Chase Exclusives is a program that encourages you to open a Chase checking account whenever you have any other relationship with Chase. I closed my Chase (formerly WaMu) account a while back after they slowly started making it harder to keep as a secondary account, but some of these perks actually seem pretty good. I remember hearing something about them, but never actually took a good look at the details until now.
10% Extra Cash Back on Chase Freedom
The Chase Freedom® – $150 Bonus is a popular cash back card that features 5% cash back on rotating categories and 1% back on everything else. This quarter you’ll get 5% back on all purchases at gas stations and on local commuter transportation. (up to $75 cash back a quarter based on $1,500 in purchases). Check out my page on 5% cash back credit cards for more info.
However, if you have a Chase checking account, they will add an additional 10 points. Since 100 points is worth $1, that’s basically saying every purchase on the Chase Freedom earns 1.10% cash back and every 5% category purchase earns 5.1% cash back. For someone like me that puts everything on their credit card for easy expense tracking, that can add up especially with smaller purchases. Currently, the Chase Freedom has a promotion offering a $150 Bonus after you make $500 in purchases in your first 3 months from account opening and an additional $25 Bonus after you add your first authorized user and make a purchase within this same 3-month period.
1% Mortgage Cash Back program
If you have both a Chase checking account and a Chase mortgage, you can earn 1% cash back on your mortgage payments (principal + interest). You have to have the checking account open before the mortgage closing, and enroll in automatic payments from said account within 60 days of closing. If you take the option of having your 1% cash back applied towards your loan principal, that works out to shortening a 30-year fixed mortgage by 9 months if you stick with it. (They really should make this an option on other mortgages, paying just 1% extra instead.)
I don’t know how good Chase mortgage rates are, but I’d probably get a quote now from Chase just to see if they are competitive. Overall though, it would probably be better to just get a better interest rate and pay extra towards your principal as if you had a higher mortgage (takes discipline).
$150 New account opening bonus
Thinking about opening a new account? You can also get a $150 bonus through this link if you open a Chase Total Checking account with $100 and set up direct deposit (new customers only). To avoid monthly service fees, you must do any one of the following each statement period:
- Have monthly direct deposits totaling $500 or more made to this account, or
- Keep the daily balance in your checking account at or above $1,500, or
- Keep an average balance of $5,000 or more in your checking and other types of qualifying Chase accounts.
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Thanks for the tip. The $150 sign up bonus is attractive. The fine print says you only have to keep the account open for 6 months. The downside is that the bonus will be reported to the IRS as taxable interest.
The Chase Freedom bonus may be a sweetener to keep the account open for more than 6 months. Assuming you charge $1,000 in 25 transactions in a month, you’d get an extra $3.50 cash back – $2.50 for the 10 cents per transaction; $1 for the additional thousandth on all charges. That’s $42 per year.
Are the additional cash back bonuses worth the maintenance of an additional checking account with recurring direct deposit responsibilities or minimum balance requirements? I suppose that depends on the value you place on your time. However, it could pay for the taxes on the bonus.
Perhaps this is a stupid question, but the chase website mentions that the additional 10% cash back is only valid when “shopping online at select merchants through chase.”
Is your interpretation of the 10% cash back different from mine?
I’ve been itching to blow a chunk amount of money on a new SLR (D800), and 10% off would make it more compelling.
Does the “10% Extra Cash Back + 10 cents per purchase on Chase Freedom” apply to the Chase Freedom MC as well, or only the Visa? Also, if someone already has a Chase Freedom card and a Chase checking account, is the 10% extra+10 cents automatic, or does one need to sign up? Thanks!
@Seth – Good points, I’m not sure but I would think that one could simulate the direct deposit to avoid the fees with a recurring bank transfer, but perhaps the first one they would check manually.
@Baughman – I think you are referring to another 10% feature which is their shopping portal, which is basically like eBates or BigCrumbs. “Up to 10% cash back at selected merchants when shopping online through Chase.” The feature I am discussing is not 10% cash back, it’s 10% extra of 1% for 1.1% total (+ 10 cents).
@Kate – Yes, all Chase Freedom cards qualify, sorry for the confusion. The process is automatic if you have both accounts, but you may want to call them up or use their online messaging if you don’t see it linked after a couple months.
Also, for the 1% cash back on mortgages, it has to be a mortgage that was completely underwritten by chase. and their fees are high and rates tend to be about .250% or more higher than other sources. My previous mortgage was through a broker and then sold to Chase, but it didn’t qualify as Chase simply took over the loan. So it can’t just be a Chase mortgage. Hope that helps.
I like the idea of just paying additional toward the principle on a mortgage instead of financing thru Chase. It sounds like a lot of time and trouble for $42 a year. Glad my mortgage is done.
My local chase bank sent out a $200 bonus for opening a checking account and another $150 if I opened a savings account. I just opened my accounts and funded them last week and already have the $350. I had to fund the savings with quite a large chunk of change but they said I can pull it out anytime after it was funded. No fees for checking if I keep $1500 in the account like it was mentioned in the post.
This is confusing and I can’t find anything about another 10% back anywhere on the Chase Freedom card site or chase.com. Or 10% of 1% or whatever. I guess a call is in order.
J,
I don’t see any review for the Bank of America card. I see this:
“Apply now for a BankAmericard Cash Rewards™ credit card with no annual fee† and you’ll earn a $100 cash reward bonus after making at least $500 in purchases in the first 90 days.
You’ll also earn a special 25% customer bonus on your cash back if you redeem your rewards back into a Bank of America® checking or savings account.”
There is 1% cash back on all purchases, 2% on groceries, and 3% on Gas.
Would like your opinion.
Thanks,
I just can’t bring myself to use credit cards because it encourages us to use debt as a way of life. I have come to believe that, to be able afford something, means that I have cash to pay for it. I appreciate that banks want to lend me money for free and that some of them even give me rewards. It is just not my cup of tea.
Interesting take, Deacon, but if you have the money to pay your balance every month, then technically it isn’t debt. I see my rewards card as a temporary holding place for all the expenditures I have for the month. I always keep a running balance of what I have left to spend and make sure to use that as my checking balance, rather than what the banking site actually tells me.
This means that the credit card company make 0 money off of me AND gives me rewards for using their product. Every time I pay my balance in full, I feel like I’m sticking it to them just a little and that makes me happy 🙂
Thanks Jonathan, you have inspired me to take advantage of this. I actually got the $200 bonus (with no DD, yay) which is much better but it not as easy to get a hold of. See slickdeals or HustlerMoneyBlog for details
Has anybody been able to successfully attain the 10% points bonus with Chase Exclusives on the Freedom card? I received my Freedom card after applying via the link on this site yesterday. When I called to activate and tried to verify that I would be receiving the Exclusives bonus with the CSR, I was forward to the CSR supervisor, who informed me that, despite having signed up for the card with my Chase banking ID, that I would have to physically go to a branch to have the banker there link the accounts. I went to the branch today, and the lovely banker attempted to help me but had no idea what I was talking about. She called the Freedom banker support and got the same runaround. Eventually (after nearly 45 minutes), I was told that it would take 1-3 billing cycles to implement the bonus, and I have no written verification of this. Nowhere in any of the advertising or sign-up links does it inform you that there will be a delay in getting this benefit. I opened this card with the intent of putting some large new furniture purchases on it and the extra cash back incentivized use of this card vs other rewards card. Yet I am not able to wait for the unverified “1-3 billing cycles” to make these purchases. I would love to hear from anyone that has seen this benefit implemented, how long it took, and whether they had to do anything (via branch, phone, online, over the moon, etc.) to activate it. Thanks for your help!
Yes, it may take a couple billing cycles to recognize your linkage (should be automatic if both are accessible via online banking), but you can contact them afterward and ask for the retroactive bonus points.
Someone told me today that it is 10 cent per transactions including payments. If that is true you could pay your monthly bill on 10 cent increments and they would give the money back in points a month later.