Is Chase Private Client Worth It? Overrated?! (2020 Update)

#ChasePrivateClient

0:00 Start Here
0:45 Overview of Chase Private Client
2:27 Discontinued Benefits
3:54 Investing
5:18 Banking
5:58 Private Client vs Sapphire Banking
6:40 Alternatives
8:20 Lending Benefits
11:00 Dear Chase...

The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available

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[mhayoun]

I like giving the answer right off the bat

[AP.Production]

Got the answer right away, still gonna watch the rest.

[BobbyThunderbird]

Sebby, the kind of guy that systemically dismantles Chase Private Client program in one concise sentence, while watching Netflix.

[soojoe]

The beginning of the video was very helpful... my schedule is quite busy

[TheAndrewLopezFinancePodcast]

* ends video in 15 secs * “Alright guys, you can go home!”

[AndroidisPreferred]

Your honesty is why I stay subscribed!!

[usctrojan]

Agreed on the points for the general population. YMMV. My CPC Signup bonus back in August was $2, 000 if you opened up $250k in a new CPC client acct status for 90 days so that was an effective 3% annualized rate of return. And the mortgage savings was great. Chase has a new Home Lending Retention Program and they dropped my jumbo loan from 3.25% to 2.875%. Saving about $200 per month in total P&I and $3k in interest savings alone per year.

[Sovnarkom]

I appreciate the very comprehensive review of CPC here.

I own a car and I'd like to add that the rates CPC members get on auto-loans aren't competitive with DCU. I recently purchased a car with a 2.49% APR with DCU (before the post-COVID prime rate drops) and those rates haven't changed since then because they're so far ahead of the competition.

If you're investing in real estate, Chase's rates are very competitive as is, and the CPC program will save you a considerable amount of money.

If short term financing is important to you, having 100k parked at interactive brokers will give you access to a blended margin rate as low as 1.59% while getting their $10/month fee waived. You can even get a debit card to access that money easily. That option also leaves your credit unchecked.

[rodb.]

Chase's mortgage rate will never be competitive enough for the rate discount to matter. I am CPC and it's pretty much worthless. They should offer credit card fee waivers and/or something of real value. It's basically just a marketing scheme.

[bryantorres]

Update: minimum daily balance required is now $150, 000 combined on all accounts.

[htschultz]

Good vid--thanks. I came to the same conclusion prior to watching, but nice to see it confirmed. Any thoughts on Chase Sapphire banking vs. Citbank's Citigold?

[joymae]

This is why Sebby is the GOAT, telling us in 12 seconds whether or not.

[killer]

10:30 Financial people always get this wrong. Cars are not assets, they are tools. Just like the frying pan in your kitchen is a tool that you have to serve a function you want, a car is the same. As for never wanting or getting one, you don't know what you're missing. It's like the difference between flying commercial vs flying your own private plane - one requires that you follow their schedule and routes whereas the other lets you make your own schedule and routes.

[KaayJaay]

$150, 000 now CPC in 2024. Is it worth it now, instead of $250, 000 — minimum

[jpringle]

Really like your straight forward no BS style

[jackhake]

HSBC Premier is pretty solid. You don’t need to keep a large balance as you can qualify via direct deposit. You get the fees waived on wires and other items as well. Only downside is they don’t waive ATM fees on third party international ATMs. However, there are a decent amount of HSBC ATMs abroad.

[josephsalim]

I’ve been a CPC member since 2018, and I met the minimum requirement of $250k, but then I’ve pulled out 220k to another account outside of chase & invested in cryptos, stocks, real estate, etc. Therefore, my CPC account maintained a monthly average between 15k to 50k, and I haven’t been booted out yet, and I am paying monthly service fees. It seems like Chase don’t seem to care as long they are getting their monthly fees.

[harrymitchell]

Big Seb, instant thumbs up for the intro that got me to laughing. Loved it!

[TomsLife]

The theme of the video that I agree with is that most of the services with CPC can be obtained elsewhere without the $250k gate. one alternative that I don't think was mentioned was on the checking account end - Schwab offers a checking account with unlimited ATM reimbursements and no foreign transaction fees.

[antonycodrington]

Its about the CPC banker you get. Its the white glove service and having someone to rely on more so than all the perks. Definitely missing that part, which is the primary part.

On the investment side, youre missing the access provided to the Chase Private Bank and insight/access provided by that.