Chase Targeting Some Sapphire Reserve Cardholders for 50,000 Bonus Points
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If you’re a Chase Sapphire Reserve cardholder, you may be targeted to earn a special bonus-point offer if you meet specific qualifications.
TPG reader Daniel L. sent us a copy of the offer he received from Chase. According to the offer, if you upgrade your checking or personal savings account to a Chase Private Client account and deposit $100,000 in your new account within 10 business days, you’ll get 50,000 bonus Ultimate Rewards points. Keep in mind that you must open the Private Client account by December 2, 2017 and hold the minimum $100,000 balance for 90 days in order to get the points.
It’s not exactly clear how Chase is targeting members for this offer. However, it looks to be an offer exclusively available to Sapphire Reserve cardholders and for current Chase checking or personal savings account holders.
The points themselves are pretty valuable. Based on TPG’s most recent valuations, the 50,000 bonus Ultimate Rewards points are worth $1,100 — a pretty solid return for switching to Chase Private Client. Note that Chase is considering these bonus points earned from opening a bank account as interest received from the bank, which means you’ll be taxed on the value that the bank has assigned the points, which is often much higher than our valuations. Chase isn’t the only bank to do this — Citi is also known to send tax invoices to those who have received points bonuses earned from opening checking or savings accounts.
Normally, Chase Private Client eligibility requires an average daily balance of $250,000 or more in any combination of qualifying linked deposits and investments with Chase. Private Client is sort of like elite status, but in banking. If you’re a member, you’ll have access to its Concierge Banking program, which allows you to connect with a dedicated team of bankers who offer priority service when managing your accounts with Chase. You’ll also get waived withdrawal fees at non-Chase ATMs, no exchange rate adjustment fees for debit card usage or ATM withdrawals abroad and more.
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