Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 376911 times)

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1050 on: December 31, 2022, 07:42:17 AM »
Just curious what everyone's year end total is for bank bonuses.  I just tallied ours up at $6782, which is pretty solid considering I didn't do any big money bonuses, just tons of $200-400 ones.

I also made $6000 from cashing out credit card points or selling them via a broker, $800 from moving two IRAs, and $500 from moving a brokerage account.  I'm glad the new law regarding 1099-K's has been postponed, because I probably would have ended up paying taxes on the points/miles I sold through the broker.

Hope I can match all this next year.
« Last Edit: December 31, 2022, 07:45:36 AM by kpd905 »

Dicey

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1051 on: December 31, 2022, 09:23:55 AM »
Wow, that's impressive!

sonofsven

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1052 on: December 31, 2022, 09:37:04 AM »
Just curious what everyone's year end total is for bank bonuses.  I just tallied ours up at $6782, which is pretty solid considering I didn't do any big money bonuses, just tons of $200-400 ones.

I also made $6000 from cashing out credit card points or selling them via a broker, $800 from moving two IRAs, and $500 from moving a brokerage account.  I'm glad the new law regarding 1099-K's has been postponed, because I probably would have ended up paying taxes on the points/miles I sold through the broker.

Hope I can match all this next year.

Just to be clear, the tax you owe(or not) is still the same, the only thing that was proposed to change was the threshold for sending a 1099.

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1053 on: December 31, 2022, 11:14:16 AM »
Just to be clear, the tax you owe(or not) is still the same, the only thing that was proposed to change was the threshold for sending a 1099.

Well cashing out credit card points does not incur tax, so I do not believe that selling them for 10% more through a broker should either.  I just know I would have been issued a 1099 for the Paypal transactions.

ender

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1054 on: December 31, 2022, 11:58:44 AM »
Just to be clear, the tax you owe(or not) is still the same, the only thing that was proposed to change was the threshold for sending a 1099.

Well cashing out credit card points does not incur tax, so I do not believe that selling them for 10% more through a broker should either.  I just know I would have been issued a 1099 for the Paypal transactions.

How did you sell to a broker? I have a quarter million amex points I probably could get more to via a broker than cashing out directly (we hardly travel with young kids nowadays).

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1055 on: December 31, 2022, 12:54:27 PM »
How did you sell to a broker? I have a quarter million amex points I probably could get more to via a broker than cashing out directly (we hardly travel with young kids nowadays).

Just sent you a PM with details.

ohsnap

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1056 on: January 15, 2023, 06:47:28 AM »
Just curious what everyone's year end total is for bank bonuses.  I just tallied ours up at $6782, which is pretty solid considering I didn't do any big money bonuses, just tons of $200-400 ones....

That's fantastic. I only made about $2900 in net profit last year on bank account & credit card rewards.

I'm starting this year off strong - have opened a $750 Chase Business checking offer (for me) and a $900 Chase personal checking offer (for P2). Might try to get both of those for the other party also. That would be a sweet $3300 in 1Q 2023.

Tried to get a PNC checking deal but got turned down due to "sometimes we need more information than you are able to provide online". We have a PNC branch near us so I wonder why they didn't ask us to come in with an ID?

Dicey

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1057 on: January 15, 2023, 09:25:45 AM »
Just curious what everyone's year end total is for bank bonuses.  I just tallied ours up at $6782, which is pretty solid considering I didn't do any big money bonuses, just tons of $200-400 ones....

That's fantastic. I only made about $2900 in net profit last year on bank account & credit card rewards.

I'm starting this year off strong - have opened a $750 Chase Business checking offer (for me) and a $900 Chase personal checking offer (for P2). Might try to get both of those for the other party also. That would be a sweet $3300 in 1Q 2023.

Tried to get a PNC checking deal but got turned down due to "sometimes we need more information than you are able to provide online". We have a PNC branch near us so I wonder why they didn't ask us to come in with an ID?
If you have a branch nearby, why not just go in and ask them?

ohsnap

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1058 on: January 16, 2023, 10:53:34 AM »
Just curious what everyone's year end total is for bank bonuses.  I just tallied ours up at $6782, which is pretty solid considering I didn't do any big money bonuses, just tons of $200-400 ones....

That's fantastic. I only made about $2900 in net profit last year on bank account & credit card rewards.

I'm starting this year off strong - have opened a $750 Chase Business checking offer (for me) and a $900 Chase personal checking offer (for P2). Might try to get both of those for the other party also. That would be a sweet $3300 in 1Q 2023.

Tried to get a PNC checking deal but got turned down due to "sometimes we need more information than you are able to provide online". We have a PNC branch near us so I wonder why they didn't ask us to come in with an ID?
If you have a branch nearby, why not just go in and ask them?

The main reason is that it's an account my husband applied for. If they had said, "come to the branch with your drivers license and we'll open the account" he might have done it. But since they just said they were not approving the account, I don't think I could convince him to go argue the point in branch.  ESPECIALLY bc this bonus is for a "virtual" account. I got a bonus almost 2 years ago from a mailer we got from the local branch, so I'll keep an eye out for those and maybe he can apply that way.


samanil

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1059 on: January 19, 2023, 06:10:37 PM »
Just curious what everyone's year end total is for bank bonuses.  I just tallied ours up at $6782, which is pretty solid considering I didn't do any big money bonuses, just tons of $200-400 ones.

I also made $6000 from cashing out credit card points or selling them via a broker, $800 from moving two IRAs, and $500 from moving a brokerage account.  I'm glad the new law regarding 1099-K's has been postponed, because I probably would have ended up paying taxes on the points/miles I sold through the broker.

Hope I can match all this next year.


I made $5925, which doesn't include a ~$600 brokerage bonus (Interactive Brokers) I signed up for early in the year but which will pay out in about a month. Not bad!

Could you PM me about how to sell points through a broker?

Also, question for everyone--do you find it's worth it to change your hub account so as to take advantage of a bonus? What I mean is, Chase has been my hub for forever, and I am tempted to close it down so I can reopen and get bonuses. But I'm wondering if it's too much hassle. Your experiences?

Also recommended hubs other than Chase?

314159

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1060 on: January 19, 2023, 06:41:40 PM »
My GF and I signed up for our first bank account bonus at the end of 2022, the 60k Amex MR business checking one. We've been doing credit cards for a while but I'm glad to finally be branching (haha) out to bank accounts!

Michael in ABQ

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1061 on: January 19, 2023, 07:59:45 PM »
I just changed my direct deposit information so I can get the Wells Fargo checking bonus. Since I'm self-employed and run my own payroll, I can easily adjust it every two weeks if I want - since most of these bonuses require a direct deposit since the banks know how "sticky" that can be for normal customers.

I don't really want to mess around with business accounts. I already got a nice bonus for opening my main business checking account and business credit cards - not to mention more Amex points than I can use (4x points on advertising and shipping really add up for an ecommerce business).

Michael in ABQ

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1062 on: January 21, 2023, 10:18:58 AM »
I don't really want to mess around with business accounts. I already got a nice bonus for opening my main business checking account and business credit cards - not to mention more Amex points than I can use (4x points on advertising and shipping really add up for an ecommerce business).

And then the next day I get an offer in the mail for a Chase Ink Business Unlimited with a $900 cash bonus for only $6k spend in 90 days. I can hit that in the next week or two just placing a few inventory orders (and earn 1.5% cash back instead of the normal 2% on my Capital One Spark Business card).

It's nice that basically all our business expenses can be paid with a credit card - inventory, advertising, shipping, etc. That 2% cash back basically adds 2% of net profit margin.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1063 on: January 25, 2023, 03:58:37 PM »
I don't really want to mess around with business accounts. I already got a nice bonus for opening my main business checking account and business credit cards - not to mention more Amex points than I can use (4x points on advertising and shipping really add up for an ecommerce business).

And then the next day I get an offer in the mail for a Chase Ink Business Unlimited with a $900 cash bonus for only $6k spend in 90 days. I can hit that in the next week or two just placing a few inventory orders (and earn 1.5% cash back instead of the normal 2% on my Capital One Spark Business card).

It's nice that basically all our business expenses can be paid with a credit card - inventory, advertising, shipping, etc. That 2% cash back basically adds 2% of net profit margin.

That's actually a public offer that's been around for a bit. You can use a referral to apply as well. I've heard rumblings that increased offer is temporary and will likely disappear next month (February). Also Chase doesn't care if you have multiples of the same biz card. Hint Hint ( :

Michael in ABQ

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1064 on: January 25, 2023, 04:14:17 PM »
I don't really want to mess around with business accounts. I already got a nice bonus for opening my main business checking account and business credit cards - not to mention more Amex points than I can use (4x points on advertising and shipping really add up for an ecommerce business).

And then the next day I get an offer in the mail for a Chase Ink Business Unlimited with a $900 cash bonus for only $6k spend in 90 days. I can hit that in the next week or two just placing a few inventory orders (and earn 1.5% cash back instead of the normal 2% on my Capital One Spark Business card).

It's nice that basically all our business expenses can be paid with a credit card - inventory, advertising, shipping, etc. That 2% cash back basically adds 2% of net profit margin.

That's actually a public offer that's been around for a bit. You can use a referral to apply as well. I've heard rumblings that increased offer is temporary and will likely disappear next month (February). Also Chase doesn't care if you have multiples of the same biz card. Hint Hint ( :

Part of the reason I haven't applied for more business cards is it just makes my bookkeeping a bit more complicated. Another account to link in QuickBooks, another account to setup access for my bookkeeper to check and setup rules for, etc. I mean $900 is certainly worth that bit of hassle but I probably won't setup 5-6 different accounts for that.

elysianfields

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1065 on: February 01, 2023, 01:37:21 AM »
On the credit card side, I've had a Chase Sapphire Reserve for a bunch of years and I'm thinking of closing it and waiting for a new bonus offer for Sapphire Reserve or Sapphire Preferred.  Do others here have any insights on how to do that most effectively?

I'm a little worried about running afoul of 5/24 as I'm also looking for a 0% / no balance transfer fee card as well.

The US Bank bonus has 24 month language in it so that stinks!

I just downgraded my CSR to a Freedom card as the $550 annual fee just hit and I had already used PYB to cash out hundreds of thousands of UR points. I don't really have a reason to keep the card around. So downgrading is an option if choose to do that.

@MasterStache and any others who have insights:

If I downgrade my CSR to a Freedom card, how soon thereafter could I apply again successfully for a new CSR or CSP?

I'm at 4/24 and will drop to 2/24 in March so this is timely.


MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1066 on: February 01, 2023, 06:08:45 AM »
On the credit card side, I've had a Chase Sapphire Reserve for a bunch of years and I'm thinking of closing it and waiting for a new bonus offer for Sapphire Reserve or Sapphire Preferred.  Do others here have any insights on how to do that most effectively?

I'm a little worried about running afoul of 5/24 as I'm also looking for a 0% / no balance transfer fee card as well.

The US Bank bonus has 24 month language in it so that stinks!

I just downgraded my CSR to a Freedom card as the $550 annual fee just hit and I had already used PYB to cash out hundreds of thousands of UR points. I don't really have a reason to keep the card around. So downgrading is an option if choose to do that.

@MasterStache and any others who have insights:

If I downgrade my CSR to a Freedom card, how soon thereafter could I apply again successfully for a new CSR or CSP?

I'm at 4/24 and will drop to 2/24 in March so this is timely.

You can only get the SUB once every 48 months. It doesn't matter when you downgrade as long as you don't currently have the card when you apply. So if you are coming up on the 48 month mark absolutely downgrade so you can qualify for the SUB again.

I've been at 4/24 for over a year now so I've been hitting the Chase biz cards pretty hard. Something to consider as it's pretty easy to get a biz card without an "official" business.

samanil

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1067 on: February 01, 2023, 01:54:51 PM »
On the credit card side, I've had a Chase Sapphire Reserve for a bunch of years and I'm thinking of closing it and waiting for a new bonus offer for Sapphire Reserve or Sapphire Preferred.  Do others here have any insights on how to do that most effectively?

I'm a little worried about running afoul of 5/24 as I'm also looking for a 0% / no balance transfer fee card as well.

The US Bank bonus has 24 month language in it so that stinks!

I just downgraded my CSR to a Freedom card as the $550 annual fee just hit and I had already used PYB to cash out hundreds of thousands of UR points. I don't really have a reason to keep the card around. So downgrading is an option if choose to do that.

@MasterStache and any others who have insights:

If I downgrade my CSR to a Freedom card, how soon thereafter could I apply again successfully for a new CSR or CSP?

I'm at 4/24 and will drop to 2/24 in March so this is timely.

You can only get the SUB once every 48 months. It doesn't matter when you downgrade as long as you don't currently have the card when you apply. So if you are coming up on the 48 month mark absolutely downgrade so you can qualify for the SUB again.

I've been at 4/24 for over a year now so I've been hitting the Chase biz cards pretty hard. Something to consider as it's pretty easy to get a biz card without an "official" business.

I have the regular Sapphire card (PC'd from CSR to avoid annual fee), do you know if I can get the CSR SUB with that, or do I need to change to something else? Almost at 48 months. 

Also, how hard have you been going with Chase biz cards? I got 2 CIC's and 2 CIU's...

Edit: How long do y'all wait after being denied a card to apply for another one?
« Last Edit: February 01, 2023, 02:01:30 PM by samanil »

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1068 on: February 01, 2023, 08:09:14 PM »
On the credit card side, I've had a Chase Sapphire Reserve for a bunch of years and I'm thinking of closing it and waiting for a new bonus offer for Sapphire Reserve or Sapphire Preferred.  Do others here have any insights on how to do that most effectively?

I'm a little worried about running afoul of 5/24 as I'm also looking for a 0% / no balance transfer fee card as well.

The US Bank bonus has 24 month language in it so that stinks!

I just downgraded my CSR to a Freedom card as the $550 annual fee just hit and I had already used PYB to cash out hundreds of thousands of UR points. I don't really have a reason to keep the card around. So downgrading is an option if choose to do that.

@MasterStache and any others who have insights:

If I downgrade my CSR to a Freedom card, how soon thereafter could I apply again successfully for a new CSR or CSP?

I'm at 4/24 and will drop to 2/24 in March so this is timely.

You can only get the SUB once every 48 months. It doesn't matter when you downgrade as long as you don't currently have the card when you apply. So if you are coming up on the 48 month mark absolutely downgrade so you can qualify for the SUB again.

I've been at 4/24 for over a year now so I've been hitting the Chase biz cards pretty hard. Something to consider as it's pretty easy to get a biz card without an "official" business.

I have the regular Sapphire card (PC'd from CSR to avoid annual fee), do you know if I can get the CSR SUB with that, or do I need to change to something else? Almost at 48 months. 

Also, how hard have you been going with Chase biz cards? I got 2 CIC's and 2 CIU's...

Edit: How long do y'all wait after being denied a card to apply for another one?

You can only have 1 Sapphire card at a time. You'll need to downgrade or cancel your CSP before you apply for the CSR.

I've had a CIC for several years. Approved for 2 new biz cards (CIC and CIU) last year and 1 already this year (CIU). Also approved for a couple US Bank biz cards and a BofA biz card last year.   

almost

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1069 on: February 03, 2023, 02:42:27 PM »
I've had a CIC for several years. Approved for 2 new biz cards (CIC and CIU) last year and 1 already this year (CIU). Also approved for a couple US Bank biz cards and a BofA biz card last year.

Wow.  Can you get the welcome bonus for multiples of the chase ink cash and ink unlimited in the same year?  Are there any special timelines like the 48 months for the sapphire cards?  I thought you could only get one bonus per family (ink business) every few years.  But it seems like I've been missing out.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1070 on: February 03, 2023, 03:19:52 PM »
I've had a CIC for several years. Approved for 2 new biz cards (CIC and CIU) last year and 1 already this year (CIU). Also approved for a couple US Bank biz cards and a BofA biz card last year.

Wow.  Can you get the welcome bonus for multiples of the chase ink cash and ink unlimited in the same year?  Are there any special timelines like the 48 months for the sapphire cards?  I thought you could only get one bonus per family (ink business) every few years.  But it seems like I've been missing out.

I've heard rumblings of them having rules for the biz cards, but they sure don't seem to follow them. No issues getting the bonus every card I've been approved for. May try for another card for P2 before the 90K offer runs out. The Ink cards also come with 12 month 0 APR. You could essentially prepay some taxes or whatever and not have to worry about fronting the money right away to pay off the card balance.

dividendman

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1071 on: February 06, 2023, 09:09:18 AM »
Here's a dumb question that I'm finding conflicting answers for on google: Do you need a business to open a business credit card?

In my situation I have a separate TIN for my business, but I only have it as an investment holding "business". Is that good enough?

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1072 on: February 06, 2023, 10:17:54 AM »
Here's a dumb question that I'm finding conflicting answers for on google: Do you need a business to open a business credit card?

In my situation I have a separate TIN for my business, but I only have it as an investment holding "business". Is that good enough?

My spouse has a "business." Basically I registered for an EIN through our state for free for her. She does sell stuff online occasionally so it's technically a business. With that being said you can get Chase business cards just using your SS number in place of an EIN/TIN. 

Michael in ABQ

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1073 on: February 06, 2023, 10:55:39 AM »
Here's a dumb question that I'm finding conflicting answers for on google: Do you need a business to open a business credit card?

In my situation I have a separate TIN for my business, but I only have it as an investment holding "business". Is that good enough?

It depends. Financial institutions are bombarded with fraudulent applications to try and steal money from them. So, if you list information that doesn't match up with what is available from public records/business databases (IRS, your Secretary of State, Lexis Nexis, Dun & Bradstreet, Experian, Equifax, etc.) it will probably get denied. That being said, an EIN/TIN and a matching US address will probably work.

You can run a business as a sole proprietorship under your social security number and your home address and that's still a legitimate business. But if you have an LLC and an actual business address (USPS, UPS, FedEx, etc. will list if an address is considered business or residential) it makes it a lot easier.

As you go deeper into this having a website, a phone number, etc. all just further proves this is a real business and not a scam trying to get money from a bank that's never going to get paid back. This is also why almost every business credit card is still personally guaranteed by you as the borrower - not just the business. If the business doesn't pay it back, they've got your social security number and can still come after you as an individual.

trc4897

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1074 on: February 07, 2023, 10:20:23 AM »
Just signed up for the US Bank business checking account. $500 bonus if you deposit $3000 and leave it there for 60 days. I'll take that 17% return! And reading the fine print it looks like I can just take the money out after the 60 days and close the account. No brainer in my mind

Morning Glory

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1075 on: February 07, 2023, 11:31:37 AM »
Just an FYI:

https://www.npr.org/2023/02/07/1153724823/need-a-new-credit-card-it-can-take-almost-two-months-to-get-a-replacement

My most recent one took closer to two weeks, not two months, but I'll definitely keep this in mind the next time I have a big bill due and want to put it on a new card.

jim555

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1076 on: February 08, 2023, 09:48:44 PM »
Ally just dropped $500 into my account for a completed bonus!

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1077 on: February 08, 2023, 10:24:14 PM »
Ally just dropped $500 into my account for a completed bonus!

Congrats. Do you have a link to the offer?  How long do you have to keep the cash in the account to get the bonus? And can you transfer it back out immediately after?  Ally's interest rate is 3.4% whereas vanguard money market account is 4.4%.
« Last Edit: February 08, 2023, 10:29:40 PM by JenniferW »

jim555

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1078 on: February 09, 2023, 01:41:22 AM »
https://www.ally.com/content/dam/pdf/corporate/offercode/getpaid.pdf

For the number of days required it came out to something like 5.3% annualized.  As soon as the conditions were met the money got moved out.
« Last Edit: February 09, 2023, 01:50:06 AM by jim555 »

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1079 on: February 09, 2023, 05:14:17 AM »
Just an FYI:

https://www.npr.org/2023/02/07/1153724823/need-a-new-credit-card-it-can-take-almost-two-months-to-get-a-replacement

My most recent one took closer to two weeks, not two months, but I'll definitely keep this in mind the next time I have a big bill due and want to put it on a new card.

Had this happen for a bank account I opened back in December. I couldn't set up online banking until I received the debit card, which took roughly a month to make it to me.

sonofsven

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1080 on: February 13, 2023, 07:32:13 AM »
Anyone do the Divvy business card($500 bonus on $500 spend)?
 I lost track of time and realized this weekend that the 45 day period to spend was almost up so I was wracking my brain to come up with some business spending, but being mustachian I'm pretty low spend overall, and I don't spend just to meet a SUB, but instead time the cards to take advantage of my normal spending.
The solution I came up with was to reorder $500 worth of Amazon business purchases from last week on the Divvy card, and I'll return the same stuff I bought with a different SUB card that I have till the end of March to meet the spend on.
Not the most elegant solution, but oh well.
I get reimbursed by clients for a lot of my business expenses, which is a great combo with the SUB's.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1081 on: February 15, 2023, 05:57:09 AM »
Anyone do the Divvy business card($500 bonus on $500 spend)?
 I lost track of time and realized this weekend that the 45 day period to spend was almost up so I was wracking my brain to come up with some business spending, but being mustachian I'm pretty low spend overall, and I don't spend just to meet a SUB, but instead time the cards to take advantage of my normal spending.
The solution I came up with was to reorder $500 worth of Amazon business purchases from last week on the Divvy card, and I'll return the same stuff I bought with a different SUB card that I have till the end of March to meet the spend on.
Not the most elegant solution, but oh well.
I get reimbursed by clients for a lot of my business expenses, which is a great combo with the SUB's.

Sounds like an interesting card. I may have to look into it.

I have at times pre-purchased supplies for upcoming jobs to help meet minimum spending for a SUB.

JupiterGreen

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1082 on: February 15, 2023, 06:28:06 AM »
Ally just dropped $500 into my account for a completed bonus!

Congrats. Do you have a link to the offer?  How long do you have to keep the cash in the account to get the bonus? And can you transfer it back out immediately after?  Ally's interest rate is 3.4% whereas vanguard money market account is 4.4%.

Are you referring to VUSXX? I need to look into this.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1083 on: February 15, 2023, 06:52:18 AM »
Ally just dropped $500 into my account for a completed bonus!

Congrats. Do you have a link to the offer?  How long do you have to keep the cash in the account to get the bonus? And can you transfer it back out immediately after?  Ally's interest rate is 3.4% whereas vanguard money market account is 4.4%.

Oh I was just referring to the default brokerage settlement account Vanguard offers.  Right now it's yielding 4.5%.  But VUSXX has a great yield as well and protects you against state taxes? 
Are you referring to VUSXX? I need to look into this.

sonofsven

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1084 on: February 15, 2023, 09:05:29 AM »
Anyone do the Divvy business card($500 bonus on $500 spend)?
 I lost track of time and realized this weekend that the 45 day period to spend was almost up so I was wracking my brain to come up with some business spending, but being mustachian I'm pretty low spend overall, and I don't spend just to meet a SUB, but instead time the cards to take advantage of my normal spending.
The solution I came up with was to reorder $500 worth of Amazon business purchases from last week on the Divvy card, and I'll return the same stuff I bought with a different SUB card that I have till the end of March to meet the spend on.
Not the most elegant solution, but oh well.
I get reimbursed by clients for a lot of my business expenses, which is a great combo with the SUB's.

Sounds like an interesting card. I may have to look into it.

I have at times pre-purchased supplies for upcoming jobs to help meet minimum spending for a SUB.
Unfortunately, the SUB has expired.
$500 on $500 spend is about as good as it gets.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1085 on: February 16, 2023, 09:37:19 AM »
Signed up and was approved for a Bank of America checking account with $300 sign up bonus.  I am meeting requirement with over a total of $4000 direct deposited into the account within 90 days of opening.

Free bill pay.  Careful of ACH out to banks though they charge $3.  So I am doing an ACH pull insteaqd from target bank to avoid the fee, when needed.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1086 on: February 28, 2023, 05:54:35 PM »
Just learned about the Alliant $300 deal.  I can earn 3 x $100 pretty easily:

1) Deposit $1000 into a savings account (2.95% APR) and get $100 if balance maintained until end of May, 2023.

2) Open checking account and maintain balance of $100.  Do a direct deposit via ACH.  Another $100

3) Buy a 12 month CD with $1000 .. and get another $100 plus 4.5% or so on the CD.  14.5% APR on $1000 seems pretty great :)

Any suggestions/tips for me?  $300 easy dollars with no complicated DD.

I could get another $100 if I had $10,000 in the bank between these products, but I don't have that money to work with at the moment.
« Last Edit: March 01, 2023, 02:20:08 AM by JenniferW »

Morning Glory

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1087 on: March 03, 2023, 03:21:29 PM »
Just an FYI:

https://www.npr.org/2023/02/07/1153724823/need-a-new-credit-card-it-can-take-almost-two-months-to-get-a-replacement

My most recent one took closer to two weeks, not two months, but I'll definitely keep this in mind the next time I have a big bill due and want to put it on a new card.

Had this happen for a bank account I opened back in December. I couldn't set up online banking until I received the debit card, which took roughly a month to make it to me.

Update: today I received a letter from Wells Fargo stating that due to the delay in receiving my card I would be given an extra 60 days to complete spending bonus and for the 0% promotional period

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1088 on: March 04, 2023, 04:04:39 AM »
Just learned about the Target REDCARD today. Basically a free $80 in groceries -- coupon code for $40 off in-store and on taget.com (works twice). And is churnable.  Totally worth it.. It's just a debit card, no hard pull.  Gonna try this tomorrow.. on 3/5/2023.. when the deal becomes active.

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1089 on: March 04, 2023, 05:45:33 AM »
Just learned about the Target REDCARD today. Basically a free $80 in groceries -- coupon code for $40 off in-store and on taget.com (works twice). And is churnable.  Totally worth it.. It's just a debit card, no hard pull.  Gonna try this tomorrow.. on 3/5/2023.. when the deal becomes active.

I am doing this as well.  I don't know how I overlooked this since I've been churning credit cards and bank bonuses since 2016, but I'll be getting two Target Redcards every 3 months (2 player mode) from here on.  Easy $640 a year in Target credit for us.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1090 on: March 04, 2023, 05:46:01 AM »
Just learned about the Target REDCARD today. Basically a free $80 in groceries -- coupon code for $40 off in-store and on taget.com (works twice). And is churnable.  Totally worth it.. It's just a debit card, no hard pull.  Gonna try this tomorrow.. on 3/5/2023.. when the deal becomes active.

You can sign up the the reloadable as well. Best way to double dip is place an order online for pickup using the coupon code. Then go to the store and make an in store purchase using the coupon as well. Take your stuff to the car then go get your pick up order. I've done this a handful of times already.

There are DPs of folks getting shutdown who are churning this every 90 days, so something to be mindful of. YMMV of course.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1091 on: March 04, 2023, 06:18:19 AM »
Just learned about the Target REDCARD today. Basically a free $80 in groceries -- coupon code for $40 off in-store and on taget.com (works twice). And is churnable.  Totally worth it.. It's just a debit card, no hard pull.  Gonna try this tomorrow.. on 3/5/2023.. when the deal becomes active.

You can sign up the the reloadable as well.

Thanks for the tip.  What does the above mean?  "Sign up the reloadable"?  Is there a way I can get more than $80 from target?

EDIT: Btw, I know what my $80 in groceries is gonna be.  18 one pound packages of bacon!  Free bacon for months!  I checked out their prices on groceries and they are relatively high but the bacon isn't too bad at $4.39/lb  .. at Aldi it's $4.19/lb.  I can freeze these in my chest freezer.  Bacon is something we eat regularly anyways.   When we run out of bacon and want more, that'll be our cue to re-churn the card :)
« Last Edit: March 04, 2023, 06:43:35 AM by JenniferW »

NotJen

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1092 on: March 04, 2023, 07:06:11 AM »
Just learned about the Target REDCARD today. Basically a free $80 in groceries -- coupon code for $40 off in-store and on taget.com (works twice). And is churnable.  Totally worth it.. It's just a debit card, no hard pull.  Gonna try this tomorrow.. on 3/5/2023.. when the deal becomes active.

You can sign up the the reloadable as well. Best way to double dip is place an order online for pickup using the coupon code. Then go to the store and make an in store purchase using the coupon as well. Take your stuff to the car then go get your pick up order. I've done this a handful of times already.

There are DPs of folks getting shutdown who are churning this every 90 days, so something to be mindful of. YMMV of course.

I missed that this was churnable.  I've had a RedCard for a couple of years.  Can you have more than one at once?  Or cancel and sign up again?  What kind of timeline?

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1093 on: March 04, 2023, 07:15:31 AM »
@NotJen as long as it has been 90+ days since you opened your card, you can close it, wait a few days, and reopen for this bonus.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1094 on: March 04, 2023, 07:20:56 AM »
Are Fidelity and Schwab brokerage accounts churnable?  I got $100 each from them last year.  I think $101 actually from Schwab.  I've kept both of the accounts opened for about a year, but don't have anythign in them.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1095 on: March 04, 2023, 08:04:45 AM »
Are Fidelity and Schwab brokerage accounts churnable?  I got $100 each from them last year.  I think $101 actually from Schwab.  I've kept both of the accounts opened for about a year, but don't have anythign in them.

No.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1096 on: March 05, 2023, 04:25:38 AM »
So I can sign up for the Target RedCard Debit card and get $40 x 2.  And then say the next day sign up for the Target RedCard Reloadable and get another $40x2?  I am now at their website since this is the 5th, when the promotion starts.  I see they say you can sign up for debit, credit and reloadable cards.  I won't apply for the credit card obviously.

https://www.target.com/redcard

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1097 on: March 05, 2023, 04:27:35 AM »
Just learned about the Target REDCARD today. Basically a free $80 in groceries -- coupon code for $40 off in-store and on taget.com (works twice). And is churnable.  Totally worth it.. It's just a debit card, no hard pull.  Gonna try this tomorrow.. on 3/5/2023.. when the deal becomes active.

You can sign up the the reloadable as well.

Thanks for the tip.  What does the above mean?  "Sign up the reloadable"?  Is there a way I can get more than $80 from target?

EDIT: Btw, I know what my $80 in groceries is gonna be.  18 one pound packages of bacon!  Free bacon for months!  I checked out their prices on groceries and they are relatively high but the bacon isn't too bad at $4.39/lb  .. at Aldi it's $4.19/lb.  I can freeze these in my chest freezer.  Bacon is something we eat regularly anyways.   When we run out of bacon and want more, that'll be our cue to re-churn the card :)

Last go around you could apply for the Debit, Credit and Reloadable card and get the coupon. The reloadable was something they recently added. I was denied for the reloadable because I had a previous AMEX Serve account shut down years ago. Same card processor or something or other I believe. Apparently I have a lifetime ban, haha! But yes you can get the debit and reloadable and get 2 coupons. 

jim555

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1098 on: March 05, 2023, 04:56:43 AM »
tastytrade has a bonus, after looking into the firm it seems very limiting.  You would need to physically call to place an order for a T-Bill.  The ACATS transfer is limited with no OTCBB stocks allowed or certain bonds.  Think it is a pass for me, they seems to want quick trading Robinhood types and not fixed income people.

https://support.tastyworks.com/support/solutions/articles/43000678965-tiered-opening-promotion-2023


jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1099 on: March 05, 2023, 05:05:54 AM »
Last go around you could apply for the Debit, Credit and Reloadable card and get the coupon. The reloadable was something they recently added. I was denied for the reloadable because I had a previous AMEX Serve account shut down years ago. Same card processor or something or other I believe. Apparently I have a lifetime ban, haha! But yes you can get the debit and reloadable and get 2 coupons.

They said there would be a $40 coupon.  I signed up for the debit card successfully and linked bank account.. created target account and linked the new debit card to it.  I put 10 pakcages of bacon in the cart, and I go to check out and don't see the $40 discount nor a place to enter in a coupon code. Got no email with the $40 coupon.  Does this coupon come later?

EDIT: Okay, I read the fine print and it looks like it is going to be mailed with the card:
"$40 off for new RedCard holders

RedCard $40 offer: Get a coupon for $40 off a qualifying purchase over $40 when you are approved for a debit, credit, or reloadable RedCard in-stores and at Target.com between 03/05/23-04/08/23. The coupon will be mailed to approved cardholders with their RedCard and will be valid through 05/08/23. Excludes items sold & shipped by Target Plus™ Partners. Excludes alcohol, Apple products, Barbie camper and houses, Beats Fit Pro, Beats Flex, Beats Powerbeats Pro, Beats Studio Buds, Bose, Bratz Collector and Designer Dolls, Bullseye’s Playground, Cards Against Humanity, Casper, clinic & pharmacy, Cricut, dairy milk, DockATot, Dockers, Do-a-Dot, DSLR cameras & lenses, Dyson, Elf on the Shelf, face masks (Dolan, Sanctuary & Sugar Fix brands), Fisher Price Laugh n Learn, Fitbit, Funko Standard Pop, gift cards, GilletteLabs Heated Razor Starter Kit by Gillette – 3ct, Google, Hair Appliances, HALO Baby, Hasbro Games (Classic Monopoly, Connect Four, Jenga, Sorry, Trouble), Healthy Roots Dolls, Hot Wheels Ultimate Garage, Honest Baby, HP Inc., Infant Optics, JBL, LEGO, Levi’s Red Label, LG OLED and QNED TVs, limited-time designer partnerships, Lovevery, Luvable Friends, Mega Bloks, Meta Oculus and Portal, mobile contracts, Motrin, Ninja, Nintendo hardware and Switch games, Polder, Peg Perego, Philips Avent, Plan B, power shave, power dental, prepaid cards, Play-Doh Ice Cream Truck Playset, PlayStation consoles and accessories, Revival, Samsung TVs, Shark, Shipt Membership, simplehuman, Sonos, Sony Electronics, Take Action, Target Optical, Tempur-Sealy, Trading Cards, Tylenol pain relief, Tylenol PM, Ulta Beauty at Target Brands, Unlocked phones, Vera Bradley handbags, Weber, What Do You Meme? game and WonderFold. To qualify for coupon discount, the total must not include excluded products."
« Last Edit: March 05, 2023, 05:22:13 AM by JenniferW »