[Expired] Chase Targeting some INK Cardholders with 30,000-50,000 Ultimate Rewards for Opening Business Checking

This bonus has expired, view the best checking bonuses by clicking here.

Update 1/14/18: Reader Phil lets us know about another offer for 50k points offer for opening a Performance business checking. Added to the post. Performance checking requires $35k balance to waive the $30 monthly fee. Fee won’t hit until the 3rd month, and by then you should have already gotten your bonus and can probably downgrade to Total (at least it’s worked that way in the past).

The Offer

Chase is sending out physical mailers to some INK credit cardholders with an offer to get a bonus for opening a business checking bonus:

• Open a new Chase Total Business Checking account and get 30,000 Ultimate Rewards points
• Open a new Chase Performance Business Checking account and get 50,000 Ultimate Rewards points

To get the bonus, here are the requirements:

• Deposit $1,000 in new money within 10 business days and maintain it there for 60 days.
• Complete 5 qualifying  transactions within 60 days. Qualifying transactions include wires, QuickDeposit, ACH credits, and debit card purchases.

The Fine Print

• Expires 2/28/18
• Offer not available to existing business checking account holders or those who have had accounts closed within the past 90 days
• Offer is not transaferrable
• Ultimate Rewards points will be deposited within 45 days of meeting qualifications
• Limit one business checking bonus per calendar year (this should be counted separately from personal Chase bank bonuses)
• Chase will send you a Form 1099-INT

Avoiding Fees

Chase Total Business Checking has no monthly fee when you maintain a daily minimum balance of $1,500 or more. Otherwise a $12 Monthly Service Fee will apply ($10 Monthly Service Fee when enrolled in Paperless Statements).

Chase Performance Business Checking has a monthly fee of $30 which can be waived with $35,000 in balances.

Other ways to waive the fee: if you maintain a linked Chase Private Client Checking or Chase Premier Platinum Checking personal account.

Reports indicate that Chase usually waives the fee for the first couple months.

Early Account Termination Fee

Accounts need to be kept open for a minimum of six months; otherwise, the bonus will be forfeited.

Our Verdict

Offer is targeted to select INK cardholders, and is especially a great deal for those who value UR points highly. You’ll have to park $1,500 there until the 6 month mark to keep it fee-free, then you can close the account.

The more standard bonus on business checking is $200 (currently available). We’ve also seen a $500 bonus which was slightly more complicated since it required a Performance checking which has a $30 monthly fee.

The fine print indicates they’ll send a 1099 for this; I’m curious if anyone has a data point whether they actually do this, but let’s assume they do. A comment in a similar situation says to have heard from a banker that they 1099 at 1.25% since that’s how much it’s worth when redeemed for travel. Bummer, I’d have expected it to be counted as$300.

Note, only special bankers can open Chase business checking accounts; it’s probably worth making an appointment in advance.  While at the Chase branch, check for credit card preapprovals. You may want to do a personal Chase bonus while you’re at it as well (no great bonuses are publicly available now; check eBay to see if there are any $500 coupons for sale.

Thanks to my friend Kevin for sharing this