Chase Offering Some Sapphire Reserve Customers Bonus Points to Open More Accounts
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Update: Some offers mentioned below are no longer available. View the current offers here.
It was not cheap for Chase to acquire all of their shiny new (often Millennial) Sapphire Reserve cardmembers, especially back when they were handing out 100,000 points worth $1,500 in travel booked through Chase to everyone who was approved and hit the spending requirement. I’ve numbers like 5 – 7 years, on average, for the bank to make that acquisition cost back, assuming that folks even keep the card for that long.
However, an interesting trend I have seen with this card is that it is being used as a “gateway” card of sorts to get customers to cultivate a more premium and long-term relationship with Chase. If Chase can turn Sapphire Reserve cardholders who have already demonstrated both a fondness for points and a willingness to pay a $450 annual fee for a credit card into customers who have high balance checking accounts, mortgages, and more with the bank, then I’d bet that the 5 – 7 year pay-back number drops precipitously.
As an example, over the summer, I saw them offering 100,000 bonus Ultimate Rewards points to those with a Sapphire Reserve or Preferred Card who obtained a mortgage through Chase. Now I am seeing bonus points offers going out to those with a Sapphire Reserve Card to try and entice them to develop a relationship with a Private Client Banker.
This week I personally received an offer for 50,000 bonus Ultimate Reward points (which they interestingly call Sapphire Reserve Ultimate Rewards points), if I meet with a Chase Private Client Banker and open a Chase Private Client Checking account with at least $100,000 in new money deposited within 10 business days of that meeting and maintain that balance for at least 90 days. To my knowledge, I don’t currently have any Chase checking accounts.
If you used those 50,000 points to book travel through Chase, they would be worth $750, so it is not an insignificant bonus, though also probably not high enough to go out of your way to come up with the $100,000 liquid dollars to move over to a new account for at least 3 months. I also would not be shocked if a 1099 was delivered to you at the end of the year for these points. While this specific offer talks about needing $100,000 in checking, the email also says that Chase Private Client is available to individuals who maintain an average daily balance of $250,000 in qualifying Chase deposits and J.P. Morgan Investments. The targeted email has an expiration date of December 2, 2017.
If you have the Sapphire Reserve Card have you also been receiving bonus offers to get you to open additional premium accounts with Chase?
Welcome to The Points Guy!
SIGN-UP BONUS: 50,000 Points
TPG'S BONUS VALUATION*: $1,000
CARD HIGHLIGHTS: 3X points on all travel and dining, $300 annual travel credit, points transferrable to over a dozen travel partners.
*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
- $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Earn 5x total points on air travel and 10x total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
- Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example, 50,000 points are worth $750 toward travel
- With Pay Yourself Back(SM), your points are worth 50% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
- 1:1 point transfer to leading airline and hotel loyalty programs
- Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more