Jump to content

JPMorgan extends Sapphire card brand to checking accounts


hegemony
 Share

The last post in this topic was posted 1143 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Recommended Posts


  • 1 month later...

The Sapphire checking accounts are apparently available in-branch starting today, and online beginning on 10/15.

 

If I take $75,000 out of liquid savings at 1.9% APY I will lose:

 

[(75000 * 0.019) / 12] * 3 = $356.25

 

I will also get a 1099-INT for $600.  At that should cost me ~$250 in state and federal income taxes.

 

The way I use URs I will get $0.015 each.

 

So the net benefit would be approximately:

 

$900 value of URs

(356) forgone interest

(250) taxes on SUB

$294

 

I suppose I could open a brokerage account and park the money in a money market ETF or similar fund...

 

https://thepointsguy.com/news/faqs-chase-sapphire-banking/

 

Unlike credit card sign-up bonuses which are generally not taxable, Sapphire banking customers will be issued a 1099-INT form for their bonus points. Chase values the points at 1 cent each, so customers will owe taxes on the $600 value of the bonus. 

Link to comment
Share on other sites

  • 3 weeks later...

Last week I got an invite to upgrade my plain old Chase checking account to Sapphire Banking. If I increased my balances at Chase to over $75,000 they'll give me a $750 taxable bonus. I only have about $3,000 at Chase. I don't plan to take them up on the offer. Chase is a weird bank when it comes to them closing accounts for mysterious reasons. You really need to keep your balances above $75K to avoid a $20 or $25 monthly fee, so consider that $75K tied up at the bank for as long as you're a Sapphire customer.

Link to comment
Share on other sites

Last week I got an invite to upgrade my plain old Chase checking account to Sapphire Banking. If I increased my balances at Chase to over $75,000 they'll give me a $750 taxable bonus. I only have about $3,000 at Chase. I don't plan to take them up on the offer. Chase is a weird bank when it comes to them closing accounts for mysterious reasons. You really need to keep your balances above $75K to avoid a $20 or $25 monthly fee, so consider that $75K tied up at the bank for as long as you're a Sapphire customer.

Some people do pay monthly fees because they cannot maintain required minimum balance or deposits. Someone has to pay for all that churning people here do. :-)

Link to comment
Share on other sites

The last post in this topic was posted 1143 days ago. 

 

We strongly encourage you to start a new post instead of replying to this one.

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share




  • Member Statistics

    • Total Members
      183,041
    • Most Online
      2,046

    Newest Member
    joedinky
    Joined
×
×
  • Create New...

Important Information

Guidelines