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 19, 2018, 8:49 am
#166
Join Date: Sep 2018
Posts: 11
No - Chase has to operate 5,000+ branches, their rates will always be worse. Closest you can get is a MM fund in the brokerage but it won't be FDIC.
Dec 19, 2018, 11:13 am
#168
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Dec 19, 2018, 11:50 am
#169
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
Dec 19, 2018, 11:56 am
#170
Suspended
Join Date: Jan 2017
Location: EWR/PHL/BWI
Posts: 4,412
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
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
Tell me what extra benefits you get from traditional brokers (Fidelity, Schwab)? You get 1.5% on the money market account?
Dec 19, 2018, 12:32 pm
#171
Join Date: Aug 2003
Location: Seattle, WA. USA
Programs: MR, AA, UA, DL, AVIS and growing
Posts: 1,172
My reading of THIS post is that Chase will deposit the points within 45 days after you satisfy the 90 day requirement. The points are deposited into a specific card account, so I would expect them to post on that card's billing date during that 45 day window.
1. First transfer $75,000 within 45 days.
2. if balance average is under $75,000 for the month there will be a $25.00 service charge
3. Once $75k is maintained for 90 days the points will be deposited in CC account
Thus 90 days of a full $75k is in account then the delta($75k balance) plus to get 60k UR points..
Last edited by euromannn; Dec 19, 2018 at 3:58 pm
Dec 20, 2018, 7:47 pm
#172
Community Director Emerita
Join Date: Oct 2000
Location: Anywhere warm
Posts: 33,742
Dec 20, 2018, 8:18 pm
#173
Join Date: Oct 2009
Location: SFO
Posts: 515
May I ask who told you the 1099 value would be $750? Also, I am not seeing the sign up offer give a choice between 60K points or $750? Do you have a link for that?
thanks
Dec 20, 2018, 8:37 pm
#174
Community Director Emerita
Join Date: Oct 2000
Location: Anywhere warm
Posts: 33,742
Chase banker
I was shown it on the screen. I had to sign as to which I wanted to take. Various bloggers have mentioned the offer.
https://www.doctorofcredit.com/targe...upgrade-offer/
Also, I am not seeing the sign up offer give a choice between 60K points or $750? Do you have a link for that?
https://www.doctorofcredit.com/targe...upgrade-offer/
Dec 20, 2018, 9:32 pm
#176
Join Date: Aug 2003
Location: Seattle, WA. USA
Programs: MR, AA, UA, DL, AVIS and growing
Posts: 1,172
Chase banker
I was shown it on the screen. I had to sign as to which I wanted to take. Various bloggers have mentioned the offer.
https://www.doctorofcredit.com/targe...upgrade-offer/
I was shown it on the screen. I had to sign as to which I wanted to take. Various bloggers have mentioned the offer.
https://www.doctorofcredit.com/targe...upgrade-offer/
Is the Cash option still available with the banker?
Did you move into YouInvest and into a Vanguard 2.3% fun for 90 days?
1099-INT of $750 on 25% tax bracket means you lose $187.50 paying taxes.
Jan 16, 2019, 2:06 am
#177
Join Date: Jun 2003
Location: La Jolla, CA
Programs: Marriott Ambassador, Lifetime Titanium, Delta Plat, Hilton Diamond , Hyatt Globalist
Posts: 2,615
Chase banker
I was shown it on the screen. I had to sign as to which I wanted to take. Various bloggers have mentioned the offer.
https://www.doctorofcredit.com/targe...upgrade-offer/
I was shown it on the screen. I had to sign as to which I wanted to take. Various bloggers have mentioned the offer.
https://www.doctorofcredit.com/targe...upgrade-offer/
Per TPG
Sapphire banking customers will be issued a 1099-INT form for their bonus points. Chase values the points at 1 cent each, so customers will owe taxes on the $600 value of the bonus.
I opened mine online and was not given a choice of cash unless I missed it. I know that a few years ago Chase issued a 1099 for the $300 I received for opening an account with them.
Jan 16, 2019, 8:38 am
#178
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
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This information is in the blog article, and seems plausible, but no source is mentioned.
Jan 25, 2019, 9:29 am
#179
Join Date: Sep 2015
Posts: 199
Yes, I had CF and CFU and signed up. Actually I have had the $75k in the account since 10/26 which has been more than 90 days and maintained the $75k balance but I have not received any points. Going to call Chase today.
almost though!