(EXPIRED) Chase Sapphire Banking: 60K points w/ $75K deposit (upgrades also possible)

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This week, Chase launched its Sapphire Checking account with a new member bonus of 60,000 Ultimate Rewards points after depositing $75,000 in “new money” cash / eligible investments (note: retirement accounts do not qualify) within 45 days and maintain it with Chase for at least 90 days. Note that you’ll also need a Sapphire or Freedom credit card and can’t product change away from it during the promotional period.

The Deal

Key Terms

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.
  • See the promotion page for full terms.

Quick Thoughts

Doctor of Credit has a pretty thorough analysis of the details of these accounts as well as the rules regarding checking account bonuses. As he notes, the smart play looks like it is to open a regular checking/savings account now for a cash bonus and then upgrade to Sapphire banking down the line (assuming a bonus is still available). If you aren’t eligible for that path, depositing $75K in new cash / investments may still be worth it for the return in points if you have the ability to do so. Just this morning, Greg noted that, for example, Delta One Suites between Tokyo and Minneapolis are available for 60K Virgin Atlantic miles each way. Since Virgin Atlantic is a Chase transfer partner, this checking account bonus would be enough to get a one-way ticket for a long flight in a nice business class product. That is of course just one example of a decent sweet spot — you might get round trip business class to Europe when Iberia runs a sale, a terrific suite at the Park Hyatt Mallorca for a few nights, or many other awards with 60K points.

That said, the requirements are obviously steep for this one. Keep in mind that you have to maintain the $75K balance for at least 90 days, irrespective of losses or gains. In other words, you’ll need to deposit more than $75K if you’re intending to keep any of that in investments to cover yourself in case of market swings. It looks like they are offering free trades via their You Invest platform at least. Also keep in mind that 529 plans and any sort of retirement account will not qualify for the $75K invested. Finally, Chase notes that they may send you a 1099 on this, so there may be a tax implication for the bonus on top of any for moving your investments.

Overall, this could be a good value if you have investments and don’t mind moving them — especially if you’re able to stack a regular new checking/savings bonus now with 60K later. See that Doctor of Credit post linked above and below for more.

H/T: DoC

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