Chase Private Client Invitation!

[driftless]

One of those nice perks arrived in the mail today: free admission for two to the Art Institute, Shedd Aquarium, Adler Planetrium, The Field Museum, and The Museum of Science and Industry for 12/31/18.

https://www.chase.com/online/private_client/arts-culture-chicago.htm?jp_cmp=rb/privateclientchi/off/...

[Anonymous]

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@driftless wrote:

One of those nice perks arrived in the mail today: free admission for two to the Art Institute, Shedd Aquarium, Adler Planetrium, The Field Museum, and The Museum of Science and Industry for 12/31/18.

https://www.chase.com/online/private_client/arts-culture-chicago.htm?jp_cmp=rb/privateclientchi/off/...

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That is nice. I thought that was exclusive to BOA card holders!

And my pooling example was hypothetical. I was just brainstorming.  I certainly could become a CPC but it sounds like nothing is guaranteed long term as they expect you to hi the 250k mark.  I would rather continue to use robot lending, high yield checking accounts, cc bonuses, other various forms of mostly passive income to suppliment my income.  I just  was sort of looking for clarification moreso for others.

Seems like mortgage rates are on the rise.  Usually when that happens we will start to see CD rates increase  but I doubt they'll ever eclipse what they once were.  I think just a general relationship with chase would suffice. Increasing mine is on my to-do list, but is not high on the priority.  My plan is to wait for more accounts to age, inquiries to drop off, and wait for rumors of the CSR bonus to decrease before I go in branch to see if I am prequalified. 

Seems like the trend now is targeted offers for the CSR at 70k and freedom products at 30k which would be just fine by me.

I did not intend to ecourage anyone to do what I had mentioned previously.  I am all about credit unions anyway (as those of you that know me/know of me already understand).

[tacpoly]

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@Anonymous wrote:

What?!  You're telling me if I have ten friends and we each have 10 grand, and we really know each other, we can pool our money together, open up CPC, then have all access to any chase card, and just move the money until each person is signed up???  I don't think it is this easy or else more people would be doing it???

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It's not as simple as that.  Chase evaluates your earnings potential and your other assets when they offer CPC, specially if you transfer less than the minimum $250K.  The program is meant to be a money-making enterprise afterall.  And Chase wants CPC to become a feeder to PB, so they will prioritize those who have some money now and are likely to greatly increase their investible assets later, not those who currently struggle to come up with $100K. 

This just reinforces the fact that in the end, savings is as (even more) important than credit -- and people should seek to increase their savings as eagerly as they increase their credit lines.  I'm curious, how many here actually have more in total savings than their total credit lines? 

[tacpoly]

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@driftless wrote:

One of those nice perks arrived in the mail today: free admission for two to the Art Institute, Shedd Aquarium, Adler Planetrium, The Field Museum, and The Museum of Science and Industry for 12/31/18.

https://www.chase.com/online/private_client/arts-culture-chicago.htm?jp_cmp=rb/privateclientchi/off/...

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Actually, the Arts & Culture perk is not limited to the ones you listed.  Many institutions in other cities (ex. NYC, SF, LA) are included -- all you have to do is ask.  I've not had to pay for museum entries when traveling around the US in a while. 

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@Anonymous wrote:

That is nice. I thought that was exclusive to BOA card holders!

And my pooling example was hypothetical. I was just brainstorming.  I certainly could become a CPC but it sounds like nothing is guaranteed long term as they expect you to hi the 250k mark.  I would rather continue to use robot lending, high yield checking accounts, cc bonuses, other various forms of mostly passive income to suppliment my income.  I just  was sort of looking for clarification moreso for others.

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The Arts & Culture program from Chase is better than the BoA perk in that it can be used anytime and you can bring guests with you. 

Actually, Chase wants you to hit 7 figures; if you hit 8 figures, you're transfered to PB.  $250K is the minimum. 

I agree with you that other programs might be better.  DH and I were PB for a couple of years, but we found that the management fees were just too high for our conservative style of investing and asset management -- not looking to get into hedge funds here -- so we took our money out.  It's nice not to have to deal with a 3-inch thick stack of 1099s. 

[wasCB14]

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@tacpoly wrote:

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@Anonymous wrote:

What?!  You're telling me if I have ten friends and we each have 10 grand, and we really know each other, we can pool our money together, open up CPC, then have all access to any chase card, and just move the money until each person is signed up???  I don't think it is this easy or else more people would be doing it???

---

It's not as simple as that.  Chase evaluates your earnings potential and your other assets when they offer CPC, specially if you transfer less than the minimum $250K.  The program is meant to be a money-making enterprise afterall.  And Chase wants CPC to become a feeder to PB, so they will prioritize those who have some money now and are likely to greatly increase their investible assets later, not those who currently struggle to come up with $100K. 

This just reinforces the fact that in the end, savings is as (even more) important than credit -- and people should seek to increase their savings as eagerly as they increase their credit lines.  I'm curious, how many here actually have more in total savings than their total credit lines? 

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I do. I do my own investing, though, so juggling promotions from discount brokerages makes more sense than paying high fees for CPC or something similar. I also like to be the one determining when I take gains (and, occasionally, losses).

I don't have a business that requires me to borrow a lot, and my banking needs are pretty simple most of the time.

[driftless]

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@tacpoly wrote:

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@Anonymous wrote:

What?!  You're telling me if I have ten friends and we each have 10 grand, and we really know each other, we can pool our money together, open up CPC, then have all access to any chase card, and just move the money until each person is signed up???  I don't think it is this easy or else more people would be doing it???

---

It's not as simple as that.  Chase evaluates your earnings potential and your other assets when they offer CPC, specially if you transfer less than the minimum $250K.  The program is meant to be a money-making enterprise afterall.  And Chase wants CPC to become a feeder to PB, so they will prioritize those who have some money now and are likely to greatly increase their investible assets later, not those who currently struggle to come up with $100K. 

This just reinforces the fact that in the end, savings is as (even more) important than credit -- and people should seek to increase their savings as eagerly as they increase their credit lines.  I'm curious, how many here actually have more in total savings than their total credit lines? 

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+ 1

Post-Script: we do.  Having money in the bank will help develop a great bank relationship, CL's not so much.

[iced]

*raises hand*

Me three, though I'll also admit I don't have nearly the total credit limit some people on this forum have. I also only keep about 20k in a traditional savings as that's enough for emergencies and 1% interest is no way to park money long-term.

[Thomas_Thumb]

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@tacpoly wrote:

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This just reinforces the fact that in the end, savings is as (even more) important than credit -- and people should seek to increase their savings as eagerly as they increase their credit lines.  I'm curious, how many here actually have more in total savings than their total credit lines? 

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Saving is the pathway to financial freedom - IMO. I maintain a modest total CL which meets my needs and have no plans to solicit increases.

Savings (excluding non fungible assets) between 20x and 25x total CL. Not quite where I'd like to be given a retirement age goal of 62 (or earlier)

[driftless]

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@Thomas_Thumb wrote:

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@tacpoly wrote:

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This just reinforces the fact that in the end, savings is as (even more) important than credit -- and people should seek to increase their savings as eagerly as they increase their credit lines.  I'm curious, how many here actually have more in total savings than their total credit lines? 

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Saving is the pathway to financial freedom - IMO. I maintain a modest total CL which meets my needs and have no plans to solicit increases.

Savings (excluding non fungible assets) between 20x and 25x total CL. Not quite where I'd like to be given a retirement age goal of 62 (or earlier)

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+ 1 Interesting that you have your assets pegged at 20 - 25x of your CL. I know what you mean but, unlike the general consensus on this board, I view my total CL as a necessary liability and not an assest.  I suspect that you share that view.  

[wasCB14]

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@driftless wrote:

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@Thomas_Thumb wrote:

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@tacpoly wrote:

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This just reinforces the fact that in the end, savings is as (even more) important than credit -- and people should seek to increase their savings as eagerly as they increase their credit lines.  I'm curious, how many here actually have more in total savings than their total credit lines? 

---

Saving is the pathway to financial freedom - IMO. I maintain a modest total CL which meets my needs and have no plans to solicit increases.

Savings (excluding non fungible assets) between 20x and 25x total CL. Not quite where I'd like to be given a retirement age goal of 62 (or earlier)

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+ 1 Interesting that you have your assets pegged at 20 - 25x of your CL. I know what you mean but, unlike the general consensus on this board, I view my total CL as a necessary liability and not an assest.  I suspect that you share that view.  

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I think that's going overboard. Available credit shouldn't be mistaken for cash or an emergency fund, but if you have the restraint to not spend recklessly (and that is an important condition) it shouldn't be considered a liability.