Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 132115 times)

billy b

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #550 on: May 19, 2019, 10:09:50 PM »
thanks for the info guys

JenniferW

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #551 on: June 03, 2019, 09:56:21 AM »
I got an American Express card to churn.  $300 reward for $3000 in 90 days.  Problem is my auto insurance doesn't take American Express.  It would be a $430 charge.  Any way around this?  Is there some service that will pay as Visa/Mastercard using American Express for a small fee?  Concerned I might not be able to meet the $3000.. I couldn't even pay my electric bill with it.

NotJen

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #552 on: June 03, 2019, 10:04:28 AM »
I got an American Express card to churn.  $300 reward for $3000 in 90 days.  Problem is my auto insurance doesn't take American Express.  It would be a $430 charge.  Any way around this?  Is there some service that will pay as Visa/Mastercard using American Express for a small fee?  Concerned I might not be able to meet the $3000.. I couldn't even pay my electric bill with it.

If they take PayPal, you can use your AmEx through that.  Otherwise, youíre probably out of luck.

If you really donít think you can meet the minimum spend in time, buy gift cards for the grocery store, or prepay some other expenses that take credit cards for no extra charge (like internet or cell phone bill).

billy b

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #553 on: June 03, 2019, 03:58:43 PM »
You can buy visa debit cards at the grocery store like safeway, and use the card for anything.

CanuckExpat

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #554 on: June 04, 2019, 08:44:57 AM »
I got an American Express card to churn... Problem is my auto insurance doesn't take American Express...I couldn't even pay my electric bill with it.

Have you tried Plastiq ?

zoochadookdook

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Bank account ideas/churning 13k this month in CC spending
« Reply #555 on: June 06, 2019, 08:59:16 AM »
Hey all! I have a cc and a bank account bonus conundrum.

Bank wise I have around 25k to spread on bonus returns. I just did the discover $200 HYSA bonus and ACH pushed it to a pnc account for the $300 bonus as well as the $100 aspiration bonus.

I'm looking for the best accounts to utilize this money towards going forward. Any advice on references/searching/comparison charts?

Also I'm looking for the best CC(s) to churn for my upcoming student loans ($13,200 interest starts the 15th this month)
I plan on paying them with vanilla visa cards
My current CC scenario
What is your credit score?

750

What cards do you currently have or have you had in the past (including closed cards), along with dates of when you were approved for the cards? Please include month and year for any card approved in the last 3 years.

I have 3 CIP cards (approved 2018 august, November, February 2019), freedom, freedom unlimited. Have 1 pending CIU app.

How much natural spend can you put on a new card(s) in 3 months?


I have $13200 in student loans to start paying in 10 days. I will use vanilla visas. Plus another 300/month utilities/200 others. I'm looking for a few cards quickly right now.


Are you open to applying for business cards? If not, why? See this postand this wiki question to learn more.


Yes although I already have 3 CIP (sole prop, llc, self llc)

How many new cards are you interested in getting? Are you interested in getting into churning regularly (if you aren't already)? Or are you just looking to get a new card(s) for now but not get into churning long-term?

Multiple

Are you targeting points, Companion Passes, hotel or airline statuses, First Class, Biz, Economy seating(s) or cash back?


Cash points are priority currently.

What point/miles do you currently have?

Chase UR


Any advice? Not sure if I should delve off the chase train right now and get another 2 apps in. Realistically I want to pay the entire 13200 off this month.

therethere

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Re: Bank account ideas/churning 13k this month in CC spending
« Reply #556 on: June 06, 2019, 09:09:52 AM »


Also I'm looking for the best CC(s) to churn for my upcoming student loans ($13,200 interest starts the 15th this month)
I plan on paying them with vanilla visa cards
My current CC scenario


How do you plan to use the vanilla visa cards to pay down your student loans? Can they be deposited into a bank account or something? Otherwise, you'll have to go through Plastiq with a 2.5% fee. I could give you a referral for some fee-free dollars if you go that way.

There is a Chase checking and savings offer (15k min in savings for 3 months, then 5k for 3 more months) and one direct deposit required. It's for a $600 bonus.
Also a $350 HSBC savings bonus. It's either 10k or 15k you'd have to look it up. Post below reminded me how much of a PITA this one was. Not recommended if there are other offers available.
« Last Edit: June 06, 2019, 09:34:16 AM by therethere »

zoochadookdook

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Re: Bank account ideas/churning 13k this month in CC spending
« Reply #557 on: June 06, 2019, 09:22:54 AM »


Also I'm looking for the best CC(s) to churn for my upcoming student loans ($13,200 interest starts the 15th this month)
I plan on paying them with vanilla visa cards
My current CC scenario


How do you plan to use the vanilla visa cards to pay down your student loans? Can they be deposited into a bank account or something? Otherwise, you'll have to go through Plastiq with a 2.5% fee. I could give you a referral for some fee-free dollars if you go that way.

There is a Chase checking and savings offer (15k min in savings for 3 months, then 5k for 3 more months) and one direct deposit required. It's for a $600 bonus.
Also a $350 HSBC savings bonus. It's either 10k or 15k you'd have to look it up.

My loan provider accepts vanilla visa as payment. At 1% charge ($5/500 loaded) it's a no brainer with pretty much all earning 1+back. I used plastiq to pay my last tuition bill and meet my 3rd CIP 5k limit; it used to code back as 3% on the CIP and then some guy went out and bought a telsa/they changed it. Since my CIU card is coming ($500 back when spending 3k in 3 months) I still have another $10000 to put on CC bonuses.

Sadly enough I already have a chase personal checking/saving and business checking account. I'm actually considering closing them and just waiting to be bonus eligible again; they've been my convenient "cash in hand" to run a business through college bank though. I'll have to look at the HSBC; heard they were a hassle in some cases.

therethere

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #558 on: June 06, 2019, 09:33:39 AM »
Yes, HSBC is a hassle it did take a lot of time to get my money out. They deposited the bonus twice and then when I transferred the money out they took back one of the bonuses. Causing it to overdraft and shutting down the ability to transfer money. Then it automatically attempted the transfer again the next day and caused another overdraft. Customer service reps said they couldn't "see" the lock on transfering money and therefore couldn't do anything? It was a huge PITA now that I remember it took almost a month to get my money out again. Yeah sorry for that recommendation. I was thinking of the dollar value ones.

I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?
« Last Edit: June 06, 2019, 09:36:53 AM by therethere »

zoochadookdook

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #559 on: June 06, 2019, 09:44:03 AM »
Yes, HSBC is a hassle it did take a lot of time to get my money out. They deposited the bonus twice and then when I transferred the money out they took back one of the bonuses. Causing it to overdraft and shutting down the ability to transfer money. Then it automatically attempted the transfer again the next day and caused another overdraft. Customer service reps said they couldn't "see" the lock on transfering money and therefore couldn't do anything? It was a huge PITA now that I remember it took almost a month to get my money out again. Yeah sorry for that recommendation. I was thinking of the dollar value ones.

I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?

Ouch; yeah I'd rather do a few 200/month ones vs the headache that is that. Sucks about Chase though....I'll have to look into how long after closing the accounts i'd have to wait to be eligible again....

Great Lakes Loans is my provider. All I did was call them and see what methods of payment they'd take. Because a vanilla visa is basically preloaded funds/debit they can accept it. Fairly simple. I think I have to call in every time to pay with them but I can use multiple in one call.

katsiki

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #560 on: June 06, 2019, 06:14:04 PM »
Yes, HSBC is a hassle it did take a lot of time to get my money out. They deposited the bonus twice and then when I transferred the money out they took back one of the bonuses. Causing it to overdraft and shutting down the ability to transfer money. Then it automatically attempted the transfer again the next day and caused another overdraft. Customer service reps said they couldn't "see" the lock on transfering money and therefore couldn't do anything? It was a huge PITA now that I remember it took almost a month to get my money out again. Yeah sorry for that recommendation. I was thinking of the dollar value ones.

I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?

@therethere
Check out this thread:

https://forum.mrmoneymustache.com/share-your-badassity/making-extra-student-loan-payments-with-a-rewards-credit-card/

I actually thought Great Lakes stopped allowing this..  Good to know it is available.

2Birds1Stone

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #561 on: June 07, 2019, 05:01:49 AM »
Just an update on my last post. Wells posted the $400 bonus to my account just a few days ago. I guess it didn't matter that I had a $0 balance for much of the first 45-60 days.

On to the next one!

zoochadookdook

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #562 on: June 07, 2019, 06:53:51 AM »
Yes, HSBC is a hassle it did take a lot of time to get my money out. They deposited the bonus twice and then when I transferred the money out they took back one of the bonuses. Causing it to overdraft and shutting down the ability to transfer money. Then it automatically attempted the transfer again the next day and caused another overdraft. Customer service reps said they couldn't "see" the lock on transfering money and therefore couldn't do anything? It was a huge PITA now that I remember it took almost a month to get my money out again. Yeah sorry for that recommendation. I was thinking of the dollar value ones.

I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?

@therethere
Check out this thread:

https://forum.mrmoneymustache.com/share-your-badassity/making-extra-student-loan-payments-with-a-rewards-credit-card/

I actually thought Great Lakes stopped allowing this..  Good to know it is available.

I should note they said they would not accept CC's-just vanilla pack visa/debit (that's considered a debit).

Pizzabrewer

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #563 on: June 07, 2019, 07:48:32 PM »
You can buy visa debit cards at the grocery store like safeway, and use the card for anything.

Be careful with this, AmEx takes a dim view of manufactured spending via gift cards/prepaid cards.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #564 on: June 09, 2019, 01:35:18 PM »
You can buy visa debit cards at the grocery store like safeway, and use the card for anything.

Be careful with this, AmEx takes a dim view of manufactured spending via gift cards/prepaid cards.

They don't see itemized receipts. 

Pizzabrewer

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #565 on: June 10, 2019, 01:08:47 PM »
You can buy visa debit cards at the grocery store like safeway, and use the card for anything.

Be careful with this, AmEx takes a dim view of manufactured spending via gift cards/prepaid cards.

They don't see itemized receipts.

Actually they often do if the merchant transmits what's called "Level 3 data" to AmEx.  Even if that's not the case, AmEx does monitor for multiple large purchases from the type of stores that sell Visa gift cards.  Buying one $100 card is probably safe, buying six $500 cards in the space of a couple of weeks will get you noticed.

If you google "AmEx MS" or "AmEx level 3 data" there's plenty of discussions to be found.

Here's a good starting point:  https://www.flyertalk.com/forum/american-express-membership-rewards/1901612-can-t-buy-gift-cards-meet-min-spend-how-does-amex-know-you-bought-gift-card-2.html

MrsWolfeRN

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #566 on: June 24, 2019, 02:23:26 PM »
Do you guys count bank and cc bonuses as income for the purpose of calculating savings rate? I see the bank bonuses as similar to market returns, so I don't count them.  Husband said I should count them because I did work to get them.

The cc bonuses get used as a statement credit so I count them as income, but I can also see how it could get taken off the spending side instead.

therethere

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #567 on: June 24, 2019, 02:33:26 PM »
Do you guys count bank and cc bonuses as income for the purpose of calculating savings rate? I see the bank bonuses as similar to market returns, so I don't count them.  Husband said I should count them because I did work to get them.

The cc bonuses get used as a statement credit so I count them as income, but I can also see how it could get taken off the spending side instead.

I count CC bonuses against my travel expenses. I figure I would take less vacations or less extravagant vacations if I didn't have points.

For bank accounts I count them as income. Since you have to pay taxes on them.