Author Topic: Maximize Your Churning (Bank Account & Credit Card)  (Read 544 times)

Toad

  • Stubble
  • **
  • Posts: 149
Maximize Your Churning (Bank Account & Credit Card)
« on: August 22, 2018, 11:56:07 PM »
So I have recently gotten myself into the world of churning and it has been quite the eye opening experience for me.  I have been aware of the travel hacking / credit card churning aspect of it for a few years but mostly just ignored it since I always thought it was essentially just for people who travel (I don't).  I started looking into it earlier this year, and in an effort to maximize the money I am making and minimize expenses, I jumped in.  After immersing myself in the new world I discovered bank account churning and jumped in there as well.  I like free money.

I did a few searches and did not find any global threads dedicated to tracking these activities and so I figured I would start one.  I think it will be interesting to see just how much money we really can generate/save from these activities.  I suspect for people that have been doing these for a long time, the profits/perks taper off as your credit and chex. reports start looking like a war zone.  In an effort to perhaps open others eyes to this world and to start us off, for this year my numbers are as follows (got into CC churning in April and BA churning in June):

Received = reward in hand
Pending = reward criterion met but reward not in hand
In progress = reward criterion not met yet
Denied = :(

Credit Card totals earned & in progress for 2018 through 8/22:
Cash: $1,480 - all received
UR Points: 178k - 53k received, 125k pending
MR Points: 325k - 55k received, 105k pending, 165k in progress
SW Miles: 116k - all received
AA Miles: 127k - 53k received, 74k pending
AA Gift Cards: $400 - $150 received, $50 pending, $200 in progress

Bank Account totals earned & in progress for 2018 through 8/22:
Cash: $1,955 - $505 received, $650 pending, $800 in progress

Fees & associated expenses: $1,570


Assuming 30% tax on the bank account totals, CC & BA cash net after expenses: $1,280

Redemptions: 23,860 SW points redeemed for $366 of travel

I don't like to assign values to points until they have been redeemed, but since UR can be redeemed directly at 1 cpp and MR can be redeemed directly at 1.25 cpp, I feel those are pretty safe valuations:

Minimum cash equivalent value of UR & MR: $5,840



So by my calculations, currently I have/have in progress in my BA/CC stash for the year:

$7,120 cash
92k SW miles
127k AA miles
$400 AA vouchers
and have redeemed to save $366 in travel expenses


Total CCs to date:
12 approved (9 business, 3 personal)
1 denied

Total BAs to date:
9 approved
2 denied (failed ID verification & ran out of time to pursue)

I intend to update my "stats" each month and encourage fellow churners to do the same.  Tax free money is the best kind, and that is what CC churning gets you.  Of course, I don't discriminate as I also accept taxable money which is what BA churning gets you.  So if you are a Mustachian and are not churning, open your eyes to the possibilities and try to top me!
« Last Edit: August 23, 2018, 12:33:36 AM by Toad »

Pizzabrewer

  • Bristles
  • ***
  • Posts: 443
    • Chase Sapphire Preferred 50k points
Re: Maximize Your Churning (Bank Account & Credit Card)
« Reply #1 on: September 20, 2018, 09:25:39 PM »
I got here by following your link on KPD's thread.  I thought I was doing well (we'll net around $4 to 4.5k this year in bonuses) but you guys are killing it.

I feel like I've already picked the low-hanging fruit.  Discover savings and Capital One savings (both hyper-fast bonus payments with no min balance/no fees); TD Bank checking $300, BofA checking, M&T checking $200 (fast posting), Citizens Bank $400 (taking its time to post), Chase Sapphire Preferred ~$600 cash redemption, a couple other Chase cards (I'm now way over 5/24 and will probably never qualify for Chase cc again), etc etc.

But looking at what's left out there it's mostly checking accounts with high deposit requirements for months before bonus posts.  Plus credit cards I'm increasingly unlikely to get approval for, as I've built up a lot of hard inquiries in my credit file.  So I don't know that I can ramp up my game to your level.

Thanks for all the info.  I'm still digesting it.

Toad

  • Stubble
  • **
  • Posts: 149
Re: Maximize Your Churning (Bank Account & Credit Card)
« Reply #2 on: September 21, 2018, 12:39:00 AM »
I got here by following your link on KPD's thread.  I thought I was doing well (we'll net around $4 to 4.5k this year in bonuses) but you guys are killing it.

Free money is free money.  $4k-$4.5k is certainly no small amount.  There is more risk and work to going at an accelerated pace, and I doubt it will be sustainable long term (for CCs at least) as you have indicated.  Fortunately there are a few good options to MS some CCs when letting your credit cool down.  An option I am open to as long as I can hit ~4% back after fees.  Certainly more work involved for less with that though.  Will see when I get to that point if I feel like messing with it or just taking a complete break from CCs for a while.

Toad

  • Stubble
  • **
  • Posts: 149
Re: Maximize Your Churning (Bank Account & Credit Card)
« Reply #3 on: September 30, 2018, 07:42:28 PM »
Perhaps I set the bar too high since no one is joining in :P

Things seem to be slowing down for me on the CC front - 2 denials with failed recon and 2 approvals for Sept.  Probably will hold off on all CC apps. for Oct. (I say that now...).  Also starting to get denials at Chex sensitive banks, but I don't intend to slow down on that front.  Update through the end of Sept:

Received = reward in hand
Pending = reward criterion met but reward not in hand
In progress = reward criterion not met yet
Denied = :(

Credit Card totals earned & in progress for 2018 through 9/30:
Cash: $2,130 - $1,580 received, $550 pending (may possibly only be $400...unclear right now)
UR Points: 178k - 53k received, 125k pending
MR Points: 325k - 155k received, 170k pending
SW Miles: 116k - all received
AA Miles: 127k - all received
AA Vouchers: $400 - $200 received, $200 in progress
HH Points: 128k - all pending
Saks 5th Ave. Gift Cards: $50 - all in progress

Bank Account totals earned & in progress for 2018 through 9/30:
Cash: $3,680 - $955 received, $800 pending, $1,925 in progress

Fees & associated expenses: $1,963


Assuming 30% tax on the bank account totals, CC & BA cash net after expenses: $2,743

Redemptions: 44,085 SW points redeemed for $682 of travel

Assuming UR cashout of 1 cpp and MR cashout of 1.25 cpp:

Minimum cash equivalent value of UR & MR: $5,840



So by my calculations, currently I have/have in progress in my BA/CC stash for the year:

$8,583 cash
72k SW miles
127k AA miles
$400 AA vouchers
128k HH points
$50 Saks 5th Ave. gift cards
and have redeemed to save $682 in travel expenses


Total CCs to date:
14 approved (11 business, 3 personal)
3 denied

Total BAs to date:
14 approved
7 denied
« Last Edit: October 14, 2018, 02:44:12 PM by Toad »