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I hold a basic Chase British Airways Visa card that doesn’t charge an annual fee but which can only be obtained by downgrading the regular Chase British Airways Visa card. This is a card I very rarely use so I haven’t earned more than a handful of Avios through Chase for years. That makes the offer just I received in an email more than a little surprising.
The offer is split into two parts:
New Chase checking customers will receive 20,000 Avios when opening a new Chase Total Checking account and set up a direct deposit.
New Chase savings customers will receive 12,500 Avios when opening a new Chase Savings account and deposit a total of $15,000 (or more) in new money within 20 business days and maintain a balance of at least $15,000 for 90 days.
Anyone who can fulfill the requirements of both parts of the promotion will receive a further 7,500 Avios bringing the total number of Avios on offer to 40,000.
The emails Chase is sending out contain “open an account” links that have embedded within them a coupon code specific to the email recipient and that is then populated into the webpage they lead to. The promotion runs through 18 August 2020.
Full terms and conditions as found in the email have been reproduced at the end of this post.
I value Avios at 1.0 cents each so the bonuses on offer are, to me, worth $200, $125, and $400 respectively. $200 is enough of a bonus to have me open a new checking account with Chase and ensure that I have a direct deposit of at least $500 set up…but the 12,500 Avios (worth $125) looks intersting.
From what I can see, the terms and conditions do not state that the new Chase Savings account has to be open for more than 90 days (throughout which time a balance of at least $15,000 has to be maintained) so, essentially, it looks as if you can earn 12,500 Avios (worth £125) by keeping $15,000 on deposit with Chase for just 3 months – that’s equivalent to an annual rate of interest of over 3%.
If you’ve been targeted for this offer and you have a spare $15,000 sitting in an account and not earning a lot for you, this may be an offer worth considering.
Getting The Offer
It looks like this offer is being sent out to holders of the Chase British Airways Visa Signature cards so if that’s a card you hold in your portfolio and this is an offer you’re interested in, check your email accounts and spam folders to see if you’ve been targeted – the subject line reads: “Friendly note: [your first name], we want to reward you with an up to 40,000 Avios offer”
If you hold a Chase British Airways card and cannot find an email with these offers inside, I suggest giving Chase a call and asking if you can be signed up – I’ll be surprised if you’re turned down as I doubt these are offers that are going to be oversubscribed.
Chase British Airways Visa Signature card holders are being targeted for bonus Avios for opening a new checking account and/or a new savings account. These aren’t exactly amazing offers but if you’re looking to top up an Avios balance they may be worth considering.
Full Terms & Conditions per Chase’s email
1Service Fee: Chase Total Checking® has no Monthly Service Fee when you do at least one of the following each statement period: Option #1: Have monthly direct deposits totaling $500 or more made to this account; OR, Option #2: Keep a balance at the beginning of each day of $1,500 or more in your checking account; OR, Option #3: Keep an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying Chase checking, savings and other balances. Otherwise a $12 Monthly Service Fee will apply.
Chase SavingsSM has no Monthly Service Fee when you do at least one of the following each statement period: Option #1: Keep a balance at the beginning of each day of $300 or more in your savings account; OR, Option #2: Have $25 or more in total Autosave or other repeating automatic transfers from your personal Chase checking account or Chase Liquid® Card (available only through chase.com or Chase Mobile®); OR, Option #3: Have a Chase College CheckingSM account linked to this account for Overdraft Protection; OR, Option #4: Have an account owner who is an individual younger than 18; OR Option #5: Have a linked Chase Better Banking® Checking, Chase Premier CheckingSM, Chase Premier Plus CheckingSM, Chase SapphireSM Checking, or Chase Private Client CheckingSM account. Otherwise a $5 Monthly Service Fee will apply. A $5 Savings Withdrawal Limit Fee will apply for each withdrawal or transfer out of this account over six per monthly statement period.
Bonus/Account Information: Checking offer is not available to existing Chase checking customers. Savings offer is not available to existing Chase savings customers. Both offers are not available to those whose accounts have been closed within 90 days or closed with a negative balance. To receive the 20,000 Avios checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposit made to this account within 90 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Chase QuickPay® with Zelle®) are not considered a direct deposit. After you have completed all the above checking requirements, 20,000 Avios will be posted to the primary cardmember’s account up to 8 weeks after the eligibility criteria have been met. To receive the 12,500 Avios savings bonus: 1) Open a new Chase SavingsSM account, which is subject to approval; 2) Deposit a total of $15,000 or more in new money into the new savings account within 20 business days of account opening; AND 3) Maintain at least a $15,000 balance for 90 days from the date of deposit. The new money cannot be funds held by you at Chase or its affiliates. After you have completed all the above savings requirements, 12,500 Avios will be posted to the primary cardmember’s account up to 8 weeks after the eligibility criteria have been met. To receive the extra 7,500 Avios bonus: You must open the checking and savings account at the same time and complete all requirements above for BOTH the checking bonus and savings bonus. After you have completed all requirements, 7,500 Avios will be posted to the primary cardmember’s account up to 8 weeks after the eligibility criteria have been met. The Annual Percentage Yield (APY), for Chase SavingsSM effective as of, is 0.01% for all balances in all states. Interest rates are variable and subject to change. Additionally, fees may reduce earnings on the account.
You can receive only one new checking and one new savings account opening related bonus every two years from the last enrollment date and only one bonus per account. Coupon is good for one-time use. The Avios transferred to you under the terms of the Program are considered interest received from Chase. Therefore we will send you, and file with the IRS, a Form 1099-INT (Interest Income) or, if applicable, a Form 1042-S (Foreign Person’s U.S. Source Income Subject to Withholding) for the year in which the Avios are posted to your account. You are responsible for any tax liability related to participating in the program. Please consult your tax advisor if you have any questions about your personal tax situation.
Customers must be a British Airways Visa Signature® cardmember prior to enrolling to be eligible for this offer. To qualify for this bonus offer, British Airways Visa Signature® cardmember personal account must be open and not in default at the time of fulfillment. Credit card product changes during the promotional period or prior to the fulfillment of the bonus will forfeit this bonus offer. This offer is not transferable, and is subject to change.