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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.
