In addition to offering bonuses for mortgages, another cross selling opportunity Chase has identified is targeting credit card holders for investment products. They have sent out a survey to some people asking their opinion about a few different options. The options were as follows:
- Earn 500 Ultimate Rewards points when you purchase a diversified fund/ETF. Link your credit card to your Chase investment account and earn money (directly into your investment account) when you make purchases at select merchants (e.g. Starbucks) Earn 5,000 Ultimate Rewards points per year when you make zero withdrawals from your Chase Investment account over a 12 month period Please select which offer you like MOST and LEAST within each set of offers shown below:
- Earn 1,000 Ultimate Rewards Points for each friend you refer to Chase Investment (max 10 friends per year) Earn 5,000 Ultimate Rewards Points per year when you make zero withdrawals from your Chase investment account over a 12 month period Earn a 50% booster on Ultimate Rewards points when converted to cash into your Chase Investment account Link your credit card to your Chase Investment account and earn money (directly into your investment account) when you make purchases at select merchants (e.g. Starbucks) Same question as above but with new options:
- Earn 1,000 Ultimate Rewards points when you set up monthly recurring contributions of $100+ to your Chase Investment account from another institution Earn 5,000 Ultimate Rewards points when you successfully complete 6 monthly recurring contributions in a row (from another institution) Earn 1,000 Ultimate Rewards points for each friend you refer to Chase Investment (max 10 friends per year) Earn 5,000 Ultimate Rewards points per year when you make zero withdrawals from your Chase Investment account over a 12 month period
There was then a lot of more variations of the above, with different groupings of the benefits. Some other options included: Then a lot more variations of this, usually showing different groupings of the offerings so
- Getting 500 UR for making your first deposit into the investment acct and/or buying your first stock.
- 5,000 UR when you use a portfolio allocation tool for the first time and when you deposit your tax refund in your investment account you’d get 1,000 UR for every $1,000 of your refund.
Interesting Points
- Offering a 50% booster on Ultimate Rewards redemption would make it easy to cash out points at 1.5¢ each. This is better than the 1.25¢ that Charles Schwab offers in conjunction with American Express. For me personally this is a killer feature. You can only have so many miles and points, being able to cash out at 1.5¢ also makes the Chase Freedom & Chase Ink Cash cards crazy (7.5% cash back on 5% categories? Yes please).
- Offering points that are directly deposited into your investment account for purchases made at select merchants could be the reason why they scrapped Chase offers
- Bonuses for making no withdrawals seem good, even if you have a small balance in a low fee fund
Personally I’m pretty excited about some of these possibilities. I just hope the 50% booster is an option as that is the biggest benefit in my opinion. Others won’t value it as highly depending on how much they value Chase Ultimate Rewards points.
Hat tip to reader zXFDz
