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Readers of The Points Guy often ask whether we’ll ever see a 100,000-point offer return on the Chase Sapphire Reserve, or if one will come along on the Chase Sapphire Preferred Card. While nothing’s impossible, it seems unlikely at this point. But the next best thing may have just arrived.
Last month, we reported that Chase was launching a new Sapphire Banking product to replace its Premier Platinum Checking and to provide high-tier benefits to new customers with an average of at least $75,000 in monthly combined balances. But conspicuously missing from the announcement was any sort of points bonus for signing up. Fortunately, that’s just changed: Chase has announced that, coming in October, Sapphire cardholders who open or upgrade to a new Sapphire Banking account with at least $75,000 in qualifying deposits will be able to receive 60,000 Ultimate Rewards points.
The great news is you can stack this offer with the sign-up bonus on one of the two Sapphire cards, meaning you can end up with a total of 110,000 bonus points. Just apply for either the Chase Sapphire Preferred or the Chase Sapphire Reserve and get 50,000 points by meeting the sign-up bonus spending requirements, then get another 60,000 points by meeting the Chase Sapphire Banking requirements.
What are those requirements? Well, you won’t automatically get the 60,000-point bonus for opening or upgrading to a Chase Sapphire Banking account. You need to 1) be a Chase Sapphire cardholder, and; 2) bring over at least $75,000 in qualifying deposits and investments, and you need to hold them for at least 90 days. If you meet these requirements, Chase will credit you with the points up to 45 days after the 90 days have been reached.
Note that if you’re an existing Chase Total Checking or Premier Plus customer looking to upgrade, you need to bring in $75,000. Here’s what counts toward that:
- Checking account (up to nine personal checking accounts)
- Personal savings accounts
- Liquid cards
- Certain retirement CDs
- Certain retirement money market accounts and investment and annuity products offered by JPMorgan Chase & Co. or its affiliates and agencies
You need to bring in $75,000 in new assets, so you can’t have $15,000 in existing funds, bring in an additional $60,000 and qualify, for example. Also, note that if you were an existing Premier Platinum customer and were automatically upgraded to Chase Sapphire Banking (or if you have a more affluent checking account such as Chase Private Client or Private Bank), you won’t be eligible for this 60,000-point offer.
Sapphire Banking offers waived ATM fees (for customers who meet balance requirements) as well as free online trades, no exchange rate fees, no fees on outgoing wire transfers and access to special experiences, which include lounges at concerts and sporting events, as well as early ticket sales and special seating for a variety of events. The $25 monthly account fee can be waived when you maintain $75,000 in qualifying deposits and investments at Chase.
Based on TPG’s valuations, 60,000 Ultimate Rewards points are worth $1,200, and a total of 110,000 points for combining the sign-up bonuses for both Sapphire Banking and a Sapphire credit card are worth $2,200 — and that’s not counting the additional points you’ll earn through spending. You could even add in up to 75,000 additional Ultimate Rewards points for closing a mortgage with Chase and have enough points to fly anywhere in the world in some of the top premium airline cabins in the sky.
One final thing to note: Chase will issue you a 1099 form with this offer. We’re currently clarifying how the bank will value the 60,000 Ultimate Rewards points for the purposes of the 1099.
If you don’t have a Sapphire card yet, you need one. Not only do the Chase Sapphire Reserve and Chase Sapphire Preferred earn valuable bonus points on travel and dining, but Ultimate Rewards are some of the most valuable loyalty points around — even factoring the recent removal of Korean Air as a transfer partner.
Unsure of which card to add to your purse or wallet? You can read our guide to “Chase Sapphire Preferred vs. Chase Sapphire Reserve” for more information on how the cards compare. But if you have neither, you’ll definitely want to get one or the other, and this Sapphire Banking offer provides a great opportunity to stack bonuses and really reel in the rewards.
With great travel benefits, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game. Here are the top 5 reasons it should be in your wallet, or read our definitive review for more details.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
- Chase Sapphire Preferred named "Best Credit Card for Flexible Travel Redemption" - Kiplinger's Personal Finance, June 2018
- 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
- No foreign transaction fees
- 1:1 point transfer to leading airline and hotel loyalty programs
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
- No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards