Chase Banks are popping up everywhere. Any reason to switch? (Boston: condos, credit)

[Shrewsburried]

I’ve had loans/credit lines and investment accounts with Chase and have always found their various arms to have excellent customer service, good usability within their online services, and are generally ethical at customer-level (unlike my BOA experience in which they sold low value services like a sleazy auto FI guy).

This said, I prefer local CUs for my needs.

Savings rates are more or less a zero concern for me as inflation drives me towards investing as opposed to saving, unless a situation demands good liquidity (e.g., buying RE).

[mdovell]

Chase is big and will continue to be big. Chase underwrites the Amazon credit cards which reward a fair amount. The card itself is fantastic. Yes it isn't giving me say $1,000 to spend if I charge $3,000 in three months but for moderate use the rewards are up there.

[lrfox]

Originally Posted by Shrewsburried

Savings rates are more or less a zero concern for me as inflation drives me towards investing as opposed to saving, unless a situation demands good liquidity (e.g., buying RE).

Same here.

I have their Sapphire Reserve Credit card and their service has been excellent. It's my primary card and any time I've had to interact with them, they've been extraordinarily helpful. Easy to reach too. I may pop into one of the local branches if I need anything.

[bostongymjunkie]

Originally Posted by mdovell

Chase is big and will continue to be big. Chase underwrites the Amazon credit cards which reward a fair amount. The card itself is fantastic. Yes it isn't giving me say $1,000 to spend if I charge $3,000 in three months but for moderate use the rewards are up there.

I earned about $700 from that card last year between Whole Foods and Amazon.

[jencam]

Originally Posted by bostongymjunkie

They were recently offering $300 to open a checking and another $200 opening a companion savings with minimum of 15K if you keep it open for a minimum amount of time. If you want an easy $500, it may be worth it. You can always close it if you don't want it after. Their savings rates suck just like other big banks. Even the best savings rates right now are less than 1%. The service tends to be better than average if you need to go into a branch. I'm not a fan of big globalist banks, but I will take their money.

Chase got my attention with the $600 bonus when I was needing a new bank. Everything has been A1, zero complaints.

[jencam]

Originally Posted by mdovell

Chase is big and will continue to be big. Chase underwrites the Amazon credit cards which reward a fair amount. The card itself is fantastic. Yes it isn't giving me say $1,000 to spend if I charge $3,000 in three months but for moderate use the rewards are up there.

Rewards 5% cash back at Amazon.com and Whole Foods Market;

2% back at restaurants, gas stations and drugstores;

1% back on all other purchases

Welcome bonus $100 Amazon.com gift card upon approval

Annual fee $0 (but Prime membership is required)

[Lampert]

This isn't really a Chase thing, is an Amazon thing. I don't think Chase decides the rewards you are getting. No?

[Shrewsburried]

Originally Posted by Lampert

This isn't really a Chase thing, is an Amazon thing. I don't think Chase decides the rewards you are getting. No?

Chase rewards are also relatively 'generous' for their own Sapphire and Freedom cards. I assume Chase is providing some monetary contribution for the privilege of printing 'Amazon' on the plastic, but I could be wrong. It's largely the card holders carrying a balance (i.e., paying interest) and interchange which funds these rewards.

In my experience, carrying a balance erases any benefit of Chase's rewards structure as the APRs are steep.

[Lampert]

Originally Posted by Shrewsburried

Chase rewards are also relatively 'generous' for their own Sapphire and Freedom cards. I assume Chase is providing some monetary contribution for the privilege of printing 'Amazon' on the plastic.

I am sure Chase is paying Amazon but I think that's it? All the rewards are tied to Amazon, you can't spend them anywhere else. So I am guessing Amazon is deciding where you get rewards and what do you get as a reward and they are paying for it. I wouldn't be surprised if Amazon is loosing money overall with the card (without including the extra money you spend on their website, which I assume is the whole point of the card).

[id77]

Originally Posted by Lampert

I am sure Chase is paying Amazon but I think that's it? All the rewards are tied to Amazon, you can't spend them anywhere else. So I am guessing Amazon is deciding where you get rewards and what do you get as a reward and they are paying for it. I wouldn't be surprised if Amazon is loosing money overall with the card (without including the extra money you spend on their website, which I assume is the whole point of the card).

There's back scratching in both directions, but I'm convinced Amazon's getting the better deal. If not that, then Amazon is being Amazon like they were with HQ2 and shopping around for a higher bidder:

https://www.bloomberg.com/news/artic...rd-partnership

With points programs like airlines and hotels, the bank buys points in bulk at heavy discount, and the merchant often gets waived or reduced merchant fees from the card. Something similar is likely in place here, too.