Just to clear up something, CPC you can either go YouInvest (totally self-directed) or opt for the active management. I am CPC and have zero intention of ever leveraging their active service unless I wind up with a LOT more money than anticipated.
It's totally up to you, talking BOFA for their platinum honors program and getting that default 2.625% spender isn't a bad deal, though AOD with 3% sort of blew that one up for anyone with a good credit score.
In my case I get some benefits like free wire transfers being CPC which I don't truly need but in todays world when I want to move money, I generally want to do it right now and I get that with CPC, which isn't something I can get at any credit union to my knowledge where transfers in general tend to be harder and almost certainly will pay for wires. I probably got some additional benefits on the credit card applications I have done over time as I've gotten more auto-cli's than most and broken some community-found barriers with Chase UW but I don't know how much of that was tied to my using Chase for everything and having what for me and probably for many is non-trivial assets there.
The rest I don't know, it's helpful to do Chase CPC for example if you're living in an area where you will want a jumbo mortgage: they are competitive on jumbos and then you add the CPC discounts on top of it and it's really hard to beat their product. Conventional though, even with CPC I can beat them without trying hard so it's less value there.
I have yet to look at their auto loans, I suspect credit unions will be better.
If you are into non-trivial investing a better brokerage may be for you, but I can get everything I need out of Chase though I keep a rollover 401K at Fidelity as I really enjoy their news feed better than anything else I've found, but basic equities and options no problem with Chase YouInvest, but if you need/want bond access, go elsewhere. Also if you want a margin account may need to be elsewhere too, YouInvest and I would guess Merrill Edge too likely suffices for maybe 98% of the retail investor space, but if you need more sophisticated trading you should be at a better brokerage. One additional quirk is I get basically immediate transfers of deposits to my investment accounts, I can kind of do that with Vanguard and I suppose I could use Schwab and maybe Fidelity as my bank but it's a nice thing for me since I have run my financial life through Chase for almost a decade now.
The next line probably has far more aggressive discounts on origination, at the 10mm or so level that iced mentioned for Private Banking, but I suspect CPC benefits may continue to improve over time... certainly if Chase wants more of my financial business they could get it, things like better discounts on loan origination or compounding credit card rewards like what BOFA did would certainly be enough of a milkshake to bring all the mass affluent to Chase.
@iced wrote:I'm not CPC but I just did a jumbo with Chase. They saw my assets and when I inquired about whether it would make a difference on rates if I moved some over to become CPC they didn't sound very sure.
I would be curious to know if anyone has received a points-free rate reduction on jumbo from them for simply being CPC, though. My guess is if there is, it's going to be pretty small, like .125%.
It's something that they check on with their backend team even when CPC which is why they probably couldn't state it as it probably depends on both relationship and timing.
I can't speak to jumbo but I'd be surprised if it were that different, on a conventional it was $750 origination charge reduction and .125% rate reduction. Conventional that's meh, jumbo, makes a competitive product even better.
That said I don't really know where I rate in the pantheon of Chase customers in terms of assets on file. I'm probably top 5% just looking at published demographics and then dividing by some factor for major banks, but if I had 1m on file maybe it would've been different I don't honestly know and don't think you'd be able to know from the front line.
In your case I probably wouldn't have moved money over just for that TBH, in my case the discount at least makes me talk to them, but conventional their pricing isn't competive even with the discount.
@iced wrote:
@Revelate wrote:
@iced wrote:I'm not CPC but I just did a jumbo with Chase. They saw my assets and when I inquired about whether it would make a difference on rates if I moved some over to become CPC they didn't sound very sure.
I would be curious to know if anyone has received a points-free rate reduction on jumbo from them for simply being CPC, though. My guess is if there is, it's going to be pretty small, like .125%.
It's something that they check on with their backend team even when CPC which is why they probably couldn't state it as it probably depends on both relationship and timing.
I can't speak to jumbo but I'd be surprised if it were that different, on a conventional it was $750 origination charge reduction and .125% rate reduction. Conventional that's meh, jumbo, makes a competitive product even better.
That said I don't really know where I rate in the pantheon of Chase customers in terms of assets on file. I'm probably top 5% just looking at published demographics and then dividing by some factor for major banks, but if I had 1m on file maybe it would've been different I don't honestly know and don't think you'd be able to know from the front line.
In your case I probably wouldn't have moved money over just for that TBH, in my case the discount at least makes me talk to them, but conventional their pricing isn't competive even with the discount.
Another .125 would add up over the long term possibly, but not so much short term. I threw about $2200 for .125 rate drop and it'll take me around 3 to come out ahead on that. Given I'll probably only have the loan for 10 years, that's noticeable but not significant.
$750 is a rounding error and I would never notice it at closing. Amounts fluctuated by thousands day to day during the process.
Yeah it's more about their charging an origination fee at all which is the only reason it is worth mentioning. Also my places are cheap compared to yours haha.