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Is Chase starting to care about having a banking relationship?

danzig47
Valued Member

Is Chase starting to care about having a banking relationship?

My experience is that Chase credit has never really placed much importance, if any,  on a Chase banking relationship. They seemed completely seperate. I had to call them yesterday for an issue with my United Club card, and the very first thing the customer service agent said to me was "Thank you for being a Chase Private Client".  I was a bit surprised, I didn't think they would know that, but I didn't think too much of it.

 

Now I see today that the new Freedom Rise card puts an emphasis on having a Chase checking acount with $250 in it.

 

Anyone else seen any new data points? It would be a huge change if Chase started going the BoA route. I fully realize this speculative though. 

Message 1 of 16
15 REPLIES 15
SouthJamaica
Mega Contributor

Re: Is Chase starting to care about having a banking relationship?


@danzig47 wrote:

My experience is that Chase credit has never really placed much importance, if any,  on a Chase banking relationship. They seemed completely seperate. I had to call them yesterday for an issue with my United Club card, and the very first thing the customer service agent said to me was "Thank you for being a Chase Private Client".  I was a bit surprised, I didn't think they would know that, but I didn't think too much of it.

 

Now I see today that the new Freedom Rise card puts an emphasis on having a Chase checking acount with $250 in it.

 

Anyone else seen any new data points? It would be a huge change if Chase started going the BoA route. I fully realize this speculative though. 


I think you're reading too much into it.

 

Being a Chase Private Client does, in my opinion, count for something, though.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 698 TU 704 EX 685

Message 2 of 16
wasCB14
Super Contributor

Re: Is Chase starting to care about having a banking relationship?


@SouthJamaica wrote:

@danzig47 wrote:

My experience is that Chase credit has never really placed much importance, if any,  on a Chase banking relationship. They seemed completely seperate. I had to call them yesterday for an issue with my United Club card, and the very first thing the customer service agent said to me was "Thank you for being a Chase Private Client".  I was a bit surprised, I didn't think they would know that, but I didn't think too much of it.

 

Now I see today that the new Freedom Rise card puts an emphasis on having a Chase checking acount with $250 in it.

 

Anyone else seen any new data points? It would be a huge change if Chase started going the BoA route. I fully realize this speculative though. 


I think you're reading too much into it.

 

Being a Chase Private Client does, in my opinion, count for something, though.


As a JPM Private Client I got a $600 SL on Freedom.

 

It was my first credit, though.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 3 of 16
K-in-Boston
Credit Mentor

Re: Is Chase starting to care about having a banking relationship?

Freedom Rise is intended for those with no (or very little) credit history.  Outside of building new credit, it's very unlikely that they care about your deposit accounts when making underwriting decisions, even CPC.

Message 4 of 16
wasCB14
Super Contributor

Re: Is Chase starting to care about having a banking relationship?

I'd add that while I'm sure there are some good CPC "advisors", I've known two and they were both bad.

 

One was lazy/useless and never did any of the work he was supposed to (processing paperwork for retitling accounts).

 

The other was an empty salessuit who was either accustomed to habitually lying or too stupid to realize he was making several contradictory statements.

 

The people with talent are going to mostly be on the Private Bank side where they can make more money.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 5 of 16
Creditplz
Valued Contributor

Re: Is Chase starting to care about having a banking relationship?

Eh yeah CPC isn't much I don't think traditional UW takes a look especially after they lowered the minimum to $150k. Many friends of mine are private wealth management clients and it counts for easier mortgage approvals.. almost instantaneously.

Message 6 of 16
wasCB14
Super Contributor

Re: Is Chase starting to care about having a banking relationship?


@Creditplz wrote:

Eh yeah CPC isn't much I don't think traditional UW takes a look especially after they lowered the minimum to $150k. Many friends of mine are private wealth management clients and it counts for easier mortgage approvals.. almost instantaneously.


JPM Private Bank or Private Client Direct? Or at some other bank?

 

JPM PB required $10M a few years ago. A lot of the risk at that point depends on the terms of the mortgage and whether there's full personal recourse or just the asset and down + installment payments as collateral.

 

PCD had a lower liquid asset requirement but I'm not sure what it is now.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select
Message 7 of 16
mau471
Contributor

Re: Is Chase starting to care about having a banking relationship?

FWIW, I recently applied for a card and was initially declined and one of reasons stated was not enough money in my chase account. They aren't my primary FI so I keep a minimal amount there and I ended up being approved on a recon. Not sure I would read too much into it as a solid data point but just wanted to put it out there.



Message 8 of 16
longtimelurker
Epic Contributor

Re: Is Chase starting to care about having a banking relationship?


@mau471 wrote:

FWIW, I recently applied for a card and was initially declined and one of reasons stated was not enough money in my chase account. They aren't my primary FI so I keep a minimal amount there and I ended up being approved on a recon. Not sure I would read too much into it as a solid data point but just wanted to put it out there.


So this might be a case where you are better off not having an account at the same institution.   I have probably had around 10 cards from Chase without having a bank account with them.   As soon as you do, unless it is very impressive, they could (in theory at least) look at it and make determinations based on whatever they wish (low balance, too volatile, decreasing too fast etc).   

Message 9 of 16
iced
Valued Contributor

Re: Is Chase starting to care about having a banking relationship?


@Creditplz wrote:

Eh yeah CPC isn't much I don't think traditional UW takes a look especially after they lowered the minimum to $150k. Many friends of mine are private wealth management clients and it counts for easier mortgage approvals.. almost instantaneously.


This doesn't seem like causation, but rather correlation. If you have a profile sufficient to be JPMPB, you're very likely to also have a profile that gets easier mortgage approvals. Mortgage apps from non-JPM clients with similar profiles will fly through just as easily.

 

On a related note, the one benefit that might convince me to go JPMPB someday are their international mortgage services. 

Message 10 of 16
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