Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 310687 times)

Accrual

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #800 on: December 15, 2020, 08:24:03 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #801 on: December 15, 2020, 11:04:30 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #802 on: December 16, 2020, 06:50:33 AM »
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.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #803 on: December 16, 2020, 08:48:21 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #804 on: December 21, 2020, 11:40:40 AM »
With the new Covid relief package released, I wonder if more banks will be offering sign up bonuses to get their hands on the $

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #805 on: December 27, 2020, 03:17:37 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #806 on: December 30, 2020, 09:26:02 AM »
Final numbers for 2020, including both credit card & bank bonuses:

Credit Cards
EarnedCash ValueTravel 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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #807 on: January 01, 2021, 07:22:39 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #808 on: January 02, 2021, 08:26:14 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #809 on: January 11, 2021, 08:26:58 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #810 on: January 11, 2021, 11:44:19 AM »
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!

v8rx7guy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #811 on: January 11, 2021, 12:21:47 PM »
I'm going for the ever-so-controversial Citi Priority Banking $700 Bonus.  Here's hoping!

Rhinodad

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #812 on: January 12, 2021, 12:37:36 PM »
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:)

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #813 on: January 21, 2021, 12:17:57 PM »
Sofi personal loan bonus is back at $350 now. PM me if you want a referral link!!!

Rhinodad

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #814 on: January 21, 2021, 02:21:33 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #815 on: January 21, 2021, 03:08:35 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #816 on: January 21, 2021, 03:19:05 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #817 on: January 21, 2021, 07:10:34 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #818 on: January 30, 2021, 06:46:28 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #819 on: February 01, 2021, 01:25:20 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #820 on: February 01, 2021, 01:40:25 PM »
The BBVA $1k offer was only available for like 2 days before it got pulled. They typically run $500 promos though.

bacchi

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #821 on: February 01, 2021, 02:08:47 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #822 on: February 26, 2021, 06:34:34 PM »
Pickings seem slim lately on new account opportunities, is anyone else having this problem?

bacchi

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #823 on: February 26, 2021, 09:18:02 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #824 on: March 01, 2021, 06:36:29 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #825 on: March 01, 2021, 08:47:20 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #826 on: March 01, 2021, 02:16:43 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #827 on: March 02, 2021, 12:26:00 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #828 on: March 03, 2021, 04:31:18 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #829 on: March 03, 2021, 11:15:07 AM »
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.

v8rx7guy

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #830 on: March 03, 2021, 11:24:09 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #831 on: March 03, 2021, 12:36:31 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #832 on: March 03, 2021, 07:31:04 PM »
Do you guys think sofi will become less generous with the bonuses now that they are going public?

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #833 on: March 04, 2021, 01:06:05 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #834 on: March 04, 2021, 01:27:38 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #835 on: March 06, 2021, 08:06:13 AM »
Chase Sapphire Preferred bonus just surpassed 4 years; reapplied for a card to get the $600 bonus.

Morning Glory

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #836 on: March 06, 2021, 09:14:27 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #837 on: March 08, 2021, 05:26:07 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #838 on: March 22, 2021, 08:44:31 PM »
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!

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #839 on: March 27, 2021, 04:22:50 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #840 on: March 27, 2021, 05:28:36 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #841 on: March 30, 2021, 06:35:39 AM »
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. 

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #842 on: March 30, 2021, 06:41:12 AM »
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.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #843 on: April 26, 2021, 02:36:14 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #844 on: April 26, 2021, 07:05:11 PM »
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.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #845 on: April 26, 2021, 08:38:38 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #846 on: April 26, 2021, 11:56:10 PM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #847 on: April 27, 2021, 07:01:47 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #848 on: April 27, 2021, 07:27:19 AM »
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

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #849 on: April 27, 2021, 08:54:42 AM »
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.