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The Offer
Some Sapphire Reserve cardholders are getting an offer to upgrade their banking relationship with Chase and become a Chase Private Client by depositing $100,000 in a Chase checking account. Speak to your Chase banker to find out if you are eligible.
- Get 50,000 Ultimate Rewards points when you upgrade your banking relationship to Private Client by depositing $100,000 in your checking account and maintaining that balance for 90-days
Some people are getting called from their banker about the offer. Let us know if you try proactively getting targeted by calling or going to a branch.
To be clear: this offer is for those who are not Chase Private Clients. They are being offered to become Private Clients by upgrading their checking account and depositing $100k. It sounds like this offer is being made for those who already have Chase checking accounts. The offer probably won’t pull up for someone who doesn’t have a Chase checking, though you can always open a checking account and try again.
Image from Milestalk:
The Fine Print
- $100,000 must remain in checking account for 90-days
- Chase Sapphire Reserve cardholders only
- Must open account by December 2, 2017
Our Verdict
50,000 Ultimate Rewards points is obviously an incredible bonus for opening a checking account. Bear in mind that even if you did get targeted with this offer, there is a massive $100,000 deposit requirement. If we’ll assume you’d otherwise have earned a bit more than 1% in a high-interest savings account, you’re losing more than $250 by having the money in the non-interest-earning Chase checking account. Realistically, let’s consider it like paying ~$300 for 50k UR points which is a great deal, but only really works for someone who floats that kind of cash.
If you don’t currently have a Chase checking account, it could be an idea to open a Total Checking account with a bonus (there is a $300 coupon for Premier which can be downgraded afterward) and then get this offer. Better idea is to wait a bit to see if we find out how widely available this offer is. Update: Now there’s a $500 coupon available.
It seems from the language shown above that the $100k needs to sit in the Chase checking account – earning no interest – for 90-days. This is different than standard Private Client requirement of maintaining a specific amount of money in any Chase holdings, including investment accounts.
Hat tip to Milestalk and dealsatx
anyone who got in on this received the 50k points?
Hi DJ,
Yes, it appears I received the bonus. After satisfying the terms ($100,000 of new money in my Chase checking account for 90 days) I received the bonus a few days afterwards. It is not easy to find….if you log into the Chase Ultimate Rewards account and go to your CSR section you should see them under the “Earning on the Next Statement” section. In other words, these points are pending until the next statement posts. But I’ve already been assured I can spend the $100,000 and not have the points clawed back (since I satisfied the 90 day terms already). I hope this helps.
Thanks @EastsideBK for your reply. I have contacted my personal banker to check on mine as I don’t see it even in the “Earning on next statement” section after a month of meeting requirements.
My banker suggested that I should keep most of the 100k in the CPC savings account rather than in the checking account, as the promotion requires you to have a 100k in CPC accounts. I said that the offer only says checking account, but she insisted keeping the money in either checking or savings should work, because, she claimed that they updated the offer to include savings accounts too. I guess your banker said the same…
I am just suspecting this checking+savings might be an issue – will report back based on my banker’s response!
I had the same concern when my banker suggested that I keep the money in the savings as well; however, I checked my UR account and the 50,000 points are listed under “Earning on next statement.”
10/30/17: $100,000 Deposit
01/27/18: 90th day
We have a Chase Sapphire Reserve card but no money in Chase. We got the offer: 50k points if we’d move 100,000 into a new Chase checking account. Apparently, the banker who called us received a list of people in the area who have the card but don’t bank with Chase. That says to me that if you do not have an account with Chase you certainly could ring them up and ask for the offer. We have an appointment to make the move!
Hi Chuck,
I thought your readers might find this helpful:
I spoke to my banker on Friday and it turned out that I could participate in this offer and leave my $100,000 deposit in an upgraded SAVINGS account. I agree with your initial post that the “standard” targeted offer requires you to leave the money in the checking account for 90 days, but he found another offer where the language reads different.
So, while the interest rate on their savings account is only .008 that is still 8x better than the .001 for a checking account!
And, yes, you are taxed on the UR bonus but you are also taxed on the 1.25% you are getting on the high-yield savings account (Ally, etc.) so that rebuttal by your commenters is a bit of a wash I think. (Though I’m not a tax expert)
Finally, while I realize I’m still “paying” around $300 for the UR points, there are a couple other benefits that come along with this upgraded account including no fees (very helpful when I had to issue a “stop payment” on my Discover Bank deposit…those bastards!), free checks (worth at least $20 even when ordering from the discount check printers like Checks In the Mail), and my favorite, my own safe deposit box! (Yes, only worth $50 but it makes me feel special!)
Just got a call today from a local branch banker offering 50k points for depositing $50k for 90 days. I asked if she could email me the details of the offer, and was told no as it is targeted ans I’dhave to come to tye branchor for specifics. I have chase checking and the CSR. I scheduled a follow-up meeting for this coming week to discuss details.
I spoke to a Chase Private Client banker and chose not to take the deal. He told me that 50 K points would be 1099ed to me at $625. Combining with the loss on interest on keeping $100 K with Chase earning bubkes, taking this deal for me would be like buying UR point at 1 cent / point or worse
I just got a call from my CPC banker(I upgraded to CPC few month ago with soft 100k requirement), she told me I was eligible for this offer as well. Looks like it is not only limited to non CPC customers. Parking another 100k is a bit tough but I value UR points a lot (mostly for award air travel) so I am still on the fence whether to do it or not.
How strict do you think they’re on “new” money? Have some currently in checking already, wondering if I could just move it out and back in, maybe via different incoming back on the return.
Doubt that would work but who knows
Depends on the banker, I’ve opened a savings account with them several times for the bonus, requiring *new money* $15k deposit. Two times the banker just moved money from my checking to savings and I got the bonus. The third time a different banker told me it wouldn’t qualify.
just walked in don’t have any funds at chase to see if i qualified for the offer, and my banker said i do when looking up my from my reserve card, i also showed her the mail coupon for 300 and 200 and she said i should be able to do both at the same time so thinking of pulling the trigger if i can do both at the same time.
Good DP, thanks
I got the offer and I don’t have any checking accounts with Chase.
Can you please give me the code if you are not using it?
Got the email today, in addition to bringing the 100k, it also makes clear “Chase Private Client is available to individuals who maintain an average daily balance of $250,000 in qualifying Chase deposits and J.P. Morgan investments.**”
So not sure if the $100k alone is enough or if you need the $250k to get the PC status first.
Anyone want to send me their upgrade code? I didn’t receive an offer 😐
I think 100k is enough to get it initially.