Got the Chase Private Client Invite

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anon_investor
Posts: 12828
Joined: Mon Jun 03, 2019 1:43 pm

Re: Got the Chase Private Client Invite

Post by anon_investor »

smalliebigs wrote: Sat Jan 22, 2022 2:31 pm
anon_investor wrote: Sat Jan 22, 2022 2:25 pm If you travel a lot Chase Sapphire Reserve + the different Chase Freedom cards might be better. But for pure cash back, BoA CCs can't be beat. Depending on your card combo 2.62% to 5.25% cash back on purchases with Platinum Honors.
We don't travel a lot, only about once a year, but we make sure it's a good trip for the whole family. With the Freedom Flex, Freedom Unlimited, Sapphire Reserve (CSR), and Business Preferred, I spend accordingly, then pool all the points to the CSR card and book hotels from the Ultimate Rewards platform. The 50% bonus is really nice. Used to buy flights there too, until 2020. If I were to switch to BoA, the best method would be to totally wholesale dump everything from Chase and apply a bunch of cards from BoA. I need to check and see if the hassle is worth it.
I just try to maximize cash back. So I will use whichever card gets me the most for that purchase. So this quarter Chase Freedom is better for groceries at 5% cash back. But yeah, you will need at least 2 BoA cards to take advantage (I have 3). But my largest monthly CC spend is at Costco, where I can get 3.5% cash back via my BoA Customize Cash Rewards Visa.

The BoA bank benefits of Platinum Honors are not as good as Chase Private Client though.
qhdApril
Posts: 7
Joined: Tue May 17, 2022 9:11 pm

Re: Got the Chase Private Client Invite

Post by qhdApril »

I opened a CPC account with Chase on 1/4/2022, haven't received the $2000 bons, hope it is not a spam! Does anybody have similar problem? Thanks!
manlymatt83
Posts: 760
Joined: Tue Jan 30, 2018 8:23 am

Re: Got the Chase Private Client Invite

Post by manlymatt83 »

:happy
chrisam314 wrote: Tue Jan 18, 2022 2:55 pm
Annabel Lee wrote: Tue Jan 18, 2022 1:26 am Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.

Trying to figure out if I should do this.

On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.

On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.

Any obvious benefits I’m overlooking?
I consolidated everything with Chase (except 401K and HSA). There are a few benefits. Some I think are worthwhile, others not really. The biggest benefit for me came when it was time to shop mortgages. They beat everything I threw at them in terms of other offers and made it pretty clear that that due to my 'relationship' with them they wouldn't lose my business. So if you need to refinance soon, are a real estate investor, or could be moving in the next few years keep that mind.

There are no fees on anything (including wires). If you travel abroad (or plan to) this can be of some use since there are no ATM fees worldwide. You get a priority line to call if you need help although I'm not sure how value added it is. Website works well and transferring money between accounts is seemless. I do a backdoor Roth every year and its just as easy as it was at Vanguard. If your taxable account is large enough you have access to a securities based line of credit. I may wind up using this feature when we do renovations depending on the tax implications of selling securities.

The reason I did it in the first place was simplicity and convenience. My wife and I had accounts all over the place for a while and it became a real hassle, especially when we were living outside of the US. I've been satisfied so far with them. No regret as far as leaving Vanguard (I still use their funds though!)
Do you miss anything at Vanguard? What’s the interest rate like on the line of credit? Do they refund the 1% visa foreign transaction conversion fee?
MrWasabi65
Posts: 151
Joined: Fri Dec 31, 2021 1:42 pm

Re: Got the Chase Private Client Invite

Post by MrWasabi65 »


I opened a CPC account with Chase on 1/4/2022, haven't received the $2000 bons, hope it is not a spam! Does anybody have similar problem? Thanks


DId it show up yet?
student
Posts: 7391
Joined: Fri Apr 03, 2015 6:58 am

Re: Got the Chase Private Client Invite

Post by student »

MrWasabi65 wrote: Fri Jul 08, 2022 5:08 am
I opened a CPC account with Chase on 1/4/2022, haven't received the $2000 bons, hope it is not a spam! Does anybody have similar problem? Thanks


DId it show up yet?
Since you did not do a direct quote, the poster won't get a notification so he/she may not see your message.
chrisam314
Posts: 124
Joined: Tue Jun 28, 2016 9:22 pm

Re: Got the Chase Private Client Invite

Post by chrisam314 »

manlymatt83 wrote: Tue Jul 05, 2022 11:47 pm :happy
chrisam314 wrote: Tue Jan 18, 2022 2:55 pm
Annabel Lee wrote: Tue Jan 18, 2022 1:26 am Got the invite. Checking & mortgage with Chase, retirement and taxable with Vanguard.

Trying to figure out if I should do this.

On the plus side, it’s an easy $2k and I only have to leave the money in 90 days to get the bonus.

On the downside, it will probably be considered interest income and taxed at our regular rate (so $2k becomes $1400-ish) - which starts to look very similar to dividend income through VTSAX and VTIAX, plus hassles of setting up account, dealing with bankers, etc.

Any obvious benefits I’m overlooking?
I consolidated everything with Chase (except 401K and HSA). There are a few benefits. Some I think are worthwhile, others not really. The biggest benefit for me came when it was time to shop mortgages. They beat everything I threw at them in terms of other offers and made it pretty clear that that due to my 'relationship' with them they wouldn't lose my business. So if you need to refinance soon, are a real estate investor, or could be moving in the next few years keep that mind.

There are no fees on anything (including wires). If you travel abroad (or plan to) this can be of some use since there are no ATM fees worldwide. You get a priority line to call if you need help although I'm not sure how value added it is. Website works well and transferring money between accounts is seemless. I do a backdoor Roth every year and its just as easy as it was at Vanguard. If your taxable account is large enough you have access to a securities based line of credit. I may wind up using this feature when we do renovations depending on the tax implications of selling securities.

The reason I did it in the first place was simplicity and convenience. My wife and I had accounts all over the place for a while and it became a real hassle, especially when we were living outside of the US. I've been satisfied so far with them. No regret as far as leaving Vanguard (I still use their funds though!)
Do you miss anything at Vanguard? What’s the interest rate like on the line of credit? Do they refund the 1% visa foreign transaction conversion fee?
I wouldn't say I really miss anything. The interest rate is variable and based on both prime and assets you are borrowing against. I couldn't find anything in writing about it but I'm sure if you call your local chase banker they could give you the current rates and details for it. I'm guessing its gone up since the fed has been raising rates. I'm not familiar with the 1% visa foreign transaction fee. Sounds like something that would be in the fine print disclosures.
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gas_balloon
Posts: 1402
Joined: Fri Aug 15, 2014 4:55 pm

Re: Got the Chase Private Client Invite

Post by gas_balloon »

chrisam314 wrote: Thu Jul 28, 2022 3:26 pm
manlymatt83 wrote: Tue Jul 05, 2022 11:47 pm
Do you miss anything at Vanguard? What’s the interest rate like on the line of credit? Do they refund the 1% visa foreign transaction conversion fee?
I wouldn't say I really miss anything. The interest rate is variable and based on both prime and assets you are borrowing against. I couldn't find anything in writing about it but I'm sure if you call your local chase banker they could give you the current rates and details for it. I'm guessing its gone up since the fed has been raising rates. I'm not familiar with the 1% visa foreign transaction fee. Sounds like something that would be in the fine print disclosures.
As someone who moved from VG to Fidelity, I do not miss almost anything with VG. However I kept my account at Vanguard open and use it now for the ~2.2% yield on VMFXX. It's better than keeping money at any of the savings account like Ally at this point. That aside, I am glad I left VG :-)
5% REIT | 20% SCV | 55% U.S TSM | 20% international
OHWantToRetire
Posts: 28
Joined: Sun Jan 20, 2019 3:08 pm

Re: Got the Chase Private Client Invite

Post by OHWantToRetire »

I scheduled an appointment and went in and talk to a Private Client rep. He said I would be eligible for the $2,000 bonus but NOT if I added funds to YouInvest. Had to be with him, under some 'management'. A JP Morgan Short Treasury & Agency Ladder seems like some type of 'personal' ETF and was going to cost me 0.35%.

Is getting this $2,000 bonus that difficult?
Invest4lt
Posts: 250
Joined: Sat Jul 15, 2017 12:25 pm

Re: Got the Chase Private Client Invite

Post by Invest4lt »

Yes, it does seem to be that difficult. Since YouInvest accounts don't count, I determined that the 2000 benefit isn't a good deal for basically transferring 250K for 90 days essentially interest free in their savings/checking accounts or setting up a AUM fee account.
"People sometimes fail to live because they are always preparing to live." - Alan Watts
ScroogeMcDuck
Posts: 112
Joined: Thu Jan 22, 2015 4:25 pm

Re: Got the Chase Private Client Invite

Post by ScroogeMcDuck »

OHWantToRetire wrote: Thu Sep 01, 2022 8:50 pm I scheduled an appointment and went in and talk to a Private Client rep. He said I would be eligible for the $2,000 bonus but NOT if I added funds to YouInvest. Had to be with him, under some 'management'. A JP Morgan Short Treasury & Agency Ladder seems like some type of 'personal' ETF and was going to cost me 0.35%.

Is getting this $2,000 bonus that difficult?
The no-fee account that qualifies for the bonus is a "full service brokerage account". You have to use those exact words. I went in branch to ask and the advisor lied to my face, claiming that the only account that qualifies has AUM fees and that I had to liquidate my current investments and let him invest them. I told him I called the Chase service line before I came in and they confirmed a full service brokerage account qualifies for the bonus. He signed me up, I transferred in $250k of VTI, I received the bonus, and transferred out my VTI shares. (There is an annual fee of $50 that is waived if you are a Chase Private Client. There's also a $75 fee to close the account.) I wrote down the exact wording for my husband and sent him in to another branch for his own $2k bonus.
jplee3
Posts: 943
Joined: Thu Nov 13, 2014 9:15 pm

Re: Got the Chase Private Client Invite

Post by jplee3 »

A couple questions on this - we just opened a Chase Premier account for my inlaws and they also just sold their home and the funds were wired into the account so they got the CPC invite as well. They are in escrow on a new home though, so a significant amount of funds will be taken back out for the new home at some point but they'll still have some money left.

What is the actual requirement and order of steps to qualify for the $2k? Do they need to have $150k in an account AND transfer another $250k in from an account outside of Chase? What if all the money they have ($400k+) is already sitting in a Chase account today? Will the immediately be able to convert to CPC qualify for the $2k without having jump through all the hoops of making new transfers, etc?

What is the *minimum* that needs to remain in the account to qualify for the $2k? Is it 250k? So if they were to have $500k in the account later, they could withdraw half of it (leaving $250k) and be able to get the $2k after the 90 days?
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