Bank account churning: how to make $1600 in a year by being organized

[Accrual]

Signed up for the Chase checking + savings account $500 offer. Had my direct deposit hit last week. Hoping to get the first $200 in a few days. Have to wait 90 days for the savings account.

Check your account on Tuesday, and you should have the bonus.

Just checked. Nothing so far.

[Rhinodad]

So am thinking of buying Visa Gift Debit cards to get the sign up bonus, but this isn't a direct MS, as I'll be depositing those debit cards in my bank account via cashiers checks, then pay my property taxes and my Son's tuition bill for his school. Both property taxes and School charge 3% transaction fee with use of the Credit/Debit card, while you can get Visa gift cards for just over 1.5% charge. Anyone see any red flags with this plan? For context, that 1.5% spread will save roughly $265. Would do like $1500 per month to spread it out.

[DadJokes]

So am thinking of buying Visa Gift Debit cards to get the sign up bonus, but this isn't a direct MS, as I'll be depositing those debit cards in my bank account via cashiers checks, then pay my property taxes and my Son's tuition bill for his school. Both property taxes and School charge 3% transaction fee with use of the Credit/Debit card, while you can get Visa gift cards for just over 1.5% charge. Anyone see any red flags with this plan? For context, that 1.5% spread will save roughly $265. Would do like $1500 per month to spread it out.

No, I see people do that in r/churning for credit cards. You might have difficulty converting the gift cards into cashier's checks on occasion, as it seems like shady behavior. If an employee/manager give you trouble, it's best to try again another time or at another place.

[tj]

So am thinking of buying Visa Gift Debit cards to get the sign up bonus, but this isn't a direct MS, as I'll be depositing those debit cards in my bank account via cashiers checks, then pay my property taxes and my Son's tuition bill for his school. Both property taxes and School charge 3% transaction fee with use of the Credit/Debit card, while you can get Visa gift cards for just over 1.5% charge. Anyone see any red flags with this plan? For context, that 1.5% spread will save roughly $265. Would do like $1500 per month to spread it out.

No, I see people do that in r/churning for credit cards. You might have difficulty converting the gift cards into cashier's checks on occasion, as it seems like shady behavior. If an employee/manager give you trouble, it's best to try again another time or at another place.

https://www.doctorofcredit.com/memo-walmart-to-ban-all-manufacture-spending-activities-beginning-december-19th/

[Rhinodad]

With the new Covid relief package released, I wonder if more banks will be offering sign up bonuses to get their hands on the $

[Pizzabrewer]

We did pretty well this year, $3800 in bank bonuses:

$600 Citizens ck&sv
$600 Chase ck&sv
$600 Chase ck&sv P2
$400 Wells Fargo ck
$250 M&T ck
$350 M&T ck P2
$400 BofA ck
$300 Santander ck
$300 US Bank ck

We didn't do many credit card bonuses this year.  We're trying to lay low to get under 5/24 for some bigger deals.  We did manage to swing $550 in SUBs from Amex Blue, Discover IT, Discover IT Miles and Wells Fargo Propel.  I think we'll be hitting the cc's much harder in 2021.

So we didn't hit the heights some of you accomplished but we did cover four months of mortgage payments.  Free money is awesome!

[DadJokes]

Final numbers for 2020, including both credit card & bank bonuses:

Credit Cards
Earned		Cash Value	Travel Value
Chase UR*	307,831	$3,078	$4,617
Southwest RR**	158,231		2,373
Cash Back	$555	555	555
Total Earned		3,633	7,545
Fees
Sapphire Preferred		95	95
SW Premier		99	99
Ink Business Preferred		95	95
Total Fees		289	289
Referral Taxes (Projected)		96	96
Profit from Credit Cards		$3,248	$7,160
Bank Accounts
Earned***		Cash Value
BB&T		$600
Chase Business (P1)		500
Chase Personal (P2)		500
Fifth Third (P1)		500
Wells Fargo (P1)		400
Wells Fargo (P2)		400
Suntrust (P1)		200
Suntrust (P2)		400
BBVA (P1)		250
First Horizon (P1)		200
SoFi (P1)		105
Bank of TN (P1)		500
US Bank (P1)		300
Discover (P1)		150
Discover (P2)		200
PenFed (P1)		200
PenFed (P2)		200
Cap One (P1)		0
PNC (P2)		300
Total Earned		5,905
Fees
BB&T		50
Total Fees		50
Profit from Bank Accounts		$5,855

*Actual cash value is higher due to Chase's Pay Yourself Back program, but I don't plan to take advantage of this and will continue to value points at $0.01/each
**Does not include value of Companion Pass
***Accounts with earned value of $0 are accounts in which the activities required to earn the bonus have been completed, but the bonus has not yet posted.

We also have 60k Chase UR points that will post in January, as well as $400 for a Capital One checking bonus.

[Morning Glory]

How I did in 2020

Credit cards
CIU-me-500
CIC-hubs-500
CSP-me-650 (PYB value-annual fee)
CSP-hubs-650
CSP referral 150
=2450

Banks
Sofi Invest-hubs-100
Sofi invest-me-100
Sofi Crypto-hubs-25
Sofi Crypto-me-25
Sofi Personal Loan-300
Sofi Referrals-700
Random other bonuses from Sofi-180
Stash Invest-105
Scholar Share 529-200
Penfed FCU-250
BBVA Compass-250
=2235

Total= 4685


Pending
Citi Premier-me 600-95 fee (bonus should post next statement)
Citi Premier-hubs-just applied

TIAA Yield pledge-I think this was a dud, just need to close it
Home Federal Savings Bank-bonus did not post despite using legit dd, need to call them

[MasterStache]

Not going to list all the banks but in 2 player mode we finished the year at about $9500 in bank bonuses. I believe we also cashed in roughly $6-7K in Chase points for various things. All in all a great year. I expect to slow way down this year. Of course I said that last year as well ( :

[chasesfish]

This thread is impressive and inspiring.  I closed the year out with $2,000 in bank bonuses and have another $650 in progress for that'll hit in 2021.

I live in a smaller state and that seems to hurt on what's available to me via Doctor of Credit.  I also passed on the savings account bonuses because I hate spreading out larger chunks of money.

[anni]

I made about $1300 last year! But I did have to call my main bank to get one overdraft charge reversed when I eff'ed up and paid rent twice somehow 😬still, $1k/hour not bad!

[HPstache]

I'm going for the ever-so-controversial Citi Priority Banking $700 Bonus.  Here's hoping!

[Rhinodad]

Just started doing this in December. We are doing 2 player, so right now have a bunch of bonuses pending. I think once March hits we should see roughly $6000. There are still a couple that we will sign up for that are currently posted, and hope to have a few more throughout the year. I have 4 young adult children, so I had them read this thread...and agreed to be their financier on some of these, so far 3 out of 4 of my adult kids have jumped on the train. I am expecting a better pair of socks from them for xmas in '21 for my troubles:)

[Morning Glory]

Sofi personal loan bonus is back at $350 now. PM me if you want a referral link!!!

[Rhinodad]

Sofi personal loan bonus is back at $350 now. PM me if you want a referral link!!!

I'd imagine this is a hard pull on credit report?

[Morning Glory]

Sofi personal loan bonus is back at $350 now. PM me if you want a referral link!!!

I'd imagine this is a hard pull on credit report?

Yes, but it doesn't count against 5/24, and you can refer your spouse.. It paid out within a week when I did it, and I paid off and closed the account immediately.

[Rhinodad]

So, sign up, get the bonus, pay it off, then refer your spouse, get the referral bonus, and then your spouse gets the bonus as well...can it get any better. How long is the offer for? We are refinancing our house right now, which is to close in 5 weeks.

[Morning Glory]

So, sign up, get the bonus, pay it off, then refer your spouse, get the referral bonus, and then your spouse gets the bonus as well...can it get any better. How long is the offer for? We are refinancing our house right now, which is to close in 5 weeks.

It doesn't say how long it's for. DOC posted that it was increased to $350 but mine is showing $300 still, it's been there since at least last August. My DH's is showing $350 so I can pm his link to anyone who wants one.

[bacchi]

The card churning thread is lost to history and I'm too lazy to search for it.

Got the BBVA $1000 for $4000 spend. Made $1000.
SO missed that offer but did get a BBVA $750 for $4000 spend. Working on that one now.

Good start to the year.

[slappy]

The card churning thread is lost to history and I'm too lazy to search for it.

Got the BBVA $1000 for $4000 spend. Made $1000.
SO missed that offer but did get a BBVA $750 for $4000 spend. Working on that one now.

Good start to the year.

Is the BBVA credit card offer still available? I did a checking bonus through them and was not impressed.

[therethere]

The BBVA $1k offer was only available for like 2 days before it got pulled. They typically run $500 promos though.

[bacchi]

What therethere posted. ^^ The Select card offer has $500 on the page but Player 2 called and was told it was $750 until the end of February. YMMV.

Requires $100k income, have to call, may be state limited now.

[chasesfish]

Pickings seem slim lately on new account opportunities, is anyone else having this problem?

[bacchi]

Pickings seem slim lately on new account opportunities, is anyone else having this problem?

Yes, I've noticed this too. I did read an article that claimed that banks are flush with deposits, which would explain the dearth of bonuses.

[MasterStache]

Pickings seem slim lately on new account opportunities, is anyone else having this problem?

Yep! After a fantastic year last year I fully expected a decline. Meh, that's the way the game goes.

[tj]

The BBVA $1k offer was only available for like 2 days before it got pulled. They typically run $500 promos though.

Everyting i read was that the BBVA card required six figure income, so I didn't bother applying.

[therethere]

I saw this asked further up in the thread but not answered. Do the banks and CC companies issue a 1099 for these bonuses?

Banks - Yes
CC's - No (except for referral $)

[DadJokes]

Pickings seem slim lately on new account opportunities, is anyone else having this problem?

Yep! After a fantastic year last year I fully expected a decline. Meh, that's the way the game goes.

Yep, very slow year for both banks and credit cards. We did get Capital One's $400 bonus (x2), which was nice, but I don't see much else out there right now. At least stimulus checks will make up most of the difference.

[MasterStache]

I saw this asked further up in the thread but not answered. Do the banks and CC companies issue a 1099 for these bonuses?

Not all banks do. You should keep diligent records.

[chasesfish]

I saw this asked further up in the thread but not answered. Do the banks and CC companies issue a 1099 for these bonuses?

Not all banks do. You should keep diligent records.

I was also wondering this, I've kept diligent records but haven't wanted to enter them manually if the forms were coming.

[HPstache]

I saw this asked further up in the thread but not answered. Do the banks and CC companies issue a 1099 for these bonuses?

Not all banks do. You should keep diligent records.

I was also wondering this, I've kept diligent records but haven't wanted to enter them manually if the forms were coming.

I have not yet had a bank NOT send me a 1099 for a checking/savings bonus.  I've only complete about a dozen, so take that with a grain of salt

[bacchi]

I saw this asked further up in the thread but not answered. Do the banks and CC companies issue a 1099 for these bonuses?

Not all banks do. You should keep diligent records.

I was also wondering this, I've kept diligent records but haven't wanted to enter them manually if the forms were coming.

I have not yet had a bank NOT send me a 1099 for a checking/savings bonus.  I've only complete about a dozen, so take that with a grain of salt

I've had a few not issued, such as when the bonus was linked to debit card transactions. It's arguable that the bonus was a rebate much like a card bonus.

I'm waiting on one from last year from the large bank with a crappy IT department. The bonus is in my spreadsheet but the bank insists that no 1099 will be issued. I no longer have access to the account or old statements. Did they claw it back and I didn't notice?

[Morning Glory]

Do you guys think sofi will become less generous with the bonuses now that they are going public?

[tj]

Do you guys think sofi will become less generous with the bonuses now that they are going public?

I thought SoFi was once per lifetime. I got in the $200 last year...I will be able to go back to the well again?

[Morning Glory]

Do you guys think sofi will become less generous with the bonuses now that they are going public?

I thought SoFi was once per lifetime. I got in the $200 last year...I will be able to go back to the well again?

Some of them are once per lifetime. I've gotten separate opening bonuses for money, invest, crypto, and personal loans, an extra bonus for doing an automatic deposit, and a promotion where they match your contributions to the invest account. Right now they have one for transferring an account from another brokerage (I haven't done that yet but I'm thinking about getting out of Robinhood.) I've gotten tons of referrals from them too. 

[Accrual]

Chase Sapphire Preferred bonus just surpassed 4 years; reapplied for a card to get the $600 bonus.

[Morning Glory]

Chase Sapphire Preferred bonus just surpassed 4 years; reapplied for a card to get the $600 bonus.

Nice! I was enjoying the pyb feature but now I'm out of UR points and I've done all the good chase cards within the last 2 years. We both just did citi Premier pretty quickly because of medical bills from my husband's surgery. Between the two of us we have $1k of citi points but those aren't as good, we are just cashing out for statement credits. When those get low I will apply for another card.

We are hopefully done with medical bills for a while so I'm looking for one with a 3k spend requirement, because we can meet that with our normal bills and groceries. Maybe BofA premium rewards?  I'm not sure about doing non chase business cards with a "business", although my husband has sold a lot of things on mercari this year as we get ready to downsize so that might count.

[MasterStache]

Rumor has it the Chase PYB feature is ending I believe, at the end of April. I've used it myself to cash in thousands of dollars in Chase points. Something to keep in mind.

[tj]

Chase Sapphire Preferred bonus just surpassed 4 years; reapplied for a card to get the $600 bonus.

bad timing, they have an $800 offer now!

[Queen Frugal]

I made $3800 in credit card bonuses last year and I'd like to get into bank account churning too.  The thing that has been holding me back is the direct deposits that are required for most of the bank bonuses. I am self employed and I don't take paychecks - just distributions. But I take them whenever and however I want. I am wondering if I can just make payments from my operating account to myself in my new bank account via online transfers and that will work? Chase says that the payments actually have to come from a payroll service. I don't have a payroll service. Thoughts?

[tj]

I made $3800 in credit card bonuses last year and I'd like to get into bank account churning too.  The thing that has been holding me back is the direct deposits that are required for most of the bank bonuses. I am self employed and I don't take paychecks - just distributions. But I take them whenever and however I want. I am wondering if I can just make payments from my operating account to myself in my new bank account via online transfers and that will work? Chase says that the payments actually have to come from a payroll service. I don't have a payroll service. Thoughts?

Trial and error. Never call the bank!


https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/

[MasterStache]

I made $3800 in credit card bonuses last year and I'd like to get into bank account churning too.  The thing that has been holding me back is the direct deposits that are required for most of the bank bonuses. I am self employed and I don't take paychecks - just distributions. But I take them whenever and however I want. I am wondering if I can just make payments from my operating account to myself in my new bank account via online transfers and that will work? Chase says that the payments actually have to come from a payroll service. I don't have a payroll service. Thoughts?

It's shaping up to be a bit of a down year. I am not expecting to make near what I made last year. 

[billy]

Part of my is relieved, it was getting a bit old, at least a welcome break. I have gotten into crypto interest accounts with stablecoin where I earn 10.51 APY, so much easier.

[Dee_the_third]

What is everyone using to auto-charge a small monthly balance on the cards nowadays? I used to use the Amazon auto-reload feature but then they changed it so you can only use one card. I've already got all the monthly recurring bills done but I've still got a few more.

[tj]

What is everyone using to auto-charge a small monthly balance on the cards nowadays? I used to use the Amazon auto-reload feature but then they changed it so you can only use one card. I've already got all the monthly recurring bills done but I've still got a few more.

Why do you need to auto charge? I just did manually micro Amazon reloads when I needed to do X number of debit purchases.

[Dee_the_third]

What is everyone using to auto-charge a small monthly balance on the cards nowadays? I used to use the Amazon auto-reload feature but then they changed it so you can only use one card. I've already got all the monthly recurring bills done but I've still got a few more.

Why do you need to auto charge?

Because I've got over 20 cards, and  it's one more chore I'd rather automate.

[jim555]

Just completed the Citibank $10K deposit, get $400.  Now I have to close the account and wait for them to send me a new offer.  Rinse and repeat.  I don't see how they make money on this.  Time before I got $500.

[Morning Glory]

Just completed the Citibank $10K deposit, get $400.  Now I have to close the account and wait for them to send me a new offer.  Rinse and repeat.  I don't see how they make money on this.  Time before I got $500.

It's a game for them too. Banks compete with each other on number of new account signups.  It can make their share price go up, which makes more money for the executives. They really don't mind churners.  It's part of their marketing budget. Of course some people might miss a step and end up not getting the bonus or paying fees.

[DadJokes]

Just completed the Citibank $10K deposit, get $400.  Now I have to close the account and wait for them to send me a new offer.  Rinse and repeat.  I don't see how they make money on this.  Time before I got $500.

Friction.

They are banking (pun intended) on the fact that people are not going to be willing to swap banks all the time. Changing your direct deposit and bills is more work than most people are willing to do over and over.

If they can get your business now, they think they've got you for a long time.

[bacchi]

Just completed the Citibank $10K deposit, get $400.  Now I have to close the account and wait for them to send me a new offer.  Rinse and repeat.  I don't see how they make money on this.  Time before I got $500.

It's a game for them too. Banks compete with each other on number of new account signups.  It can make their share price go up, which makes more money for the executives. They really don't mind churners.  It's part of their marketing budget. Of course some people might miss a step and end up not getting the bonus or paying fees.

This probably explains the BBVA $1000 cash back card. They are/were getting bought by PNC and wanted to juice the numbers. Obviously, new customer account numbers were more important than profit on those same accounts.