Chase Private Client and Sapphire Preferred 65K

In 2012, after setting up an LLC for my blog, I opened a business checking account at a local Chase branch.  Since then, Chase has been my primary bank for both business and personal checking.  Last year, my Chase banker called to invite me to the Chase Private Client program.  For years, my wife had been invited to join the program whenever she logged into her Chase account, but the same didn’t happen to me.  Anyway, we had previously ignored her invitations, but I accepted mine.  And, I’m glad I did since I’ll soon be 65,000 Ultimate Rewards points richer.

Chase Private Client Benefits

Chase Private Client Benefits

The Chase Private Client website advertises benefits such as having a dedicated team that works with you, exceptional service, and premium banking solutions from JP Morgan.  Those aspects may be nice, but I haven’t really taken advantage of them at all.  However, there are a few concrete benefits I’ve enjoyed:

  • Fee free checking and savings: No need to worry about keeping a minimum balance to keep the account fee free
  • ATM fee rebates: Chase rebates non-Chase ATM fees up to five times per statement period
  • No exchange rate fees for debit card usage or ATM withdrawals abroad
  • Access to special credit card offers (see below)

The above benefits apply to family members as well.  I realize that there are some banks that offer similar fee-free benefits without having to enter into anything like a private client relationship, but I’ve found it extremely convenient to have these benefits apply to my primary checking account.  For example, I used to carry a separate ATM card that rebated ATM fees, but now my Chase debit card does that.  Similarly, when traveling, I use my Chase debit card for foreign ATM withdrawals.  Not only is the ATM fee rebated, but there are also no foreign transaction fees.

Private Client has other benefits that may be of interest to some, but I haven’t yet had use for:

  • Fee free safe deposit box
  • Fee free wire transfers
  • $750 discount on closing costs for all loans (including mortgages)

Joining Chase Private Client

There is no fee to join Chase Private Client, but they do look for people that could potentially move a lot of money into Chase’s banking and investment products.  In other words, if you don’t have a high income or large savings and investment accounts, it’s probably not worth applying.  However, if you do have a high income, or savings, or you’ve been maxing out your retirement savings account options for many years, as my wife and I have, then Chase might be interested in you.

Chase Private Client Let Us Contact You

The Chase Private Client website offers an easy way to request an invite.  Through this link, you can request to be contacted by email or phone.

Credit Card Offers

Chase Private Client

One really cool thing about being in the Private Client program is having access to special credit card offers.  Last Friday, I visited my Chase Private Client banker and signed up for the Sapphire Preferred card.  The current public offer for the Sapphire Preferred Card (found here) is 50,000 points after $4K spend in 3 months plus 5,000 points for adding an authorized user.  By signing up through my Chase Private Client banker, I qualified for 60,000 points after $4K spend in 3 months plus 5,000 points for adding an authorized user.  Just like the public offer, the $95 annual fee was waived for the first year.

Chase Sapphire Preferred 65K Offer

Breaking the 5/24 rule

In the past year, Chase has frequently denied applications for the Sapphire Preferred and Freedom cards due to having opened 5 or more credit cards (with any bank) in the past 24 months.  This has become known as the “5/24” rule (see this post for details).  This is the reason I now advise everyone who is new to the points & miles hobby to sign up for the Sapphire Preferred card first thing.  The card has a great signup bonus, but it may be more difficult to get the card once you’ve signed up for a number of other cards.

I, of course, have opened far more than 5 cards in the past 24 months.  In fact, it’s not unusual for me to open 5 or more accounts in one day.  Luckily for me, though, it appears that those who are pre-approved for the offer may be immune to the 5/24 rule.  As far as I’m aware, there are at least two ways this can happen: 1) go to a Chase bank and ask if you are pre-approved; or 2) you may receive a targeted invitation to apply.  In my case, my banker was able to tell me that I was preapproved, so he submitted my application.  The application was approved instantly.

My guess is that my Private Client status was the reason I was pre-approved.

The 24 month rule

Chase has another rule that applies to most of their cards.  If you want a new bonus, you can’t currently have the card and 24 months must have elapsed since the last time you got a signup bonus for the same card:

If you currently have a Chase credit card, you are not eligible to receive another of the same credit card. If your account is closed, you are not eligible for the same credit card if you earned a new cardmember bonus on that card within the last 24 months.

In my case, I use a spreadsheet to track the date I signup for each card and the date that I cancel (or product change) each card, but I don’t track when bonus points are earned (but maybe I should).  In this case, it’s been more than 3 years since I opened my previous Sapphire Preferred account, so I knew that I was safe.  In general, bonus points should post no later than 4 months after signup (3 months to meet the spend requirement then wait for statement to close).  So, as long as I signed up more than 28 months ago and no longer had the card, I knew I’d be fine.

65K for my wife too

Chase Private Client benefits extend to family members.  While I met with my banker, I asked if my wife would qualify for the Sapphire Preferred 60K + 5K offer as well.  He looked at her account and found that, yes, she too was pre-approved for that offer.  Awesome.  Now I just need to find a time to drag Mrs. Miler into the branch…

About Greg The Frequent Miler

Greg is the owner, founder, and primary author of the Frequent Miler. He earns millions of points and miles each year, mostly without flying, and dedicates this blog to teaching others how to do the same.

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Comments

  1. Just don’t do your investing with them or you’ll lose more to fees than the benefits you gain. Stick with low cost Vanguard funds.

    • The last thing in the world I intended to do was to brag about money, but the only way I could write about the opportunity honestly was to admit that Chase thought I was qualified for the program. My wife and I have worked full time for over 20 years and have maxed out all tax deferred retirement account opportunities along the way (e.g. 401K, IRA, etc.). The result has been as intended: we’ve made good progress towards our desired retirement savings.

      • I appreciate your sensitivity, FrequentMiler, in responding to trolls like Michael. However, just want to note that I’m confident I’m among the 99% of your readers who would just ignore his idiotic comments even if you didn’t respond. So if you decide to spend the time trying to find some new deals instead of providing an explanation that was clearly unnecessary about a very helpful blog post then many of us are in favor of that! Thanks for the great info, esp re: the potential exemption to the 24 month rule!!

        • I agree. Some people must not have been taught manners or have been taught that if you have nothing nice to say then don’t say anything. They choose to come to your site to read, something they are not forced to do. You do handle it very nicely. That shows class 🙂 I appreciate your posts. I am definitely new to this, but I am gradually learning. Thanks!!!

        • Yeah, that 1%/99% thing was on my mind this morning. I’m on the outside looking in and am jealous. While I’m not yet at 20 years employment, maybe my outlook would better compared at that juncture.

          Greg, it was a pleasure to talk to you in person at a conference we both attended in 2015.

  2. I definitely think having money with Chase and doing your individual banking with them helps. My husband and I reconfigured our business in August of last year and got a new Tax ID number. When we went to Chase to open a new business checking account, they said we were preapproved for another Chase Ink Plus card. My husband had 16 hard inquiries on his account, but he still got approved. I tend to believe it’s because we have a bunch of money in Chase and also a Chase mortgage.

    I agree with a previous commenter though about retirement accounts. I stick with Vanguard because they have the lowest fees out there.

    • Curious if anyone has opened a business checking account with Chase just using their social and if they’ve also seen added benefits in regards to the credit cards, like easier approval for the Ink cards.

    • Yes, it’s ironic that anyone with the sense to have saved substantial amounts for retirement, like Chase wants, would never pay Chase’s fees for their investment products! I’m guessing those who actually fall for that are just those who make a lot of money and don’t particularly watch out for it. And, none of those types are in this game!

  3. Anyone has recent data points as far as applying with Chase (or other banks for that matter) on the same day for a personal + a business card and having the hard pulls combined by the credit bureaus? What about two personal credit cards?

    I’m also curious as to the notion of applying in-branch as opposed to online, with Chase. Many people seem to report better luck in branch. A rep in their credit department once directed me to go to a branch and said they should be able to give you more info (compared to the over-the-phone reps) as far as pre-approval for a card, etc. Not sure if local branch bankers have more access or whether an in-branch application is seen differently by Chase.

    • I can confirm that my wife was able to apply for Chase ink plus and Chase Sapphire Preferred at the same time, and only got 1 hard inquiry. I’m not sure about 2 personal cards but did recall seeing someone who did that successfully.

  4. How does Chase know how much money you hold at other banks? How did they know to invite you over? Did you have a bunch of Chase accounts with high balances in all of them?

    • Simply assists on the books with Chase. They certainly ask if you have assists elsewhere, but that’s only so they can ask you to move those assists to Chase also.

      • On the books… You mean funds held by Chase?

        When I opened a checking and savings with Chase a few weeks ago the banker didn’t ask me how much money I held elsewhere for my wife or myself.

        So, how can I improve my chances of receiving an invite?

        • FYI, not sure how accurate it is, but a quick google search indicates that Chase has a minimum requirement of sorts of $250K assets for private banking. Someone a couple of years ago reported being told by a banker they could start with $100K but needed to get to $250K within a year.

        • Thanks Noon. If I had 250k in liquid assets I would not hold it at Chase. Their interest rates are anything but competitive.

    • I’m not sure how/if they knew how much money I had at other banks. I might have filled out a form a couple of years ago to get a mortgage rate quote. Or, maybe they were simply responding to the fact that I use their products regularly: personal & business checking plus personal & business credit cards.

      Responding to NoonRadar: they did mention that they look for people with $250K at Chase, but said that they were willing to make an exception for me. I got the impression that exceptions are common (but of course I don’t have any proof of that right now)

      • Every time one applies for a credit card it asks about assets, so any bank you have a card with has that info.

        I’m curious, though: you didn’t already have a current Sapphire card? I’m surprised by that. I’d love a 2nd one for the bonus, but I doubt they’d do that.

        • They ask if you have a checking or savings account and that’s it. I have never been asked for dollar amounts of any held assets, only dollar amounts for income. And I’ve had well over 40 credit cards and 20+ bank accounts.

  5. I have been getting invite to apply for CSP for past 4 months ( from the day i reduced my spending on freedom and started applying on other cards)

    Currently i have 8 new accounts(IN 4 months) and 10 , 8 , 6 hard inquiries in exp , equ , trans .

    Do i still stand a chance to get it approved for CSP. I am more interested on Ink +

  6. I was told by the Chase banker that I was pre-approved for the CSP. I did not re-apply since I was not sure about the 5/24 rule. Thanks.

  7. We get a business checking, personal checking, and savings signup bonus yearly (calendar year) at chase with my wife who has DD capability. I never try for the bonuses that require DD because all I have is ACH pushes to qualify and the uncertainty that they will work for the bonus keeps me away. We have cancelled her accounts from last year 90 days ago and it’s about time to sign up again. i’m wondering if we could open new accounts and then push for this with the banker after the bonus hits…in the long run the yearly bonuses probably outweigh the benefits of private client and the hassle of being pitched investment ideas all the time as that seems like the whole purpose of the PC program.

  8. I just got the Hyatt card approved. I don’t do AOR by any means, but have done more cards than the 5/24. Chase is great. I keep $$ with them for their cards. Thanks for this info.

    • The 5/24 rule only applies to Freedom and CSP. I was able to get an IHG card after the rule went into effect and I have more than 5 in 24 months.

  9. I reached out to Chase when I had 50-75K on deposit with them between 3 businesses and had almost $2M in loans. Here’s what their Private Client rep wanted:
    “To get started, we can begin a Chase Private Client relationship with any client who has the intention to meet a minimum balance of $250,000 between deposits and investments.”

    I had/have no intention of moving my 401(k)s etc. (which are mostly in Vanguard and Fidelity) so I would not meet their requirements.

  10. Greg – noticed your tip about family getting Chase PC benefits and remembered my mom has the service (she’s been with the same banker for decades since they were WaMu, and got it through that personal connection rather than having a certain amount with the bank). I told her to ask her banker about it – she’s approved for the CSP and the banker added me to private client since if extends to any adult members of the family.

  11. Went into a branch a week ago as I had already signed up for the “normal” 50K & 5K offer (bonus + additional card holder) to see if they could link the account to a private client account. I was told that I would receive a letter in 5 days telling me about the change and NEW cards in about a week that is the private client version.

    This got me thinking about a wrinkle: Are these technically two separate cards / products?

    In other words is it possible to attain 60K+5K (CSP non-CPC linked) & 50K+5K (CSP CPC linked) for a total of 130K in points? Thoughts on procedure if possible?

    I don’t have a data point for this but figured I would throw it out there…

    • Very interesting idea! I bet you’re right that they’re different products. I guess I could test it by trying to sign up for the regular offer less than 24 months after getting the bonus for the Private Client version.

      • Just confirming through credit monitoring that another account was opened. I’m thinking that these might indeed be two spearate product now. Guess I have to hope they don’t close my “normal” offer CSP. I’m guessing that what you laid out would work more organically.

  12. So, I have become a CPC recently and was planning to apply for a SW card as I already have a Sapphire. But the Sapphire is due for a renewal payment in a week – the very day my 91-day app cycle occurs !!

    So, I have also just added a new business account with them. I was planning on just applying for the SW Bus card but now I am thinking maybe a second Sapphire …? However, the SW card would get me a Companion Pass right away. The CP would get me SW tickets at half-price but the Sapphire would still be lots of valuable UR points.

    What a decision. Any suggestions? I have lots of money with Chase and MANY cards of all flavors already.

    • I’d recommend doing the SW card first to secure the valuable Companion Pass, then you could do the Sapphire Preferred same day (you have to go in-branch to get the 60K offer). Before you do all that, downgrade your current Sapphire Pref card to Freedom.

      • Thanks for the advice. But I already went into the bank and applied for the SW Bus there (sorry not on your link) and got it, though I doubt the CPC had anything to do with it from the conversation I had with the underwriter. I had to justify why I needed THIS card when I already have 3 Inks which can xfer to SW. A bit awkward as I didn’t want to say, but it all went OK.

        I toyed with going for the Sapphire 60K but I still have the old Sapphire (and Freedom) and am planning to just drop it as I am an AU on my wife’s.

        I did slip in another app with a different bank and that also went fine.

        That will take $5K in spending as soon as these 2 new cards arrive but I have that ready to go in one day, bills waiting to be paid and I’ll have my SW CP again next month.

        This puts me at 32 cards, DW has a couple more. I use a mammoth spreadsheet to track each card, when I applied, when cancelled, CLs, due dates, everything you could imagine plus all my miles and points and I have just about every program you can think of.

        I think I’ll lie low for a while and let all this settle.

        I may write to you something about the CPC but I wouldn’t want it published here.

  13. Greg, not sue where to write this but I must thank you for introducing me to Sigapore Krisflyer in June 2014 when you pointed out the Lifelock portal “error”. I and DW took advantage of this and got our 17,077 miles and not only did we not actually have to pay for the Lifelock we got it refunded TWICE each – and today we received a check each for $5.67 as a settlement of some class action lawsuit. We have also been stashing our TY Points there. Only thing to remember is that they expire after 3 years!

  14. If anyone has a CPC Banker who wants a private client without the 250K in assets please refer me to their banker. I would love to have CPC and actually have a resonable relationship w chase (~25-100K in various business and personal bank accounts, varies with the amount of cash in the businesses) plus a $900K business loan with them.

    I have twice tried to sign up for CPC but both times been told I had to have $250K under management (in their noncompetitive retirement accounts).

  15. Anyone know if the $250,000 under their management is a hard rule? I started the process late last back but didn’t follow up with for one reason or another. Another blog I saw also referenced the $250k. FM, did you throw $250k their way or is this a new requirement?

    • No, it doesn’t seem to be a hard rule since I don’t have any money with them under management. It wasn’t that long ago that I signed up, so I don’t think a new rule has appeared since then.

  16. Does anyone know on the $250k investment asset requirement: does Chase offer a self-directed-type investment account with no management fee? I.e. a similar offering to Merrill Edge or Scottrade? Was thinking of moving over some assets if that’s possible in a low-to-no fee, self managed brokerage account.

  17. I reached out to CPC and they responded: “To get started, we can begin a Chase Private Client relationship with any client who has the intention to meet a minimum balance of $250,000 between deposits and investments in personal assets. This would not include real estate, loan balances or business assets.”

    I’m fortunate that I could move over $250,000, but I really don’t want to. What would happen if I told them that I have the “intention” of moving it over, but never do. Will anyone look at my account and ask when the funds are coming over? Can they revoke CPC if I don’t follow through with a vague intention?

  18. I became a CPC after moving 250k into Chase. I kept the money in checkings and savings because I don’t trust Chase’s investment (my primary investment vehicles are Fidelity and Vanguard). Soon after I got CPC status, I have been slowly withdrawing funds and now I keep a pretty steady balance of ~50k with Chase.

    My question is, is there any investment that is safe with Chase? I mean, I appreciate them giving me CPC, but I don’t want to pay higher investment fees than I have to. Is it too bad an idea to transfer my Roth IRA account to Chase for them to manage?

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