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Chase Sapphire Banking, get 60k UR points or $750 for depositing new money $75k, NJ

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Went to local chase branch and they informed me new promotion going on by converting regular checking to sapphire checking, they are granting 60k UR points or $750 cashback. To convert the account you have to deposit $75k in 45 days and keep it for 90 days. Once you have qualified, within 45 days you will get the points

Realistically, you should expect to lock the money for 4-6 months

Once you get the UR points and want to get money out, the rep advised to change the account to regular checking instead of closing account; otherwise they may have recourse action and nullify UR points.

This was in NJ, not sure if it is nationwide.

Please note 60k UR points are equivalent to $900 in travel if you have Chase sapphire reserve card.
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Joined Nov 2006
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Original Poster
#2
How is this self promotion, spam ?There is no link to anything.
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Joined Nov 2013
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#3
Quote from iluvusorin
:
How is this self promotion, spam ?There is no link to anything.
https://thepointsguy.com/news/60k...nline/amp/
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Joined Nov 2014
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#4
FYI, you can get this bonus for opening a Chase private client account as well
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Joined Sep 2016
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#5
Someone should check that math
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Joined Jan 2015
peeing outdoors
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#6
$750 is not 10% of $75000
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Joined Dec 2006
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#7
Quote from khronos
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$750 is not 10% of $75000
1% is almost like 10% 😂
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Joined Jul 2008
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#8
Do they tax you on the 60K pts?
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#9
Quote from kfpanda
:
Do they tax you on the 60K pts?
Yes, T&C say they issue a 1099-int valuing the points at $600. This is only worth considering if you need these points to transfer into a program where you are valuing awards significantly north of $0.015 per point/mile, IMO. Technically, vs a 2% deposit rate, you need to get 1.25 cents per point/mile for break-even, but this offer is a hassle to just break even.
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#10
i just opened a checkings + savings to get the $600 bonus. can i open a sapphire banking concurrently?
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#11
This is going on in IL. Talk with a banker. I don't have sapphire reserve or preferred so took the $750 (I'm within the 5/24 rule so can't apply for another chase card).

Note that balances in You Invest count for the $75,000 needed for 90 days. Though, retirement account won't count, only taxable brokerage accounts. You will also get free trades in the You Invest account.

In my case, I transferred an account from another institution to You Invest and converted by current checking to Sapphire. Should be easy $750 in 90 days.
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#12
Quote from dpid
:
This is going on in IL. Talk with a banker. I don't have sapphire reserve or preferred so took the $750 (I'm within the 5/24 rule so can't apply for another chase card).

Note that balances in You Invest count for the $75,000 needed for 90 days. Though, retirement account won't count, only taxable brokerage accounts. You will also get free trades in the You Invest account.

In my case, I transferred an account from another institution to You Invest and converted by current checking to Sapphire. Should be easy $750 in 90 days.

If my math is correct, this equates to 4% return before taxes. Is it worth it?
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