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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.
This is one of the top premium cards out there since you earn 3x on all travel and dining and have access to great perks like a $300 travel credit each cardmember year, 50% more value when you redeem points for travel through Chase Ultimate Rewards and you get elite travel benefits like Global Entry application fee rebate, Priority Pass Select and special rental car privileges.
- Earn 50K 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
- Named a ‘Best Travel Credit Card for 2017’ by MONEY® Magazine
- 3X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases. Plus, no foreign transaction fees
- 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
- 1:1 point transfer to leading airline and hotel loyalty programs
- Access to 1,000+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select
- Up to $100 application fee credit for Global Entry or TSA Pre✓®