Chase CD to help build a relationship?

[thatguycx]

Okay my current relationship with chase is no credit cards, but I do actively bank with them with their checking and savings account. However, those two accounts are relatively new like within the past 3 months. My goal is to eventually apply and get approved for a Chase credit card since I'm already at 4/24, so I want to save that spot for them. And in order to I guess "guarantee an instant approval the best that I can" besides of course working on growing my credit report even more, I was thinking about opening a CD with them.

Does anyone have any experience with Chase CD's or does anyone know if opening a CD with them will help with a Credit Card approval even more? 

[randomguy1]

Don't have any knowledge on this but my best guess is it won't really help as they are a pretty big bank and a CD is not a large amount of money in the grand scheme of things. Have you checked in-branch for an approval?

Your best bets are:

1. Optimize your credit profile. Age of accounts, credit score, utilization, credit seeking behavior

2. Look for pre-approvals on your banking web portal

3. Check in-branch for a pre-approval.

HTH

[Janus]

I don't beleive opening a CD will help either. Just keep your existing accounts and let them age a bit more, 3 months isn't a lot of time to really get to know the customer. 

[longtimelurker]

A 1 year CD with Chase earns 0.01% (standard) or a whopping 0.02% (relationship)    In contrast, the national average is 1.22% and many institutions offer 2+% (e.g. Andrews FCU is 2.15%)

So over 100x more than the relationship rate, only justified if a) it really guaranteed a cc, and b) the credit card is sufficiently valuable

But really, never open CDs with the standard big banks!

[M_Smart007]

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@longtimelurker wrote:

A 1 year CD with Chase earns 0.01% (standard) or a whopping 0.02% (relationship)    In contrast, the national average is 1.22% and many institutions offer 2+% (e.g. Andrews FCU is 2.15%)

So over 100x more than the relationship rate, only justified if a) it really guaranteed a cc, and b) the credit card is sufficiently valuable

But really, never open CDs with the standard big banks!

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Unless you have $10K  Laying around. ?

I just do the Best Rate: HSBC Direct Savings - 2.05% APY for liquid up to $250,000

and you are not locked in like a CD.

[longtimelurker]

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@M_Smart007 wrote:

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@longtimelurker wrote:

A 1 year CD with Chase earns 0.01% (standard) or a whopping 0.02% (relationship)    In contrast, the national average is 1.22% and many institutions offer 2+% (e.g. Andrews FCU is 2.15%)

So over 100x more than the relationship rate, only justified if a) it really guaranteed a cc, and b) the credit card is sufficiently valuable

But really, never open CDs with the standard big banks!

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Unless you have $10K  Laying around. ?

I just do the Best Rate: HSBC Direct Savings - 2.05% APY for liquid up to $250,000

and you are not locked in like a CD.

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Oh, I didnt see that Chase CD on the list I was using!  Much better (than 0.02%) but still not top tier!

I have several high yield savings accounts, but have started into CDs as well after seeing HYS rates plummet in recent weeks!

[K-in-Boston]

"Qualifying linked Chase checking account" might require substantially more than $10,000, though, or a hefty monthly fee.  These are usually linked to Sapphire or CPC banking, aren't they?

[Remedios]

Chase doesnt care about a CD, opening checking/savings and stashing a $100.00.

If you want a credit card, apply for one. Your profile is the only thing that guarantees an approval, and if you're not over 5/24, I dont see why you're looking for roundabout ways.
Chase is not looking for people with 850 across the board, perfect credit and quite a few millions.
Imagine how many cardholders they would have if that was the case.
I'd only stay away from them if you have derogs younger than two years. They can and will trip on that.
Just apply for the card you want.

[Green456]

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@thatguycx wrote:

Okay my current relationship with chase is no credit cards, but I do actively bank with them with their checking and savings account. However, those two accounts are relatively new like within the past 3 months. My goal is to eventually apply and get approved for a Chase credit card since I'm already at 4/24, so I want to save that spot for them. And in order to I guess "guarantee an instant approval the best that I can" besides of course working on growing my credit report even more, I was thinking about opening a CD with them.

Does anyone have any experience with Chase CD's or does anyone know if opening a CD with them will help with a Credit Card approval even more? 

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You can build relationship with them if you invest with ChaseYouinvest and only if you deposit large amount of money. I would probably say minimum $15,000 to get one of their upper level checking accounts. That may get their attention. CDs really don't count for them.

[Janus]

I think that most peope looking to get in with Chase soley for the benefit of being approved for a CC, are likely not looking to tie up $10 with them for however long that CD requires. Personally, I wouldn't be able to sleep at night knowing one Bank had that much of my Money.

Plus i'd rather get a higher interest rate on a CD than I can easily get on a HYSA, considring my Money is locked up in a CD.

If people really want a Chase prodcut that badly, just wait in the garden until you're naturally eligible for one. 

Most of the people who were approved at over 5/24 have all been random instances, not done by gaming strategies.