Just today a number of congressmen and women demanded additional banking regulations in the wake of Chase Bank disclosing trading losses.

Chase – a commercial bank – has in the eyes of many, and particularly Michigan-Senator, Carl Levin, acted as a hedge fund with consumer deposits and cheap federal capital.

If you’re a deposit investor with Chase Bank, you’ve undoubtedly Read more...]]> If you bank with Chase, then the answer is likely yes.

Just today a number of congressmen and women demanded additional banking regulations in the wake of Chase Bank disclosing trading losses.

Chase – a commercial bank – has in the eyes of many, and particularly Michigan-Senator, Carl Levin, acted as a hedge fund with consumer deposits and cheap federal capital.

If you’re a deposit investor with Chase Bank, you’ve undoubtedly been a witness to their horrific consumer deposit rates, many of which are barely providing just half a percent in returns. Yet Chase Bank has (surprise) been making risky hedges with these funds.

Another Senator crying afoul on Chase Bank’s latest business practices, Oregon’s Jeff Merkley, had this to say when asked if he had a message for Chase Bank’s CEO, Jamie Dimon; ““Yes. If you want to be the head of a hedge fund, be a hedge fund,” Mr. Merkley said. “Terminate your access to the Fed’s discount window, terminate your access to deposits, and then we have no quarrel.”

He went on to state that current laws provide, “a big enough loophole that a Mack truck could drive right through it,” and a “license pretty much to do anything.”

Breaking Down the Banking Loophole:

1) Lets assume BankVibe started an actual Bank.

2) We then applied for and received FDIC insurance from the federal government. Meaning that we can protect our depositors under this governmental insurance program so that they will get all of their money back (from the FED, not us) if we happen to go belly up.

3) We then start collecting consumer deposits, paying between just 0.50% and 1.00% APY (national average for 12 month CD’s sits at 0.50%, while the national average for 3 year deposits sits at just 1.00% APY).

4) With the money collected from the deposits we then make investments through our subsidiary company that we’re allowed to create thanks to the reformation of the Glass-Steagall Act in 1999.

5) BankVibe then reaps the rewards of higher risk investments while paying only a paltry 0.50 to 1.0 percent in returns to our investors (aka depositors). If we lose depositors’ money from risky maneuvers and go under, the FDIC will foot the bill!

No risk for us!

Over the last couple of years, the old Chase Freedom Visa (and MasterCard) came with a $200 sign up bonus – and they were flying off the shelves! Today however, Chase’s perks and rewards on this particular card are slightly restructured (and we believe for the better).

Make sure Read more...]]> One of the most popular cash back credit cards from Chase Bank has just been relaunched this week and it’s perks are still plentiful.

Over the last couple of years, the old Chase Freedom Visa (and MasterCard) came with a $200 sign up bonus – and they were flying off the shelves! Today however, Chase’s perks and rewards on this particular card are slightly restructured (and we believe for the better).

Make sure you receive the limited time $100 cash bonus. T get the Chase Freedom Card with the $100 sign up bonus use this link.

The largest swap of ‘perks’ from the old offer to the new one is the exchange of $100 in bonus money for a 15 month, 0% APR period on both new purchases AND balance transfers. So rather than earning a $200 bonus for signing up, you earn just a $100 bonus, but you also get a 0% intro APR for over a year. Depending on your own financial circumstance, this new promotional APR period could be quite beneficial.

2012 Perks and Rewards – Chase Freedom Visa Card:

1) $100 Cash Bonus after spending just $500 on the card.

2) 5% cash back on a rotating set of categories on up to $1500 in purchases every quarter (or roughly 5% cash back on $500 spent each month). Below are the 5% cash back categories for 2012:

- January to March – Gas Stations, Amazon.com

- April to June – Grocery Stores, Movie Theaters

- July to September – Gas Stations, Restaurants

- October to December – Hotels, Airlines, Best Buy, Kohls

3) Snag 1% cash back on ALL other purchases with no limit on how much you can earn.

4) No annual fee or activation fee. This is a tidy little feature of this card that, in our opinion, puts it well above competing cash back offers. So many credit cards impose steep yearly fees that easily eat up earnings over the course of a year. It is nice to see a premium card offer that still offers $0 in fees to consumers.

5) Earn an industry best 10% cash back on online purchases through Chase partners.

6) 0% intro APR for 15 months! This is a solid offer for even the top balance transfer credit cards. Keep in mind you’ll still have to pay the standard 3% of the transfer amount upfront. So if you’re transferring a $10k balance you’ll owe $333.00 up front but then will have 15 months to pay off the total debt before an interest rate of between 12.99% and 22.99% (depending on credit score) is applied.

Apply for the Chase Freedom® Visa Card with $100 Bonus!

What do you think? Think the old Chase Freedom Offer was more lucrative?

In many respects this is to be excepted as the national average for CD rates has lowered slightly since the Spring of last year when we last covered Read more...]]> Chase Bank’s CD rates in 2012 are providing even lower yields than they were last year around this time. In fact, to garner returns of over 1 percent on a deposit with Chase Bank you’ll need to lock away your money for an entire decade!

In many respects this is to be excepted as the national average for CD rates has lowered slightly since the Spring of last year when we last covered Chase’s deposit rates, and CD rates as a whole are currently experiencing record lows across the board.

Chase Bank essentially offers two product lines for deposits. They have “regular CDs” which require a minimum deposit of just $1,000 and “Special CDs” which require a slightly higher deposit of $10,000.

Their “special CDs” really feature nothing that “special” and come with oddball durations such as 13 month – 120 month terms.

If you plan on opening a deposit with Chase you’ll also need to know that you must open a Chase checking account in conjunction with the deposit. Chase Bank is notorious for their checking account fees which range from $6 per month to $25 per month if certain balance requirements aren’t met. However, if you have a linked deposit account valuing at least $25,000 they will waive this fee.

Chase Bank CD Rates in 2012:

Regular Deposit Rates

- 6 month CD providing an APY of 0.20% with a minimum deposit requirement of $1,000.

- 12 month CD providing an APY of 0.25% with a minimum deposit requirement of $1,000.

- 18 month CD providing an APY of 0.35% with a minimum deposit requirement of $1,000.

- 24 month CD providing an APY of 0.40% with a minimum deposit requirement of $1,000.

- 36 month CD providing an APY of 0.50% with a minimum deposit requirement of $1,000.

Special Deposit Rates

- 13 month CD providing an APY of 0.40% with a minimum deposit requirement of $10,000.

- 36 month CD providing an APY of 0.75% with a minimum deposit requirement of $10,000.

- 120 month CD providing an APY of 2.00% with a minimum deposit requirement of $10,000.

Contact Chase at www.Chase.com for further information, terms and conditions.

In light of this little tidbit, we put together a list of the top 3 new checking account bonuses that won’t end Read more...]]> Big banks got hammered in the media throughout much of the final quarter of 2011 due to their – albeit immediately reversed – threat of adding new fees. However, depending on your own individual financial circumstances, you may still get slammed by fee’s from some of the nation’s leading banks.

In light of this little tidbit, we put together a list of the top 3 new checking account bonuses that won’t end up paying off if you’re not considered a ‘high value account’ to them.

However, before we hop into the 3 account promotions, let’s analyze what makes up a high value client for the likes of Citibank, Bank of America, Chase or any other large national powerhouse.

1) Someone who has or will open multiple accounts with the bank (ie. credit cards, mortgage or home loan, auto loan, etc.)

2) Someone who regularly holds a high balance in their checking account. In fact, these are the would-be customers hit by the new fees that were so badly brutalized in the media. Anyone who regularly keeps under $500 in their checking account can consider themselves a ‘low value client’ to a big bank and should probably look into a credit union or online bank. Conversely, check out how one can earn 2% cash back on their checking account by keeping more than $5k as a balance.

3) Someone who plans on keeping their retirement account(s) with the bank’s investment arm. Obviously the larger your nest egg, the more valuable of a client you are.

So…for the littler guys just looking for a no fee’s checking account with a lucrative sign-up bonus, STAY AWAY from these tempting offers, which, by the way, will immediately pop up in Google when searching for “checking account bonuses.” Don’t believe me? Give it a try!

Stay Away From…

1) Key Bank’s Checking Account Bonus. Get $150 by opening one of their many checking account packages.

What they tell you: Get $150 when you switch to Key Bank.

What you’ll also need to know: You’ll need to open one of their various checking accounts and make 60 payments and or purchases within 3 months, plus, make 3 separate $500 deposits in 3 months. However, the most important thing to notice is that ALL of their checking account packages come with “maintenance fee’s” (besides one) unless you can keep a rather hefty $10 – $100k in them. Their most basic checking package is the “Key Express Checking Account” and you’ll still need to deposit at least $500 or initiate five account transfers per statement cycle to avoid fees.

2) Citibank’s Checking Account Bonus Offer. Open one of two checking accounts and earn between $50 and $100 in bonuses.

What they tell you: Get $100 after opening a Citi Gold Checking Account or $50 from their traditional Citi Checking Account.

What you’ll also need to know: There’s no monthly service fee if you maintain a $15,000 combined average monthly balance requirement in eligible products; otherwise $20.00 monthly service fee is applied. Eligible products are linked deposits, loans, mortgages, and investment accounts.

3) Chase Checking Account. Get $125 for opening a new account by using a promo code or getting one emailed to you. Google “Chase Checking Promotion” to find the promo code.

What they tell you: Get $125 for opening a new Chase Checking Account and making one direct deposit. As a quick disclaimer, we did mention this on our list of top checking account offers in 2012, however, we provided the disclaimer that this account bonus will only be worth it if you plan on making Chase your primary bank and moving larger sums over to their bank.

What you’ll also need to know: Chase’s checking account has no monthly service fee’s for those who can either make a monthly direct deposit of $500 or more or keep a daily average balance of $1,500. If you can’t you’ll get dinged with a $12 fee. So as you can see it’s the best of the three big bank checking account promotions, but still likely not worth it for the little guy.

If you’re a last minute shopper like myself, then luckily you’re still eligible to nab one of these cash bonus credit card offers but you’ll have to move fast. However, if you’re one of those people that like to take advantage of the post-holiday discounts many retail stores offer knowing consumers’ wallets (and credit limits) will Read more...]]> There’s never a lack of holiday promotions from credit card issuers this time of year and now is about the time they begin to dwindle.

If you’re a last minute shopper like myself, then luckily you’re still eligible to nab one of these cash bonus credit card offers but you’ll have to move fast. However, if you’re one of those people that like to take advantage of the post-holiday discounts many retail stores offer knowing consumers’ wallets (and credit limits) will be packed with funds from returned ugly socks, sweaters, and the like, then you may still want to consider one of these cash bonus credit cards to supplement the upcoming discounts.

Below are Credit Cards Offering Holiday Cash Bonuses for Signing-Up:

1) Get $150 Cash Back Bonus From Discover – Discover is one of our favorite cards for both cash back incentives and balance transfers, however, in our recollection they rarely dabble in the cash bonus realm until the Holiday’s roll around. Currently (and until December 30th) you can nab a $150 bonus after spending $1,000 in 90 days. (Our original report of this offer can be found here). Use the link above before the exp. date to get the offer and to read all the additional terms, conditions of features of the card. The above link will be removed Friday at 2:30pm CST and the cash bonus will no longer be on the table.

Just as a quick glimpse of the features of this card – It’s 5% cash back program on regular purchases and generous 0% balance transfer offer usually keep it amongst the most popular offers on the market. Just remember to factor in the up-front, one-time balance transfer fee that will be imposed before deciding on whether to transfer an existing card balance over to this one. The main drawback of the card being that it’s not widely accepted outside the United States and you may even have trouble using it in obscure shops or locations within the US as well.

2) Chase Freedom® Visa – $200 Bonus Cash Back – This offer, quite frankly, has been one of the best we’ve seen in a while in the cash bonus space and has surprisingly stayed on the market for a relatively long time when compared to other similar offers from competing card issuers. It’s “limited time offer” threat – if you will – has always been looming around since it’s inception but we haven’t received word of it being removed anytime in the immediate future, however, we do have a hunch it may be either taken off the market or the bonus may be reduced in the coming months following the New Year. It has an extremely similar reward structure to that of the Discover offer above, but the requirements to earn the $200 bonus are far less stringent. You can earn the $200 bonus after spending just $500 with the card! Pretty solid return on investment eh? So again, if you’ve got some last minute shopping to do or plan on taking advantage of the post-holiday blues discounts this extra 200 bucks Chase is throwing in your pocket could probably lend a helping hand!

Here come the holiday credit card offers!

Last week we noted that the popular Discover More Card is featuring a $150 cash bonus after spending $1,000 with the card (only available through November). And this week’s best holiday credit card special comes from Chase.

Currently the Chase Slate Mastercard is providing new card holders with a $75 statement credit Read more...]]> Attention: This offer has ended. Visit our credit card section for updated promotions and offers.

Here come the holiday credit card offers!

Last week we noted that the popular Discover More Card is featuring a $150 cash bonus after spending $1,000 with the card (only available through November). And this week’s best holiday credit card special comes from Chase.

Currently the Chase Slate Mastercard is providing new card holders with a $75 statement credit after opening the card and spending $300 on it within the first 3 months. As with other holiday geared credit card offers this one also comes with a 0% APR on purchases for a whopping 15 months!

Apply for the card and get the $75 statement credit here!

Credit cards regularly come out with 0% APR intro periods to persuade consumers to spend, perhaps a little more than they can legitimately afford, during the holiday shopping season. So while this 0% APR for 15 months is a noteworthy feature of the card, we’d still like to remind you to keep your spending in check and always know what your current balance is before pulling it out of your wallet. After the intro period is over you’ll incur a standard APR of between 11.99% – 21.99% depending on your credit worthiness.

If you’ve read our review of the Chase Slate Mastercard, then you’re probably familiar with the Chase Blueprint feature. For those that are unfamiliar with this element of the card, it’s an online management tool that allows you to effectively manage your spending and borrowing. With the feature you can customize your payment plans, create financial goals and monitor their progress. There are no fees associated with this card nor the blueprint program.

Additional Features of Chase Slate Credit Card:

- 0% intro APR on balance transfers.

- 3% balance transfer fee.

- No annual fee.

According to this Associated Press article featured on Yahoo News, “The largest U.S. banks will be required to show regulators how they would break up and sell off their assets if they Read more...]]> The FDIC (federal deposit insurance corporation) voted unanimously today to require banks with $50 billion plus in assets to write “living wills to the FDIC” should their institution face the potential of bankruptcy in the event of another financial meltdown.

According to this Associated Press article featured on Yahoo News, “The largest U.S. banks will be required to show regulators how they would break up and sell off their assets if they are in danger of failing.”

On top of this measure, these banks will need to rework their “wills” and send their revisions to the FDIC annually. These revisions will be kept on file and essentially treated as contracts should any of the FDIC-insured institutions begin to show signs of imminent bankruptcy in the wake of another financial crisis.

If the balance sheets and assets of the reported 126 financial institutions participating in this measure are compromised, regulators would then have the power to seize and dismantle the bank(s) that threaten the broader financial system.

Furthermore, the FDIC will also have the power to designate other financial firms as potentially threatening to the financial system and require them to submit plans.

The largest banks affected are Chase Bank, Bank of America, Citigroup and Goldman Sachs.

Currently when consumers sign up for the Chase Sapphire Preferred Credit Card, they’re entitled to 50,000 bonus points after spending $3,000 in the first 3 months. We Read more...]]> We reported on this nice little offer when it was first issued by Chase Bank, but we’ve barely mentioned it since and thought it deserved another quick shout out since it’s one of the hottest credit card deals left on the market for travel rewards.

Currently when consumers sign up for the Chase Sapphire Preferred Credit Card, they’re entitled to 50,000 bonus points after spending $3,000 in the first 3 months. We know spending $1k a month on a credit card is a little steep, so if you’re really after the bonus you may have to shift the majority of your monthly expenditures over to this card until the promotional period is over. Still not a bad return on investment – spend $3k to get back $665 in travel.

Get Bonus Here.

The other perks associated with Chase’s Sapphire Preferred Card are generous as well. You’ll earn 2 points for every dollar you spend on travel and dining related purchases as well as 1 point for every dollar you spend on all other purchases. Plus, if you book your traveling through Chase’s “Ultimate Rewards” center you’ll use 20% fewer points than you would through other online agencies and comparison shopping sites.

Some noteworthy perks regarding the Sapphire Preferred Card in which you might not be aware of are: 1) Chase drops a 7% annual dividend on points earned into your account every year, 2) you’ll pay no foreign transaction fees when traveling outside of the US and 3) the annual fee (which we’re not particularly fond of) is waived for your first year, after that it will be $95.

Want to learn more about Chase’s regular Sapphire Card? See our full review of the Chase Sapphire Credit Card.

Update April 2012: Chase has changed the perks and rewards associated with this card. Rather than a $200 bonus it now features a bonus of just $100 but has also added a 0% intro APR period for 15 months on both balance transfers and purchases. See the complete offer with reviews here.

The Chase Freedom® Visa Card is our top rated cash back credit card of September 2011. For a limited time, Read more...]]>

Update April 2012: Chase has changed the perks and rewards associated with this card. Rather than a $200 bonus it now features a bonus of just $100 but has also added a 0% intro APR period for 15 months on both balance transfers and purchases. See the complete offer with reviews here.

The Chase Freedom® Visa Card is our top rated cash back credit card of September 2011. For a limited time, consumers in decent credit standing can apply for the Chase Freedom® Visa Card and earn a whopping $200 cash back after just $500 in purchases within the first 3 months of opening the card! How’s that for a return on investment?

Chase Freedom® Visa – $200 Bonus Cash Back Here.

Along with the $200 cash bonus, you’ll also get an industry best 5% cash back on a set of purchases (whose categories rotate each quarter). The categories are made up of typical everyday-type purchases such as gas, groceries, travel (hotel, airlines, car rentals, etc) leisure and more.

While the categories rotate every quarter Chase does a decent job at attempting to line up the specific category currently providing the 5% cash back with the optimal time consumers will be spending money in this category. For instance, because people are generally traveling a lot via car in the summer months, going on family road trips etc., Chase has issued the 5% cash back  in the “gas” category during the summer months. And starting in October through the holiday season you’ll get 5% cash back on up to $1,500 spent on dining, department stores, movie theaters and charitable organizations.

The only setback of their 5% cash back structure is that it gets capped at $1,500 each quarter. However, you’ll also receive 1% cash back on all other purchases with absolutely no caps and/or minimum purchase requirements.

Annual Fee: $0

Chase Freedom® Visa Card APR: 15.99% – 22.99%* (Variable) depending on credit standing.

Bonus: $200 for limited time only.

Chase Freedom® Visa – $200 Bonus Cash Back Here.