Chase Sapphire Card Users Can Earn 60,000 Points by Opening a Checking Account

Photo: Spencer Platt/Getty ImagesIn a bid to draw in wealthier millennial clients, Chase is offering Sapphire card holders (Reserve or Preferred) who open a bank account 60,000 bonus points, worth up to $900 in travel money reports CNBC.It sounds like a great deal, but there’s one rather large catch: Account owners will need to bring…


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Photo: Spencer Platt/Getty Images

In a bid to draw in wealthier millennial clients, Chase is offering Sapphire card holders (Reserve or Preferred) who open a bank account 60,000 bonus points, worth up to $900 in travel money reports CNBC.

It sounds like a great deal, but there’s one rather large catch: Account owners will need to bring at least $75,000 in deposits or non-retirement investments with them to snag the deal. Customers will get the points 45 days after they maintain the $75,000 balance for three months.

The checking account was launched last month, replacing the Chase Premier Platinum Checking program. The main benefits include no non-Chase ATM fees worldwide and no fees on wire transfers. Account holders will also get unlimited stock and ETF trades through You Invest, a new investing platform Chase is launching soon and access to lounges at entertainment and sports events and access to early ticket sales.

If you were considering opening a Sapphire Reserve card (one of the better travel cards for frequent travelers), you can combine the 60,000 points for the account with the 50,000 bonus points for signing up for the credit card, sweetening the deal.

The interest rate on the Sapphire checking account is currently 0.01 percent, meaning you won’t get as much bang for your buck as would if you put that money in an online savings account at a place like Ally or Goldman Sachs (which both currently offer 1.85 percent APY), or invested it. However, if you deposit money long enough to get the 60,000-point bonus (there is a $25 account fee unless you have $75,000 in assets in linked accounts at the bank) and take advantage of the free trading platform and other perks, it could be worth it.

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