Posted by Chuck on January 14, 2018
Bank Account Bonuses

Published on January 14th, 2018 | by Chuck

41

Chase Targeting some INK Cardholders with 30,000-50,000 Ultimate Rewards for Opening Business Checking

Update 1/14/18: Reader Phil lets us know about another offer for 50k points offer for opening a Performance business checking. Added to the post. Performance checking requires $35k balance to waive the $30 monthly fee. Fee won’t hit until the 3rd month, and by then you should have already gotten your bonus and can probably downgrade to Total (at least it’s worked that way in the past).

The Offer

Chase is sending out physical mailers to some INK credit cardholders with an offer to get a bonus for opening a business checking bonus:

  • Open a new Chase Total Business Checking account and get 30,000 Ultimate Rewards points
  • Open a new Chase Performance Business Checking account and get 50,000 Ultimate Rewards points

To get the bonus, here are the requirements:

  • Deposit $1,000 in new money within 10 business days and maintain it there for 60 days.
  • Complete 5 qualifying  transactions within 60 days. Qualifying transactions include wires, QuickDeposit, ACH credits, and debit card purchases.

The Fine Print

  • Expires 2/28/18
  • Offer not available to existing business checking account holders or those who have had accounts closed within the past 90 days
  • Offer is not transaferrable
  • Ultimate Rewards points will be deposited within 45 days of meeting qualifications
  • Limit one business checking bonus per calendar year (this should be counted separately from personal Chase bank bonuses)
  • Chase will send you a Form 1099-INT

Avoiding Fees

Chase Total Business Checking has no monthly fee when you maintain a daily minimum balance of $1,500 or more. Otherwise a $12 Monthly Service Fee will apply ($10 Monthly Service Fee when enrolled in Paperless Statements).

Chase Performance Business Checking has a monthly fee of $30 which can be waived with $35,000 in balances.

Other ways to waive the fee: if you maintain a linked Chase Private Client Checking or Chase Premier Platinum Checking personal account.

Reports indicate that Chase usually waives the fee for the first couple months.

Early Account Termination Fee

Accounts need to be kept open for a minimum of six months; otherwise, the bonus will be forfeited.

Our Verdict

Offer is targeted to select INK cardholders, and is especially a great deal for those who value UR points highly. You’ll have to park $1,500 there until the 6 month mark to keep it fee-free, then you can close the account.

The more standard bonus on business checking is $200 (currently available). We’ve also seen a $500 bonus which was slightly more complicated since it required a Performance checking which has a $30 monthly fee.

The fine print indicates they’ll send a 1099 for this; I’m curious if anyone has a data point whether they actually do this, but let’s assume they do. A comment in a similar situation says to have heard from a banker that they 1099 at 1.25% since that’s how much it’s worth when redeemed for travel. Bummer, I’d have expected it to be counted as$300.

Note, only special bankers can open Chase business checking accounts; it’s probably worth making an appointment in advance.  While at the Chase branch, check for credit card preapprovals. You may want to do a personal Chase bonus while you’re at it as well (no great bonuses are publicly available now; check eBay to see if there are any $500 coupons for sale.

Thanks to my friend Kevin for sharing this



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41 Comments on "Chase Targeting some INK Cardholders with 30,000-50,000 Ultimate Rewards for Opening Business Checking"

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NinjaX
NinjaX

IMHO this is a rat trap. sorry. i wont bite. this is asking for shit thrown your way with a deposit account linked with your SSN and all other chase CC. just like all of their checking account UR offers, the targeted demographic who will take advantage of this promo is too obvious. easy analytics can be done.

Blue
Blue

No, I think this is just the UR version of the $300 bonus I’ve been offered twice in the last couple of days.

NinjaX
NinjaX

my point was that doing anything with chase that could easily ID you as a perk abuser should be met with extreme caution.

Mike
Mike

Good point. It’s best to not earn URP at all. Better safe than sorry.

Blue
Blue

I don’t think Chase marketing is doing a big drop of glossy mailers to catch a few churners.

daeofcal
daeofcal

I have gotten quite a bit of mailers and emails for checking and savings in the last week from Chase, both on the business and personal side. I don’t think its some dragnet, rather a new year blitz to get people signed up for deposit accounts that earn Chase some dollars.

MoreSun
MoreSun

Imho, this is not something to be concerned with. The shutdown reports are VERY few and far between, certainly not enough to warrant not taking them on a bank account offer.

Walter
Walter

ALWAYS thought the same. This is a pure set up imo. pass as well.

Paul
Paul

You seem a bit paranoid.
Many people have credit cards and bank accounts linked with Chase but you do you.

Harry Nguyen
Harry Nguyen

True, I just get the bonus once and dip lol.

TomT
TomT

I think you mean valued at 125% or 1.25x, not 1.25%

Alex
Alex

Probably doing 30,000 x 0.0125 = $375, in which case the 1.25% is the correct number.

Phil
Phil

I got a 50,000 UR targeted mailer for opening a new Chase Performance or Platinum Business Checking account. It looks like these account types come with higher monthly fees that are not waived by Private Client status.

veeRob

You should really make it clear that it needs to be $1,000 in NEW money. I did the $500 bonus last year and didn’t get it because I had transferred money from one of my existing accounts, not realizing it had to be new money. Hard lesson to learn.

William Charles

I think it’s pretty clear:

Deposit $1,000 in new money within 10 business days and maintain it there for 60 days.

I’ve bolded it in this post, but it’s always a good idea to read the requirements and fine print thoroughly to avoid disappointment.

veeRob

The new money verbiage or bolding was not in the post when I commented. Now it’s very clear, thank you.

anne
anne

DH just opened a total business checking account with the $300 mailer with a mailer under his name. Now they sent the 30,000 UR point offer mailer to his name again. I am sure I can bring this mailer to open an account for myself. Any reason that I cannot use the mailer?

captainsave
captainsave

Would have prefer the 50k pts over the $500 i did last month.

Albert H
Albert H

It makes me wonder if this is similar to Citi bank’s TYP… as in, are these UR points transferable to an airline?

anne
anne

You will have to have a UR-earning card that has options to transfer to an airline. Since I do, I prefer to open a new business checking account with this UR offer. If I can redeem an award ticket at least 9 months in advance, one UR point is worth 1.5 cents for my situation (I do not live in a big city so I have always have to fly to a nearby hub airport to go to Southeast Asia.

Albert H
Albert H

confirmed? I get how you transfer, but like TYP earned through a bank account, you cannot transfer your TYP to a TYP earning credit card and then transfer it to an airline. Its something to do with tax reasons(bank accounts are subject to interest income vs a credit card point which isnt)… it makes me wonder if its the same here… Perhaps, only allowed to use in UR portal or cash back?

MoreSun
MoreSun

I say yes because the mailer above says points will be posted to the primary card member’s account (the Ink card). It also says you will receive a 1099-INT. Therefore it looks like people who get the 30K+ UR points will receive a 1099-INT to cover the cash value of the points and the flexibility to do with them what they want.

MoreSun
MoreSun

Update says they’ll be valued at 1.25cpp, sounds messy for tax purposes for those who run an actual business…

Kathy
Kathy

I just got the $300 mailer for the total business checking account, Do i wait to see if i get the 30K UR mailer or do i just go ahead & use the 300$ mailer. Obviously i would prefer the 30K UR.

MoreSun
MoreSun

Unless you want the $300 asap, I’d wait until a week or so before the mailer you have expires to see if something better shows up. What do you have to lose? If nothing shows by then you could take your current mailer in before it expires and get your $300.

Kathy
Kathy

I probably will do that. & Hope i dont miss the expiration date :)… Thanks for the advise MoreSun.

bebebleh
bebebleh

How easy is it to open a chase business checking account with a “business” ?

Albert H
Albert H

i opened one with the $300 offer in Dec 2017. It was pretty simple. They do ask questions about your business a tiny bit… but nothing demanding.

bebebleh
bebebleh

What kind of questions?

Jags
Jags

Just received the 30k mailer today. Chase shut down my personal checking/savings account late last year–presumably because I had opened and shut every year for the bonus 6 years running…

I wonder if this is worth trying or if I should steer clear under fear of getting completely shot by Chase.

niko
niko

Can the 30K reward points earned, be transferred to the Sapphire / Reserve or INK Business points? Do the 30K points add up equally to say accepting a different promotion towards opening a new checking accounts that gives a $300 bonus? Thanks!

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