Author Topic: Credit Cards Rewards and Sign on Bonuses (Churning)  (Read 68769 times)

zachd

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #100 on: March 09, 2014, 03:07:50 PM »

Hopefully there are no stupid questions.. but when you say 30,000 miles.. what does that actually mean?

Actual flight miles? On any airline? Etc?  I've only ever had a southwest rewards card. They used to just give you free flights. Now they give you a discount.
I don't speak 'miles' in the language of rewards cards but I would like to learn!

Hugh H

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #101 on: March 09, 2014, 05:57:21 PM »

Hopefully there are no stupid questions.. but when you say 30,000 miles.. what does that actually mean?

Actual flight miles? On any airline? Etc?  I've only ever had a southwest rewards card. They used to just give you free flights. Now they give you a discount.
I don't speak 'miles' in the language of rewards cards but I would like to learn!

Usually means a 1% reduction in ticket price. 30,000 miles would be around $300 off the price of a ticket with a specific airline.

dragoncar

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #102 on: March 10, 2014, 12:08:36 AM »

Hopefully there are no stupid questions.. but when you say 30,000 miles.. what does that actually mean?

Actual flight miles? On any airline? Etc?  I've only ever had a southwest rewards card. They used to just give you free flights. Now they give you a discount.
I don't speak 'miles' in the language of rewards cards but I would like to learn!

They make it obscure for a reason.  See, for example:
http://www.smartertravel.com/travel-advice/the-value-of-frequent-flyer-mile-revisited.html?id=7050813

Fireman

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #103 on: March 10, 2014, 01:25:25 PM »

Hopefully there are no stupid questions.. but when you say 30,000 miles.. what does that actually mean?

Actual flight miles? On any airline? Etc?  I've only ever had a southwest rewards card. They used to just give you free flights. Now they give you a discount.
I don't speak 'miles' in the language of rewards cards but I would like to learn!

As far as the NFCU card goes, here is a PDF of the policy for that particular card.  Looks like, among other things, you can get a $150 credit with those 30,000 points.

Fireman

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #104 on: March 19, 2014, 10:39:42 AM »
For those of you who have asked about how churning affects credit scores, i'll share my experiences.  Obviously, your mileage may vary.

My oldest account is from 2007 and my utilization is half a percent.  I also have a house note and car note.  I have no delinquencies and have paid every bill on time (early). 

In November, my Equifax score was 762.  After opening one new card in January, I checked through Discover and my Transunion score was 784.  After a second card in January, Transunion increased to 794.  I opened a third new card in March and the Experian score on my approval letter was 755 but my Transunion score, as of this morning, was 801.

I don't know how much the three correlate but I would postulate that the average is around 775.  Add to that the ~500 dollars that i've made through churning and the cash rewards that I will continue to earn, and i'd call it a success.

kpd905

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #105 on: March 20, 2014, 05:25:45 AM »
Good stuff Fireman.  Your credit score will generally drop 3-5 points from a hard pull, but then I have found that it rebounds very quickly.  In March 2013 my score was 761 which was given to me with my first Amex card.  In November 2013, after applying for 10 credit cards, a car loan, and an apartment hard pull between March and November, my score was 787.

Fireman

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #106 on: March 22, 2014, 07:18:54 PM »
Not necessarily for a company many of us will use but...Sony is offering a $100 statement credit after opening a new card and making one purchase.  Looks like you could make a quick purchase and pay it off then once the statement credit arrives in 8-12 weeks, you could do a $100 Amazon payments charge and pocket it.  Nothing says any purchases have to be made through Sony.com or at a Sony store.

Link here.

bariloche

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #107 on: April 29, 2014, 08:52:55 PM »
Just saw that the Lufthansa Miles and More 50k mile offer is back. Get 20k after first purchase, and 30k after $5k in spending within 90 days. $79 annual fee. Not bad for a round trip flight to Europe or 2 flights within the US.

http://www.welltraveledmile.com/barclays-lufthansa-miles-and-more-mastercard-50000-mile-offer-back-for-a-limited-time/

zachd

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #108 on: May 10, 2014, 10:46:18 PM »
Just revisiting this topic.  I understand now how blue bird amex works to use points to pay your bills or mortgage.. but it looks like fewer places will let you purchase a vanilla reload card with a credit card.  Is anyone currently using this method (you know a place that will sell the VR card and take credit card to purcahse it ) ? In Texas?  In Austin?
Are there alternatives?  I see mentions of buying gift cards with PINs and transfer to BB via Walmart ATM but details are vague.

I'm sure I can find some info if I keep searching google but maybe someone here already know plus the answer might benefit people here also.

Edit to make more clear. For sure if people were more clear in other forums I wouldn't probably have to ask!
« Last Edit: May 10, 2014, 11:04:17 PM by zachd »

madage

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #109 on: May 11, 2014, 05:51:53 AM »
I see mentions of buying gift cards with PINs and transfer to BB via Walmart ATM but details are vague.

This is my method, although I use Serve instead of Bluebird; they're nearly the same product now. Some cashiers or money center employees check to make sure you're not using a gift card to load, which is why the money center ATM is my go-to. Don't bother with the "Bluebird" button on the ATM; choose the Walmart MoneyCard option. Make sure you set a PIN on your gift card (Visa GCs work best, I've found) before you go. The limit is $1,000 per day and $5,000 per month per Serve/BB card. Note that, due to GC fees, this really only make sense if you're getting a pretty good bonus rate for grocery stores or pharmacies.

Breaker

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #110 on: May 11, 2014, 11:36:10 AM »
Hi,

I just signed up for an REI Visa.  The sign up bonus is $100.  There is no annual fee.  The only requirement is that you have to use it within 90 days.  No specified $ amount.

Gives 5% back on REI Purchases and 1% everywhere else.  If added to your Membership discount of up to 10%, it is a good return for REI purchases.

Drawback is the rewards are only available once a year and only at REI.

Works for me but not everyone.

Thanks to whoever mentioned that the BofA Cash back card gives a bonus if you have the rewards deposited into an account.  I will open a savings account there tomorrow.

I'm waiting for Charles Schwab to come up with a CC.  They used to have one thru BofA but dropped it several years back.  It was 2% everywhere and was good for those times that I only want to carry one CC or I'm sure it isn't one of the "catagories" that pay more on my Costco Amex.

Jan

FrugalInTraining

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #111 on: May 12, 2014, 09:57:56 PM »
Looking for suggestions to help defray the cost of a family trip to Europe planned for summer 2015 - my in-law's 50th anniversary.  Much of our lodging and some airfare will be covered by others, so I'm looking for a travel rewards card that could be used towards place tickets and car rental.  I suppose fee-free international transactions would be helpful, too.

Like others in this forum, we don't spend a ton of money on a regular basis, so high spending requirements to get a bonus might not be suitable. . .

I'd appreciate any ideas!

Hamster

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #112 on: May 12, 2014, 10:43:30 PM »
I just signed up for an REI Visa.  The sign up bonus is $100.  There is no annual fee.  The only requirement is that you have to use it within 90 days.  No specified $ amount.

Gives 5% back on REI Purchases and 1% everywhere else.  If added to your Membership discount of up to 10%, it is a good return for REI purchases.

Drawback is the rewards are only available once a year and only at REI.

Works for me but not everyone.
It's actually a little more flexible than that. Unless I am 'misremembering' something, this is my experience with this card for the last 6 years.

The card gives you the 1% or 5% back for purchases. It has been my experience that those can be used for store credit anytime after that month's statement is settled (you don't have to wait until the annual dividends are issued). I may be wrong about this point, but I am pretty sure I have done this on a number of occasions.

At the end of the year, any cash back rewards that you haven't used are added to your annual member dividend (which is 10% back on all most purchases). The dividend is issued in March of each year and can be used immediately in the store, or after July 1 can be redeemed for cash or check instead.

nawhite

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #113 on: May 13, 2014, 07:06:17 AM »
Looking for suggestions to help defray the cost of a family trip to Europe planned for summer 2015 - my in-law's 50th anniversary.  Much of our lodging and some airfare will be covered by others, so I'm looking for a travel rewards card that could be used towards place tickets and car rental.  I suppose fee-free international transactions would be helpful, too.

Like others in this forum, we don't spend a ton of money on a regular basis, so high spending requirements to get a bonus might not be suitable. . .

I'd appreciate any ideas!

I'm a big fan of the Barclaycard World Arrival Card for your situation. It gives you 2.22% on all purchases as a statement rebate towards travel purchases. It also gives you $400 in cash back if you spend $3000 in the first month.

Fireman

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #114 on: May 13, 2014, 09:06:20 AM »
Looking for suggestions to help defray the cost of a family trip to Europe planned for summer 2015 - my in-law's 50th anniversary.  Much of our lodging and some airfare will be covered by others, so I'm looking for a travel rewards card that could be used towards place tickets and car rental.  I suppose fee-free international transactions would be helpful, too.

Like others in this forum, we don't spend a ton of money on a regular basis, so high spending requirements to get a bonus might not be suitable. . .

I'd appreciate any ideas!

I'm a big fan of the Barclaycard World Arrival Card for your situation. It gives you 2.22% on all purchases as a statement rebate towards travel purchases. It also gives you $400 in cash back if you spend $3000 in the first month.

Definitely go with the Barclaycard Arrival Card.  However, nawhite gave you some misinformation.  When you spend $3,000 in 90 days, you will receive 40,000 miles that can be redeemed as $400 towards a travel statement credit (not straight cash back).  If you want actual cash back it turns into a 1% card as you will receive $0.005 (half a cent) per mile.  Additionally, when you do use the rewards as a travel statement credit, you receive a 10% credit back to your miles bank. 

This card gets great reviews because you aren't locked into one airline or travel site.  You can use the miles as a statement credit towards any travel purchase including airlines, rental cars, and discount travel sites.  I just picked this one up and am working on the sign up bonus for a trip I plan to take later this year. 
« Last Edit: July 24, 2014, 08:49:54 PM by Fireman »

zachd

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #115 on: May 13, 2014, 11:18:22 AM »

Chase Sapphire was giving 40,000 mile bonus for $3000 spend in 90 days and also 5000 miles bonus for adding another person to the card.
That's the one I'm working on now. I'll probably do barclay after that.

michaelrecycles

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #116 on: May 13, 2014, 11:42:54 AM »
I used to have with Chase Sapphire Preferred, but recently downgraded to the no fee version. It just didn't make sense after I got the Barclaycard Arrival, which gives 2% on everything. However, once the Arrival's annual fee comes up, I will also downgrade that to the no fee version. At that point, I will probably get the Fidelity AMEX, which also gives 2% on everything with no annual fee. My other keeper cards are Chase Freedom (no fee, 5% rotating), Costco AMEX (no fee with paid Costco membership, 3% gas), and Capital One Quicksilver (no fee, 1.5% everywhere, I'll use this where AMEX is not accepted).

Once I stopped dining out and buying gas so much, the cards with special categories didn't matter as much. I definitely can't justify an annual fee anymore. It takes a lot of spending just to cover the fee, and even then, you're still behind compared to a no fee card.

Another Reader

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #117 on: May 13, 2014, 12:18:02 PM »
Anyone sign up for either of the Wells Fargo-Amex Propel cards?  The travel version has 40,000 points for spending $3,000 in 90 days.  That's $400 in travel rewards.  There are rewards from 3 percent down to 1 percent, but I don't have the details right now.  It has a high fee, but it's no fee for the first year and you should be able to cancel or downgrade.  There's a 365 version that has 20,000 in points and is not travel oriented.

brooklynguy

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #118 on: May 30, 2014, 07:42:25 AM »
Anyone sign up for either of the Wells Fargo-Amex Propel cards?  The travel version has 40,000 points for spending $3,000 in 90 days.  That's $400 in travel rewards.  There are rewards from 3 percent down to 1 percent, but I don't have the details right now.  It has a high fee, but it's no fee for the first year and you should be able to cancel or downgrade.  There's a 365 version that has 20,000 in points and is not travel oriented.

I did, but I'm still working towards meeting the spending threshold.  I had also signed up for a Wells Fargo Home Rebate Visa Signature Card through a personalized $100 bonus offer that was mailed to me, which I have already earned.  Even though the terms say the cash back bonuses on that card are payable in the form of a rebate against the outstanding principal balance of your Wells Fargo home mortgage, it seems to be redeemable as a regular cash back award creditable towards any account you have with Wells Fargo (including the credit card account itself, or other credit cards or checking accounts you have with Wells Fargo).

madage

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #119 on: May 30, 2014, 07:45:15 AM »

I had also signed up for a Wells Fargo Home Rebate Visa Signature Card through a personalized $100 bonus offer that was mailed to me, which I have already earned.  Even though the terms say the cash back bonuses on that card are payable in the form of a rebate against the outstanding principal balance of your Wells Fargo home mortgage, it seems to be redeemable as a regular cash back award creditable towards any account you have with Wells Fargo (including the credit card account itself, or other credit cards or checking accounts you have with Wells Fargo).

The rebate can also be redeemed as a check mailed to you.

horsepoor

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #120 on: May 30, 2014, 10:59:48 AM »
I used to have with Chase Sapphire Preferred, but recently downgraded to the no fee version. It just didn't make sense after I got the Barclaycard Arrival, which gives 2% on everything. However, once the Arrival's annual fee comes up, I will also downgrade that to the no fee version. At that point, I will probably get the Fidelity AMEX, which also gives 2% on everything with no annual fee. My other keeper cards are Chase Freedom (no fee, 5% rotating), Costco AMEX (no fee with paid Costco membership, 3% gas), and Capital One Quicksilver (no fee, 1.5% everywhere, I'll use this where AMEX is not accepted).

Once I stopped dining out and buying gas so much, the cards with special categories didn't matter as much. I definitely can't justify an annual fee anymore. It takes a lot of spending just to cover the fee, and even then, you're still behind compared to a no fee card.

I will probably downgrade as well - I've actually had the Chase Freedom for several years, so getting rid of the Sapphire with the shorter history will be the smart thing to do.  Unfortunately, it looks like the 5% rotating categories coincide with the same categories as my Discover.

I also wonder if the activity on my credit profile raised a flag with my existing credit card carriers, because I suddenly got an offer for an upgrade to 2% back on groceries and 3% back on gas with the BofA Mastercard I've had since 1999.  When I called they asked why I hadn't been using the card, and reiterated that it was a 7.9% FIXED APR (not that it matters).  Have never had this happen before, so it seems like a bit of a coincidence having just opened a few new cards in the last couple months.

If you have Wells Fargo accounts, you can just set it up to automatically dump the rewards $ into your account whenever you reach $25.  As far as I can tell, the redemption rate for cash is the same as for any gift cards or whatever, with WF.


Another Reader

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #121 on: May 30, 2014, 11:26:55 AM »
I opened a new BankAmericard Visa for the $100 reward for spending $500 and the CSR upgraded the existing card from 1999 when I called to activate the new card.  The 2 percent back on groceries is nice, better than the 1 percent most cards give.  It's definitely hard to turn down free money.

All the card companies are trying to grow their credit card businesses.  Credit limits are going up as well.  Fewer defaults and more optimistic consumers are good for their business.

wtjbatman

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #122 on: May 30, 2014, 11:54:02 AM »
Looks like the Chase Freedom spend $500 in first 3 months for $200 cash back deal is here again. Plus a $25 bonus for adding an authorized user.

Source: Slickdeals

brooklynguy

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #123 on: June 04, 2014, 02:48:07 PM »
Maybe we should have a separate thread for bank account (rather than credit card) bonuses, but figured I would post this here anyway.  I usually avoid bank account bonuses in favor of credit card bonuses because (1) they are generally not as lucrative and (2) unlike credit card rewards, they are taxed, but there are some low hanging fruit that I think are worth going after.  For example, my wife and I both signed up for the Santander Extra 20 checking account when it came out.  If you set up direct deposit into the account and make two online bill payments a month, you earn $20.  So that's an easy $40 per month (for a couple) that can be earned indefinitely.  Bank account bonuses also have the benefit of no hard pull against your credit history.

kpd905

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #124 on: June 04, 2014, 03:07:42 PM »

I will probably downgrade as well - I've actually had the Chase Freedom for several years, so getting rid of the Sapphire with the shorter history will be the smart thing to do. 

Canceling a new card will not raise your average age of accounts, the account will stay on your credit file for 10 years even when closed.


Fireman

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #125 on: June 09, 2014, 02:21:28 PM »
Found a way to double dip with Lowe's and it's worked at multiple locations both at the self checkout and regular registers.  When you go to pay, slide your Lowe's card first and then when it asks you to confirm the total, select 'No.'  Then slide your rewards card (which happens to be 5% this month) and finish the transaction.  This gets you a 5% discount at the register plus cash back on your rewards card.

slugline

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #126 on: June 09, 2014, 03:23:06 PM »
Found a way to double dip with Lowe's and it's worked at multiple locations both at the self checkout and regular registers.  When you go to pay, slide your Lowe's card first and then when it asks you to confirm the total, select 'No.'  Then slide your rewards card (which happens to be 5% this month) and finish the transaction.  This gets you a 5% discount at the register plus cash back on your rewards card.

Sounds like a programming bug. Take advantage while we still can!

MustachianAccountant

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #127 on: June 21, 2014, 04:58:04 AM »
If anyone wants a referral for the $200 Chase Freedom offer or $400 Sapphire Preferred offer, PM me.

Also, I found this card:
PNC Bank Credit Card
$100 cash back for spending $1k in 3 months
After that, up to 1.75% cash back
https://www.pnc.com/webapp/unsec/Blank.do?siteArea=/pnccorp/PNC/Home/Personal/Credit+Cards/Credit+Card+Premium+Offers+A

Pretty nice; the only better card I can think of for cash back is the Fidelity Amex, and not everyone accepts Amex.
To get the full 1.75%, there are either spending requirements, or "money in the bank" requirements; most mustachians shouldn't have a problem meeting the latter.

fmzip

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #128 on: June 24, 2014, 07:59:27 PM »
Found a way to double dip with Lowe's and it's worked at multiple locations both at the self checkout and regular registers.  When you go to pay, slide your Lowe's card first and then when it asks you to confirm the total, select 'No.'  Then slide your rewards card (which happens to be 5% this month) and finish the transaction.  This gets you a 5% discount at the register plus cash back on your rewards card.

Hmmmmm......I was thinking of buying some Visa gift cards at Lowes to get the 5% off, this might be a good idea to get 10% off?

madage

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #129 on: June 24, 2014, 08:09:05 PM »
Found a way to double dip with Lowe's and it's worked at multiple locations both at the self checkout and regular registers.  When you go to pay, slide your Lowe's card first and then when it asks you to confirm the total, select 'No.'  Then slide your rewards card (which happens to be 5% this month) and finish the transaction.  This gets you a 5% discount at the register plus cash back on your rewards card.

Hmmmmm......I was thinking of buying some Visa gift cards at Lowes to get the 5% off, this might be a good idea to get 10% off?

I'm pretty sure the Lowe's credit card doesn't give a discount on gift cards.

greenmimama

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #130 on: June 24, 2014, 08:10:53 PM »
This all seems extremely confusing to me, we don't have a CC, what is a great ONE to get a nice bonus and a nice %back on all purchases?

Thanks

madage

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #131 on: June 24, 2014, 08:33:34 PM »
This all seems extremely confusing to me, we don't have a CC, what is a great ONE to get a nice bonus and a nice %back on all purchases?


"Best" is subjective. If you want 2% cash back on all purchases, with no annual fee, get the Fidelity Amex card. This card, however, does not offer a bonus. Fidelity also offers a Visa card with 1.5% cash back on all purchases (2% after $15,000 annual spending).

The Chase Freedom is a 1% card with 5% rotating quarterly categories. This card is currently offering $200 cash back after spending $500 in the first three months. I think this is one of the best bonuses available for a no annual fee card. Most of the really big bonuses are for cards that have annual fees, which are usually waived for the first year, but then you need to remember to call in to ask them to waive the fee the next year or downgrade to a no-fee card.

smedleyb

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #132 on: June 24, 2014, 09:07:36 PM »
Data point:  3 years ago started CC reward game in earnest, FICO at 807.  3 years and well over 30 credit cards later (more than half have been cancelled) my FICO score sits at 817 (free score supplied by Barclays). 


falala123

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #133 on: June 25, 2014, 09:06:13 AM »
Just revisiting this topic.  I understand now how blue bird amex works to use points to pay your bills or mortgage.. but it looks like fewer places will let you purchase a vanilla reload card with a credit card.  Is anyone currently using this method (you know a place that will sell the VR card and take credit card to purcahse it ) ? In Texas?  In Austin?
Are there alternatives?  I see mentions of buying gift cards with PINs and transfer to BB via Walmart ATM but details are vague.

I'm sure I can find some info if I keep searching google but maybe someone here already know plus the answer might benefit people here also.

Edit to make more clear. For sure if people were more clear in other forums I wouldn't probably have to ask!


You may have figured this out already, since your post is from a month ago, but I've been credit card churning to pay my loans through some loops (EvolveMoney) (some may consider this risky, but it was a great idea for my circumstance). Anyways, I'm in South Texas and I've had great luck with Valero Cornerstores, I've already bought about 4k in GCs. There are plenty around me, and some don't allow it, but most if you buy a 1 500$ GC just ask for ID.

I cannot speak on the BlueBird side though. GL with Churning, just do your research and be responsible =]

brooklynguy

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #134 on: July 09, 2014, 09:09:48 PM »
Received a targeted offer in the mail from Astoria Bank today promising an offer "just for me," but there's no code and it appears to be open to anyone.

It's a $250 checking account opening bonus, one of the rare ones that does not require direct deposit.  It requires (1) either (a) direct deposits of at least $250 for three months or (b) three online bill payments per month of $25 each for three months, and (2) maintaining an average monthly balance of $2500 (if you choose the Simple+ account).  There are probably state residency limitations on opening an account with Astoria, but I couldn't find them after a quick search (but this will definitely work for anyone in New York).

Just signed up for both me and my wife, so that will be an easy $500.  Unfortunately, unlike credit card rewards, bank rewards like this one are taxable.

Here's the link:

www.astoriadifference.com
« Last Edit: July 09, 2014, 09:34:40 PM by brooklynguy »

MustachianAccountant

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #135 on: July 10, 2014, 08:27:23 AM »
Received a targeted offer in the mail from Astoria Bank today promising an offer "just for me," but there's no code and it appears to be open to anyone.

It's a $250 checking account opening bonus, one of the rare ones that does not require direct deposit.  It requires (1) either (a) direct deposits of at least $250 for three months or (b) three online bill payments per month of $25 each for three months, and (2) maintaining an average monthly balance of $2500 (if you choose the Simple+ account).  There are probably state residency limitations on opening an account with Astoria, but I couldn't find them after a quick search (but this will definitely work for anyone in New York).

Just signed up for both me and my wife, so that will be an easy $500.  Unfortunately, unlike credit card rewards, bank rewards like this one are taxable.

Here's the link:

www.astoriadifference.com

Can you open this account with a credit card online?

brooklynguy

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #136 on: July 10, 2014, 08:59:12 AM »
Can you open this account with a credit card online?

You can open the account online but you can't fund the opening deposit with a credit card, if that's what you mean.  I'm always wary of doing that anyway (even for purposes of hitting minimum spend thresholds), because you never know when it will be treated as a cash advance.

Middlesbrough

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #137 on: July 10, 2014, 09:35:04 PM »
Nothing to add, just want to follow the thread. Lots of good ideas in here.

Fireman

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #138 on: July 13, 2014, 09:11:35 AM »
Navy Federal recently changed the rewards on the Cash Rewards Visa.  Previously, spenders received 1% for the first $10,000 and 1.5% after that.  Now it's 1.5% for all purchases.  A quick call let me know that this change is permanent.

GoCubsGo

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #139 on: July 13, 2014, 07:28:08 PM »
Not sure if this fits here, but we opened a Chase Sapphire account for the rewards and we started using that as our primary card and stopped using our Discover.  After 2 months of that, Discover offered $500 cash if I spent $3K a month for 6 months (on top of the regular bonuses and 5% categories).  Once we hit $3k each month we switch back to our Chase card (my wife charges her corporate travel and gets reimbursed).  Not sure if they did that because my usage dropped off a cliff for a couple months but it could be a good way to rotate back and forth.

Fireman

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #140 on: July 24, 2014, 08:56:50 PM »
BB&T has a rewards credit card that offers 3% cash back on all purchases for the first 90 days and then turns into a 1% card thereafter.  No sign on bonus but a great rewards rate for those months when you don't use the 5% categories.  Find it here.

EarlyQuit

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #141 on: July 25, 2014, 08:54:15 AM »
I find this site helpful - it aggregates a lot of current CC offers in one place by type of reward (cash back, travel points, etc.): http://www.creditcards.com/cash-back.php

Rob

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #142 on: August 24, 2014, 09:34:44 PM »
Does anyone know if the send/receive limit on Amazon Payments is $1,000 combined? After I send $1000, it appears that I am then unable to receive any payments from other parties. Not sure I understand why receiving would be limited what I am sending.

waltworks

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #143 on: August 24, 2014, 10:09:49 PM »
FWIW, after about 6 months of credit-card signing bonus shenanigans (ie get card, hit spending/pay off card, collect $, stop using card) I've started getting denied for new cards and my credit score dropped about 60 points (which isn't relevant to me since I don't anticipate ever needing a big loan for anything again). I've done 6 cards worth of bonuses in that time, with zero churning (ie all legit spending).

Any thoughts on whether I should start canceling cards (my plan was to wait until just under 1 year to keep the account duration from getting super short)? Am I screwing something up here?

-W

nawhite

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #144 on: August 25, 2014, 08:10:11 AM »
FWIW, after about 6 months of credit-card signing bonus shenanigans (ie get card, hit spending/pay off card, collect $, stop using card) I've started getting denied for new cards and my credit score dropped about 60 points (which isn't relevant to me since I don't anticipate ever needing a big loan for anything again). I've done 6 cards worth of bonuses in that time, with zero churning (ie all legit spending).

Any thoughts on whether I should start canceling cards (my plan was to wait until just under 1 year to keep the account duration from getting super short)? Am I screwing something up here?

-W

Yes you should start cancelling the cards you are no longer using. The reason you are starting to get denied is probably one of A) You have an available credit which is more than your annual income and the credit card companies don't want you to be on the hook for that much in case you decide to run them all up and then declare bankruptcy and/or B) because your available credit is so high, your normal spending is only like 2% of your available instead of the 10-30% that is usually recommended. Its also possible that C) your credit took 6 inquiries in 6 months (one per sign up) which is usually a big red flag and only time will fix it. More than 4 inquiries per year (one card per quarter) is usually where you get in to trouble.

Cancelling cards should bring your total available credit back down which should fix both A and B. For C, you just need to wait it out. Inquiries disappear after a year.
« Last Edit: August 25, 2014, 08:13:47 AM by nawhite »

johnny847

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #145 on: August 26, 2014, 04:03:52 PM »
A great everyday card for me (and I assume for many Mustachians) is the Sallie Mae Mastercard. Sign up bonus of $25 for just using it in first 90 days, nothing to write home about. But what it does offer is:

5% back on first $250 in groceries every month
5% back on first $250 in gas every month
5% back on first $750 in bookstores every month (Amazon is apparently coded as a bookstore. I'm not sure if merchants on Amazon are coded this way, but if not, you could probably buy an Amazon gift card to get 5%, and then apply the gift card to an Amazon merchant purchase. I just got approved for this credit card so I haven't figured this out yet but I eagerly await my new CC =) )
1% on everything else

Rewards can be redeemed as a statement credit or towards your Sallie Mae student loan balance, if you have one.


A great card for those of you who like to travel and have sufficiently high net worth is the Bank of America Travel Rewards card. I have no personal experience with this card, but I've read about it from other places. It functions like Barclay's travel rewards card ( I forget the exact name) where if you make a purchase with a merchant whose merchant code fits a travel category, as determined by BoA, you can apply your points to the travel purchase as a statement credit. Apparently their definition of travel is pretty broad - I believe it includes airfare, hotels, resorts, cruises, rental cars, and some others.

No annual fee
Baseline reward is 1.5 points per dollar spent.
If you reserve travel through their portal, you get 3 points per dollar spent (except the extra 1.5 points per dollar spent on airfare is capped on the first $6000/yr)
When redeemed against travel expenses, the value of a point is 1 cent. If redeemed as strictly cash, the value of a point is 0.6 cents.

Now why did I say for those who have sufficiently high net worth? Well, if you have at least $20k, $50k, or $100k combined with BoA or Merrill Edge (this part is critical, since it will let you keep that large amount of money invested), then you can get a bonus on your rewards of 25%, 50%, or 75% by enrolling in the Preferred Rewards program (apparently you will need to have an average balance at the thresholds for at least three months before you can enroll). So, your maximum baseline reward now becomes 2.625 points per dollar spent. And if you book through their travel portal, you get 5.25 points per dollar spent. And as long as you always redeem against travel expenses, you've now used your Mustachian habits of saving money to create a 2.625% cash back on everything card, and 5.25% cash back on travel booked through BoA's portal.

Incidentally, these 25%, 50%, and 75% bonuses can also apply to the BoA 3-2-1 cash rewards card (gas, groceries, everything else) to get up to 5.25% on gas, 3.5% on groceries, and 1.75% everything else.
« Last Edit: August 26, 2014, 04:13:54 PM by johnny847 »

brooklynguy

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Re: Credit Cards Rewards and Sign on Bonuses (Churning)
« Reply #146 on: October 07, 2014, 12:05:23 PM »
A recent post in another thread about Discover's cashback checking account reminded me about a $50 bonus that I signed up for a little while back.  If you are an existing Discover Card customer, you can get a $50 bonus for simply opening a Discover cashback checking account (which has an opening deposit minimum of $25).  No other requirements to earn the bonus, and no pesky fees on the account.  Offer expires 10/31/14.  Here's the link:

https://www.discover.com/online-banking/checking-lp-lng-01/?src=S00000AZS&cde=S00000AZS

 

Wow, a phone plan for fifteen bucks!