Chase Sapphire Banking $750 Upgrade Offer
Chase introduced the new Sapphire Banking with a 60,000 Ultimate Rewards offer for Freedom and Sapphire cardholders. But now they also have a targeted offer for those who do not have any of those Chase cards. This new offer is targeted at current bank customers, and comes in cash.
The Offer
- Get a $750 Bonus when you upgrade to a Chase Sapphire Banking account AND
- 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 investment accounts, and maintain that balance for at least 90 days from the date of funding.
Key Terms
- Offer not available to existing Chase Sapphire Banking and Chase Private Client customers.
- $75,000 of new money can be deposited in 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 Ultimate Rewards bonus points transferred to you under the terms of the Program are considered miscellaneous income received from Chase, and may be reportable to you and the IRS on Form 1099-INT
- You can only participate in one Sapphire Checking, Chase Private Client Checking or You Invest new money bonus in a 12 month period.
- There is a $25 Monthly Service Fee for Chase Sapphire Checking OR $0 when you have an average beginning day balance of $75,000 or more in any combination of this account and linked qualifying deposits/investments.
Conclusion
This is a targeted bonus that was sent by email to some current customers who do not have a Chase Freedom or Sapphire credit card. It has the same requirements as the 60,000 Ultimate Rewards offer, and gives points a 1.25 cents valuation. You need to deposit $75,000 and keep it in there for 90 days. Investment and savings accounts are also eligible, so those could be better options than checking.
You also need that 75K balance in your account to avoid the $25 monthly fee. Other Chase bank bonuses require you to keep the account open for 6 months, but for this bonus it’s not stated in the terms. It could be worth checking before closing the account.
Terms also state that the bonus may be reportable to you and the IRS on Form 1099-INT. We do not know what value they will attach to the points.
HT: Doctor of Credit
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Oh cool! Everyone, save long-time Premier Platinum (now Saphhire Banking) customers, gets incentives. *whistles and twiddles thumbs* Nothing for me here I guess. hah