Earn 60,000 Ultimate Rewards with Chase Sapphire Banking

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You can now earn 60,000 bonus Ultimate Rewards points for opening or upgrading to a Chase Sapphire Banking account. To earn the bonus, you will need to deposit $75,000 of new money into the Chase Sapphire account and maintain it for at least 90 days. This promotion is open to both account upgrades and new accounts; however, it is not available to current Chase Sapphire Banking and Chase Private Client customers.

Chase Sapphire Account bonus

Key Terms

  • Promotion is valid through January 11, 2019
  • Promotion is valid for new account openings, and for upgrades from current accounts
  • Earn a 60,000 Ultimate Rewards bonus when you maintain a balance of $75,000 of “New Money” for at least 90 days
  • The money must be “New Money” and cannot be funds or securities held by Chase or its affiliates
  • The money can be deposited into a combination of eligible checking, savings and/or investment accounts
  • The offer does not apply to 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
  • You need to maintain a $75,000 balance for at least 90 days from the date of funding, irrespective of any losses or gains due to trading or market fluctuation
  • You need to fund your account(s) within 45 days of opening/upgrade
  • To qualify for the offer, you must have a Chase Sapphire or Chase Freedom credit card that is open and not in default at the time of enrolment and at points fulfillment
  • Offer not available to existing Chase Sapphire Banking and Chase Private Client customers
  • There is a monthly service of $25 for Chase Sapphire accounts that is waived if you maintain a balance of $75,000

Our Take

If you have $75,000 lying around in an account and can move them easily then this offer can make a lot of sense. One thing to remember with the promotion is that your balance cannot dip below $75,000. So, if you invest in an account that can suffer losses, you would need to transfer a little more than $75,000 to ensure that the balance is maintained.

Obviously, 60,000 Ultimate Rewards points is an attractive bonus; you will have to crunch the numbers and compare what your money is currently earning, and whether it is worth more or less than the value of 60,000 Ultimate Rewards points.

Source: Frequent Miler

Earn 60,000 Ultimate Rewards with Chase Sapphire Banking
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Comments

  • Lots of hoops here to jump through, not sure it’s worth it.

  • In terms of a cost/comparison, I took a simple case where if you had the same $75000 in a high rate account (Discover bank, Am Ex savings) where the rate is currently hovering around 2% APR, and you keep the money there for ~ 4 months, same as the requirements for this offer, the net interest income would be $500. Not sure if i’m making any significant errors in my assumptions, but this is very quick comparison.

    • I agree. Moving that money from high interest checking accounts I already have… would negate the actual bonus.

      • Exactly. Moving cash over just isn’t worth it. You would need to move actual investments over and I really can’t speak to if that is a good idea or not.

  • You will be taxed on this as income for $600 from Chase as well. Think this is an important distinction from the normal credit card rewards that should be pointed out.

  • this is an okay offer, but nothing great after you pay the taxes

  • Jamie Eubanks says:

    As a previous poster said, tax should be in play here. Just worth keeping in mind.

  • 60k UR is pretty good, but the requirement of $75,000 in liquid assets, being taxed on the value of the points, and considering the opportunity-cost in the loss of interest on the funds deposited with Chase to earn the points makes this only marginally appealing overall.

    • If you’re comparing $75k in a 2% interest bearing account to the 60k UR points taxed as $600 in ordinary income, you have to remember that the $375 interest (one poster said $500 but that’s for 120 days,of interest not 90 days required) is also taxed as ordinary income.

      • I fully understand that income on an interest bearing account is taxed. My point was that the fact it appears the *points value will be taxed*, coupled with the fact that one is *not earning interest ($$)* while funds are on deposit with Chase severely cuts into the value of this offer.

        • Should have added: (being that, at least for me, I would not pull money out of an investment account to do this) those factors are in addition to the necessity of having that significant amount of funds available.

  • I wish I had $75,000 in new money 🙂

  • If only the opportunity cost wasn’t so high

  • put 75000 to get 60000 pts ($600-$1000ish)… hmmm I don’t think so. Thanks.

  • Me too, Kevin 🙂

  • Bad idea to tie up $75K (if you even have that “laying around”) just for some points. Kinda like using United’s promotion to borrow money and get miles. Not good math…..

  • You also have to consider that you have to maintain the $75,000 minimum until you close the account, or incur a $25 monthly fee. No deal here unless you plan on having $70,000 there anyway.

  • I agree that there are too many hoops to jump through for this offer. Especially when there are taxes to pay on the points. That significantly lowers the value of these points as well as the fact that I’d have to take the money out of an account that earns higher interest: So this is a situation where I say cash back (interest) is a better value that flexible points for me. I do appreciate the article and discussion of this offer — on the surface, it could seem worthwhile.

  • $75k is a lot of money to transfer!

  • $75,000 of new money gets you $600 in value. Invest elsewhere in my opinion

    • Important to consider that you get interest/earnings in addition to the 60k points. Not a terrible deal, but….borderline.

  • Sorry, Chase, I do not have a free $75,000 to turn over to you.

  • Not about to hand over $75K to chase
    (Perhaps had I won the Megamillions I’d have said differently)

  • Indeed, it is a different thing if you just happen to open an investment account with Chase anyway.

  • Ouch. Count me out of this one. There must be some well-off people out there who don’t want cash in high interest accounts and really value these Chase ultimate reward points.

  • Kripal Singh says:

    You can always keep it in a sweep / money market fund and earn upto 2%

    https://www.chase.com/investments/sweep-options-yields

  • Does anyone know if this offer is available online or in Chase branches only?

  • Please announce yourself if you take up on the offer 🙂

  • Anytime they tax it the deal is not worth it.

  • Rajiv Pothineni says:

    Does Chase provide a 1099 as this is taxable income ?

  • It might be a better offer if you are an existing customer going for an account upgrade anyway.

  • Is this just liquid cash that has to be moved in or can it be investments of any other type? Trying to determine if this makes sense for us…

  • I’m pretty sure I can do better by putting that money in the stock market.

  • I’m thinking that leaving my money where it is to earn interest is a better plan than this when I take a closer look at it.

  • But if turn the UR to redemptions like biz class travel it’s worth way more than $600.

  • Also If you keep rainy day money for layoffs, 6 Mo this of salary in a liquid account this also could be a good deal.

  • Is anyone able to confirm if this is targeted or open to the public? I’m considering moving investments over and ditching BoA and WF. There’s some really cool benefits here.

  • This one was just too many hoops to jump thru and the value was not there after taking into account everything.

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