[Targeted] Chase: Get 50,000 Southwest Points with Checking + Savings Acccount Signup

The Offer

Chase is sending out a targeted email offer to Chase Southwest credit cardholders for a checking and savings account bonus (email subject: Enjoy up to 50,000 Southwest Rapid Rewards® points):

• Open a new Chase Total checking account and get 30,000 Southwest Rapid Rewards points after you set up direct deposit within 60 days.
• Open a new Chase savings account and get 20,000 Southwest Rapid Rewards points after you deposit a total of $15,000+ in new money within 20 business days, and maintain a $15,000 balance for 90 days.

The Fine Print

• “Remember, every Rapid Rewards® point you earn with this offer will count towards Companion Pass”
• Checking offer is not available to existing Chase checking customers. Savings offer is not available to existing Chase savings customers. Both offers are not available to those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance.
• Customers must be a Southwest Rapid Rewards Cardmember prior to enrolling in this offer.
• To qualify for this bonus offer, Southwest Rapid Rewards® Cardmember personal account must be open and not in default at the time of fulfillment.
• 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.
• Checking offer: Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government.
• Savings offer: The new money cannot be funds held by Chase or its affiliates.
• After you have completed all of the requirements, points will be posted to the primary cardmember’s account up to 8 weeks after the eligibility criteria have been met.
• You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account.
• The Southwest Rapid Rewards points transferred to you under the terms of the Program are considered interest received from Chase. Therefore we will send you, and file with the IRS, a Form 1099-INT (Interest Income) or, if applicable, a Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) 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.

Our Verdict

The standard best offer we see on the Chase checking + savings is for $600 ($300 checking + $200 savings + $100 combo); you can find all Chase account and bonus details in that post. This is a special proposition to get 50,000 Southwest points instead. Offer appears to be highly targeted as only one reader sent this in. It also requires a unique coupon code to apply the offer.

The actual value of 50,000 Southwest points is technically more than $600; some people would just take the cash whiles others would prefer the points. I’d probably just take the cash, especially given that we don’t know how much they’ll be 1099ing you for. I believe last year they valued Southwest points at 1 cent each, so I assume the 1099 will be for $500, but hard to say for certain.

But where this offer really shines if for someone who values the Companion Pass. The timing here isn’t ideal, but given how hard it is to get approved for the Southwest credit cards due to 5/24, this is a nice alternative way of getting points for the Companion Pass.

Hat tip to reader c.