Yes, ultra high net worth clients can combine a bank bonus with a credit card bonus. The two bonuses stack when you separately meet each product's requirements.
Stacking means earning two separate payoffs from two products, not doubling one offer. Large balances do not waive either test. Bank of America states that its alliance offer allows the $300 business-banking bonus, the $500 card bonus, or both up to $800, according to the alliance terms.
Table of Contents
- How does combining work?
- What does the checking bonus require?
- What does the card bonus require?
- Why do well-funded applicants still miss one bonus?
- How should you track taxes?
How does combining work?
Open the checking account and the card as separate products. Fund and use each one in the way its own offer describes. One approval does not complete the other product's task.
Track the two clocks separately. Checking offers often test deposits over weeks. Card offers often test purchases over months. A deposit does not count as a purchase, and a purchase does not count as a deposit.
What does the checking bonus require?
Chase requires a new approved account and $1,000 or more in qualifying direct deposits within 90 days of offer enrollment, with payment within 15 days, according to the current Chase checking offer. That test looks at money entering the checking account, not card spending. Use this sequence for that type of offer:.
- open the new approved account and enroll in the offer
- send $1,000 or more in qualifying direct deposits within 90 days
- wait for the bonus payment window after you qualify
What does the card bonus require?
Chase ties its Sapphire Preferred new-cardmember offer to purchases, not deposits. The offer awards 100,000 points after $5,000 in purchases in the first three months, according to the Sapphire Preferred offer details.
That spending test is independent of any checking direct-deposit or balance test. You can pass the deposit test and still miss the card bonus without enough purchases. You can pass the purchase test and still miss the checking bonus without enough direct deposits.
Why do well-funded applicants still miss one bonus?
Timing causes most misses. People fund the account late, split deposits across ineligible accounts, or assume a large opening transfer satisfies a purchase rule. Each requirement measures a different action in a different window.
Treat the pair as two jobs. Assign direct deposits to the checking job. Assign everyday purchases to the card job. Confirm that each job hit its amount before its deadline ends.
How should you track taxes?
Cash bonuses are not separate from tax rules because the balance is large. The IRS states that most withdrawable interest is taxable income in the year it becomes available, according to IRS guidance.
The same guidance says interest of $10 or more should generate Form 1099-INT. Expect bank cash bonuses to be reported and taxable. Keep the award letters, note the payment year, and set aside funds for tax.
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