone else has heard this.
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Old Oct 22, 2018, 9:50 am
  #107  
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Originally Posted by jczinn
I received the offer and I called them to ask a few questions. I've had Chase banking for over 20 years, both savings and checking. But currently at the Chase Premier level (used to have Platinum, which is what I guess they are now calling Sapphire, but moved most of my cash elsewhere awhile back.) One thing they told me which I don't see in any of the boilerplate requirements was that the Sapphire Banking account had to remain openas a Sapphire account for six months...it could not revert to the Chase Premier if I went under the 75K minimum balance.

Still not sure if I am going to do this or not, if it means tying up that 75K for six months. But also wondering if the rep was right, as this isn't noted in any of the fine print. I may go into a branch to ask but wondering if anyone else has heard this.
This is correct. No bank would want to hand out 60,000 points to you and you run away with your money in a month. They do not want churners.
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Old Oct 22, 2018, 1:40 pm
  #108  
 
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Originally Posted by RedSun
This is correct. No bank would want to hand out 60,000 points to you and you run away with your money in a month. They do not want churners.
Sorry I do not know the lingo, what is a "churner"?

And also, my main point was that this 6 month requirement was not revealed in the fine print, so I am wondering if what I was told was even correct. The fine print does say that you need to leave 75K in for three months, but nothing about having to keep the account at Sapphire level after that three months is up.
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Old Oct 24, 2018, 8:25 am
  #109  
mia
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Originally Posted by jczinn
.... what is a "churner"?

.....
A person who opens an account to earn a bonus, or receive an introductory price, closes the account, and does the same again. This is common across all service and subscription businesses: wireless phone service, pay TV, bank accounts, credit cards, publication subscriptions etc.
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Old Oct 24, 2018, 8:50 am
  #110  
 
Join Date: Jan 2016
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Originally Posted by RedSun
This is Sapphire banking relationship. You are supposed to get both Sapphire (at least Freedom) credit card and the new Sapphire checking. They are where the UR points or cash would go. You may be able to direct the banker to other accounts otherwise. But there is no difference.
I went to the branch today having only a Freedom card. And was told that you HAVE to have a Sapphire credit card before you can open the new Sapphire checking. Reason being, they deposit the 60k points into the Sapphire credit card account. I thought that having the Freedom card was enough for this promotion?
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Old Oct 24, 2018, 8:59 am
  #111  
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Service Fee: Chase SapphireSM Checking has no Monthly Service Fee when you do the following each statement period: Keep an average beginning day balance of $75,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances. Otherwise a $25 Monthly Service Fee will apply. Product terms subject to change. For more information, please see a banker or visit chase.com/checking.

Bonus Account Information:

To be eligible for this offer:

1)
Customers must have a Chase Sapphire® or Chase Freedom® credit card that is open and not in default at the time of enrollment and at points fulfillment, and be the primary cardmember on the account.

2)
Offer not available to existing Chase Sapphire Banking and Chase Private Client customers.

To receive the Ultimate Rewards bonus points:

1)
Open online or meet with a banker to open a Chase SapphireSM checking account

2)
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). The qualifying new money cannot be funds or securities held by Chase or its affiliates. AND,

3)
Maintain at least a $75,000 balance for at least 90 days from the date of funding, irrespective of any losses or gains due to trading or market fluctuation.

Ultimate Rewards Points

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.

Chase SapphireSM Checking details

The Annual Percentage Yield (APY) for Chase SapphireSM checking effective as of 09/14/2018, is 0.01% for all balances in all states. Interest rates are variable and subject to change. Additionally, fees may reduce earnings on the account.

You can only participate in one Sapphire Checking, Chase Private Client Checking or You Invest new money bonus in a 12 month period. Coupon is good for one time use.


No fees for Insufficient Funds and Returned Items – if you have had four or fewer insufficient funds or returned item occurrences in the previous 12 months. An occurrence happens any business day that at least one (1) item is presented or withdrawal request is made against an account with insufficient funds.
1
There is a $25 Monthly Service Fee for Chase SapphireSM Checking OR $0 when you have an average beginning day balance of $75,000 or more in any combination of this account and linked qualifying deposits/investments. Qualifying personal deposits include this checking account and up to nine personal Chase checking accounts (excluding Chase Private Client CheckingSM), personal Chase savings accounts (excluding Chase Private Client SavingsSM), Chase Liquid® Cards, CDs, certain Chase Retirement CDs, or certain Chase Retirement Money Market Accounts (balances in Chase Money Purchase Pension and Profit Sharing Plans do not qualify). Qualifying personal investments include prior end of month balances for investment and annuity products offered by JPMorgan Chase & Co. or its affiliates and agencies. Balances in certain retirement plan investment accounts, such as Money Purchase Pension and Profit Sharing Plans, do not qualify. Investment products and related services are only available in English.
2
There is no Chase fee at non-Chase ATMs. Chase will refund ATM fees charged by the ATM owner. Some ATM owners do not identify these fees in the information they send to us and, as a result, we may not automatically refund the fee. If for any reason the refund is not processed, please contact us. No Foreign Exchange Rate Adjustment Fee.
3
Commission-free trades are limited to online transactions in U.S. listed stocks and ETFs. Sales are subject to a regulatory transaction fee of between $0.01 and $0.03 per $1,000 of principal. The number of commission-free online trades is based on your relationship with J.P. Morgan Securities LLC and/or JPMorgan Chase Bank, NA. All customers receive up to 100 commission-free trades in each of two retirement and two non-retirement You Invest Trade accounts. Trades may not be allocated between accounts and must be used within one year of account opening (or offer registration). Joint accounts receive a maximum of 100 commission-free online trades, based on the primary account holder. There are costs associated with owning ETFs. SapphireSM Banking and Chase Private Client or J.P. Morgan Private Bank customers qualify for $0 commissions on all You Invest Trade online U.S. listed equity and ETF trades (limited to two retirement and two non-retirement accounts per customer). Sapphire Banking, Chase Private Client, and J.P. Morgan Private Bank eligibility requirements are available upon request. Offer terms, relationship requirements and pricing are subject to change and/or termination without advance notice. Other fees and restrictions (including account types) apply. See youinvest.com/pricing for terms and conditions.
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Old Oct 24, 2018, 9:18 am
  #112  
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Originally Posted by ahchiu
I went to the branch today having only a Freedom card. And was told that you HAVE to have a Sapphire credit card before you can open the new Sapphire checking. Reason being, they deposit the 60k points into the Sapphire credit card account. I thought that having the Freedom card was enough for this promotion?
You can simply PC the Freedom to the no fee original Sapphire. Then you can PC back to Freedom. I think this can be done. Give it a try.

But confirm the T&C with the banker since Mia posted the T&C above....
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Old Oct 24, 2018, 11:59 am
  #113  
 
Join Date: Jan 2016
Posts: 106
Originally Posted by RedSun
You can simply PC the Freedom to the no fee original Sapphire. Then you can PC back to Freedom. I think this can be done. Give it a try.

But confirm the T&C with the banker since Mia posted the T&C above....
Called for PC. PC would involve paying the 95 annual fee for sapphire preferred. No bueno.
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Old Oct 24, 2018, 12:29 pm
  #114  
mia
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Originally Posted by ahchiu
Called for PC. PC would involve paying the 95 annual fee for sapphire preferred.....
There are three versions:

Sapphire = Free
Sapphire Preferred = $95
Sapphire Reserve = $450

The suggestion is to change to the free version simply called "Sapphire".
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Old Oct 24, 2018, 1:16 pm
  #115  
 
Join Date: Jan 2016
Posts: 106
Originally Posted by mia
There are three versions:

Sapphire = Free
Sapphire Preferred = $95
Sapphire Reserve = $450

The suggestion is to change to the free version simply called "Sapphire".
yup, thanks ... did just that, and we are all set.
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Old Oct 24, 2018, 5:04 pm
  #116  
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Originally Posted by mia
There are three versions:

Sapphire = Free
Sapphire Preferred = $95
Sapphire Reserve = $450

The suggestion is to change to the free version simply called "Sapphire".
Originally Posted by ahchiu
yup, thanks ... did just that, and we are all set.
Nicely done. I had another Chase card that was forced to PC'ed to CSP. I tried to PC to Freedom, but told unable. So I had to PC from CSP to the base Sapphire first. But I finally PC it to Freedom. So I had both the base Sapphire and the CSP for short time periods.
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Old Oct 24, 2018, 11:59 pm
  #117  
 
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What is PC?
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Old Oct 25, 2018, 2:02 am
  #118  
 
Join Date: Oct 2018
Posts: 42
Originally Posted by estnet
What is PC?
Product change.


So the T&C's say the offer is non-transferable. I should call in and ask if I would be eligible.
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Old Oct 30, 2018, 1:24 pm
  #119  
 
Join Date: Aug 2007
Posts: 85
Does any one know if you can fund the new sapphire checking account with a credit card ? if yes is it a cash advance ?
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Old Oct 30, 2018, 2:39 pm
  #120  
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Originally Posted by manuvns
Does any one know if you can fund the new sapphire checking account with a credit card ? if yes is it a cash advance ?
You gotta be kidding. You want to fund $75,000 with credit card? And you want to earn double UR reward points??
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