Sunday, December 20, 2009

Chase Business Checking - $200 or 25,000 Mile Signup Bonus

Chase often offers signup bonuses when opening a checking account. You are limited to one personal account and one business account signup bonus per calendar year.

My wife and I opened our personal checking accounts in the beginning of the year, but for some reason didn't open the business accounts until now.

Being that it is almost the end of the year, we decided to cash in and open Business checking accounts. In January I can open another personal and business account.

There are two signup bonuses to choose from:
- $200 - you need to be logged in to Chase to see this coupon.
- 25,000 Continental Miles - If you want the miles signup bonus, you will need to get a debit card which comes with an annual fee of $65. With the cash you can get a free debit card.

Bear in mind that if you choose the cash signup bonus, you will get a 1099 for it. With the miles there is no 1099.

What's the catch?
- You have to deposit $500 during the first 30 days to earn the bonus.
- If you want to waive the $16 monthly fee, you need to either:
a. keep $4,000 in the account
b. make five purchases with the debit card every month, totaling $35 - Update: The $35 rule was what I was told in the branch, but from searching online, it doesn't seem that in needs to total any amount.
c. have a active Chase business credit card (at least one purchase a month)
d. link the account to a Personal Premier Checking (Premier is a more expensive personal checking account).

I've read that you can ask for the Chase Business Complete package, which gives you both a Checking and Savings accounts fee-free for the first year. I haven't tried it. Will let you know if I do.

My best option would be to find a decent signup bonus for a Chase Business Card. If that doesn't work, then I'll use the debit card five times a month. As far as I know, the account needs to be open for at least three months, but possibly six months, so as not to forfeit the bonus.

Chase might want a DBA or Tax EIN in order to open an account. It seems to vary by location. If Chase asks for a EIN, it's very easy to get, just go to the IRS website and fill out your information.

Note: I usually like signing up for things that don't require constant upkeep, and not have to worry about debit card purchases etc. but this offer is tempting enough to warrant the minor hassle.

Personal Accounts: This coupon for 25,000 miles or this one for $125.

Offer is officially only for the following states: IL, WI, MI, IN, NY, CT, NJ, OH, WV, KY, FL, LA, OK, TX, CO, AZ, and UT.

Related post: Bank Account Signup Bonuses

2 comments:

levi said...

some of the coupon links no longer work

Shmuly - BuyRightSpendLess.com said...

I see. The cash promotions seem to be down for now. I'll post if I see new ones.

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