Chase Bank and many other banks in the U.S. tend to offer ‘’welcome offers’’ to encourage people to open new accounts or apply for credit cards. Now, Chase Bank, the biggest bank in the country, is offering Americans the chance to get $300 of extra money.
For those who are not familiar with this type of offer, this information might seem a bit confusing. But, don’t worry because we are going to explain everything very clearly. So, let’s get started.
What’s Chase Bank offering?
Chase Bank has increased the welcome offer of one of its most popular credit cards, the Chase Freedom Unlimited. Before, the welcome offer was $200, but for a limited time it has reached $300.
This offer will be available until January 15, so anyone who wants to make the most of it must do it before that date. However, you should know that the money won’t be sent automatically, you must first meet some requirements to be able to receive it.
How the $300 welcome offer works
To obtain the welcome offer, you must apply for it and open a Chase Freedom Unlimited credit card. Once it’s approved, you must use the card to spend at least $500 in purchases for the first three months since the opening of the account.
It’s important to know that not every transaction counts as a valid purchase. Chase Bank wants to make clear that: balance transfers, cash advances, travelers checks, foreign currency, money orders, and lottery tickets do not count toward the $500 requirement. Only regular purchases qualify.
Then, when you reach the $500 in valid purchases, Chase Bank will give you 30,000 bonus points that can be redeemed for $300 in cash back. The bonus usually appears in the account six to eight weeks later, as long as the account remains open and in good standing.
Chase Freedom Unlimited card benefits
This credit card does not have an annual fee, which means cardholders do not have to pay yearly just to keep the card. The card also offers cash back on purchases. Cardholders earn:
- 1.5% cash back on most purchases
- 3% cash back on dining, including takeout and delivery
- 3% cash back on drugstore purchases
- 5% cash back on travel booked through Chase Travel
In addition, the card includes a 0% introductory APR for 15 months on purchases and balance transfers. This means no interest is charged during that introductory period. (Cash back rewards do not expire as long as the account stays open).
Who qualifies for this offer?
Not everybody qualifies for this bonus. Chase Bank clearly states that the offer is only for people who do not already have the Chase Freedom Unlimited card.
Also, customers are not eligible if they have received a welcome bonus for this same card within the past 24 months. This rule is common among bank promotions and is meant to limit bonuses to new or returning customers.
Other bonus offers
Apart from this credit card, Chase Bank also offers $300 to new checking account customers who open a Chase Total Checking account and meet certain requirements. This checking account offer expires on January 21.
We should also mention that Chase has offered bonuses as high as $750 or even $3,000 for customers who meet specific conditions. These offers vary and depend on the type of account and customer activity.
Common requirements for bank bonuses
We have mentioned throughout the entire article that to receive these bonuses you must meet some requirements. Well, here are the most common requirements you might meet at banks:
- Setting up direct deposit, such as a paycheck or government benefits.
- Keeping a minimum balance for a certain period.
- Making a specific number of purchases or reaching a spending amount.
- Being a new customer or not having an account recently.
So, for anyone interested, taking the time to read the requirements carefully can help avoid confusion and make the process smooth. When used responsibly, Chase Bank’s welcome offers can provide a helpful financial boost.