Chase Freedom cash back + checking

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6 posts
mathman314
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Chase Freedom cash back + checking

Postby mathman314 » Sat Jan 25, 2014 4:44 pm

I got my Chase Freedom card like on Monday or Tuesday night. Yayy me for my 3rd card!! I went through all of the brochures that accompanied it only to end up reading an extra 10% cash back to members who have a Chase checking account. I got to thinking today that I would open up a Chase checking account on monday to take advantage of the extra 10% CB. In essence, it's basically 15% CB on catagories throughout the year; however, I already have a WF checking account for students (and that makes it free.)
I'm wondering if it would work if I like opened a Chase checking ro reap the benefits but also keep the WF checking account. Would it be possible to like have both open and just have one sit there while I do everything with the other one or is it like credit cards where banks are able to close accounts if there is no activity in several months?
Cards:
1FBUSA: 5.75k
Discover IT (for students): 4.6k
Chase Freedom (signature): 5k
Target REDcard: 1.5k
AmEx BlueCash Everyday: 5.5k

FICOs:
TU - 785 (December 2015)


MemberSince99
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Postby MemberSince99 » Sat Jan 25, 2014 5:07 pm

Sure it's possible. You can have as many checking accounts as you can handle. Keep in mind that to keep it a "free" (no-cost) account you will have to either keep a certain balance in it, or do direct deposit into it monthly.


So it is really designed for someone who wants their primary account to with Chase. But it can be done, it just depends on if it's worth what you have to go through to do it.

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djrez4
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Postby djrez4 » Sat Jan 25, 2014 8:04 pm

You're doing the math wrong. It's not 5%+10%=15%. It's 5%+(10%x5%)=5.5%. Still worth it.

Also, search online for up to a $200 bonus to open a Chase checking account.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
[/RIGHT]

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otter
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Location: Grand Forks, ND

Postby otter » Sat Jan 25, 2014 8:50 pm

I was just approved for a Chase Freedom as well and looked into the 10% bonus (because 5.5% sounds really attractive), but unfortunately there is no Chase presence in the state I live in and so they won't allow me to open an account there- although I could get "creative" and say I have a second address in Florida (since I still have a Florida DL). To me, it's not really worth it.

As Member said, you can have as many checking accounts as you can handle, but do your homework. I have three and this is how I handle it: (1) Charles Schwab Bank is my primary account and has no fees and offers interest. I also get reimbursed for any ATM withdrawals from this account, but that is rare. Most of my money gets direct deposited here. No fees here so I don't have to worry about doing anything special. (2) Wells Fargo- I get a small amount direct deposited here. I avoid a checking account fee by making at least 3 credit card purchases per month. (3) Bank of America- I used to also have a small amount direct deposited here, but now I only add a $1 or two here and there(via ACH transfer) to avoid having the account looked at as a dormant/inactive account. This was actually a special account BoA offered for a short time (called eChecking) where the account was free as long as you don't do transactions through a local branch (which is easy for me since I am 1000 miles from the nearest branch). They don't offer this account anymore, but I have been grandfathered in, so although I'm not happy with Bank of America, I keep this open because they don't offer things totally free very often and so I'll keep this open in case I decide to "reactivate" my relationship with BoA someday.

Looking at Chase's banking website, there is a free student checking account which seems to not have very many hoops to jump through, so you could probably swing two checking accounts without having to pay fees.

It's all a matter of how much you want to complicate things... Including savings, money market, and brokerage accounts(but not including retirement accounts), I have 11 different accounts at 8 different places. I don't pay a dime to store money, but I have to use mint.com and personalcapital.com to track everything including my credit card accounts.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

cashback
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Postby cashback » Sat Jan 25, 2014 8:50 pm

djrez4 wrote:You're doing the math wrong. It's not 5%+10%=15%. It's 5%+(10%x5%)=5.5%. Still worth it.

Also, search online for up to a $200 bonus to open a Chase checking account.


Ironic, given his user name.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

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otter
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Postby otter » Sat Jan 25, 2014 9:02 pm

cashback wrote:Ironic, given his user name.


He's from Texas, he was just thinking big...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450



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