Take advantage of companies offering "signup bonuses"

[deathandtaxes]

This is more of a financial "hack" advice for those with some extra free time who want to make extra cash from companies offering signup bonuses. Many banks, credit card companies, etc offer signup bonuses if you join them, often with no strings attached. For example, I recently applied for a $5k loan from SoFi using a referal, got a $310 signup bonus, then immediately paid back the $5k loan. This only took took 10 mins of work to do for $310. Ive also took advantage of bank bonuses earlier in the year from Chase and Huntington bank by opening accounts.

So it pays to keep an eye out for opportunities like this if you see any, especially with how easy many of these can be and can be done and only require internet access. By taking advantage of these generous bonuses (especially they can be had multiple times, ie: once per year) a companies marketing budget essentially translates in to a yearly dividend for you.

[terran]

Here's a good source for finding bank, brokerage, and credit card signup bonuses: https://www.doctorofcredit.com/

[ixtap]

This is known as churning and we have a few threads on the topic here.

[deathandtaxes]

The doctor of credit is a really good site for information.

Also, If anyones interested in the $310 SoFi bonus referal link this is it: https://www.sofi.com/invite/personal-loans/?gcp=8b89292f-ec08-4d06-86ad-7b0d1ed42f2a

[ender]

Sadly the glory days of doing this seem mostly past.

[deathandtaxes]

In regards to the SoFi bonus, there are no time restrictions of early payment penalties (I always read the fine print to not get one overed). If you are curiouis this is my link: https://www.sofi.com/invite/personal-loans/?gcp=8b89292f-ec08-4d06-86ad-7b0d1ed42f2a

In summary your taking a $5k loan and getting a $310 promo bonus, and paying back the $5k immediatley (I paid it back the day they issued the $5k to my bank) and I pocketed the bonus. Was very simple. SoFi is spending an incredible amount of money to buy new customers to their platform.

[Morning Glory]

Yep, I've done the sofi personal loan bonus, and it works just like you said. If you are in 2-player mode you can refer each other and get even more.  Not sure if it's churnable though. I actually rather like their platform and have used it for transferring money to friends also.  Their mobile check deposit actually works, for example, unlike the one my credit union uses.

I haven't seen any good bank bonuses lately, but it could be just because I'm pickier now and I don't want to go through the hoops for $200.

 

[sonofsven]

In regards to the SoFi bonus, there are no time restrictions of early payment penalties (I always read the fine print to not get one overed). If you are curiouis this is my link: https://www.sofi.com/invite/personal-loans/?gcp=8b89292f-ec08-4d06-86ad-7b0d1ed42f2a

In summary your taking a $5k loan and getting a $310 promo bonus, and paying back the $5k immediatley (I paid it back the day they issued the $5k to my bank) and I pocketed the bonus. Was very simple. SoFi is spending an incredible amount of money to buy new customers to their platform.

Thanks, I followed your link for the promo, did a quick sign up, but got turned down for a $5k loan, lol.
Too much credit churning I suppose?
I'm doing a DOC US Bank checking bonus ($400 for direct depositing $5k) currently.
Just moving E fund money around.

[lhamo]

Chase has an ongoing offer that can net you up to $500-600 every 12 months if you can do both the savings and checking option -- the checking option requires direct deposit of a paycheck or SS/retirement check.  I'm thinking of starting a churn on that if/when I start taking 72t distributions, if those will qualify.

You do have to spend the time to set up/close the accounts and I found it annoying how much they wanted to know about my assets the last time I did it, though.

[ender]

Chase has an ongoing offer that can net you up to $500-600 every 12 months if you can do both the savings and checking option -- the checking option requires direct deposit of a paycheck or SS/retirement check.  I'm thinking of starting a churn on that if/when I start taking 72t distributions, if those will qualify.

You do have to spend the time to set up/close the accounts and I found it annoying how much they wanted to know about my assets the last time I did it, though.

This bonus isn't active all the time though right?

I've been kicking myself for missing it last year and haven't seen it since.

[Morning Glory]

Chase has an ongoing offer that can net you up to $500-600 every 12 months if you can do both the savings and checking option -- the checking option requires direct deposit of a paycheck or SS/retirement check.  I'm thinking of starting a churn on that if/when I start taking 72t distributions, if those will qualify.

You do have to spend the time to set up/close the accounts and I found it annoying how much they wanted to know about my assets the last time I did it, though.

This bonus isn't active all the time though right?

I've been kicking myself for missing it last year and haven't seen it since.

I don't have enough direct deposits any more and they are picky about what counts.

[terran]

Chase has an ongoing offer that can net you up to $500-600 every 12 months...

Pretty sure you need to wait 2 years from your last account opening with Chase now.

This bonus isn't active all the time though right?

Doctor of Credit is usually pretty good about showing any active Chase bonuses and they aren't showing a personal checking or savings bonus. They are showing a really good ($750) business checking bonus if you have anything resembling business income. They let me (actually self employed) and my wife (under $100 of schedule C income most years) open business accounts without issue in 2019.

[ender]

Yeah, it's been a while since they've done the $500 promo I thought.

[lhamo]

Sorry for the misinformation -- I used to get promos for the Chase offers totalling $500-600/both accounts pretty much every couple of months, but I see now that they have really dropped the level of bonus. 

Makes me nostalgiac for the pre-crash days when ING was offering 4-5% on their online savings accounts!

[The Hin]

It looks like Sofi is still doing the $300 loan referral bonus. I have never been a Sofi customer and looks like I'd qualify for the bonus. Would anyone here be interested in making some free $ by sending me your Sofi referral code and splitting the referral bonus Sofi pays you 50/50? Send me a message if so.