Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 376885 times)

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1300 on: November 04, 2023, 05:42:29 PM »
I would recommend filing two separate Schedule C's.  Any tax software should be able to handle it.  It makes it clearer and cleaner for everyone.

For my piggybacking bonuses, which are similar, I use 523900 "Other financial".

Thanks a bunch :) I too think it is earned income and subject to the 15%+ social security tax. I don't want to report it as Other Income and then be audited and fined later because I reported it wrong.  There is "work" involved in marketing referrals -- it's earned I believe. I hope someone can prove me wrong b/c I rather not pay that taxes on the referrals.
« Last Edit: November 04, 2023, 05:49:12 PM by jnw »

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1301 on: November 04, 2023, 05:54:36 PM »
I would recommend filing two separate Schedule C's.  Any tax software should be able to handle it.  It makes it clearer and cleaner for everyone.

For my piggybacking bonuses, which are similar, I use 523900 "Other financial".

Thanks a bunch :) I too think it is earned income and subject to the 15%+ social security tax. I don't want to report it as Other Income and then be audited and fined later because I reported it wrong.  There is "work" involved in marketing referrals -- it's earned I believe. I hope someone can prove me wrong b/c I rather not pay that taxes on the referrals.

No worries.

The upside of it being earned income is that it makes you eligible for traditional or Roth IRA contributions (or a solo retirement plan if that makes sense).  Those contributions might qualify you (based mostly on your AGI and filing status) for the Retirement Savings Contribution Credit on Form 8880.  You might also qualify for the SEHI deduction - note that it gets complicated if you receive ACA PTC and self employed.  The SE tax will also likely increase your eventual SS benefit.  Finally, you can deduct any business expenses from your income (Quicken?  portion of cell phone?  portion of Internet?  credit card fees?) to reduce the taxes owed.

People will frequently put it in the "Other income" bucket mostly to avoid SE taxes.  Understandable and defensible in certain situations; probably not in your case.  There are a set of nine questions on the IRS site to distinguish between hobby and SE income at https://www.irs.gov/newsroom/earning-side-income-is-it-a-hobby-or-a-business

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1302 on: November 04, 2023, 06:57:53 PM »
People will frequently put it in the "Other income" bucket mostly to avoid SE taxes.  Understandable and defensible in certain situations; probably not in your case.  There are a set of nine questions on the IRS site to distinguish between hobby and SE income at https://www.irs.gov/newsroom/earning-side-income-is-it-a-hobby-or-a-business

So with this in mind, do you treat 1099-INT income you get for churning bank bonuses as business income?  (Since it is done repeatedly with profit in mind, and really SOLELY for profit.)  Report it under line 6 of Schedule C , "other income" ?   Or do you put the 1099-INT in interest income section since you use the account for personal transactions?   What about 1099-INT income from a business bank account (versus personal), would that be on line 6?  To complicate things further, the 1099-INT for a business checking account you only signed up for to churn, which you used for personal transactions, would that be line 6 on schedule c income or interest income on the 1040?  LOL.

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1303 on: November 04, 2023, 07:29:43 PM »
People will frequently put it in the "Other income" bucket mostly to avoid SE taxes.  Understandable and defensible in certain situations; probably not in your case.  There are a set of nine questions on the IRS site to distinguish between hobby and SE income at https://www.irs.gov/newsroom/earning-side-income-is-it-a-hobby-or-a-business

So with this in mind, do you treat 1099-INT income you get for churning bank bonuses as business income?  (Since it is done repeatedly with profit in mind, and really SOLELY for profit.)  Report it under line 6 of Schedule C , "other income" ?   Or do you put the 1099-INT in interest income section since you use the account for personal transactions?   What about 1099-INT income from a business bank account (versus personal), would that be on line 6?  To complicate things further, the 1099-INT for a business checking account you only signed up for to churn, which you used for personal transactions, would that be line 6 on schedule c income or interest income on the 1040?  LOL.

I always put 1099-INT income with my SSN on it on line 2b of my tax return.  That's where the IRS expects it to show up.

As far as business accounts go, if the 1099-INT for the business shows up with my SSN on it, I still report on line 2b of my tax return.  If it has the business EIN on it, it would go on the business' tax return, not mine.

I'm guessing you're probably using some sort of pass through business entity, so the 1099-INT will probably show up with your SSN on it, and that should be reported on line 2b of your tax return.  Putting it anywhere is is probably incorrect and will definitely confuse the IRS computers and would likely result in you getting an IRS notice of some kind.  IRS notices are time consuming and potentially expensive to deal with.

...

Typically bank bonuses are treated as and will show up as interest on 1099-INTs.  My piggybacking commissions are on a 1099-NEC.  Personal credit card bonuses, as I think someone mentioned, are treated as rebates and thus not taxable.  Some argue that business credit card bonuses need to be accounted for; I don't get business credit card bonuses so I don't worry about that situation.
« Last Edit: November 04, 2023, 07:33:02 PM by secondcor521 »

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1304 on: November 04, 2023, 07:42:27 PM »
I would recommend filing two separate Schedule C's.  Any tax software should be able to handle it.  It makes it clearer and cleaner for everyone.

For my piggybacking bonuses, which are similar, I use 523900 "Other financial".

Thanks a bunch :) I too think it is earned income and subject to the 15%+ social security tax. I don't want to report it as Other Income and then be audited and fined later because I reported it wrong.  There is "work" involved in marketing referrals -- it's earned I believe. I hope someone can prove me wrong b/c I rather not pay that taxes on the referrals.

The odds of being audited for something like that seems very low. To me it seems more likely that you'd be audited if a hobby-like micro-business was classified as a business to generate earned income to trigger the Earned Income Tax Credit. (That wouldn't apply to anyone with meaningful amount of Investment Income though)

The only one I recall referring people to was Desert Financial and I'm pretty sure all of that was reported on a a 1099-INT anyway. Most of my 1099-misc income was brokerage bonuses, I think.

How are you 'marketing' your referrals?

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NotJen

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1306 on: November 05, 2023, 10:01:38 AM »
Google Bard is suggesting the following NAIC for bank referral bonuses:

"As a publisher who promotes bank sign up bonuses through affiliate marketing, you would use NAIC code 541899: All Other Advertising and Related Services. This code encompasses establishments primarily engaged in providing advertising and related services, not elsewhere classified, such as advertising research and consulting services, direct mail advertising services, and online advertising services.

NAIC code 541899 is a catch-all code for advertising services that don't fit neatly into other NAIC categories. Affiliate marketing falls under this category as it involves promoting products or services for a commission, but it's not specifically classified as direct mail, online, or any other specific type of advertising.

Here's why NAIC code 541899 is suitable for your business:

Broad Scope: The code encompasses a wide range of advertising and related services, including affiliate marketing.

Promotional Focus: Your primary activity is promoting bank sign up bonuses, which is inherently an advertising function.

Commission-Based Revenue: You earn commissions for successful referrals, which aligns with the commission-based nature of many advertising services."

That sounds appropriate if you run a website/blog where you have affiliate links for products (credit cards/bank services being a product).  Do you do that?

I don't think that posting on a public forum about bonuses would qualify as "marketing".

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1307 on: November 05, 2023, 10:02:04 AM »
How are you 'marketing' your referrals?
Affiliate marketing? That's what these referral bonuses are aren't they?  They seemed earned because you do the work in telling someone about the bank, and then give them your link for profit.  So it's earned?  I'm confused lol.  I suppose if it is only a fee hundred then it isnt' a business. But if one makes say over $400 with it maybe it's a business?
« Last Edit: November 05, 2023, 10:03:50 AM by jnw »

MinouMinou

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1308 on: November 05, 2023, 12:00:55 PM »
Random question: I am new to this bank bonus hobby. It seems that most banks require a phone call or in person to close account. I am wondering what kinds of questions are asked about reason for closing (how much pressure) and what kind of responses given? Do you have to give an explanation besides “Doesn’t fit my needs”?

NotJen

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1309 on: November 05, 2023, 12:12:04 PM »
Do you have to give an explanation besides “Doesn’t fit my needs”?

If I need to talk to an actual person to close (I always try chat or secure message first - sometimes it works) - I just tell them I'm not using the account as much as I thought I would, or that I'm consolidating accounts to make things easier to manage.  I've never gotten any further questions.  Sometimes there will be a retention offer, or they want to talk about benefits.  I just say no thanks, I want to close.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1310 on: November 05, 2023, 12:21:26 PM »
Random question: I am new to this bank bonus hobby. It seems that most banks require a phone call or in person to close account. I am wondering what kinds of questions are asked about reason for closing (how much pressure) and what kind of responses given? Do you have to give an explanation besides “Doesn’t fit my needs”?

"I found another bank which better fits my needs."  Hypothetical reply: "Oh how have we not fit your needs or what could we do better" or "What bank would that be?".   My reply to that would be:  "I'm sorry I'm short on time, I gotta get going." lol.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1311 on: November 05, 2023, 01:20:19 PM »
Random question: I am new to this bank bonus hobby. It seems that most banks require a phone call or in person to close account. I am wondering what kinds of questions are asked about reason for closing (how much pressure) and what kind of responses given? Do you have to give an explanation besides “Doesn’t fit my needs”?

I would say 95% of the time I can close an account through secure message or online chat.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1312 on: November 05, 2023, 01:23:50 PM »
How are you 'marketing' your referrals?
Affiliate marketing? That's what these referral bonuses are aren't they?  They seemed earned because you do the work in telling someone about the bank, and then give them your link for profit.  So it's earned?  I'm confused lol.  I suppose if it is only a fee hundred then it isnt' a business. But if one makes say over $400 with it maybe it's a business?

$400 in self employment profit would be the minimum to incur self employment taxes, but for me it would be super easy to argue that slapping a link on social media or a forum, or forwarding a email is a hobby.

If you're actually paying advertising fees to promote the post on Facebook or paying Google to promote your web link, that seems more like a business activity to me.

sonofsven

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1313 on: November 05, 2023, 04:43:39 PM »
Random question: I am new to this bank bonus hobby. It seems that most banks require a phone call or in person to close account. I am wondering what kinds of questions are asked about reason for closing (how much pressure) and what kind of responses given? Do you have to give an explanation besides “Doesn’t fit my needs”?
I just tell them I'm not using it, which is obvious when they look at it.
I try to keep accounts open a minimum of six months, though. It's often not required, but it's thought of in some places (like Doctor of Credit) that it's a good idea.
We don't want to burn the banks too hard and fast or they might quit offering these bonuses.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1314 on: November 06, 2023, 09:07:43 AM »
Stanford Federal Credit Union – $250 or $500 Checking Bonus
$5k in credit card funding. Chex sensitive. Nationwide.
https://www.profitablecontent.com/stanford-federal-credit-union-500-checking-bonus/

At time of posting, this is not on DoC yet.  I really like Profitable Content blog, and go there first for any bank deals, along with DoC.  I have a browser shortcut to my state's landing page there so I don't miss any state or national deals.
« Last Edit: November 06, 2023, 02:57:11 PM by jnw »

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1315 on: November 08, 2023, 08:19:22 AM »
@jnw let us know if you get approved by Stanford.  I see comments on DoC that they didn't want to see more than 3 Chex inquiries in 24 months.  That comment is almost 3 years old though.  Also, if you successfully fund with cc and it posts as a purchase.  No real data points on DoC for that yet.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1316 on: November 08, 2023, 09:08:07 AM »
@jnw let us know if you get approved by Stanford.  I see comments on DoC that they didn't want to see more than 3 Chex inquiries in 24 months.  That comment is almost 3 years old though.  Also, if you successfully fund with cc and it posts as a purchase.  No real data points on DoC for that yet.

Will let ya know soon.  I am getting another 0% APR card today I can use for the cc funding & spend requirement.  However, I a couple of acquaintences online said at the end of the application process it just hangs there indefinitely.  They are waiting to see if it went through or not.   So I dunno maybe I should wait until I get more datapoints.

wantstoinvest

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1317 on: November 08, 2023, 02:07:04 PM »
Does anyone hear know if brokerage bonuses are achievable by transferring assets without triggering a taxable event?

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1318 on: November 08, 2023, 02:26:09 PM »
Does anyone hear know if brokerage bonuses are achievable by transferring assets without triggering a taxable event?

Yes, you can transfer "in-kind" so you never sell the funds.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1319 on: November 08, 2023, 03:00:57 PM »
Does anyone hear know if brokerage bonuses are achievable by transferring assets without triggering a taxable event?

Yes, you can transfer "in-kind" so you never sell the funds.

Is this called ACAT or ACATS transfer?   Is the cost basis information sent along? I imagine tax nightmares if it isn't lol.   Since I have Turbo Tax connect to all the brokerages and automatically generate Schedule D and all the 8949's with the data.

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1320 on: November 08, 2023, 03:49:32 PM »
Does anyone hear know if brokerage bonuses are achievable by transferring assets without triggering a taxable event?

Yes, you can transfer "in-kind" so you never sell the funds.

Is this called ACAT or ACATS transfer?   Is the cost basis information sent along? I imagine tax nightmares if it isn't lol.   Since I have Turbo Tax connect to all the brokerages and automatically generate Schedule D and all the 8949's with the data.

Yes (ACATS) and yes (cost basis).

It's a good idea to look over the Schedule D and 8949 generated by TurboTax for a sanity check.  Mistakes are occasionally made by brokerage firms generating the 1099s (occasional), TurboTax (rare), and the tax preparer (sometimes), as well as the taxpayer (somewhat often).  The most frequent mistakes are probably forgetting to include an account entirely, and misunderstanding how to prepare the tax forms properly.


Morning Glory

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1322 on: November 09, 2023, 07:23:12 AM »
Easiest $100 ever:

https://www.doctorofcredit.com/swagbucks-mp-discover-checking-50-66-sign-up-bonus/

Go through sb link, log into Discover, verify address is still correct,  transfer $50 from savings to checking.  Process took about 2 minutes last night and sb is pending this morning.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1323 on: November 09, 2023, 08:43:24 AM »
Easiest $100 ever:

https://www.doctorofcredit.com/swagbucks-mp-discover-checking-50-66-sign-up-bonus/

Go through sb link, log into Discover, verify address is still correct,  transfer $50 from savings to checking.  Process took about 2 minutes last night and sb is pending this morning.

Discover gave me a "Your application cannot be processed". That popped up when trying to log in to my account to apply.

sonofsven

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1324 on: November 09, 2023, 10:24:07 AM »
Easiest $100 ever:

https://www.doctorofcredit.com/swagbucks-mp-discover-checking-50-66-sign-up-bonus/

Go through sb link, log into Discover, verify address is still correct,  transfer $50 from savings to checking.  Process took about 2 minutes last night and sb is pending this morning.
Thanks, I did it just know, I already had a Discover savings, it's my main hub account.
Now I have about $340 SB pending, including the Chime offer I completed recently.
Not sure if the Chime is still active but it's a simple one as well

MinouMinou

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1325 on: November 11, 2023, 03:56:23 PM »
Experienced Bank Bonus people, how do you stay organized? I started a spreadsheet, but it is still stressing me out trying to keep track of what I need to move money into, from where, and when.

Michael in ABQ

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1326 on: November 11, 2023, 05:21:10 PM »
There's a really easy Capital One checking account bonus: $350 for (2) direct deposits of $250 minimum.
Lots of data points on what qualifies as a dd; in my case I did two transfers from a Fidelity CMA.
Quick turnaround, too, about two weeks from account opening to bonus.
As always, see Doctor of Credit for details.

I think my wife and I are going to try this in 2-player mode. Since I run the payroll for our business I can easily change our direct deposit to go to two banks and set aside a few hundred dollars go to those accounts for at least two deposits.

I had to call in to verify my information (all the same info I provided in my online application) but it only took about 5 minutes on the phone with a rep to get it approved (on top of 10-15 minute hold time).

$350 Bonus just paid out for Capital One 360 Checking Account. Made two direct deposits for biweekly payroll in September and it posted yesterday. I didn't end up opening one for my wife as well but if this comes up again I will definitely do so.

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1327 on: November 11, 2023, 05:48:04 PM »
Experienced Bank Bonus people, how do you stay organized? I started a spreadsheet, but it is still stressing me out trying to keep track of what I need to move money into, from where, and when.

I don't do them much, but I do other things.

I have a spreadsheet which tells me what to do, and a tickler file that tells me when to do things.  For the former, I use LibreOffice; for the latter I use a Windows version of todo.txt called todotxt.net.  In the time between now and my next tickler file event, I try not to let it stress me out.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1328 on: November 11, 2023, 07:32:36 PM »
Experienced Bank Bonus people, how do you stay organized? I started a spreadsheet, but it is still stressing me out trying to keep track of what I need to move money into, from where, and when.

I don't really do anything super special to manage it. When I see a bonus on DoctorofCredit I search my old emails to see when I last did that bonus. 

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1329 on: November 11, 2023, 08:06:04 PM »
I use Gnucash to track all the transactions of my personal finance.  I use a Spreadsheet Workbook with various sheets in it.  The first sheet serves as both a bill payment checklist and cash flow  -- i.e. on the 1st of the month I'll know what the ending balances in all the checking accounts will be; (I've shared this spreadsheet on this forum in a thread I created.)   I have another sheet for tracking bank sign ups.  An additonal one for credit card sign ups.

The bank sign up tracking sheet I use is similar to RJ's here in this youtube video:
https://www.youtube.com/watch?v=D9_v6vvibtA&list=PLuIb01o7bCYabEDSZBftPARbs1yim7aBD&index=1

The following is an example entry in my bank sign up bonus tracking sheet -- dates have been changed for privacy:
EDIT: 10/19/23 should be in the Bonus Paid Date field. Forgot to put it in there :)



« Last Edit: November 11, 2023, 08:13:46 PM by jnw »

MinouMinou

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1330 on: November 12, 2023, 10:02:41 AM »
I opened six all around the same time and am having a little trouble keeping them straight.

Morning Glory

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1331 on: November 12, 2023, 11:04:28 AM »
I use an old fashioned paper notebook where I write the dates, account numbers,  and tasks. If there is something i need to do on a specific date I set a calendar reminder on my phone as well.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1332 on: November 12, 2023, 08:33:12 PM »
I too have a spreadsheet, spun off from my credit card bonus tracking. It isn't as detailed as jnw's and I add dates into a Google calendar. I've also made a checklist for both bonus programs (transfer, add to Mint, autopay for cc's, etc) that is helpful. I have a matrix on where my DD's have been allocated.

As for stressing, you probably jumped in too fast. You build up a flow for the process over time. I would also say that missing a date and doing it sub-optimally isn't really something to fear. So you get charged a small fee or have funds in an account for a month or two too long. As long as you aren't losing track of them (again a spreadsheet and an aggregator like Mint (note: changing at end of the year) or Empower), you are doing okay.

You may also think about if not beneficiaries, at least an accessible place for your heirs to track the money down. I've shared the spreadsheet and logins with my wife. A password manager helps a  lot in that department.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1333 on: November 15, 2023, 02:19:06 AM »
@jnw let us know if you get approved by Stanford.  I see comments on DoC that they didn't want to see more than 3 Chex inquiries in 24 months.  That comment is almost 3 years old though.  Also, if you successfully fund with cc and it posts as a purchase.  No real data points on DoC for that yet.

I got a secure message from Stanford saying I was denied due to ChexSystem report.  This is my first Chex denial. I am new to this and only opened about 13 accounts in the past 12 months -- I guess that is a lot :)  But yeah this institution is very chex sensitive evidently.

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1334 on: November 15, 2023, 05:09:42 AM »
Experienced Bank Bonus people, how do you stay organized? I started a spreadsheet, but it is still stressing me out trying to keep track of what I need to move money into, from where, and when.

My method has evolved over the years as I have ramped up my accounts. I use a spreadsheet to keep track of all bank account related info minus account numbers. It includes opening dates, requirements, bonus, bonus paid date, EATF, monthly fees, what counted as DD, closing dates and a general section with notes like Credit Card funding.

I also have a daily/yearly planner (Blue Sky makes good ones) so I can keep track of daily "To-Dos" and note any future "To-Dos." For instance, if I initiate micro-deposits linking two accounts together I'll make a note to check a couple days later. I also mark months in advance when CC payments are due for cards I am taking advantage of the 0% APR for leveraging. That money usually is sitting in high interest savings or being moved around to satisfy bank bonus requirements.

I am a bit of a detailed person so other folks may have simpler methods. I've found this works best for me.     

billy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1335 on: November 18, 2023, 11:41:34 AM »
I opened up a US Bank Business Connect 9/25/23, and they didn't report it to the credit bureau, and I have not applied for other cards in a year, so it looks like I don't need to bother with the waiting 90 days in between cards if otherwise I would be eligible?

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1336 on: November 18, 2023, 01:27:34 PM »
I opened up a US Bank Business Connect 9/25/23, and they didn't report it to the credit bureau, and I have not applied for other cards in a year, so it looks like I don't need to bother with the waiting 90 days in between cards if otherwise I would be eligible?

Yeah business credit cards don't usually show up on personal credit reports, save for some from Capitol One.

I applied for and received 3 personal credit cards earlier this year: Discover It Cashback, Capital One Savor One, as well as US Bank Cash+ VISA.  I also got a Chase Ink Business Cash early last month.  33 days later, this month, I applied for and got Chase Ink Business Unlimited.  Both cards have 90K Ultimate Rewards Points ($900) sign up bonus currently which is relatively high -- I hear it is going to end soon and drop down to whatever it was before.  I don't see why you can't get either fairly easily as you haven't applied for much.  As long as the number of credit cards you opened on your personal credit profile is less than 5 in the past 2 years -- this includes any closed cards which were opened in the past 2 years.

Here's my referral link to the business Chase cards if interested, so you can see all the info on them. https://www.referyourchasecard.com/21o/PXW1D8VP5S .  I really like the Chase Ink Business Cash since it is 5% back on all of the following:  Office Supply, Internet, Phone & Cable.
« Last Edit: November 18, 2023, 02:05:06 PM by jnw »

secondcor521

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1337 on: November 18, 2023, 03:35:51 PM »
I opened up a US Bank Business Connect 9/25/23, and they didn't report it to the credit bureau, and I have not applied for other cards in a year, so it looks like I don't need to bother with the waiting 90 days in between cards if otherwise I would be eligible?

Where did you get the 90 day rule?

If it's from a general rule, often general rules don't apply uniformly across all credit issuers.

If it's a USBank rule, it will apply.  USBank keeps their own record of your applications independent of your credit bureau reports, so they might reject you based on the 90 day rule.

If it's another issuer, the  rule won't apply.  They'll pull your credit and maybe see the USBank inquiry, but as you noted won't see the additional account because it's a business account.

billy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1338 on: November 18, 2023, 03:59:37 PM »
Oh man, I really wanted to do the Chase Ink Business in March when P/2 will be under 5/24, and get that $900 bonus, I didn't pace myself accordingly. I use Travel Freely site to track, but I can double check my credit report, does Chase business use 1 or all 3 reports?

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1339 on: November 18, 2023, 04:18:26 PM »
Oh man, I really wanted to do the Chase Ink Business in March when P/2 will be under 5/24, and get that $900 bonus, I didn't pace myself accordingly. I use Travel Freely site to track, but I can double check my credit report, does Chase business use 1 or all 3 reports?

Your active and recently closed cards should appear on all your reports. AFAIK, CapitalOne is the only issuer that pulls all 3.

Rusted Rose

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1340 on: November 19, 2023, 08:18:58 AM »
Oh man, I really wanted to do the Chase Ink Business in March when P/2 will be under 5/24, and get that $900 bonus, I didn't pace myself accordingly. I use Travel Freely site to track, but I can double check my credit report, does Chase business use 1 or all 3 reports?

Just FYI: https://www.doctorofcredit.com/ymmv-chase-ink-preferred-100000-approvals-past-5-24/

Apparently in some cases, the rule can bend? (I have not tried this BTW, just reporting what I've seen)

halfling

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1341 on: November 21, 2023, 01:42:37 PM »
Just hit the $8k for 100,000 bonus for an Ink Preferred opened in September. Artist/writer Sole Prop ftw :)

Went ahead and got approved for the $900 bonus for the Business Cash card, it's awesome that there's no annual fee plus a 0% for 12 months deal.

Just cancelled my old no-fee Sapphire card so I can get a new Sapphire Reserve in the new year, hopefully get a decent new bonus, and redeem the 100k Ink points at 1.5X next year.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1342 on: November 21, 2023, 03:00:10 PM »
Just hit the $8k for 100,000 bonus for an Ink Preferred opened in September. Artist/writer Sole Prop ftw :)

Went ahead and got approved for the $900 bonus for the Business Cash card, it's awesome that there's no annual fee plus a 0% for 12 months deal.

Just cancelled my old no-fee Sapphire card so I can get a new Sapphire Reserve in the new year, hopefully get a decent new bonus, and redeem the 100k Ink points at 1.5X next year.

Congrats :)

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1343 on: December 03, 2023, 05:56:14 AM »
I'm completely new to this and the offers in my country seem much lower, but I'd like to give it a try.

Just so I get things right, you open an account in a bank, keep it open long enough to get the bonus, close it and then do it again (open an account in the same bank I mean)?
Or does it work only once per bank?

sonofsven

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1344 on: December 03, 2023, 10:38:44 AM »
I'm completely new to this and the offers in my country seem much lower, but I'd like to give it a try.

Just so I get things right, you open an account in a bank, keep it open long enough to get the bonus, close it and then do it again (open an account in the same bank I mean)?
Or does it work only once per bank?
Most banks have a rule that you can get a bonus every two years, some more, some less.
Make sure you read and save the rules. Take screenshots. I've needed to refer to them plenty of times, and I've also needed them to send to the bank customer service rep because sometimes they don't know the rules of the promotion you signed up under.
Also keep track of the date you close the acct so you can "churn" it, which means getting the same bonus again.
I've also used the screenshots successfully when forwarding complaints to the Consumer Finance Protection Bureau, but that's a US thing.
Also, it's generally considered "best practices" to leave an account open six months before closing. Some bonuses have terms that state they can claw back the bonus. Otherwise, the thinking is not to piss off the banks so they stop offering free money.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1345 on: December 03, 2023, 10:48:08 AM »
I'm completely new to this and the offers in my country seem much lower, but I'd like to give it a try.

Just so I get things right, you open an account in a bank, keep it open long enough to get the bonus, close it and then do it again (open an account in the same bank I mean)?
Or does it work only once per bank?

Since you mention "in my country", I wouldn't assume that your country is the same as what people experience in the US.

halfling

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1346 on: December 05, 2023, 02:13:46 PM »
This month, I set up four new direct deposit accounts for what will hopefully come out to about $1200 in bonuses. PNC and Citizens should be $300-$400 each.

I had to go into a local branch to set up a third account for a $300 bonus, which was a much worse experience than I could have imagined, so I really hope the bonus posts! The hourly rate won't be so good on this one. I spent the first half an hour listening to the clerk talk to the customer ahead of me about how stupid my generation is when it comes to banking, then spent another half an hour helping the clerk figure out that they had mis-entered my driver's license number.

This month I'll also be closing a couple of accounts I opened for churning purposes over the last couple of years, since they'll start charging maintenance fees. I'm hoping I'll be eligible for another Chase Checking and Savings bonus again next year.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1347 on: December 05, 2023, 07:55:18 PM »
This month, I set up four new direct deposit accounts for what will hopefully come out to about $1200 in bonuses. PNC and Citizens should be $300-$400 each.

I had to go into a local branch to set up a third account for a $300 bonus, which was a much worse experience than I could have imagined, so I really hope the bonus posts! The hourly rate won't be so good on this one. I spent the first half an hour listening to the clerk talk to the customer ahead of me about how stupid my generation is when it comes to banking, then spent another half an hour helping the clerk figure out that they had mis-entered my driver's license number.

This month I'll also be closing a couple of accounts I opened for churning purposes over the last couple of years, since they'll start charging maintenance fees. I'm hoping I'll be eligible for another Chase Checking and Savings bonus again next year.

If you need more ideas I really love the following site.  You can even filter by the state you are in so you only get offers related to your state or on a national level.  https://www.profitablecontent.com/all-bank-bonuses/ .  I bookmarked my state's landing page on this site and it's the first place I check for new churns before I hit DoC.

EDIT: Here's the state selection page:   https://www.profitablecontent.com/bank-bonuses-by-state/
« Last Edit: December 05, 2023, 07:57:36 PM by jnw »

halfling

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1348 on: December 10, 2023, 03:20:43 PM »
This month, I set up four new direct deposit accounts for what will hopefully come out to about $1200 in bonuses. PNC and Citizens should be $300-$400 each.

I had to go into a local branch to set up a third account for a $300 bonus, which was a much worse experience than I could have imagined, so I really hope the bonus posts! The hourly rate won't be so good on this one. I spent the first half an hour listening to the clerk talk to the customer ahead of me about how stupid my generation is when it comes to banking, then spent another half an hour helping the clerk figure out that they had mis-entered my driver's license number.

This month I'll also be closing a couple of accounts I opened for churning purposes over the last couple of years, since they'll start charging maintenance fees. I'm hoping I'll be eligible for another Chase Checking and Savings bonus again next year.

If you need more ideas I really love the following site.  You can even filter by the state you are in so you only get offers related to your state or on a national level.  https://www.profitablecontent.com/all-bank-bonuses/ .  I bookmarked my state's landing page on this site and it's the first place I check for new churns before I hit DoC.

EDIT: Here's the state selection page:   https://www.profitablecontent.com/bank-bonuses-by-state/

Thanks, but the pagination on that site makes it hard to use it. I prefer Doctor of Credit

billy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1349 on: December 14, 2023, 02:31:24 PM »
I'm working on a credit card to get the welcome bonus, wondering if people like to speed things up and use the CC to pay estimated taxes for example and pay the 2.3% fee and get back 1%, to get the welcome bonus sooner than later, even though you could do it with normal spending?