Chase is sending out emails to existing Chase Sapphire Reserve customers (who had the card prior to 9/15/2017) with an upgrade of their checking out offer.
If you upgrade to Chase Private Client (CPC) you will get bonus 50,000 Sapphire Reserve Ultimate Rewards points.
This may sound a bit like the Fidelity offers where you could get 50,000 miles just by opening a brokerage account.
Chase requires you to deposit at least $100,000 in new money to your upgraded checking account within 10 business days, and maintain at least a $100,000 balance for 90 days. Once that is done
Chase primarily makes money with CPC to sell overpriced index funds. Index funds are a good idea but Chase has found a way to add a ‘management fee’ to buy index funds for you. I thought that was the reason we wanted index funds in the first place.
Chase is willing to ‘invest’ $600 for the 50,000 Ultimate Rewards bonus as a way to produce leads for their investment business.
However there is no need of you to follow the suave voices of your CPC banker. You can just go home and say no.
if you have $100,000 in liquid funds this is a good offer!
Terms and Conditions:
*Bonus/Account Information: Customers must be a Chase Sapphire Reserve cardmember prior to 9/15/2017 to be eligible for this offer. Offer not available to existing Chase Private Client customers. To receive the bonus: Meet with a Chase Private Client Banker to upgrade to a Chase Private Client checking account, deposit a total of at least $100,000 or more in new money in your upgraded account within 10 business days AND maintain at least a $100,000 balance for 90 calendar days from the date of the deposit. The new money cannot be funds held by Chase or its affiliates. Upon the customer’s enrollment, Chase will review the account to ensure the eligibility criteria are met. This offer is not transferable, is limited to one per person at any given time, and may be discontinued at any time without notice. 50,000 Sapphire Reserve Ultimate Rewards points will be posted to the primary cardholder’s account up to 45 days after the eligibility criteria have been met. The Annual Percentage Yield (APY) for Chase Private Client CheckingSM effective as of 9/7/2017, is 0.01% for all balances in all states. Interest rates are variable and subject to change. Additionally, fees may reduce earnings on the account. You can only receive one bonus for upgrading your Chase Private Client checking account.
The Ultimate 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 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.
**Available to individuals who maintain an average daily balance of $250,000 or more in any combination of qualifying linked deposits and investments. If total balances in qualifying deposits and investments do not meet the Chase Private Client requirements, Chase may contact you to help determine an alternate Chase product. Qualifying Chase deposits and J.P. Morgan investments include the following:
a) Up to 9 Chase Private Client CheckingSM accounts, Chase High School CheckingSM accounts, personal savings accounts, Chase Liquid® Cards, CDs, certain investment management, fiduciary and custody accounts, certain Retirement CDs, or certain Chase Retirement Money Market Accounts (balances in Chase Money Purchase Pension and Profit Sharing plans do not qualify); and
b) Prior end of month balances for J.P. Morgan Securities LLC (JPMS) accounts, certain retirement plan investment balances (balances in Chase Money Purchase Pension and Profit Sharing plans do not qualify), JPMorgan Funds accounts (J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. Products and services may be offered by JPMorgan Distribution Services, Inc., member FINRA/SIPC), annuity products (annuities made available through Chase Insurance Agency, Inc. (CIA) and Chase Insurance Agency Services, Inc.) and personal trust accounts.
“Chase Private Client” is the brand name for a banking and investment product and service offering.
Bank deposit accounts, such as checking and savings, may be subject to approval. Deposit products and related services are offered by JPMorgan Chase Bank, N.A. Member FDIC.
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About the author: Torsten is a serial entrepreneur who started almost a dozen ventures on four continents. Torsten's love for travel has brought him to 130+ countries and travel with most of the world's airlines. You can reach Torsten at [email protected]
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