Post by: johnny847 on March 20, 2015, 06:38:32 PM
So I've seen plenty of talk of credit card churning on this forum, but I haven't seen nearly as much chatter on bank account churning. I thought I'd write up my experiences on this.
Numerous banks have signup bonuses for their bank accounts. Typically I go for the $150 or higher ones (I'll explain why I don't go for every single one I see later - it's not just because it's one more account to manage).
What are the requirements?
The typical requirements for a signup bonus are:
- Direct deposit $X
- Sometimes, use their bill pay to pay Y payees at least $Z
- Sometimes, make W debit card transactions
- Sometimes, you must maintain $U for T days
Of course, many bank accounts require a minimum or average balance to avoid fees on the account. Also, some accounts charge a fee if you close your account soon after opening it (the threshold is usually 6 months).
What qualifies as a direct deposit?
I'm lucky to have an employer that allows me to 1) split my paycheck to three separate bank accounts, and 2) change my direct deposit accounts at any time online, thereby not annoying people in person at HR (maybe HR does need to do some human intervention every time I change my DD settings, but I doubt this). Therefore, I pretty much always just do an actual direct deposit.
However, more often than not, an ACH transfer from one of your other accounts will work. To see a list of such qualifying transfers, check here: http://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/ (http://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/)
What kind of return can I expect?
Typically, you can get a $150-$200 fee free return for opening an account, fulfilling their DD and or bill pay and debit card transaction requirements, keeping $2000 in the account, and leaving the account open for six months. So that's a 7.5 - 10% return over 6 months. Which is a 15.56% - 21% annualized return, if I've done my math correctly.
How can I find these offers?
I find out about these bank account bonuses by following www.doctorofcredit.com (http://www.doctorofcredit.com). He has many other worthwhile posts too, mostly about MS and churning CC's. To find the current bonuses, go to http://www.doctorofcredit.com/best-bank-account-bonuses/ (http://www.doctorofcredit.com/best-bank-account-bonuses/).
How can I make $1600 in a year?
This year, I have earned
- $150 from Chase Savings (this has a much higher requirement of maintaining $10k for 90 days. I did this because I was tax loss harvesting VTIAX at the time, otherwise I wouldn't have done it)
- $200 from PNC Virtual Wallet
- $200 from Fifth Third Bank
- $60 from Santander
I have the following that I am meeting the requirements for:
- $200 from Nationwide Bank
- $150 from BMO Harris
- $200 from Suntrust
- $180 from Santander
I also plan on getting a $300 Chase checking bonus again this year (I got it last year). The coupon for this will probably cost about $20. Hence the $1600 in the title.
But, I expect there will be more signup bonuses as the year goes on, so I'll probably make more than that.
I do believe some of these offers are expired. Check out that link I have above with current bonuses.
Things to watch out for
Stay organized! I created a calendar in Google Calendar specifically to track when I opened my accounts, when I met the requirements, by when I expect the bonus, and when I closed the accounts. I also do a check before every paycheck gets cut to make sure my DD settings are correct to meet the requirements.
Some banks will do a hard pull on your credit report to open an account. I would never recommend you do this. The Doctor of Credit blog always tries to tell you if it is a hard or soft pull to open the account.
Some bank account bonuses are specific to a region.
All bank account bonuses are treated as interest and are therefore taxable. I think it's still worth it, but you just need to make sure your tax withholding and/or estimated tax payments take into account this income.
Why not chase all bank bonuses?
Some banks will pull your ChexSystems report. It's kinda like your credit report, but for banks. According to Doctor of Credit, if you have too many recent inquiries on your ChexSystems report, you may get denied for a bank account. Hence, I go after the $150-$200 bonuses only.
Another benefit: Manufactured Spending Opportunity!
Some banks will let you fund the initial deposit with a credit card. Sometimes this will be charged as a cash advance, sometimes not. I highly recommend you set your cash advance limit to zero before doing this. Also, you can check out http://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/ (http://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/) to see if people have been charged cash advance fees in the past for popular cards and banks. Citi almost always charges this as a cash advance.
I've gotten 2500 Chase Freedom points and 2000 Barclaycard Arrival miles from funding bank accounts with a credit card, without cash advance fees.
Two notable bonuses
Santander gives you $20 for $1500 DD and 2 bill pays. Read more here http://www.doctorofcredit.com/santander-20-per-month-bonus-sign-extra20-bundle/ (http://www.doctorofcredit.com/santander-20-per-month-bonus-sign-extra20-bundle/)
Chase often mails out coupons for bank signup bonuses. People sell these on eBay. I've bought one before and used it. You can read more here http://www.doctorofcredit.com/coupon-promo-codes/chase-coupon-codes/ (http://www.doctorofcredit.com/coupon-promo-codes/chase-coupon-codes/)
In the end, is it worth it?
I think so. I use YNAB to keep track of all of these accounts, and Google Calendar to keep track of the dates of everything. I find it to be pretty easy - it doesn't take that much time and changing my DD settings is dead simple. But in the end, of course only you can make the judgement.
Even if you don't churn bank accounts, I'd still recommend getting the Santander one. That's one you can automate very easily (many people just set up automatic transfers of $1500+ and two bill pays).
I probably sound like a fanboy or something of the Doctor of Credit blog. But really, it's a good blog that I have no affiliation with.
P.S. For those of you who have methods of MSing with debit cards, I recommend you sign up for a UFB Airline Rewards checking account. For every $2 you spend with your debit card, you can earn 1 American Airlines mile.
Post by: ryanthequark on March 20, 2015, 08:10:28 PM
I stumbled upon this myself, and with the accounts I have now I should make $650:
$300 from Chase;
$200 from Key Bank;
$100 from Sound Credit Union;
$50 from BECU credit union.
I just closed my BECU account today, having fulfilled the duration requirement. It was nice to have that bonus in my pocket!
Post by: nanu on March 20, 2015, 09:19:16 PM
With CC churning you can get several hundred dollars from each card's sign up bonus if you redeem it for cash/statement credit,
and potentially much more if you actually use the miles to book travel.
Post by: johnny847 on March 20, 2015, 10:30:56 PM
This looks nice, and I've never really given it much thought before, but seems fairly inferior to CC churning.
With CC churning you can get several hundred dollars from each card's sign up bonus if you redeem it for cash/statement credit,
and potentially much more if you actually use the miles to book travel.
That's true, but credit cards always require a hard pull, limiting how many cards you can apply to. Bank accounts sometimes do a ChexSystems inquiry, which has nothing to do with your credit score. Other times they do a soft inquiry on your credit report, again not affecting your credit score.
Also, it's not like you have to do one or the other. I do both. In fact, one feeds the other - I MS'd $1000 on my Arrival+ to help meet the minimum spend while funding the BMO Harris account I am churning.
Post by: idjces on March 20, 2015, 10:33:56 PM
I'd love to be able to apply for all the bank and cc bonuses you guys get
There were quite a few of these available in Australia last year, made maybe $700 between me and my partner. That's a free $700 added to investments, so I won't say no to that :)
Post by: johnny847 on March 20, 2015, 10:36:30 PM
Any idea if you can apply for these when you're not an american resident/citizen?
I'd love to be able to apply for all the bank and cc bonuses you guys get
There were quite a few of these available in Australia last year, made maybe $700 between me and my partner. That's a free $700 added to investments, so I won't say no to that :)
As far as I know, you need a US address on all US bank accounts.
Post by: Cathy on March 20, 2015, 11:07:21 PM
TD Bank, N.A. will open accounts for Canadians with no US address and no connection to the USA whatsoever, and they will do it over the phone without ever meeting you in person.
However, I don't know of any other US banks that do that.
Post by: gomike on March 20, 2015, 11:10:31 PM
Post by: nanu on March 21, 2015, 05:01:39 AM
It's true that you could do both, but CC churning seems much more lucrative for the time spent,This looks nice, and I've never really given it much thought before, but seems fairly inferior to CC churning.
With CC churning you can get several hundred dollars from each card's sign up bonus if you redeem it for cash/statement credit,
and potentially much more if you actually use the miles to book travel.
That's true, but credit cards always require a hard pull, limiting how many cards you can apply to. Bank accounts sometimes do a ChexSystems inquiry, which has nothing to do with your credit score. Other times they do a soft inquiry on your credit report, again not affecting your credit score.
Also, it's not like you have to do one or the other. I do both. In fact, one feeds the other - I MS'd $1000 on my Arrival+ to help meet the minimum spend while funding the BMO Harris account I am churning.
whereas bank account churning seems like a small profit for the amount of work you put in.
That being said, I appreciate the information about something I didn't really know before, and I might try it in the future to see how much work it is and if it's worth the hassle.
Post by: kpd905 on March 21, 2015, 06:42:32 AM
This looks nice, and I've never really given it much thought before, but seems fairly inferior to CC churning.
With CC churning you can get several hundred dollars from each card's sign up bonus if you redeem it for cash/statement credit,
and potentially much more if you actually use the miles to book travel.
You can actually combine them in some cases.
I opened a PNC account for the $300 bonus, and was able to put $2000 into the account with my Barclays Arrival, which helped me hit the bonus on that. So I ended up with $740 with this combo.
I am grabbing a Chase Checking $200 bonus in a week or two.
I will admit that credit cards are much better, but if you are already signing up for 15+ credit cards a year like I am, you can't really get too many more.
Post by: johndcrist on March 21, 2015, 07:22:10 AM
Post by: johnny847 on March 21, 2015, 07:53:30 AM
Considering I have to MS in order to meet the minimum spend for credit card churning (and Amex Serve is disallowing online cc loads starting April 16th), I find that credit card churning and bank account churning take about the same amount of time. However, bank account churning definitely takes more capital, as you typically end up locking up some money to avoid bank fees.It's true that you could do both, but CC churning seems much more lucrative for the time spent,This looks nice, and I've never really given it much thought before, but seems fairly inferior to CC churning.
With CC churning you can get several hundred dollars from each card's sign up bonus if you redeem it for cash/statement credit,
and potentially much more if you actually use the miles to book travel.
That's true, but credit cards always require a hard pull, limiting how many cards you can apply to. Bank accounts sometimes do a ChexSystems inquiry, which has nothing to do with your credit score. Other times they do a soft inquiry on your credit report, again not affecting your credit score.
Also, it's not like you have to do one or the other. I do both. In fact, one feeds the other - I MS'd $1000 on my Arrival+ to help meet the minimum spend while funding the BMO Harris account I am churning.
whereas bank account churning seems like a small profit for the amount of work you put in.
That being said, I appreciate the information about something I didn't really know before, and I might try it in the future to see how much work it is and if it's worth the hassle.
Post by: daverobev on March 21, 2015, 02:15:23 PM
There's no US law that requires a US address for a bank account. There is no legal requirement that a person opening a US bank account have any connection to the USA whatsoever. There is also no requirement to have an SSN or other tax identifying number to open a bank account.
TD Bank, N.A. will open accounts for Canadians with no US address and no connection to the USA whatsoever, and they will do it over the phone without ever meeting you in person.
However, I don't know of any other US banks that do that.
RBC Bank do both a checking and credit card off your Canadian history, without going to the US (I had to go in to my local RBC). Can all be set to a Canadian address.
TD have changed stuff and generally can be a pain - so I've read.
AFAIK most US banks will need a US address. Not a legal requirement, but a requirement nonetheless.
Post by: misschedda on March 25, 2015, 12:52:39 PM
Post by: Bob W on March 25, 2015, 03:04:05 PM
So if I read this right, between my wife and I we could have a very lucrative 3K in annual income for about 20ish hours work per year? So that is like getting paid $150 per hour.
Sweet!
Keep those excellent ideas coming!
*(might only work for a year or two but still 6K in relatively free money is nice)
Post by: daverobev on March 25, 2015, 04:33:57 PM
Post by: johnny847 on March 25, 2015, 04:51:23 PM
Just cashed out a $50 Discover bank bonus today! It's my fourth or fifth banking bonus and I've found them much easier to do than credit card churning (but I do both anyway).
*High five*
This is an awesomeadvertisementpost!
So if I read this right, between my wife and I we could have a very lucrative 3K in annual income for about 20ish hours work per year? So that is like getting paid $150 per hour.
Sweet!
Keep those excellent ideas coming!
*(might only work for a year or two but still 6K in relatively free money is nice)
More or less, yea.
Many bank bonuses say you can only earn one bonus from them per year...meaning you should be able to get it again next year. I know some people get the Chase bonuses every eyar.
Also, just a reminder, money from checking opening is taxable (unlike cc bonuses). You'll get a 1099-MISC for >$600, but even if you don't it should be reported (just like interest).Usually reported on a 1099-INT for any bonus amount, but yup it's taxable.
Post by: kpd905 on March 25, 2015, 06:07:19 PM
You get the bonus if you set up a direct deposit within 60 days. You avoid the fee by keeping at least $1500 in the account.
There is also a $150 savings account code, but you need to tie up $10,000.
I grabbed one of these for each of use, which will get us to $900 for the year: 1 x PNC and 2 x Chase. All for tying up $8000 total for 6 months, or a 22.5% return on cash.
Post by: johnny847 on March 25, 2015, 06:09:39 PM
You can grab a $300 Chase checking bonus if you give them your email here: https://coupon.chaseoffers.com/banking/prep.do?ID=0000017415&jp_cmp=rb/8571557/ext/61945324/115878471Wow I didn't know there was a link to just get one mailed to you! Doctor of credit tells people to go buy them on eBay. I always wondered how you can get targeted to get one mailed to you directly.
You get the bonus if you set up a direct deposit within 60 days. You avoid the fee by keeping at least $1500 in the account.
There is also a $150 savings account code, but you need to tie up $10,000.
Post by: kpd905 on March 25, 2015, 06:18:34 PM
Wow I didn't know there was a link to just get one mailed to you! Doctor of credit tells people to go buy them on eBay. I always wondered how you can get targeted to get one mailed to you directly.
I actually found out about this from Doctor of Credit, so credit goes to him. I'm not sure how often they do this email method.
My fiance has gotten the $300 offers in the mail, but I only ever got $200, so I'm glad this popped up.
Post by: johnny847 on March 25, 2015, 07:53:05 PM
Ah I must've missed that on his blog.Wow I didn't know there was a link to just get one mailed to you! Doctor of credit tells people to go buy them on eBay. I always wondered how you can get targeted to get one mailed to you directly.
I actually found out about this from Doctor of Credit, so credit goes to him. I'm not sure how often they do this email method.
My fiance has gotten the $300 offers in the mail, but I only ever got $200, so I'm glad this popped up.
I'd sign up for this but I still have a Chase checking account open from the bonus I got last year (need to keep it open for six months to avoid them clawing back the bonus).
Post by: rocketman48097 on March 30, 2015, 01:14:59 PM
Post by: surfhb on March 30, 2015, 01:47:34 PM
Post by: johnny847 on March 30, 2015, 02:05:27 PM
I prefer credit card incentives to bank incentives because they aren't taxable. Bank account money is taxable as ordinary income. I did a lot of these one year, 8 years ago, and received $800 in "other income." My standards are much higher now, and given my compensation is much higher, I also have lost the desire to do a lot of these, preferring to focus on expense reduction instead. However, I did have a special offer for $300 from a local bank, that I passed up, that looked tempting given the amount.
Yes but we've already had this discussion on this thread before. There's only so many cc bonuses you can collect. You can generally collect more bank bonuses because many of them don't result in hard inquiries.
And you can sometimes fund bank accounts with cc's and not have it count as a cash advance, meaning you can use these bank account bonuses to help you MS for cc churning as well.
And bank account bonuses don't require you to spend anything. It does usually require you park money there to avoid fees, but just think of it as a temporary savings account that earns a high rate of return b/c of the signup bonus. It's just a tradeoff. For me, I always have to MS to get a CC signup bonus, so there's similar amounts of effort required.
Could some of you fine folks post links to these various bank offers? Maybe start a new thread for these links?Any links posted will go out of date sometime. It's better just to follow
Quote from: johnny847
How can I find these offers?
I find out about these bank account bonuses by following www.doctorofcredit.com. He has many other worthwhile posts too, mostly about MS and churning CC's. To find the current bonuses, go to http://www.doctorofcredit.com/best-bank-account-bonuses/.
Post by: kpd905 on March 30, 2015, 04:36:59 PM
I prefer credit card incentives to bank incentives because they aren't taxable. Bank account money is taxable as ordinary income. I did a lot of these one year, 8 years ago, and received $800 in "other income." My standards are much higher now, and given my compensation is much higher, I also have lost the desire to do a lot of these, preferring to focus on expense reduction instead. However, I did have a special offer for $300 from a local bank, that I passed up, that looked tempting given the amount.
Why can't you do both? I am going to try for $1500 in checking account bonuses and $5000 in credit card redemptions for 2015. That is for both me and my fiance.
Post by: Bob W on March 31, 2015, 11:56:09 AM
I prefer credit card incentives to bank incentives because they aren't taxable. Bank account money is taxable as ordinary income. I did a lot of these one year, 8 years ago, and received $800 in "other income." My standards are much higher now, and given my compensation is much higher, I also have lost the desire to do a lot of these, preferring to focus on expense reduction instead. However, I did have a special offer for $300 from a local bank, that I passed up, that looked tempting given the amount.
Why can't you do both? I am going to try for $1500 in checking account bonuses and $5000 in credit card redemptions for 2015. That is for both me and my fiance.
Love that idea! I'll see your $6,500 and raise you $2,000. lol
Post by: greenjb on October 03, 2016, 06:26:44 PM
Post by: kpd905 on October 03, 2016, 07:18:31 PM
FWIW, I just signed up for a Chase $400 cash back checking account. Don't know if anyone on this thread is still active (or if there's a newer one I didn't see), but I'd love to pick up the discussion and learn what other people are doing.
I just signed up for the $500 Chase checking+savings bonus about 2 months ago, I will now have the wife sign up for it in about 2 weeks. I was also sent a promotion for BMO Harris for another $500 checking + savings that will tie up $10,000 for a few months.
If I get all of these done we'll have made $2200 for the year in checking and savings bonuses.
Our list:
2 x Associated Bank checking ($350)
PNC checking ($200)
Chase Checking + Savings ($500)
Santander Bank ($150)
To do:
Chase checking + savings ($500)
BMO Harris ($500)
Post by: greenjb on October 04, 2016, 10:47:26 AM
FWIW, I just signed up for a Chase $400 cash back checking account. Don't know if anyone on this thread is still active (or if there's a newer one I didn't see), but I'd love to pick up the discussion and learn what other people are doing.
I just signed up for the $500 Chase checking+savings bonus about 2 months ago, I will now have the wife sign up for it in about 2 weeks. I was also sent a promotion for BMO Harris for another $500 checking + savings that will tie up $10,000 for a few months.
If I get all of these done we'll have made $2200 for the year in checking and savings bonuses.
Our list:
2 x Associated Bank checking ($350)
PNC checking ($200)
Chase Checking + Savings ($500)
Santander Bank ($150)
To do:
Chase checking + savings ($500)
BMO Harris ($500)
Where do you live? I live in MD and tried to follow a link to the Chase $500 account, but it just sent me to the main Chase page. I'm guessing it may not be available in my area? I've never heard of BMO Harris, but I hope they send me a promo.
Post by: kpd905 on October 05, 2016, 07:15:37 PM
This is the Chase link: https://www.chase.com/customer/rb_acquisition_354117_xlob09012.html?ID=0000019038
You have to log into your Chase account to see the offer.
Post by: johnny847 on October 11, 2016, 02:04:26 PM
I recently opened an HSBC account for $350. But it was a lot of hassle to open....
http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/ (http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/)
I haven't met the bonus requirements yet.
Post by: greenjb on October 11, 2016, 04:20:38 PM
Since that original post was from a while ago....I made $2800 last year doing this.
I recently opened an HSBC account for $350. But it was a lot of hassle to open....
http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/ (http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/)
I haven't met the bonus requirements yet.
Just curious, what are the banks you used? I live in MD, where I apparently cant' get the $500 Chase account everyone raves about. I'm about 2 weeks from getting the $400 bonus from Citi; thinking about signing my wife up for the same.
Post by: johnny847 on October 12, 2016, 03:52:13 PM
Since that original post was from a while ago....I made $2800 last year doing this.
I recently opened an HSBC account for $350. But it was a lot of hassle to open....
http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/ (http://www.doctorofcredit.com/hsbc-350-checking-account-bonus/)
I haven't met the bonus requirements yet.
Just curious, what are the banks you used? I live in MD, where I apparently cant' get the $500 Chase account everyone raves about. I'm about 2 weeks from getting the $400 bonus from Citi; thinking about signing my wife up for the same.
Last year I got bonuses from:
Santander
Nationwide
Suntrust
Fifth Third
PNC
Regions
Chase
BMO Harris
US Bank
First Tennessee Bank
Discover
Some of these banks are not available in MD. However, I saw quite a few bank account bonuses (such as M&T) that were available in MD but not for me here in GA. Check http://www.doctorofcredit.com/best-bank-account-bonuses/ (http://www.doctorofcredit.com/best-bank-account-bonuses/) for the best bonuses, both nationwide and regional.
Post by: cschx on October 12, 2016, 04:17:20 PM
The funniest part has been meeting all the super friendly bankers who would love to help you help them get another commission...
Post by: ender on October 12, 2016, 07:06:47 PM
/r/churning is great.
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
Post by: forumname123 on October 12, 2016, 07:44:41 PM
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
For every churner they probably get 3 people who will carry a balance for the next 10 years.
Post by: johnny847 on October 13, 2016, 11:39:24 AM
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
For every churner they probably get 3 people who will carry a balance for the next 10 years.
Something like that, yea.
Since all money is fungible, I once said to a friend that those who are paying credit card interest are subsidizing our credit card rewards. She hated me for saying that because she now felt like it was morally wrong to churn cards with that realization.
Post by: kpd905 on October 13, 2016, 04:32:53 PM
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
For every churner they probably get 3 people who will carry a balance for the next 10 years.
Something like that, yea.
Since all money is fungible, I once said to a friend that those who are paying credit card interest are subsidizing our credit card rewards. She hated me for saying that because she now felt like it was morally wrong to churn cards with that realization.
Would she like it better if the credit card companies kept all the profits instead of sharing some with churners?
Post by: Ebrat on October 13, 2016, 08:49:43 PM
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
For every churner they probably get 3 people who will carry a balance for the next 10 years.
Something like that, yea.
Since all money is fungible, I once said to a friend that those who are paying credit card interest are subsidizing our credit card rewards. She hated me for saying that because she now felt like it was morally wrong to churn cards with that realization.
Would she like it better if the credit card companies kept all the profits instead of sharing some with churners?
Don't forget that they also get transaction fees from merchants on all that money we spend to meet the minimum spend requirements
Post by: johnny847 on October 14, 2016, 04:20:09 PM
I can't believe that Chase offered the CSR recently given how prolific churners are. Big banks must be stupid when it comes to this somehow, still. Except Amex.
For every churner they probably get 3 people who will carry a balance for the next 10 years.
Something like that, yea.
Since all money is fungible, I once said to a friend that those who are paying credit card interest are subsidizing our credit card rewards. She hated me for saying that because she now felt like it was morally wrong to churn cards with that realization.
Would she like it better if the credit card companies kept all the profits instead of sharing some with churners?
She's got a very inconsistent set of ethical rules to judge what is right and wrong. I've stopped pointing out all of her fallacies because then she just gets all emotional and butthurt.
Post by: Koffee on April 02, 2017, 07:56:26 AM
Sorry to necro this thread, but it came up in a Google search. I did want to comment on it and add to the discussion, even though it was old. (plus I've been reading MMM for a couple years now and never commented)
One thing that the author does not mention is return. A number of commenters mentioned CC churning, but I believe this is an apples to oranges comparison. I do a light (opportunistic) bank account churn. Why? Because its yield exceeds T bills and is FDIC insured.
Here is a list of current offers: https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/
For instance, I am currently doing the Citi $300 bonus from the above list.
Consider:
You have to have $15,000 for 30 days and then you can reduce it to $10,000 for the next 90 days (to avoid fees).
Therefore you have on average $11,250 invested over 4 months.
A $300 bonus is 2.66% of this average amount.
BUT WAIT, that's for only 4 months!!!
Therefore you have to adjust for full year yield.
Therefore 2.66% / (4/12) = 8%!!!
A risk free 8% yield is phenomenal!!!
6 Month CD rates are at about .86 APY. Even the Vanguard total Bond (BND) only returns 2.54%
Therefore, I humbly submit that it is worth considering in light of FDIC insurance, liquidity and yield.
Post by: Car Jack on April 03, 2017, 01:01:07 PM
The number of hoops required and the time required are of utmost importance to me. I just completed the "win" on the Citi checking account. I had the older $400 bonus. My experience and things I learned:
For unknown reasons, they kept sending me forms because my name didn't match my IRS name. I literally pulled the name off of my tax form (middle initial not there, and no suffix). This delayed things 2 months, which kept me from funding but did not disqualify me for the bonus. Finally was able to fund and the required 90 days started from the point the funds cleared with them. First 30 days, $15000 had to stay there. Then another 60 days, $10000 had to stay there. I got the end date directly from them, waited 2 extra days, called to verify balance (the bonus had hit) and closed. Note, I did write a check after the first 30 day period for $4900 to give myself padding and get the money back that didn't need to be there.
What I like about that Citi offer is that I don't have to do 10 debit transactions, use an ATM for things and direct deposit. These are a big hassle to me. If they're not to you, go for it. I picture myself at the gas station with the debit card.....set up the pump. Pump 10 cents of gas. Stop. Repeat 9 more times.
Post by: fh2000 on April 03, 2017, 08:20:26 PM
You either deposit $15,000, or set up paycheck direct deposit then do purchase totaling $250. Not both, correct?
==========================================
To qualify for a $300 cash bonus, open a new eligible consumer checking account in The Citibank Account Package by 4/14/2017.
.Within 45 days after account opening, make a qualifying deposit of $15,000 or more in new-to-Citibank funds into the new checking account or your new or existing Citibank Savings Plus Account or Citi Savings Account and maintain a minimum balance of $15,000 for 30 consecutive calendar days following the date you made your qualifying deposit.
.Within 45 days after account opening, complete 1 qualifying Direct Deposit to your checking account or make 1 or more qualifying purchase transactions with your Citibank Debit Card totaling $250.
=====================================
Post by: ducky19 on April 03, 2017, 08:56:06 PM
Post by: ditkanate on April 04, 2017, 09:38:45 AM
Post by: fh2000 on April 12, 2017, 12:52:30 PM
Below is Citi requirement:
You either deposit $15,000, or set up paycheck direct deposit then do purchase totaling $250. Not both, correct?
==========================================
To qualify for a $300 cash bonus, open a new eligible consumer checking account in The Citibank Account Package by 4/14/2017.
.Within 45 days after account opening, make a qualifying deposit of $15,000 or more in new-to-Citibank funds into the new checking account or your new or existing Citibank Savings Plus Account or Citi Savings Account and maintain a minimum balance of $15,000 for 30 consecutive calendar days following the date you made your qualifying deposit.
.Within 45 days after account opening, complete 1 qualifying Direct Deposit to your checking account or make 1 or more qualifying purchase transactions with your Citibank Debit Card totaling $250.
=====================================
Replying to my own post. So, I opened Citi Regular checking account online. I found out by talking to 2 Citi new account support agents that both of these requirements above need to be satisfied. I am transferring $15,000 from another bank, also setting up payroll direct deposit. The fund will need to stay there for 30 days. I plan to close it once I receive the bonus.
Post by: kpd905 on April 13, 2017, 06:25:31 AM
$300 for making 5 debit transactions, that is it. No direct deposit requirement. I am going to sign up this weekend. The offer expires May 12th.
Post by: ducky19 on April 13, 2017, 07:19:22 AM
Post by: Jaayse on April 13, 2017, 08:35:12 AM
If I stop the auto payments after the 6 months (I do have an IRA elsewhere with investments), then it will tie up only $300-350 depending on whether the 6 months is total time open vs number of months of auto investing, essentially providing around 55% return in best case situation.
I suppose I should look into some other opportunities now. Thank you for the motivation!
Post by: BikeFanatic on April 13, 2017, 01:12:41 PM
Quote
Replying to my own post. So, I opened Citi Regular checking account online. I found out by talking to 2 Citi new account support agents that both of these requirements above need to be satisfied. I am transferring $15,000 from another bank, also setting up payroll direct deposit. The fund will need to stay there for 30 days. I plan to close it once I receive the bonus.
FH2000- wjich 2 requirements do you refer to? I opened a Citi checking, funded with 15,000, I did no direct deposit but did 250 in debit transactions, so I assume I qualify, but I have not received the bonus yet, hmmm....
Post by: fh2000 on April 13, 2017, 01:34:54 PM
QuoteReplying to my own post. So, I opened Citi Regular checking account online. I found out by talking to 2 Citi new account support agents that both of these requirements above need to be satisfied. I am transferring $15,000 from another bank, also setting up payroll direct deposit. The fund will need to stay there for 30 days. I plan to close it once I receive the bonus.
FH2000- wjich 2 requirements do you refer to? I opened a Citi checking, funded with 15,000, I did no direct deposit but did 250 in debit transactions, so I assume I qualify, but I have not received the bonus yet, hmmm....
Here below is the qualification. There are 2 bullet points. For bullet point #2, I am doing the direct deposit. You are doing the $250 debit card transaction, I guess.
On Doctor of Credit site, it was mentioned that direct deposit not required. I just wanted to make sure it does in my case. On our HR site, it is easy to switch direct deposit, which is why I prefer that way.
==================
To qualify for a $300 cash bonus, open a new eligible consumer checking account in The Citibank Account Package by 4/14/2017.
.Within 45 days after account opening, make a qualifying deposit of $15,000 or more in new-to-Citibank funds into the new checking account or your new or existing Citibank Savings Plus Account or Citi Savings Account and maintain a minimum balance of $15,000 for 30 consecutive calendar days following the date you made your qualifying deposit.
.Within 45 days after account opening, complete 1 qualifying Direct Deposit to your checking account or make 1 or more qualifying purchase transactions with your Citibank Debit Card totaling $250.
Post by: Roots&Wings on April 14, 2017, 06:50:28 AM
For direct deposit, I'm hoping ING (now CapOne) still qualifies as "direct deposit" with Citi. If not, I'll either link Paypal and do a direct deposit from Paypal, or change paycheck direct deposit once I get the BMO Harris bonus for 2 direct deposits.
It's interesting each bank has different requirements for "direct deposit". Dr of Credit is awesome for this: http://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
Currently at $1,525 for bank bonuses this year (Chase checking/savings $500, Santander $225, BMO Harris $200, TD Bank $300, and Citibank $300). Will see what else comes up!
Post by: Roots&Wings on April 22, 2017, 05:42:47 AM
Currently at $1,525 for bank bonuses this year (Chase checking/savings $500, Santander $225, BMO Harris $200, TD Bank $300, and Citibank $300). Will see what else comes up!
Now targeting $2,025 this year for bank bonuses with PNC checking $300 bonus (deposit $5k and 10 debit transactions) and Suntrust $200 (deposit $600 and 10 debit transactions). The debit transactions will be a minor inconvenience...thinking maybe just do ten $5 amazon gift cards or similar, which shouldn't take too much time.
Post by: nanu on April 22, 2017, 07:01:14 AM
why $5? you can do $0.50 Amazon reloads, or even just transfer money to people over Venmo/Facebook/Paypal/Google wallet with debit card for freeCurrently at $1,525 for bank bonuses this year (Chase checking/savings $500, Santander $225, BMO Harris $200, TD Bank $300, and Citibank $300). Will see what else comes up!
Now targeting $2,025 this year for bank bonuses with PNC checking $300 bonus (deposit $5k and 10 debit transactions) and Suntrust $200 (deposit $600 and 10 debit transactions). The debit transactions will be a minor inconvenience...thinking maybe just do ten $5 amazon gift cards or similar, which shouldn't take too much time.
See more here: http://www.doctorofcredit.com/bank-accounts/how-to-meet-minimum-debit-credit-transaction-requirements/
Make sure to opt out of pinless debit with Amazon
Post by: kpd905 on April 22, 2017, 07:48:45 AM
Also, data point: Discover bank ACH transfer counted as a direct deposit to PNC. I used it for roughly 1/3 of the required $5k DD.
My wife and I are at $1750 so far this year for bonuses, with $1050 more pending.
Completed
2 x Wells Fargo = $500
BMO Harris Checking + savings = $500
Santander = $150
2 x Associated bank = $300
PNC = $300
Pending
Bank of America $150
Citi checking $300
BMO checking $300
First Bank Financial Centre $300
Post by: Roots&Wings on April 22, 2017, 10:51:44 AM
kpd905, are the BMO savings and Associated bank offers still active? I couldn't locate those.
Post by: kenaces on April 22, 2017, 12:52:35 PM
i was planning on shopping around for new bank as my wife and i are not happy with TDbank. I was looking for better interest but seeing this thread I realize shopping bonus will be more $ for us than best interest as we keep relatively low balance in our checking accounts
only challenge is we have to find bonuses that don't require auto deposit as we are both self-employed
Post by: nanu on April 22, 2017, 03:15:47 PM
i was planning on shopping around for new bank as my wife and i are not happy with TDbank. I was looking for better interest but seeing this thread I realize shopping bonus will be more $ for us than best interest as we keep relatively low balance in our checking accountsI actually keep a very large cash position, both as an emergency fund and for opening bank accounts and getting the bonuses (and for gift card reselling - I need cash to float those).
Churning bank account bonuses provides a very nice return on the investment, with pretty much zero risk...
Post by: kpd905 on April 22, 2017, 03:39:13 PM
kpd905, are the BMO savings and Associated bank offers still active? I couldn't locate those.
There is a BMO checking offer on Doctor of Credit for $200 online sign up, but the savings (and $300 checking) require a mailed flyer. You also have to go to the branch to sign up.
The Associated Bank accounts are only available to residents of Illinois, Minnesota, and Wisconsin: http://www.doctorofcredit.com/il-mn-va-wi-only-associated-bank-150-promotion-when-you-open-a-packers-checking-account-no-direct-deposit-required/
Post by: Roots&Wings on April 23, 2017, 07:30:41 AM
Like nanu, I'm using cash emergency funds for bank bonus churning. It's providing a nice return and working well so far!
Just got another Chase $300 Total Checking (not premier)/$200 savings coupon exp 6/15, which I can't use. If anyone wants the coupon code, feel free to PM (unsure if you physically have to go into a Chase branch with the coupon code or can open online).
Post by: sleepyjen on April 23, 2017, 08:19:26 AM
Post by: Roots&Wings on April 23, 2017, 10:55:48 AM
What's the deposit threshold on that offer? I might take it off your hands.
Chase Total checking $300 Bonus - open new account ($25 minimum initial deposit) + setup direct deposit within 60 days of opening account. Maintain $2,500 in the account to avoid monthly fees. Keep account open for 6 months (otherwise bonus is forfeit).
Chase savings $200 Bonus - open new account and deposit $15k within 10 days and maintain $15k for 90 days. After bonus posts, maintain $300 to avoid fees. Keep account open 6 months (otherwise bonus is forfeit).
I did this back in Jan, received both bonuses, and am now holding until 6 month period is up to close the accounts. You can receive the bonus once per calendar year. Actually really like the Chase checking account, super easy to link and transfer with all my other external accounts, great customer service so far.
Post by: .22guy on April 23, 2017, 02:05:07 PM
Post by: kpd905 on April 23, 2017, 02:36:25 PM
I need to withdraw money and close my Chase accounts. Has anyone had any problems with that? To be honest I feel a little guilty. The rep who opened my account was such a nice guy, I'll feel jerksish telling him I'm closing the account, with the bare minimum of transactions.
Get the balance down to zero and just send a secure message online to close your account. Otherwise if you don't get the balance down to zero they will send you a check for the balance.
Post by: fh2000 on April 26, 2017, 11:39:57 AM
I wonder, if anyone tried to do the same with your spouse? Can I ask my wife to apply and receive her $300 bonus?
Post by: sleepyjen on April 26, 2017, 12:20:34 PM
What's the deposit threshold on that offer? I might take it off your hands.
Chase Total checking $300 Bonus - open new account ($25 minimum initial deposit) + setup direct deposit within 60 days of opening account. Maintain $2,500 in the account to avoid monthly fees. Keep account open for 6 months (otherwise bonus is forfeit).
Chase savings $200 Bonus - open new account and deposit $15k within 10 days and maintain $15k for 90 days. After bonus posts, maintain $300 to avoid fees. Keep account open 6 months (otherwise bonus is forfeit).
I did this back in Jan, received both bonuses, and am now holding until 6 month period is up to close the accounts. You can receive the bonus once per calendar year. Actually really like the Chase checking account, super easy to link and transfer with all my other external accounts, great customer service so far.
Post by: sleepyjen on April 26, 2017, 12:21:59 PM
Just finished Citi checking with only my name on it. Transferred $15,000 and completed a payroll direct deposit. Waiting for my $300 bonus.
I wonder, if anyone tried to do the same with your spouse? Can I ask my wife to apply and receive her $300 bonus?
Post by: johnny847 on April 26, 2017, 05:20:05 PM
My husband and I both just opened Santander checking accounts for the bonus. I don't see why you couldn't.Just finished Citi checking with only my name on it. Transferred $15,000 and completed a payroll direct deposit. Waiting for my $300 bonus.
I wonder, if anyone tried to do the same with your spouse? Can I ask my wife to apply and receive her $300 bonus?
Occasionally a bank bonus's terms say one per household. I don't recall which banks say that.
Post by: sleepyjen on April 27, 2017, 06:14:00 AM
My husband and I both just opened Santander checking accounts for the bonus. I don't see why you couldn't.Just finished Citi checking with only my name on it. Transferred $15,000 and completed a payroll direct deposit. Waiting for my $300 bonus.
I wonder, if anyone tried to do the same with your spouse? Can I ask my wife to apply and receive her $300 bonus?
Occasionally a bank bonus's terms say one per household. I don't recall which banks say that.
Post by: fh2000 on May 03, 2017, 09:47:43 AM
Just finished Citi checking with only my name on it. Transferred $15,000 and completed a payroll direct deposit. Waiting for my $300 bonus.
For Citi bank checking bonus, this is what I have done:
1. deposited $15,000
2. finished one payroll direct deposit.
I called Citi help line and spoke with one CSR. This is what she told me to do in order to receive my $300 bonus.
1. finish 2nd payroll direct deposit.
2. no money withdraw for 3 months. This will take me to the end of June.
3. In another 3 months, the $300 bonus will post. This will take me to the end of September.
Is this the same deal for anyone trying to get Citi bank checking account $300 bonus?
Post by: 2Birds1Stone on May 03, 2017, 10:02:04 AM
Progress.
Account Month Open Bonus
Citi Checking August 11 $400
Chase Savings October 15 $200
Chase Checking October 15 $300
HSBC Checking September 24 $350
TIAA Savings November 29 $250
Capital One MM December 7 $100
M&T Bank Checking December 8 $150
TD Bank Checking December 8 $300
Schwab Brokerage December 20 $100
Discover Savings January 7 $100
Wells Fargo Check January 26 $250
Santandar Checking February 18 $225
BMO Harris March 28 $200
Total $2,925
Post by: MasterStache on May 04, 2017, 06:06:09 AM
I've had a blast doing this.
Progress.
Account Month Open Bonus
Citi Checking August 11 $400
Chase Savings October 15 $200
Chase Checking October 15 $300
HSBC Checking September 24 $350
TIAA Savings November 29 $250
Capital One MM December 7 $100
M&T Bank Checking December 8 $150
TD Bank Checking December 8 $300
Schwab Brokerage December 20 $100
Discover Savings January 7 $100
Wells Fargo Check January 26 $250
Santandar Checking February 18 $225
BMO Harris March 28 $200
Total $2,925
Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.
Post by: ducky19 on May 04, 2017, 07:20:47 AM
Post by: MasterStache on May 04, 2017, 08:18:39 AM
Post by: 2Birds1Stone on May 04, 2017, 08:22:17 AM
I've had a blast doing this.
Progress.
Account Month Open Bonus
Citi Checking August 11 $400
Chase Savings October 15 $200
Chase Checking October 15 $300
HSBC Checking September 24 $350
TIAA Savings November 29 $250
Capital One MM December 7 $100
M&T Bank Checking December 8 $150
TD Bank Checking December 8 $300
Schwab Brokerage December 20 $100
Discover Savings January 7 $100
Wells Fargo Check January 26 $250
Santandar Checking February 18 $225
BMO Harris March 28 $200
Total $2,925
Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.
None of the checking ones did, just debit/DD requirements.
Once you have a Cap One 360 and Discover Savings account you can do ACH "push" transactions into a lot of accounts and it will code as DD.
Most of the savings one had a $10-15k initial funding requirement where you had to keep the money in there anywhere from 2 weeks to 90 days.
Post by: MasterStache on May 04, 2017, 08:29:28 AM
I've had a blast doing this.
Progress.
Account Month Open Bonus
Citi Checking August 11 $400
Chase Savings October 15 $200
Chase Checking October 15 $300
HSBC Checking September 24 $350
TIAA Savings November 29 $250
Capital One MM December 7 $100
M&T Bank Checking December 8 $150
TD Bank Checking December 8 $300
Schwab Brokerage December 20 $100
Discover Savings January 7 $100
Wells Fargo Check January 26 $250
Santandar Checking February 18 $225
BMO Harris March 28 $200
Total $2,925
Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.
None of the checking ones did, just debit/DD requirements.
Once you have a Cap One 360 and Discover Savings account you can do ACH "push" transactions into a lot of accounts and it will code as DD.
Most of the savings one had a $10-15k initial funding requirement where you had to keep the money in there anywhere from 2 weeks to 90 days.
There is a lot of information about what counts as DD, its a bit confusing. I don't have either of those accounts but I did read ACH from USAA counts as a DD for Keybank. Seems to be different for different banks.
Post by: johnny847 on May 04, 2017, 01:19:36 PM
http://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/I've had a blast doing this.
Progress.
Account Month Open Bonus
Citi Checking August 11 $400
Chase Savings October 15 $200
Chase Checking October 15 $300
HSBC Checking September 24 $350
TIAA Savings November 29 $250
Capital One MM December 7 $100
M&T Bank Checking December 8 $150
TD Bank Checking December 8 $300
Schwab Brokerage December 20 $100
Discover Savings January 7 $100
Wells Fargo Check January 26 $250
Santandar Checking February 18 $225
BMO Harris March 28 $200
Total $2,925
Dang, good work. Do most of those require large initial deposits? I am just getting started but don't intend to get crazy with it. Opened a Huntington checking with only 1K deposit required for $200 rewards bonus.
None of the checking ones did, just debit/DD requirements.
Once you have a Cap One 360 and Discover Savings account you can do ACH "push" transactions into a lot of accounts and it will code as DD.
Most of the savings one had a $10-15k initial funding requirement where you had to keep the money in there anywhere from 2 weeks to 90 days.
There is a lot of information about what counts as DD, its a bit confusing. I don't have either of those accounts but I did read ACH from USAA counts as a DD for Keybank. Seems to be different for different banks.
Post by: MasterStache on May 10, 2017, 08:44:38 AM
Post by: dividendman on May 10, 2017, 09:37:33 AM
Post by: Roots&Wings on May 10, 2017, 10:49:56 AM
This is quite fun so far. Just got started two weeks ago. Made $200 already with $500 pending. Haven't funded anything with a CC yet but will certainly look into that.
In case you haven't already, be sure to change your cash advance limit to $0 on whatever credit card you'll be using to fund the account. Some code as "purchase", some as "cash advance". It's not a fun surprise when it's cash advance (newbie mistake I made), but setting to $0 will save you this headache & automatically reject any cash advances.
Post by: MasterStache on May 10, 2017, 11:35:14 AM
This is quite fun so far. Just got started two weeks ago. Made $200 already with $500 pending. Haven't funded anything with a CC yet but will certainly look into that.
In case you haven't already, be sure to change your cash advance limit to $0 on whatever credit card you'll be using to fund the account. Some code as "purchase", some as "cash advance". It's not a fun surprise when it's cash advance (newbie mistake I made), but setting to $0 will save you this headache & automatically reject any cash advances.
Will do. Appreciate the heads up ( :
Post by: johnny847 on May 10, 2017, 06:44:05 PM
Plus, I signed up for a student checking account so there's no min balance requirement or monthly account fees.
Post by: Bimmy on May 11, 2017, 08:06:51 PM
Post by: MasterStache on May 12, 2017, 05:22:50 AM
Just got my $300 Chase bonus. Thanks OP for the post
Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen.
Post by: kpd905 on May 12, 2017, 05:48:51 AM
Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen.
You do always have to go in branch for Chase offers, unfortunately. Still worth the hassle though.
Post by: MasterStache on May 12, 2017, 06:56:25 AM
Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen.
You do always have to go in branch for Chase offers, unfortunately. Still worth the hassle though.
Good to know. There is a Chase Branch only a couple miles from my house.
Post by: Bimmy on May 12, 2017, 09:22:24 AM
Post by: MasterStache on May 12, 2017, 10:23:23 AM
I am also considering their $500 business checking bonus.
Post by: johnny847 on May 12, 2017, 12:05:47 PM
Post by: nanu on May 12, 2017, 01:36:04 PM
Actually, they do have offers when opening an account online, but those are pretty rare.Think I am working on this one next. Did you go into the local branch for this? Got a targeted offer but have to go into the local Chase branch. I know these offers are a dime a dozen.
You do always have to go in branch for Chase offers, unfortunately. Still worth the hassle though.
Post by: kpd905 on May 12, 2017, 06:00:18 PM
How long do you typically wait to close your accounts? I know some have early account closure fees. But for those that don't do you close as soon as you get the bonus? I got the Huntington bonus and there is no fee for early account closure. Debating on whether I should keep it open.
I am also considering their $500 business checking bonus.
I closed my wife's Huntington account 3 days after the bonus posted. I left mine open because I also want to try for the business bonus. I don't want them to see that I opened and closed an account in a week.
Post by: Rosy on May 12, 2017, 07:24:14 PM
OP - I'm another doctorofcredit fan, besides the cc's and bank accounts, he often has cool deals in his newsletter - that's how I found Danny the Deal Guru which brought in another $135 for things like test driving a car. Fun:)
Post by: Morning Glory on May 15, 2017, 01:29:15 PM
There is no Chase branch in my state, but I am thinking of visiting them for the $300 checking bonus when I go to visit relatives later this month. I don't want to withdraw $15k from investments to do the savings one (probably just a psychological reason, as I have room to TGH).
In your opinion, is it worth it to pursue bonuses in the $150 range?
Post by: MasterStache on May 15, 2017, 01:41:55 PM
In your opinion, is it worth it to pursue bonuses in the $150 range?
I probably will once I max out higher bonuses.
Post by: kpd905 on May 15, 2017, 05:38:26 PM
Post by: MasterStache on May 16, 2017, 05:09:04 AM
It is almost always less than an hour of time to do these, so $150 is still not bad.
That's how I view it. If it takes 1/2 an hour to earn $150. I earned $300/hr. Pretty darn good rate!
Post by: Morning Glory on May 16, 2017, 06:00:01 AM
Post by: MasterStache on May 16, 2017, 06:17:44 AM
Do you look at effective APR as well? e.g the Chase checking bonus ties up $1500 for 6 months to get $300. So 300/1500 x 2 = 40% effective APR. OTOH, the savings bonus ties up 15k for 90 days to get 200, so 200/15000 x4 = 5.3 % effective APR. This makes the checking a no brainer. The savings is still great because it is a safe 5.3%, but it is not likely to beat the market. At what APR would you decide to do the bonus rather than leaving the money in Vanguard? I am thinking around 7% because that is the average market return, but there is the safety factor and also the fact that Vanguard is easier.
The money I am using is from my conventional savings, not from investments. I won't churn any bank accounts that tie up large sums of money for extended periods of time. I have some money set aside for my transition to part-time contract work. I am using this as an easy way to increase that sum.
Post by: Ebrat on May 16, 2017, 07:40:24 AM
I don't have $15k in cash, but I've started to do checking bonuses. Trying to ease into it. I got a local bank bonus in January, the Chase bonus last month, and am currently working on the requirements for another local bank. Hoping to average an account every other month to clear $1200-1500 this year.
Post by: SubL stache on May 21, 2017, 10:27:30 PM
I have already got the Discover savings bonus x 2 $200 (wife).
Last week I earned the $200 Capital One 360 bonus. The other 200$ for my wife is pending as I wait to move more funds around.
My question, is it legal to open this account for my child? I have 2 kids and I could just repeat the same procedure to earn them 200$ each moving the same funds around. Has anyone tried this or know more about the legality of opening a savings account for a 4 and 6 year old?
I could be wrong, but I believe if a minor earns less than $1050 unearned income they don't have to file, so if this is legal it's tax free.
Post by: SubL stache on May 22, 2017, 06:25:21 PM
Post by: billybob on May 23, 2017, 04:44:55 PM
Post by: CanuckExpat on May 23, 2017, 08:56:42 PM
My question, is it legal to open this account for my child? I have 2 kids and I could just repeat the same procedure to earn them 200$ each moving the same funds around. Has anyone tried this or know more about the legality of opening a savings account for a 4 and 6 year old?
You can try. The one time I tried was Santander. The online application stopped me when it saw the age was under 18. I imagine you might run into that with anything that is going to give you a nice bonus?
Post by: sleepyjen on May 24, 2017, 07:30:28 AM
I'm thinking about travel cards next, but I have no experience or knowledge about how miles work. I'm betting there's a thread around here somewhere :)
Post by: MasterStache on May 24, 2017, 07:33:41 AM
I'm on track at this point for $450 from Santander checking accounts, $150 from Chase Freedom, and $200 from a Wells Fargo Cash Wise visa. Woohoo! $800, essentially free.
I'm thinking about travel cards next, but I have no experience or knowledge about how miles work. I'm betting there's a thread around here somewhere :)
There is a wealth of information and many sites dedicated to CC churning (travel cards). You'll find some here and there on MMM, but the more in depth ones can be found elsewhere.
Post by: kpd905 on June 17, 2017, 02:11:57 PM
Anyone else care to share their almost-midyear numbers?
Post by: Luck12 on June 17, 2017, 04:36:50 PM
Post by: meadow lark on June 17, 2017, 05:28:49 PM
Post by: Roots&Wings on June 18, 2017, 05:54:56 AM
Post by: kpd905 on June 18, 2017, 06:25:31 AM
I may have stalled out at $1525. PNC denied me when I tried to open with them, I'm guessing too many accounts. Will try 5/3 Bank next.
How many accounts have you opened in the last year? I have opened 12 personal accounts and two business accounts since last July, and haven't gotten any rejections for too many accounts.
Post by: Roots&Wings on June 18, 2017, 02:55:13 PM
I may have stalled out at $1525. PNC denied me when I tried to open with them, I'm guessing too many accounts. Will try 5/3 Bank next.
How many accounts have you opened in the last year? I have opened 12 personal accounts and two business accounts since last July, and haven't gotten any rejections for too many accounts.
Wow, that's a lot! I've opened 5, started doing this in Jan 2017. After applying online, PNC site said the only account I was eligible to open with them was a credit card.
Do you try to space out your opening dates? Maybe my 5 in 5 months is too many, at least for PNC, or some banks are getting wise to this bonus stuff.
Post by: kpd905 on June 18, 2017, 02:59:07 PM
Post by: SubL stache on June 18, 2017, 07:25:32 PM
Discover x 2 x $100
Capital1 x 2 x $200
Pending: $900
M&T x 2 x $150
TD bank x 2 x $300
Post by: MasterStache on June 19, 2017, 08:42:19 AM
Post by: ducky19 on June 19, 2017, 01:35:11 PM
Post by: kpd905 on June 19, 2017, 05:01:40 PM
I've opened up quite a few accounts now and have earned $1675 YTD. I'm now to the point where I want to close these accounts - is there anything in particular I should know when closing them? Can I do it online, over the phone, or do I have to go to a physical branch?
It is different for every bank. I would try in the following order:
1. Online chat if possible
2. Secure Message
3. Call
I don't think I've seen any banks that require going in branch to cancel.
Post by: JohnGalt79 on June 20, 2017, 11:34:25 PM
I've opened up quite a few accounts now and have earned $1675 YTD. I'm now to the point where I want to close these accounts - is there anything in particular I should know when closing them? Can I do it online, over the phone, or do I have to go to a physical branch?
As mentioned, each is different. This might be helpful... datapoints of methods per bank: http://www.doctorofcredit.com/complete-list-of-ways-to-close-bank-accounts-at-each-bank/
Post by: JL9berg13 on June 24, 2017, 10:13:33 AM
And you can sometimes fund bank accounts with cc's and not have it count as a cash advance, meaning you can use these bank account bonuses to help you MS for cc churning as well.
Sorry for being a noob, but what's MS?
Thanks!
Post by: johnny847 on June 24, 2017, 10:33:43 AM
And you can sometimes fund bank accounts with cc's and not have it count as a cash advance, meaning you can use these bank account bonuses to help you MS for cc churning as well.
Sorry for being a noob, but what's MS?
Thanks!
No need to apologize - we're all here to learn.
Manufactured Spending. As in spending on your credit card without really spending money.
Post by: lexde on June 24, 2017, 01:27:46 PM
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Post by: lexde on June 24, 2017, 01:29:11 PM
I just started earlier this year, I've pulled in $600 so far.I thought TD bank was once per lifetime! How are you managing 2x?
Discover x 2 x $100
Capital1 x 2 x $200
Pending: $900
M&T x 2 x $150
TD bank x 2 x $300
Post by: johnny847 on June 24, 2017, 02:01:56 PM
I just started earlier this year, I've pulled in $600 so far.I thought TD bank was once per lifetime! How are you managing 2x?
Discover x 2 x $100
Capital1 x 2 x $200
Pending: $900
M&T x 2 x $150
TD bank x 2 x $300
Based on how every bonus is x2, I'd guess that Subl stache is counting his/her spouse's bonuses as well
Post by: kpd905 on June 25, 2017, 06:28:22 AM
Anyone who has gotten a PNC Bonus: how long has it taken to post? I'm past the 60 days now and still nothing. I was told by a CSR that I met the requirements so I'm not sure what the hold up is and I'm worried I'm not going to get it. (Did a DOC faux DD using PayPal so I don't want to call and tip them off if possible).
I opened a PNC account on Feb 13, completed $5k DD on March 31, completed the 10 debit transactions, and got the bonus on April 14th.
You completed all of the debit transactions?
Post by: Roots&Wings on June 25, 2017, 07:18:54 AM
I may have stalled out at $1525. PNC denied me when I tried to open with them, I'm guessing too many accounts. Will try 5/3 Bank next.
Also got denied by 5/3 bank applying online, and no branch nearby. At least others are having better luck!
Post by: lexde on June 25, 2017, 02:19:44 PM
I did! And a branch worker even told me that I had completed all of the requirements. I'll have to go in branch next week probably to see what's up.Anyone who has gotten a PNC Bonus: how long has it taken to post? I'm past the 60 days now and still nothing. I was told by a CSR that I met the requirements so I'm not sure what the hold up is and I'm worried I'm not going to get it. (Did a DOC faux DD using PayPal so I don't want to call and tip them off if possible).
I opened a PNC account on Feb 13, completed $5k DD on March 31, completed the 10 debit transactions, and got the bonus on April 14th.
You completed all of the debit transactions?
Post by: gggggg on June 25, 2017, 05:56:14 PM
Post by: CanuckExpat on June 25, 2017, 06:49:48 PM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?
This may not still work, but there is something call “App-O-Rama”: doing all of your applications for the season/quarter all at once very very close together. The idea is that it might not ding your score as much. I'm not sure if this is still relevant.
Post by: lexde on June 25, 2017, 07:04:47 PM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Post by: SubL stache on June 25, 2017, 07:40:01 PM
I just started earlier this year, I've pulled in $600 so far.I thought TD bank was once per lifetime! How are you managing 2x?
Discover x 2 x $100
Capital1 x 2 x $200
Pending: $900
M&T x 2 x $150
TD bank x 2 x $300
Based on how every bonus is x2, I'd guess that Subl stache is counting his/her spouse's bonuses as well
Correct, I sign my wife up for each one I do.
Post by: SubL stache on June 25, 2017, 08:48:30 PM
I just started earlier this year, I've pulled in $600 so far.
Discover x 2 x $100
Capital1 x 2 x $200
Pending: $900
M&T x 2 x $150
TD bank x 2 x $300
Update, I've been paid the M&T bonuses. They have multiple codes out so I signed up for 2 more.
Total Earned 2017 YTD = $900
Total Pending = $900 (M&T x 2 x $150, TD Bank x 2 x $300)
Post by: gggggg on June 25, 2017, 08:51:47 PM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?
This may not still work, but there is something call “App-O-Rama”: doing all of your applications for the season/quarter all at once very very close together. The idea is that it might not ding your score as much. I'm not sure if this is still relevant.
Hmm thanks, I may try that route.
Post by: gggggg on June 25, 2017, 08:56:49 PM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Currently, it's 786. Before I started churning it was 8-something. It has gone up 3 points since last month, so you're right about the month to month thing. I'll keep tabs on it. I would do some bank account churning as well, but my credit union is kind of the "hub" of my financial life, I'm not sure I want to switch my direct deposit up.
Post by: johnny847 on June 25, 2017, 11:00:34 PM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Currently, it's 786. Before I started churning it was 8-something. It has gone up 3 points since last month, so you're right about the month to month thing. I'll keep tabs on it. I would do some bank account churning as well, but my credit union is kind of the "hub" of my financial life, I'm not sure I want to switch my direct deposit up.
I think people fuss too much sometimes about their credit score.
Generally speaking, anything above 760, sometimes as low as 740, will get you the best interest rates on mortgages and the like. So the fact that it dropped from 8XX to 786 is inconsequential.
Secondly, unless you're planning on getting a loan anytime soon, I wouldn't care about your credit score one bit. So long as you don't care about getting loans, your credit score is an asset that can be used to get you credit cards with juicy signup bonuses. So long as you keep getting approved for credit cards and can meet the minimum spend requirements, I'd just keep applying for more cards. If/when you start getting denied for cards is when you know you should slow down.
And if you are getting a mortgage in the near future, you probably shouldn't be cc churning anyways since while the cc signup bonuses can be lucrative, even a small increase in your mortgage rate can easily add up to tens of thousands of dollars which would easily dwarf credit card signup bonuses.
Post by: MasterStache on June 26, 2017, 05:29:21 AM
I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Currently, it's 786. Before I started churning it was 8-something. It has gone up 3 points since last month, so you're right about the month to month thing. I'll keep tabs on it. I would do some bank account churning as well, but my credit union is kind of the "hub" of my financial life, I'm not sure I want to switch my direct deposit up.
I don't do multiple CCs apps. I generally open one about every 3-4 months. It's easier to keep track of spending that way. Also I have to do a bit of MS since my spending is really low. Less chance of Serve getting shit down as well. I've noticed my score will dip a bit after each CC app. But it always rebounds within a couple months. In fact CC churning has put my score higher than it's ever been. I wouldn't worry about your score, unless you have some big purchase coming up and need to use credit.
Post by: MasterStache on June 26, 2017, 05:30:42 AM
Anyone who has gotten a PNC Bonus: how long has it taken to post? I'm past the 60 days now and still nothing. I was told by a CSR that I met the requirements so I'm not sure what the hold up is and I'm worried I'm not going to get it. (Did a DOC faux DD using PayPal so I don't want to call and tip them off if possible).
Sent from my iPhone using Tapatalk
I'm not quite past the 60 day period yet but it's coming up. No bonus for me yet and I've long ago completed the requirements. I'll report back any changes.
Post by: lexde on June 26, 2017, 05:54:33 AM
Oh I'm the same way. I don't really like switching banks. If you look at DoC though it will tell you what codes as direct deposit so you don't necessarily have to switch your paycheck deposits. Often times, a push from a particular bank or brokerage/money market account will code as direct deposits for the bonus.I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Currently, it's 786. Before I started churning it was 8-something. It has gone up 3 points since last month, so you're right about the month to month thing. I'll keep tabs on it. I would do some bank account churning as well, but my credit union is kind of the "hub" of my financial life, I'm not sure I want to switch my direct deposit up.
Post by: SubL stache on June 26, 2017, 02:28:18 PM
Oh I'm the same way. I don't really like switching banks. If you look at DoC though it will tell you what codes as direct deposit so you don't necessarily have to switch your paycheck deposits. Often times, a push from a particular bank or brokerage/money market account will code as direct deposits for the bonus.I'm a noob to churning (cc) so please excuse my ignorance. I've opened 3-4 cc's this year for the cash back. I noticed my credit score keeps dropping as I open new accounts. I knew this would happen going into it. My question is, how do you guys keep your score up when churning? It seems if it gets too low you'll get denied at some point. I do put most (90%) of my spending on the cards, I'm not sure what else I can do to keep my score relatively high?Bank accounts shouldn't usually hard pull (check DoC for data points). I've found that my score dips when I get a new card but after a month or so ends up even higher. What's your current score? I am not super hardcore, I open about 4 accounts per year, but have found that my score is actually increasing with additional lines of credit.
Currently, it's 786. Before I started churning it was 8-something. It has gone up 3 points since last month, so you're right about the month to month thing. I'll keep tabs on it. I would do some bank account churning as well, but my credit union is kind of the "hub" of my financial life, I'm not sure I want to switch my direct deposit up.
Yes^, I haven't changed my main bank once, that would be way too disruptive to my life for a few hundred dollars.
Post by: Roots&Wings on June 27, 2017, 06:16:57 AM
Now at $1,825 for the year, net less estimated taxes of course. And requested Chexsystem report to see if there's something on there that caused PNC and 5/3 to deny new accounts.
Post by: MasterStache on June 27, 2017, 08:06:53 AM
Wanted to mention the $300 BofA targeted checking (http://www.doctorofcredit.com/targeted-bank-america-300-checking-bonus/). Almost missed this since it's not featured on Best Bank Account Bonus list, but if you have any old BofA credit cards, you'll likely be eligible.
Now at $1,825 for the year, net less estimated taxes of course. And requested Chexsystem report to see if there's something on there that caused PNC and 5/3 to deny new accounts.
I went for the $200 business bonus. It's an easy one to get with only 1K in deposits required. Might go for the $300 offer in a bit. I've got a lot of money spread around right now.
UPDATE: Got my PNC $200 bonus. Almost a full 2 months after account opening.
Post by: MasterStache on June 28, 2017, 08:42:28 AM
Post by: ducky19 on June 29, 2017, 08:19:22 AM
I've opened up quite a few accounts now and have earned $1675 YTD. I'm now to the point where I want to close these accounts - is there anything in particular I should know when closing them? Can I do it online, over the phone, or do I have to go to a physical branch?
As mentioned, each is different. This might be helpful... datapoints of methods per bank: http://www.doctorofcredit.com/complete-list-of-ways-to-close-bank-accounts-at-each-bank/
Thanks for the link! I just found out yesterday that my Associated Bank account was closed by them. Guess that means it's time to open another one (since it's been 90 days), right?
Post by: Paul der Krake on June 29, 2017, 08:25:51 AM
New $200 US Bank bonus. Easy requirements. Can fund initial $500 deposit with CCOpened it two days ago, still in review. Not sure what's taking so long... I need it for their Altitude card.
Post by: MasterStache on June 29, 2017, 10:56:08 AM
New $200 US Bank bonus. Easy requirements. Can fund initial $500 deposit with CCOpened it two days ago, still in review. Not sure what's taking so long... I need it for their Altitude card.
Saw quite a few DPs pending review and several denied. I was somewhat hesitant but was approved right away.
Post by: Paul der Krake on June 29, 2017, 11:04:41 AM
Yeah I don't mind being denied immediately, at least I get an opportunity to plead my case. It's the pending that weighs on my mind for multiple days that I don't like.New $200 US Bank bonus. Easy requirements. Can fund initial $500 deposit with CCOpened it two days ago, still in review. Not sure what's taking so long... I need it for their Altitude card.
Saw quite a few DPs pending review and several denied. I was somewhat hesitant but was approved right away.
Post by: SubL stache on June 30, 2017, 12:03:29 PM
I received my second M&T bonus this week. This is one of the easiest to do and pays out quick, has a 180 day ETF though, promo was just extended to 9/30 FYI.
I was in Tampa on business so I dropped in 5th/3rd Bank and signed up for their checking promotion (must have branch within 50 miles - so online didn't work for me). Unfortunately I couldn't double up with my wife making one too.
Discover $200
CapitalOne $400
M&T Bank $600
Total earned/received = $1,200
TD Bank $600
5th/3rd $200
Total Pending = $800
Post by: lexde on July 01, 2017, 07:28:33 PM
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Post by: kpd905 on July 02, 2017, 11:37:50 AM
M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Post by: lexde on July 02, 2017, 12:19:10 PM
M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Thank you!!
Post by: HAPPYINAZ on July 02, 2017, 04:09:05 PM
Wanted to mention the $300 BofA targeted checking (http://www.doctorofcredit.com/targeted-bank-america-300-checking-bonus/). Almost missed this since it's not featured on Best Bank Account Bonus list, but if you have any old BofA credit cards, you'll likely be eligible.
Now at $1,825 for the year, net less estimated taxes of course. And requested Chexsystem report to see if there's something on there that caused PNC and 5/3 to deny new accounts.
thanks for posting about the $300 bofa bonus. I just checked in with my old bofa card and it shows the offer for me. Anyone know if DD my husbands paycheck will be OK if I open checking account in my name?
Post by: Roots&Wings on July 03, 2017, 05:45:01 AM
M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Thank you!!
+1
Awesome tip, thank you! Did your initial account funding count as the $100 direct deposit or did you have to do a separate $100 transfer? Were you required to mail in the signature card to get the bonus?
Post by: lexde on July 03, 2017, 07:24:50 AM
Funding generally does NOT count as direct deposit. I plan to find $25 from my bank and then push a DD.M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Thank you!!
+1
Awesome tip, thank you! Did your initial account funding count as the $100 direct deposit or did you have to do a separate $100 transfer? Were you required to mail in the signature card to get the bonus?
Post by: Skills Barterer on July 03, 2017, 09:19:40 AM
Post by: Roots&Wings on July 03, 2017, 11:37:46 AM
thanks for posting about the $300 bofa bonus. I just checked in with my old bofa card and it shows the offer for me. Anyone know if DD my husbands paycheck will be OK if I open checking account in my name?
If your husband's company will do the DD to your account, I can't imagine the bank would have an issue since the transaction would still post as a DD. Maybe others will chime in who know more about spouse/joint account issues, or perhaps you can open a separate bofa account for your husband?
Post by: Paul der Krake on July 03, 2017, 12:03:25 PM
Post by: ditkanate on July 03, 2017, 01:06:08 PM
Post by: Roots&Wings on July 03, 2017, 03:46:53 PM
Do you have a url where to check the BoA checking bonus? I clicked around the site but nothing showed up. I have one Alaska credit card with them.
When you login to your BofA account online, it would be in the "Special Offers & Deals" header tab, fourth over to the right from your main Account tab.
Post by: Paul der Krake on July 03, 2017, 03:50:05 PM
Post by: kpd905 on July 03, 2017, 05:47:10 PM
Funding generally does NOT count as direct deposit. I plan to find $25 from my bank and then push a DD.
Yup, do the initial $25 funding and then push $100 from somewhere else. I have used US Bank and Venmo to push the $100 and both worked great, I had the bonus a day after the $100 cleared.
Post by: firelight on July 03, 2017, 07:59:39 PM
Didn't work for me... Asked me to come into branch since I was out of region :(M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Any bonus codes for any of the other region specific bonuses?
Post by: MasterStache on July 04, 2017, 06:31:54 AM
Didn't work for me... Asked me to come into branch since I was out of region :(M&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Any bonus codes for any of the other region specific bonuses?
Worked for me and I am out of region as well. Thanks for the tidbit btw. If you click on a direct link you'll be forced to enter your zip code. Instead just go directly to the website and click around to find the checking and sign up that way.
Post by: CanuckExpat on July 04, 2017, 08:20:49 AM
Generally, being nomadic presents small headaches, but this has been a positive.
Post by: lexde on July 07, 2017, 06:18:19 AM
PNC: I signed up in branch for $400 bonus which was properly attached to my account. Per DoC, did the 10 debit transactions and $5K transfer from PayPal. Got the email confirming "direct deposits". 30 days passed, 45 days passed (typical DP was that bonus was paid out 30-45 days after meeting requirements), I went in branch to confirm I'd met requirements, was given an emphatic "yes." 60 days passed, nothing. Was later told by a CSR that the bonus wouldn't attach because of the Paypal transfers. I'm really debating escalating this one since two CSRs told me I had met requirements. But I know that the "loophole" means I probably shouldn't pursue anything.
TD Bank: Signed up for $300 bonus which was properly attached to my account. Per DoC, did the $2500 DD/transfer from Chase. That was over 60 days ago, too.
First Tenn: TBD
M&T: TBD
I don't know if I'm doing something wrong or what. I might just have to start having my SO reroute part of his paycheck. I just want my bonuses, mannn!
Post by: bspaggs on July 07, 2017, 09:34:32 AM
Post by: MasterStache on July 07, 2017, 09:49:57 AM
Post by: lexde on July 07, 2017, 10:09:51 AM
I've read through this thread and hope to try for the PNC $300 bonus. Trouble is I have no direct deposit. What's the best way to get a qualifying DD? I'm guessing not paypal based on the previous poster's experience. Any suggestions? Will venmo work? Thank you!Not paypal apparently! But check out Doctor of Credit for what will qualify, and only look at recent data points. I looked at some that were a few months old and did my DD based on that, so the fresher data points should be more reliable.
Post by: CanuckExpat on July 07, 2017, 10:40:12 AM
Not a lot of money, but it's free and easy, and the other way of looking at is it that it covers about 10% or one month of our annual expenses in retirement so far, so not bad. (just rough ball park estimates on percentage of spending)
Post by: firelight on July 08, 2017, 06:23:52 AM
Mid year check-in: Between wife and I we are at $2600 "total": $1700 received, $900 still pending pay outI hear you! We mentally keep the bank account bonuses as screw up fund and use that amount to not worry too much if we screw up on anything. Eg: we have to break lease and pay two months rent because we misestimated our plans for summer. Cute screw up fund to cover it!! :)
Not a lot of money, but it's free and easy, and the other way of looking at is it that it covers about 10% or one month of our annual expenses in retirement so far, so not bad. (just rough ball park estimates on percentage of spending)
Post by: MasterStache on July 08, 2017, 12:17:09 PM
Mid year check-in: Between wife and I we are at $2600 "total": $1700 received, $900 still pending pay outI hear you! We mentally keep the bank account bonuses as screw up fund and use that amount to not worry too much if we screw up on anything. Eg: we have to break lease and pay two months rent because we misestimated our plans for summer. Cute screw up fund to cover it!! :)
Not a lot of money, but it's free and easy, and the other way of looking at is it that it covers about 10% or one month of our annual expenses in retirement so far, so not bad. (just rough ball park estimates on percentage of spending)
Good way top use it. Our is travel money dedicated for my daughters gymnastics competitions. Probably earn enough for the entire year's worth of travel.
Post by: kpd905 on July 10, 2017, 08:34:14 PM
I've read through this thread and hope to try for the PNC $300 bonus. Trouble is I have no direct deposit. What's the best way to get a qualifying DD? I'm guessing not paypal based on the previous poster's experience. Any suggestions? Will venmo work? Thank you!
Discover checking ACH push worked for me.
Post by: marshdesign on July 12, 2017, 10:23:54 AM
I just got an email from BB&T. anyone into bank account churning and want to make 50 bucks with only $100 deposit? I read all the small print. You have to open a checking account and put in refer a friend code. have at least $100 into account when it is reviewed and 50 dollars will be deposited within 120 days of opening. there are some good 200 and 300 dollars bonus at other banks i am currently doing but require more tied up capital than 100 bucks, so this deal is not too shabby! no direct deposits or debit transactions to deal with. anyone interested in doing this with me? i get 50 and you get 50.
You need to be a new BB&T customer and must be checking account, not savings. I have 3 codes uses left, PM if you want one of the 3 remaining codes.
Post by: Roots&Wings on July 12, 2017, 11:08:59 AM
Post by: firelight on July 12, 2017, 03:38:00 PM
I posted this on a facebook MMM forum but just wanted to place this in here since this is very fitting! I have 3 referral codes left!Is there a state restriction or is it Nationwide? If it is Nationwide, I'd be interested
I just got an email from BB&T. anyone into bank account churning and want to make 50 bucks with only $100 deposit? I read all the small print. You have to open a checking account and put in refer a friend code. have at least $100 into account when it is reviewed and 50 dollars will be deposited within 120 days of opening. there are some good 200 and 300 dollars bonus at other banks i am currently doing but require more tied up capital than 100 bucks, so this deal is not too shabby! no direct deposits or debit transactions to deal with. anyone interested in doing this with me? i get 50 and you get 50.
You need to be a new BB&T customer and must be checking account, not savings. I have 3 codes uses left, PM if you want one of the 3 remaining codes.
Post by: marshdesign on July 13, 2017, 06:00:20 PM
limited to: AL, DC, FL, GA, IN, KY, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WV
Post by: lexde on July 15, 2017, 03:18:57 PM
I'm really getting frustrated with my attempts at churning. It seems like every bonus I've tried for lately has totally failed.As an update, called and TD Bank credited that bonus. PNC will credit too (per the CSR) but are giving me a much harder time about it. First Tenn and M&T are still TBD.
PNC: I signed up in branch for $400 bonus which was properly attached to my account. Per DoC, did the 10 debit transactions and $5K transfer from PayPal. Got the email confirming "direct deposits". 30 days passed, 45 days passed (typical DP was that bonus was paid out 30-45 days after meeting requirements), I went in branch to confirm I'd met requirements, was given an emphatic "yes." 60 days passed, nothing. Was later told by a CSR that the bonus wouldn't attach because of the Paypal transfers. I'm really debating escalating this one since two CSRs told me I had met requirements. But I know that the "loophole" means I probably shouldn't pursue anything.
TD Bank: Signed up for $300 bonus which was properly attached to my account. Per DoC, did the $2500 DD/transfer from Chase. That was over 60 days ago, too.
First Tenn: TBD
M&T: TBD
I don't know if I'm doing something wrong or what. I might just have to start having my SO reroute part of his paycheck. I just want my bonuses, mannn!
Post by: Roots&Wings on July 25, 2017, 06:46:42 AM
M&T is stating it's out of my region. Any workaround to that?
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I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Hi kpd, did you have to create a second M&T account for online banking after opening the other account, or did they automatically link both accounts when you opened the other account?
I opened M&T account #2 (bonus #1 received last week, thanks!), but it's not showing up online for some reason with the first account, and can't enroll account #2 in online banking unless I setup a different username/password.
Post by: lexde on July 25, 2017, 06:48:32 AM
Not who you asked, but M&T updates on Sundays I think. So check back Monday and if your accounts aren't linked by then, call. I asked the same thing on Reddit and the account showed up the following MondayM&T is stating it's out of my region. Any workaround to that?
Sent from my iPhone using Tapatalk
I am out of the region as well, but it doesn't matter, just go to their site and select the EZ Choice Checking. Put in either QC or QD as the promo code. After your bonus posts, open up another account using the other promo code.
Hi kpd, did you have to create a second M&T account for online banking after opening the other account, or did they automatically link both accounts when you opened the other account?
I opened M&T account #2 (bonus #1 received last week, thanks!), but it's not showing up online for some reason with the first account, and can't enroll account #2 in online banking unless I setup a different username/password.
Post by: Roots&Wings on July 25, 2017, 10:52:28 AM
Post by: kpd905 on July 25, 2017, 06:48:59 PM
Post by: 2Birds1Stone on July 26, 2017, 07:11:31 AM
I'm up to $3,175 over the past 12 months....and this is on top of churning 6 travel reward CC's in the same time frame.
Post by: slappy on July 29, 2017, 06:07:11 PM
I posted this on a facebook MMM forum but just wanted to place this in here since this is very fitting! I have 3 referral codes left!
I just got an email from BB&T. anyone into bank account churning and want to make 50 bucks with only $100 deposit? I read all the small print. You have to open a checking account and put in refer a friend code. have at least $100 into account when it is reviewed and 50 dollars will be deposited within 120 days of opening. there are some good 200 and 300 dollars bonus at other banks i am currently doing but require more tied up capital than 100 bucks, so this deal is not too shabby! no direct deposits or debit transactions to deal with. anyone interested in doing this with me? i get 50 and you get 50.
You need to be a new BB&T customer and must be checking account, not savings. I have 3 codes uses left, PM if you want one of the 3 remaining codes.
If I'm reading correctly, your account also needs to have $100 in it at the time of review?
Post by: TomTX on July 30, 2017, 09:12:24 AM
I'm really getting frustrated with my attempts at churning. It seems like every bonus I've tried for lately has totally failed.
PNC: I signed up in branch for $400 bonus which was properly attached to my account. Per DoC, did the 10 debit transactions and $5K transfer from PayPal. Got the email confirming "direct deposits". 30 days passed, 45 days passed (typical DP was that bonus was paid out 30-45 days after meeting requirements), I went in branch to confirm I'd met requirements, was given an emphatic "yes." 60 days passed, nothing. Was later told by a CSR that the bonus wouldn't attach because of the Paypal transfers. I'm really debating escalating this one since two CSRs told me I had met requirements. But I know that the "loophole" means I probably shouldn't pursue anything.
TD Bank: Signed up for $300 bonus which was properly attached to my account. Per DoC, did the $2500 DD/transfer from Chase. That was over 60 days ago, too.
First Tenn: TBD
M&T: TBD
I don't know if I'm doing something wrong or what. I might just have to start having my SO reroute part of his paycheck. I just want my bonuses, mannn!
Consensus wisdom in the churn community is "Never Call The Bank" - you don't want human eyes on the account that you opened just for the bonus, especially with an iffy direct deposit method (usually they have text stating it needs to be a government or payroll deposit) and bare minimum on transactions.
Post by: MasterStache on July 30, 2017, 10:21:41 AM
Just added CIT Premier and Citizens Checking to my list for another $150/$100 respectively =)
I'm up to $3,175 over the past 12 months....and this is on top of churning 6 travel reward CC's in the same time frame.
Good work! So far I am up to $2300 (not all paid) bank accounts and roughly 6 CCs over just the past 3 months. Half for cash rewards and half for travel. Working on bank accounts for my wife as well. She's not fond of working on more than a couple at a time so it's a slow process for her.
Post by: Paul der Krake on July 30, 2017, 10:47:40 AM
- Suntrust checking $250
- Chase checking + savings $500
- KeyBank checking $300
- CapitalOne money market $200
- US Bank $200 (pending)
- CapitalOne checking $300 (pending)
I rarely do more than one account at a time, doing real direct deposits through work, and I basically don't bother for anything under $200, or $144 after taxes.
Post by: marshdesign on July 30, 2017, 12:17:41 PM
I posted this on a facebook MMM forum but just wanted to place this in here since this is very fitting! I have 3 referral codes left!
I just got an email from BB&T. anyone into bank account churning and want to make 50 bucks with only $100 deposit? I read all the small print. You have to open a checking account and put in refer a friend code. have at least $100 into account when it is reviewed and 50 dollars will be deposited within 120 days of opening. there are some good 200 and 300 dollars bonus at other banks i am currently doing but require more tied up capital than 100 bucks, so this deal is not too shabby! no direct deposits or debit transactions to deal with. anyone interested in doing this with me? i get 50 and you get 50.
You need to be a new BB&T customer and must be checking account, not savings. I have 3 codes uses left, PM if you want one of the 3 remaining codes.
If I'm reading correctly, your account also needs to have $100 in it at the time of review?
Slappy, that is correct, just have 100 at time of review to get the bonus. so a pretty low requirment and capital tie up. decent bank too. I have family that works in corporate. You just have to be in one of the states that they serve.
Post by: Roots&Wings on July 31, 2017, 06:31:57 AM
I rarely do more than one account at a time, doing real direct deposits through work, and I basically don't bother for anything under $200, or $144 after taxes.
Same here, but the M&T $150 bonuses were so insanely easy with a $100 external account transfer instead of changing employer deposit. With those, now at $2,125 for the year, or $1,550 after taxes.
Post by: lexde on August 01, 2017, 09:06:29 AM
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Post by: MasterStache on August 01, 2017, 09:47:32 AM
Post by: Paul der Krake on August 01, 2017, 10:18:04 AM
How many banks actually send tax forms for bonuses at the end of the year? I only did one bonus last year for Hancock and never received a form. Still keeping funds on the side to pay taxes but am curious.Suntrust never sent me a form. Everyone else has.
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Post by: Rosy on August 01, 2017, 12:24:22 PM
I'm up $1750 in the last 12 months, doing this very casually.
- Suntrust checking $250
- Chase checking + savings $500
- KeyBank checking $300
- CapitalOne money market $200
- US Bank $200 (pending)
- CapitalOne checking $300 (pending)
I rarely do more than one account at a time, doing real direct deposits through work, and I basically don't bother for anything under $200, or $144 after taxes.
Almost identical MO here:) I'm looking to do the CapitalOne MM this week unless they will not allow the $200 bonus since I already have a checking/savings accounts opened way back when they were ING.
If they don't, I'm dithering between a 2% CD - 10K for 36mo, or adding another 5K and open that Chase savings for a $200 bonus that I've been avoiding.
Mr. R. opened a Wells Fargo credit card (0% interest for 12 months and $200 bonus - 1K spend in 90 days) - nice find for us since it is his main bank and this will make things less complicated, plus we wanted a zero percent interest card for home improvement purposes.
BOA is on my radar and so is TD.
Post by: marshdesign on August 01, 2017, 03:56:44 PM
Post by: MasterStache on August 02, 2017, 06:34:50 AM
My husband and I just signed up for the wells 200 dollar card too! $400 total for just putting 1,000 on each. Easy!
Check out the Chase AARP card. $200 back with $500 spend. Doesn't count for the 5/24 rule and you don't have to be an AARP member to get the card.
Post by: NinetyFour on August 02, 2017, 06:41:52 AM
Post by: johnny847 on August 03, 2017, 12:46:52 PM
My husband and I just signed up for the wells 200 dollar card too! $400 total for just putting 1,000 on each. Easy!
Check out the Chase AARP card. $200 back with $500 spend. Doesn't count for the 5/24 rule and you don't have to be an AARP member to get the card.
Let's be clear: This card doesn't fall under 5/24, meaning the 5/24 rule doesn't apply for getting approved.
However, ANY card from ANY bank counts towards that 5 or more cards opened in the past 24 months when applying for any card that falls under 5/24, such as the Chase Sapphire Reserve.
Post by: MasterStache on August 03, 2017, 02:21:40 PM
My husband and I just signed up for the wells 200 dollar card too! $400 total for just putting 1,000 on each. Easy!
Check out the Chase AARP card. $200 back with $500 spend. Doesn't count for the 5/24 rule and you don't have to be an AARP member to get the card.
Let's be clear: This card doesn't fall under 5/24, meaning the 5/24 rule doesn't apply for getting approved.
However, ANY card from ANY bank counts towards that 5 or more cards opened in the past 24 months when applying for any card that falls under 5/24, such as the Chase Sapphire Reserve.
Oops, that's what I meant. You just stated it a bit more clear ( :
Post by: kpd905 on August 03, 2017, 07:44:05 PM
However, ANY card from ANY bank counts towards that 5 or more cards opened in the past 24 months when applying for any card that falls under 5/24, such as the Chase Sapphire Reserve.
Except business cards. At least non-Chase business cards.
Post by: johnny847 on August 03, 2017, 08:48:58 PM
However, ANY card from ANY bank counts towards that 5 or more cards opened in the past 24 months when applying for any card that falls under 5/24, such as the Chase Sapphire Reserve.
Except business cards. At least non-Chase business cards.
Oops yeah. Any personal card!
I have seen reports that Chase doesn't actualy look at Chase business cards when counting for 5/24, but ymmv
Post by: kpd905 on August 04, 2017, 05:34:16 AM
I have seen reports that Chase doesn't actualy look at Chase business cards when counting for 5/24, but ymmv
Hmm, that is good to know. I was paranoid that it would be too easy for them to have the info at their fingertips. Maybe I'll have to get the Ink Preferred next.
Post by: rageth on August 06, 2017, 01:59:48 PM
Post by: johnny847 on August 06, 2017, 07:41:49 PM
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
Yup! I absolutely love DoC. It's really the only churning/bonuses blog worth following imo, since he doesn't do affiliate links for credit cards or bank bonuses. (For bank bonuses he asks that they just give his readers a better bonus instead).
Post by: MasterStache on August 07, 2017, 06:17:05 AM
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
Yup! I absolutely love DoC. It's really the only churning/bonuses blog worth following imo, since he doesn't do affiliate links for credit cards or bank bonuses. (For bank bonuses he asks that they just give his readers a better bonus instead).
+1. Thanks for referring DoC. I was never really fond of many of the other travel/CC hacking websites since they have affiliated links. I think they often push cards that benefit them the most.
Post by: marshdesign on August 08, 2017, 05:13:03 PM
Post by: hgjjgkj on August 10, 2017, 09:50:34 PM
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
Post by: Paul der Krake on August 11, 2017, 12:43:37 AM
Bank accounts usually don't do hard pulls. And even if they did, 6/7 inquiries isn't enough to do any real damage to a score.Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
Post by: rageth on August 11, 2017, 08:11:09 AM
Bank accounts usually don't do hard pulls. And even if they did, 6/7 inquiries isn't enough to do any real damage to a score.Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
^This. I've opened 19 accounts for us since February, and only 1 was a hard pull. The one hard pull was for Charles Schwab because it required opening a brokerage account along with checking, but that account is one that I'm going to keep because far and away the best account for international travel. I found all of this information thanks to Doctor of Credit. Doctor of Credit is a wealth of information about which banks are ChexSystems-sensitive, which aren't, which do hard pulls, which can be funded via CC, etc.
Post by: CanuckExpat on August 11, 2017, 08:54:56 AM
Post by: jc4 on August 17, 2017, 08:34:46 AM
https://forum.mrmoneymustache.com/share-your-badassity/swingin-for-the-fences-first-at-bat-can-you-coach-me-(learning-to-churn-acct) (https://forum.mrmoneymustache.com/share-your-badassity/swingin-for-the-fences-first-at-bat-can-you-coach-me-(learning-to-churn-acct))
Post by: gggggg on August 23, 2017, 10:24:02 AM
Post by: max9505672 on August 23, 2017, 10:55:56 AM
I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.
Do you guys know how to deposit large amount of money (ex. 4000$) on the same day that you open the account and doing it without physically meeting with a bank employee? Interac transfer usually have a daily maximum amount you can send and I don't see any other option.
Post by: CanuckExpat on August 23, 2017, 11:11:03 AM
I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.
There's usually a grace period of X days after opening the account to get the minimum bank account balance. Some banks it's also average monthly balance, so you can deposit more later.
Other banks let you do online funding by credit card. This is a double win since you can meet minimum spending requirements.
Post by: max9505672 on August 23, 2017, 11:15:26 AM
There's usually a grace period of X days after opening the account to get the minimum bank account balance. Some banks it's also average monthly balance, so you can deposit more later.I just called my bank and I can transfer maximum 3000$ for each Interac transaction AND maximum 10000$/day. So I could do multiple tranfers up to 10000$, so that's not a problem anymore (in my case). Unless there's a ''settle'' time of more than a couple hours before the money gets transferred officially? I'm asking because 2 banks I want to churn here in Canada require minimum amount of X$ everyday of the month otherwise they'd charge you something like 15$. 15$/(300$-taxes) isn't negligible IMO.
Other banks let you do online funding by credit card. This is a double win since you can meet minimum spending requirements.Can you please elaborate on that? Not sure I understand.
Post by: CanuckExpat on August 23, 2017, 11:21:33 AM
There's usually a grace period of X days after opening the account to get the minimum bank account balance. Some banks it's also average monthly balance, so you can deposit more later.I just called my bank and I can transfer maximum 3000$ for each Interac transaction AND maximum 10000$/day. So I could do multiple tranfers up to 10000$, so that's not a problem anymore (in my case). Unless there's a ''settle'' time of more than a couple hours before the money gets transferred officially? I'm asking because 2 banks I want to churn here in Canada require minimum amount of X$ everyday of the month otherwise they'd charge you something like 15$. 15$/(300$-taxes) isn't negligible IMO.Other banks let you do online funding by credit card. This is a double win since you can meet minimum spending requirements.Can you please elaborate on that? Not sure I understand.
Didn't realize you were in Canada, sorry, situation can be very different with regards to bank bonuses, fees, and maintaining initial deposits.
Some bank account bonus opportunities in the US at least, also let you do your initial deposit by a credit card without it being considered a cash advance.
Many people also open credit cards for bonuses, in miles or dollars, which require you to do a certain amount of spending on that card. If you can fund a bank account with the card to help meet the minimum spending, plus get a bonus from the bank account, that is ideal.
Post by: max9505672 on August 23, 2017, 11:29:36 AM
I get it! Yes, right, great deal in that case. I'll have to check if it is possible here in Canada.
Didn't realize you were in Canada, sorry, situation can be very different with regards to bank bonuses, fees, and maintaining initial deposits.
Some bank account bonus opportunities in the US at least, also let you do your initial deposit by a credit card without it being considered a cash advance.
Many people also open credit cards for bonuses, in miles or dollars, which require you to do a certain amount of spending on that card. If you can fund a bank account with the card to help meet the minimum spending, plus get a bonus from the bank account, that is ideal.
Any fellow Canadian knows?
Is it also possible to Interac transfer money to yourself (one bank account to another)?
Post by: johnny847 on August 23, 2017, 04:48:27 PM
Is it not recommended to open the account by showing up in person to a branch? Is there any chance that the bank employee you meet will notice that you are opening the account for churning purposes only and could refuse to open the account?I've had this happen once before at a Chase branch. I went to a different Chase branch and it definitely seemed like the banker realized I had gotten four bonuses from them before but I think in the end she wanted her commission/bonus/whatever for opening new customer accounts.
I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.
Do you guys know how to deposit large amount of money (ex. 4000$) on the same day that you open the account and doing it without physically meeting with a bank employee? Interac transfer usually have a daily maximum amount you can send and I don't see any other option.
Usually banks say average daily balance, not min daily. But even if they say min daily, most banks will waive the fee for the first month, sometimes two, because they know it takes time to get it all set up to avoid the fees.
Post by: TomTX on August 23, 2017, 05:37:52 PM
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
There are a fair number of $500 CC offers, including one in my .sig
Do that for you, and wife - that's a quarter of the total already. Each of you only have 1 hard pull. Have to spend $4k in 3 months, though.
Post by: TomTX on August 23, 2017, 05:39:32 PM
EDIT: Sorry, didn't realize you were in CanadaIs it not recommended to open the account by showing up in person to a branch? Is there any chance that the bank employee you meet will notice that you are opening the account for churning purposes only and could refuse to open the account?I've had this happen once before at a Chase branch. I went to a different Chase branch and it definitely seemed like the banker realized I had gotten four bonuses from them before but I think in the end she wanted her commission/bonus/whatever for opening new customer accounts.I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.
Do you guys know how to deposit large amount of money (ex. 4000$) on the same day that you open the account and doing it without physically meeting with a bank employee? Interac transfer usually have a daily maximum amount you can send and I don't see any other option.
Usually banks say average daily balance, not min daily. But even if they say min daily, most banks will waive the fee for the first month, sometimes two, because they know it takes time to get it all set up to avoid the fees.
Hancock Whitney hit me with the fee the first month, it took a week or so to get an ACH verified to get above the min balance.
However, one online chat and they reversed it.
Post by: fh2000 on August 27, 2017, 08:47:37 AM
My Citi checking opened on 4/2/17. $300 bonus received on 7/11/17
My wifie's Citi checking open 4/26/17. $300 bonus received on 8/8/17.
Shall I wait at least 6 months from opening dates before I close these?
Post by: kpd905 on August 27, 2017, 09:01:44 AM
When can I close Citi checking accounts without bonus getting clawed back?
My Citi checking opened on 4/2/17. $300 bonus received on 7/11/17
My wifie's Citi checking open 4/26/17. $300 bonus received on 8/8/17.
Shall I wait at least 6 months from opening dates before I close these?
You can close them as soon as you get the bonus, per this page: https://www.doctorofcredit.com/citibank-300-checking-bonus-15000-initial-deposit-no-direct-deposit-needed/
Also note that you can get them again after your account has been closed for 180 days.
Post by: startbyservingothers on September 12, 2017, 11:06:17 AM
The best example I can think of in this instance is the Earned Income Credit and Invest Income.
If the total of: All interest received, Bank Account Bonuses, and Gains from sell of stock* add up to be over $3400, then you are denied the EIC. For a few select persons, not getting the EIC would cause them to "lose**" thousands of dollars. I doubt most people here get big EIC returns (EIC mainly benefits people with children and incomes under $40K.), but understanding your tax situation is important regardless of your income. Other credits like the Saver's Credit are smaller in size, but likely apply to a larger percentage of persons here. (When a credit phases out at set income(s), then you either want to be within that income number, or well over it. Otherwise you do a lot of work for very little gain.)
*Gains in a brokerage account. Not gains in a retirement account.
** The EIC (Earned Income Credit) is basically wealth distribution. Let's leave politics out of this thread, as there are other places to discuss.
Post by: Paul der Krake on September 12, 2017, 12:06:29 PM
Post by: slappy on September 12, 2017, 01:58:42 PM
Post by: Cornel_Westside on October 10, 2017, 02:26:55 PM
I think as a result of that I got a Chase Total Business Checking Account offer. It's for 300 dollars if you open it and do 5 operations in the first 60 days, and debit card purchases count (as well as wires, ACH, etc). So I'm just going to get it and do 5 purchases and leave $1500 dollars in it (required to avoid a $12 monthly fee) for I think 3 or 6 months. I didn't see it in doctor of credit, so I thought I'd post it here. Seems like a great offer if they offer it to you. I have to bring my mail offer to a branch, but for half an hour of work it should be easily worth it.
Just found it on doctor of credit here:
https://www.doctorofcredit.com/chase-business-checking-200-bonus-no-direct-deposit-required-2/
It's only for 200 - in the mail it can be more. But anyone can get 200 by depositing 1000.
Post by: johnny847 on October 11, 2017, 10:14:38 PM
Hey guys, just wanted to let you know I just got a checking account bonus offer in the mail. I have a Chase ink business card that gives 5% off of internet so I use that to pay for my internet bill and nothing else. I don't have a business right now but you don't need one to open a business credit card. I may start something related to tutoring in the future. But you can open a business credit card as a sole proprietor if you want. The only downside is more liability in case of theft, so be careful with business cards.
I think as a result of that I got a Chase Total Business Checking Account offer. It's for 300 dollars if you open it and do 5 operations in the first 60 days, and debit card purchases count (as well as wires, ACH, etc). So I'm just going to get it and do 5 purchases and leave $1500 dollars in it (required to avoid a $12 monthly fee) for I think 3 or 6 months. I didn't see it in doctor of credit, so I thought I'd post it here. Seems like a great offer if they offer it to you. I have to bring my mail offer to a branch, but for half an hour of work it should be easily worth it.
Just found it on doctor of credit here:
https://www.doctorofcredit.com/chase-business-checking-200-bonus-no-direct-deposit-required-2/
It's only for 200 - in the mail it can be more. But anyone can get 200 by depositing 1000.
I've gotten $500 coupons for Performance business checking, which requires $50k balance to avoid fees. BUT, fees are waived for first two months. And you get the bonus within the first two months. So then you call to downgrade the account to total business checking, which requires only $1500 to avoid fees.
Post by: lexde on October 12, 2017, 06:23:32 AM
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Post by: Rosy on October 12, 2017, 04:25:56 PM
$300 - Hancock, somehow I never heard of them, but they have a branch down the street and easy, sensible requirements.
I'm happy to see neither of the two banks are requiring direct deposit for this particular bonus, which leaves my real deposit free to use for one more churn next year.
So for this year, I found:
NFCU - 2% APY - 10K CD - 5mo - $100+
Thrivent Sav acct - $50mo - $120
Fifth Checking - $300
Hancock Checking - $300
Perk - switched to a different debit card at Mid Florida CU - free phone replacement, theft-repair insurance - saves $12 mo on each phone-$24 total or $288 annual.
Didn't realize I could have two debit cards. One rewards card - often double rewards:) and one with benefits but no rewards.
Mr. R. - Wells Fargo card - $200 bonus - zero percent interest for 12 mo (great!) and better rewards points
Mr. R. - Mid Florida card - $200 bonus - at a low interest rate (gotta have one of those)
Convinced Mr. R. to drop an old bank account that did nothing and move checking/savings to Mid FL to get 1% APY checking-min bal $1K and a 2% savings acct up to $4K - $100 in interest so far.
(Mine was $150 as of Oct, but I'm not counting it, since it was not a new move for this year)
TOTAL $1,608. - Wow, I'm surprised, I thought we only made like $600 or $800, it all adds up nicely:)
So all in all, even if it can barely be called churning, but there it is, a little extra money in our pocket and better money management overall. We'll see what we can find next year, but I'll continue to be super selective to fit our own criteria, with only the occasional churn if it suits our purpose.
@lexde - did you ever get all of your bonus money that was still pending?
Post by: BTDretire on October 13, 2017, 07:20:15 AM
_______________________________________________
Stipulations are:
Make $2,000 or more in total qualifying Direct Deposits10 OR
Keep a $2,000 minimum daily Select Checking balance OR
Maintain $10,000 total combined relationship balances linked across deposits, investments, mortgages and loans11 OR
Hold a SunTrust Mortgage with SurePaySM12 OR
Hold a Linked Small Business Checking account13
_________________________________________________
My understanding of those are, I can open Select Checking account, Deposit $2000 in the account, wait 60 days, receive my $200 and close the account.
My question, Just $deposit $2000 for 60 days and that's it? I met all requirements?
Not all that sure about 60 days.
https://www.suntrust.com/Microsites/Checking/checking-offer/index.html
Thanks for verifying.
Post by: lexde on October 13, 2017, 07:52:34 AM
For WF, it posted immediately.
@lexde - did you ever get all of your bonus money that was still pending?
First Tennessee did not work since I was out of the targeted area despite allowing me to sign up with the code.
PNC I had to fight tooth and nail for but ended up getting $300 instead of the $400 I signed up for and didn't have it in me to keep at it for the full bonus.
I'm looking at IberiaBank $300 and 5/3 $300 too. Did you get the 5/3 bank bonus already? If so, how did it go?
Post by: Rosy on October 23, 2017, 07:29:52 PM
I'm looking at IberiaBank $300 and 5/3 $300 too. Did you get the 5/3 bank bonus already? If so, how did it go?
5/3 is on my to-do list for tomorrow, since in FL you can only sign up in branch. I looked and made sure it had been over a year since I closed my account with them.
I have an e-mailed coupon from them, hopefully it will be smooth sailing.
Post by: HPstache on October 23, 2017, 08:14:06 PM
Post by: JohnGalt79 on October 24, 2017, 03:09:30 AM
Just got the ball rolling for my Key bank $300 checking offer and will move on to the $350 Chase checking / savings offer... hoping the bring back the $500 offer at some point before then.
Chase still has the $500 offer for checking/savings... it pretty much never stops. Just search "Chase 500" on eBay - you can buy a coupon there for less than $1.50.
Post by: kpd905 on October 24, 2017, 05:24:45 AM
Just got the ball rolling for my Key bank $300 checking offer and will move on to the $350 Chase checking / savings offer... hoping the bring back the $500 offer at some point before then.
I just got a $500 coupon in the mail, if you PM me your address I'll mail it out to you today. It is good through January 2nd. I already have a Chase account open right now, so I can't use it.
Post by: Roots&Wings on October 24, 2017, 05:44:12 AM
I'm looking at IberiaBank $300 and 5/3 $300 too. Did you get the 5/3 bank bonus already? If so, how did it go?
5/3 is on my to-do list for tomorrow, since in FL you can only sign up in branch. I looked and made sure it had been over a year since I closed my account with them.
I have an e-mailed coupon from them, hopefully it will be smooth sailing.
I'm in FL too, and for the life of me (and 5 different internet browsers) cannot get the $300 offer to show up (only $200). Huge favor for anyone in FL with the $300 offer displayed, if I PM you my email, would you be willing to put it into the "email my coupon" box?
Just opened Hancock Whitney $300 checking and SunTrust $300 checking (will try the downgrade from signature advantage to select before fees hit). Waiting for PNC $400 offer to show up again, missed it at 3 local branches.
Post by: lexde on October 24, 2017, 05:59:46 AM
PM me your email address.I'm looking at IberiaBank $300 and 5/3 $300 too. Did you get the 5/3 bank bonus already? If so, how did it go?
5/3 is on my to-do list for tomorrow, since in FL you can only sign up in branch. I looked and made sure it had been over a year since I closed my account with them.
I have an e-mailed coupon from them, hopefully it will be smooth sailing.
I'm in FL too, and for the life of me (and 5 different internet browsers) cannot get the $300 offer to show up (only $200). Huge favor for anyone in FL with the $300 offer displayed, if I PM you my email, would you be willing to put it into the "email my coupon" box?
Just opened Hancock Whitney $300 checking and SunTrust $300 checking (will try the downgrade from signature advantage to select before fees hit). Waiting for PNC $400 offer to show up again, missed it at 3 local branches.
Edit never mind just use this when you go in!
http://www.hustlermoneyblog.com/wp-content/uploads/2017/10/Fifth-Third-Bank-US.pdf
Post by: Roots&Wings on October 24, 2017, 06:46:30 AM
OK, I'm looking at Opening a Suntrust account online.
_______________________________________________
Stipulations are:
Make $2,000 or more in total qualifying Direct Deposits10 OR
Keep a $2,000 minimum daily Select Checking balance OR
Maintain $10,000 total combined relationship balances linked across deposits, investments, mortgages and loans11 OR
Hold a SunTrust Mortgage with SurePaySM12 OR
Hold a Linked Small Business Checking account13
_________________________________________________
My understanding of those are, I can open Select Checking account, Deposit $2000 in the account, wait 60 days, receive my $200 and close the account.
My question, Just $deposit $2000 for 60 days and that's it? I met all requirements?
Not all that sure about 60 days.
https://www.suntrust.com/Microsites/Checking/checking-offer/index.html
Thanks for verifying.
Also just saw this. BTD, I just opened Suntrust signature advantage ($300 bonus) and plan to call to downgrade to select ($2k account balance to avoid fees) before the signature advantage fees hit. It might end up being $200 select bonus, but others have had success, will see.
I'm ACHing $500 from another bank account + $1500 from Vanguard, which should meet both the $500 direct deposit and $2k minimum to avoid fees, and will then complete the 10 debit card transactions, and close after 180 days.
Post by: Jaayse on October 24, 2017, 04:20:15 PM
$500 - opened chase checking and savings
$500 - opened capital one 360 MMA and savings
$500 - opened chase sapphire preferred and used repaid work expenses to get the spending
$150 - opened a T IRA 1 year 2% CD with Navy Federal for a $50 opening bonus and $100 bonus for a reoccurring $50 deposit in it every month for 6 months
So yes, in much less time than a year I made over $1600 by being organized! Moving to Italy has slowed this down, but I did it all from between April and August.
Post by: johnny847 on October 25, 2017, 11:05:10 PM
$200 BMO Harris Checking
$300 Chase Total Checking
$500 Chase Performance Business Checking
$200 Discover Savings
$200 Discover AAA Savings
$200 Discover AAII Savings
$200 Fifth Third
$200 First Tennessee
$350 HSBC (I opened this last year, got the bonus this year)
$200 PNC Virtual Wallet with Performance Spend
$400 Regions LifeGreen Checking
$300 Wells Fargo Business Checking
$200 Wells Fargo Everyday Checking
Post by: kpd905 on October 26, 2017, 06:15:59 AM
$200 Discover Savings
$200 Discover AAA Savings
$200 Discover AAII Savings
Nice to see that you got all 3 bonuses, I've seen recent data points confirming this. How long did you keep the $20k in each account? And did you do any internal transfers between accounts or just ACH pushes from a separate account?
Post by: johnny847 on October 26, 2017, 08:52:11 AM
$200 Discover Savings
$200 Discover AAA Savings
$200 Discover AAII Savings
Nice to see that you got all 3 bonuses, I've seen recent data points confirming this. How long did you keep the $20k in each account? And did you do any internal transfers between accounts or just ACH pushes from a separate account?
Only a day.
I pulled the same $15k in and out, then pushed $5k to each of those, for $20k cumulative deposits for each (I didn't have $20k to spare for this). This was all from a separate account. I think I saw DP on DoC that external transfers weren't necessary, but I'd stick with external transfers
Post by: Roots&Wings on October 26, 2017, 11:03:33 AM
Post by: CanuckExpat on November 18, 2017, 07:58:49 AM
You used to be able to buy coins from the US Mint and then deposit the coins in your bank account. Those were the days.
It pays to have your finger on the pulse. Used to be "easy" and lucrative to MS, now it appears to be the Golden Age Of Bank Account Bonuses (https://www.doctorofcredit.com/golden-age-bank-account-bonuses-dont-miss/)
Or perhaps it was. We were in for several thousand for the year in bank account bonuses (or like 20% of our retirement spending or something) and then all of a sudden we both started getting declined
Easy come, easy go
I never really got bank bonuses. Sure you get $200, but you tie up 20k for six months. That’s a 2% return
You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example (https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus): You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).
That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)
Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
Post by: tj on November 18, 2017, 09:37:23 AM
Post by: kpd905 on November 18, 2017, 10:00:59 AM
The HSBC bonus CanuckExpat posted is a really good deal, you don't often see $350 for tying up $10k for 90 days. The deal ends on Monday for anyone interested.
Post by: dragoncar on November 18, 2017, 12:20:36 PM
Post by: Paul der Krake on November 26, 2017, 02:41:09 PM
Also, wouldn't that create a clusterfuck of tax liabilities? Say I use my friend John's address in New York City to get a local bank bonus, surely the bank reports the 1099 to New York State and the city, then what? I'm not a resident of NYC, so I don't owe anything, but I assume that would trigger some wonky things if I either didn't file NYS taxes, or filed and said that it doesn't apply to me.
Post by: tj on November 26, 2017, 05:54:54 PM
Postal forwarding services such as ipostal1.com or using friends' addresses in a different state in order to qualify for bonuses: genius idea or textbook address fraud?
Also, wouldn't that create a clusterfuck of tax liabilities? Say I use my friend John's address in New York City to get a local bank bonus, surely the bank reports the 1099 to New York State and the city, then what? I'm not a resident of NYC, so I don't owe anything, but I assume that would trigger some wonky things if I either didn't file NYS taxes, or filed and said that it doesn't apply to me.
I would not be using someone else's address to open a bank account. I don't know if it's legally considered defrauding a bank, but it certainly doesn't sound like a genius idea.
Post by: CanuckExpat on November 26, 2017, 09:27:05 PM
Post by: tj on November 27, 2017, 09:53:44 AM
You'll probably run into an ID / address verification problem anyways. When it doesn't match up with your credit or CHEX report they might ask for ID
That too.
Whenever I've moved from one address to another and it hadn't been reflected on the consumer reports, I had to show a utility blll or some proof of my address.
Post by: ThatGuy on November 27, 2017, 09:14:41 PM
Someone asked if a DD from their spouses employer would work for the DD into their account. I've been opening accounts for my dad and sister and using my paycheck as their DD and it's worked every time so far. Just to clarify, they know the accounts are being opened in their name and they're receiving the bank bonuses. I just do all the leg work so they have a little spending money.
Bank bonuses are fun but sometimes it's tedious and I take a break from it. From what I've read here you guys are hard core. Thanks for the tips, just thought I would add what little I've learned.
Post by: Paul der Krake on November 27, 2017, 09:40:45 PM
Someone asked if a DD from their spouses employer would work for the DD into their account. I've been opening accounts for my dad and sister and using my paycheck as their DD and it's worked every time so far. Just to clarify, they know the accounts are being opened in their name and they're receiving the bank bonuses. I just do all the leg work so they have a little spending money.Yup, same here. My wife is the only employee of her small firm (everyone else is a partner). It was already awkward when she elected to max out her 401(k) and everyone instantly knew, there's no way she's going to request direct deposit changes every other month.
Fortunately, my megacorp automated payroll allows my paycheck to be split across 6 accounts, so I never have to play the ACH roulette.
Post by: Roots&Wings on December 15, 2017, 11:01:43 AM
- Chase checking: $300
Chase savings: $200
Santander checking: $225
BMO Harris checking: $200
TD bank checking: $300
Citibank checking: $300
Bank of America Checking: $300
M&T Checking - ezchoice: $150
M&T Checking - mychoice: $150
SunTrust Checking - Signature Advantage, downgrade to Select: $300
Hancock Whitney Access checking: $300
Discover savings: $200
Discover AAII + AAA savings: $400
BBVA Compass ClearChoice Free Checking: $200
First year doing bank bonuses. Looking forward to churning some of these next year, hopefully with $400 Regions and PNC checking offers, when available. Learned a lot from this thread, thanks again!
Post by: katsiki on December 15, 2017, 04:36:14 PM
Someone asked if a DD from their spouses employer would work for the DD into their account. I've been opening accounts for my dad and sister and using my paycheck as their DD and it's worked every time so far. Just to clarify, they know the accounts are being opened in their name and they're receiving the bank bonuses. I just do all the leg work so they have a little spending money.Yup, same here. My wife is the only employee of her small firm (everyone else is a partner). It was already awkward when she elected to max out her 401(k) and everyone instantly knew, there's no way she's going to request direct deposit changes every other month.
Fortunately, my megacorp automated payroll allows my paycheck to be split across 6 accounts, so I never have to play the ACH roulette.
Thank you both for pointing that out! I have been trying to find that answer... Now, I can get DW a chase bonus using my DD.
Post by: tj on December 16, 2017, 03:04:33 PM
2017 Recap:Chase checking: $300
2017 Total: $3,525
Chase savings: $200
Santander checking: $225
BMO Harris checking: $200
TD bank checking: $300
Citibank checking: $300
Bank of America Checking: $300
M&T Checking - ezchoice: $150
M&T Checking - mychoice: $150
SunTrust Checking - Signature Advantage, downgrade to Select: $300
Hancock Whitney Access checking: $300
Discover savings: $200
Discover AAII + AAA savings: $400
BBVA Compass ClearChoice Free Checking: $200
First year doing bank bonuses. Looking forward to churning some of these next year, hopefully with $400 Regions and PNC checking offers, when available. Learned a lot from this thread, thanks again!
Congrats! Glad I was able to in some way introduce you to the fun. I think I only did Discover x1 this year. :)
Post by: soccerluvof4 on December 18, 2017, 03:29:57 AM
Post by: Roots&Wings on December 18, 2017, 07:32:54 AM
soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.
Pick an offer and go! Good luck to all of us late starters!!
Post by: ThatGuy on December 19, 2017, 01:52:02 PM
Thanks tj! Talking to seasoned veterans definitely helped :)
soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.
Pick an offer and go! Good luck to all of us late starters!!
NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/
Post by: tj on December 19, 2017, 09:08:15 PM
Thanks tj! Talking to seasoned veterans definitely helped :)
soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.
Pick an offer and go! Good luck to all of us late starters!!
NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/
At this point, NW is a corporate monster. DoC is a couple of dudes. They don't have affiliate links in the effort to remain unbiased, so they have better content IMO :)
Post by: ThatGuy on December 20, 2017, 07:54:28 PM
Thanks tj! Talking to seasoned veterans definitely helped :)
soccerluvof4, it took me ages to finally start (this thread is 2 years old...I tend to be a massive researcher). Per the OP, Doctor of Credit is great place to start for current offers: http://www.doctorofcredit.com/best-bank-account-bonuses/.
Pick an offer and go! Good luck to all of us late starters!!
NerdWallet is a pretty good source for bank deals too. https://www.nerdwallet.com/blog/banking/best-bank-bonuses-promotions/
At this point, NW is a corporate monster. DoC is a couple of dudes. They don't have affiliate links in the effort to remain unbiased, so they have better content IMO :)
DoC does have affiliate links but they point out that they're affiliate links. Either way it doesn't matter to me, I'm just looking for bank and credit card bonuses where ever I can find them.
Post by: Jaayse on December 21, 2017, 11:48:28 AM
Post by: Duke03 on December 22, 2017, 10:49:34 PM
Post by: HoustonSker on December 23, 2017, 10:44:24 AM
I did my first bank account churning today. Thank God for Chase Bank...they are the gift that keeps on giving. I did the checking for $300 bonus and the savings for a $200 bonus. I'll be back to do the business checking for another $300 and will also take my wife up there to rinse and repeat. I had a question on getting my wife a checking account. She doesn't work so in order to get a direct deposit my employer allows me to split my check into several accounts as little as $25 a month. Does anyone know if that will fit their direct deposit requirement so she will get the $300 bonus. Funny thing is I had the private client guy drooling from the mouth once they started asking investing and net worth questions. I simply had to smile and tell him as a fee conscious investor I didn't see how he'd be able to help me.....
I can’t say with certainty regarding Chase, but I routed my direct deposits to a BoA account that was under my wife’s name and received the bonus. Cheers
Post by: cantgrowone on January 02, 2018, 02:49:06 PM
Post by: Tainted Nate on January 02, 2018, 03:34:51 PM
Post by: lexde on January 02, 2018, 06:58:04 PM
How do you continue this year after year? There are only so many banks out there.Most banks have a 12 month limit on bonuses so you can “churn” the bonus each year.
Post by: aperture on January 02, 2018, 07:33:14 PM
Post by: Lan Mandragoran on January 03, 2018, 07:09:19 AM
Thoughts? Am I missing something? I don't need an emergency fund of like 20k, and that seems to be a good amount to start doing this.
Post by: secondcor521 on January 03, 2018, 08:32:12 AM
Has anyone else been told by discover that they "are not able to approve the Discover Bank deposit account you recently requested, based upon the information you provided in your application." I can't think of what the application asked that they would disagree with, I have a high income (over 100k) and good credit (818). This is very strange to me and the first time I've ever been turned down for anything financially.
Probably something in your ChexSystems report. It's like your credit report, but it's only on your banking activity. Some banks will turn you down for a new account if your ChexSystems report shows that you've opened a lot of accounts recently because they don't want to deal with churners.
I think you can order a copy and see what's on there.
Post by: CanuckExpat on January 03, 2018, 09:53:36 AM
Seems to me alot of these bonuses, are not as good or equal to just putting it in an index fund on average. Saw a chase one for 300$, but thats 25k required to be sitting for 3 months.
Thoughts? Am I missing something? I don't need an emergency fund of like 20k, and that seems to be a good amount to start doing this.
I think the same concern was discussed upthread (https://forum.mrmoneymustache.com/share-your-badassity/bank-account-churning-how-to-make-$1600-in-a-year-by-being-organized/msg1777214/#msg1777214). Comes down to specific offers, and whether you would already be holding cash or not:
You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example (https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus): You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).
That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)
Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
Post by: HipGnosis on January 03, 2018, 09:12:59 PM
I can't freely agree to annualizing the ROI, because that assumes you have another offer available every time you finish an offer.I never really got bank bonuses. Sure you get $200, but you tie up 20k for six months. That’s a 2% return
You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example (https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus): You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).
That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)
Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
But... your statement has me thinking that bank churning should be considered every time someone asks where to put money for a relatively short term.
Post by: Tainted Nate on January 06, 2018, 12:02:38 PM
Post by: Paul der Krake on January 06, 2018, 01:25:18 PM
Post by: johnny847 on January 24, 2018, 09:43:18 AM
I can't freely agree to annualizing the ROI, because that assumes you have another offer available every time you finish an offer.I never really got bank bonuses. Sure you get $200, but you tie up 20k for six months. That’s a 2% return
You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example (https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus): You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).
That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)
Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
But... your statement has me thinking that bank churning should be considered every time someone asks where to put money for a relatively short term.
The point is not that you will realize a 20% return (and you won't unless you happen to find another bank bonus with the exact same rates), but that you'd have to find an investment that returns 20% in a year to be able to match the 5.5% return over 90 days of that particular bank bonus.
The stock market can certainly return 20% in a year, but a bank bonus has the benefits of a guaranteed return and FDIC insurance on the principal.
(By the way, the best consistent bank bonus out there is $300 for a total checking account from chase, which only requires $1500 for six months. 20% return 6 months!)
Post by: lexde on January 24, 2018, 10:10:06 AM
One thing I've learned from all of this churning is that PNC bank absolutely sucks.+100
Post by: katsiki on January 24, 2018, 10:22:08 AM
Post by: Michael in ABQ on January 24, 2018, 10:45:05 AM
I'm responding to a relevant comment from another thread here (to stay on topic there):You used to be able to buy coins from the US Mint and then deposit the coins in your bank account. Those were the days.
It pays to have your finger on the pulse. Used to be "easy" and lucrative to MS, now it appears to be the Golden Age Of Bank Account Bonuses (https://www.doctorofcredit.com/golden-age-bank-account-bonuses-dont-miss/)
Or perhaps it was. We were in for several thousand for the year in bank account bonuses (or like 20% of our retirement spending or something) and then all of a sudden we both started getting declined
Easy come, easy go
I never really got bank bonuses. Sure you get $200, but you tie up 20k for six months. That’s a 2% return
You have to do the math on each offer. I wouldn't pursue the one you posted for example.
But to pick a current real example (https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus): You can get $550 for tying up $10,000 for 90 days (or only $5,000 if you can make direct deposits into the account).
That's over 20% annualized, or double that with direct deposit (actually sounds too good, am I doing the math wrong?)
Many people, including me, keep liquid cash for certain purposes (liquidity, upcoming major purchase, emergency fund, or just for opportunity like this). The best you are going to earn in savings account is maybe 1.5%, and perhaps 2-5% on CD's or special account if you push it. So this seems tempting as way to put that money to use productively. Most bank bonuses are FDIC approved, and if you need the money in an emergency, you have full liquidity, you just lose the bonus, but in an emergency, I imagine you won't care
This HSBC offer is now $350 if you deposit $10,000 and leave it there 90 days. I went ahead and applied as I was hoping to move my $10k emergency fund over there, collect the bonus, then move it to a high-yield savings account. I went through the whole online process and it said my application was denied. I have frozen all of my credit bureau accounts but not ChexSystems so I'm guessing that might be why. Frankly I don't want to go through the hassle of unfreezing and refreezing all of those just to take advantage of this offer.
Post by: Roots&Wings on January 24, 2018, 11:02:02 AM
With Chase, do you go to a new branch each year?
One downside of Chase bonuses is having to go to the branch and the 45 minute in-depth personal interview to open. The banker recognized me immediately (same one from last year). Hopefully they'll offer online next year.
Post by: CanuckExpat on January 24, 2018, 11:54:30 AM
Post by: MasterStache on January 24, 2018, 12:55:23 PM
I've had no problems with PNC either. But ran into issues with 1, maybe 2 banks that I absolutely will never do business with again.
Post by: Paul der Krake on January 24, 2018, 01:55:47 PM
Post by: joe7886 on January 25, 2018, 06:27:31 AM
I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.
Post by: MasterStache on January 25, 2018, 09:00:30 AM
I just started doing this in 2017 and got 2 bonuses. I'd like to do more but prefer not to change my direct deposits at work. Is there a bank that I should open an account (preferably with a bonus) that I can use to transfer money to other banks and get additional bonuses?
I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.
Chase works pretty well as does Discover. It just varies with each bank as to what counts as a DD. I have used PayPal, Serve (before it got shut down), various checking accounts and even a money market account for DD.
Post by: fmzip on January 25, 2018, 01:55:05 PM
I see some of these people do this and it's acting as direct deposit....
Post by: Michael in ABQ on January 25, 2018, 02:18:10 PM
I'm just looking to park this cash somewhere and earn at least 1% or more with no gimmicks, any recommendations?
Post by: fmzip on January 25, 2018, 02:24:06 PM
Slightly off-topic but any recommendations for the best place to park a $10,000 emergency fund? I see that Lake Michigan Credit Union offers a 3.00% checking account on up to $15,000 but it requires direct deposit, 10 debit transactions a month, and four online logins. I don't want to have to worry about getting hit with some fee or seeing the interest rate drop to 0.1% just because I forget to do those things one month. I also feel like it's somewhat unethical to go make 10 $0.50 Amazon gift card purchases each month just to hit that target.
I'm just looking to park this cash somewhere and earn at least 1% or more with no gimmicks, any recommendations?
https://www.doctorofcredit.com/high-interest-savings-to-get/
Post by: katsiki on January 25, 2018, 02:24:46 PM
Slightly off-topic but any recommendations for the best place to park a $10,000 emergency fund? I see that Lake Michigan Credit Union offers a 3.00% checking account on up to $15,000 but it requires direct deposit, 10 debit transactions a month, and four online logins. I don't want to have to worry about getting hit with some fee or seeing the interest rate drop to 0.1% just because I forget to do those things one month. I also feel like it's somewhat unethical to go make 10 $0.50 Amazon gift card purchases each month just to hit that target.
I'm just looking to park this cash somewhere and earn at least 1% or more with no gimmicks, any recommendations?
Insight card - 5% on $5,000. If you have a SO, you can easily do 2 accounts. More info here: https://www.doctorofcredit.com/insight-5-apy-prepaid-card-5000/
Post by: MasterStache on January 25, 2018, 02:39:02 PM
How does one make a paypal payment to a bank account???
I see some of these people do this and it's acting as direct deposit....
Link the account to PayPal and do a money transfer. Pretty straightforward.
Post by: fmzip on January 25, 2018, 07:20:26 PM
How does one make a paypal payment to a bank account???
I see some of these people do this and it's acting as direct deposit....
Link the account to PayPal and do a money transfer. Pretty straightforward.
But how do I get money into my paypal without selling something on Ebay for example?
EDIT Got it....click the "add funds" then I'd send the funds to the new account ;)
Post by: CanuckExpat on January 26, 2018, 11:22:22 AM
I just started doing this in 2017 and got 2 bonuses. I'd like to do more but prefer not to change my direct deposits at work. Is there a bank that I should open an account (preferably with a bonus) that I can use to transfer money to other banks and get additional bonuses?
I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.
Check here: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
Post by: NinetyFour on January 28, 2018, 07:14:38 AM
I just started doing this in 2017 and got 2 bonuses. I'd like to do more but prefer not to change my direct deposits at work. Is there a bank that I should open an account (preferably with a bonus) that I can use to transfer money to other banks and get additional bonuses?
I realize every situation is unique and no bank is perfect. I was just hoping to find a bank that I could leverage for 2 or 3 additional bonuses.
Check here: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
I have been able to send money from Capitol One to the other bank accounts and those have counted as direct deposits. I have never had to change my direct deposit for my paychecks. Definitely check the link Canuck left above. DOC is awesome for all of this info.
Post by: toganet on February 01, 2018, 08:10:33 AM
I'm noticing more and more of my applications are getting denied. It could be that my ChexSystems account now shows too many open accounts, or the good times have ended. Easy come, easy go
I work at a bank, specifically in the tech side of account opening. Without giving anything away, I will say there are various factors that banks will use in addition to, or in place of, ChexSystems to inform their decision-making on whether to allow an account to be opened.
Sometimes, though, a simple mismatch in your address or other information can be enough for them to direct you away from the online process and into a branch, where a human can work around those issues -- or confirm they don't want to do business with you.
Post by: jim555 on February 01, 2018, 08:26:58 AM
Post by: Rosy on February 02, 2018, 07:13:15 PM
2. Fifth Third - just got a targeted offer in the mail $250 - must do in Feb. Planning on keeping that one for good.
Hoping for one more easy bank bonus offer sometime this year, that's enough for me.
Also, still looking for a credit card - good for miles, no foreign exchange fees, at least 1.5pts and at least 12 mo zero percent, spend no more than $1000 in three months and a bonus of at least $200.
Not sure if such a thing exists - but that's what I'm looking for ...
Post by: kpd905 on February 03, 2018, 12:38:44 PM
I just got an offer in the mail HSBC, deposit $10,000 for 90 days, get $350.
That one is available online as well, along with a $200 bonus that only ties up $1500.
https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/
I put in the $10,000 for the $350 bonus about 50 days ago, so I'll report back if they pay out. Last time I tried one of their bonuses they never paid.
Question for all of you who do your own taxes with some software, do you manually input every single bank bonus? Or can we just put in the total amount of interest income and be done?
Post by: secondcor521 on February 03, 2018, 05:10:59 PM
Question for all of you who do your own taxes with some software, do you manually input every single bank bonus? Or can we just put in the total amount of interest income and be done?
Historically I have. It seems to me that if you have to fill out schedule B they want a line-by-line payer-by-payer detailed list. But if the total you put in is at least equal to the total of your 1099-INTs I can't imagine that they'd hassle you.
Post by: Padonak on February 03, 2018, 05:53:12 PM
I'm noticing more and more of my applications are getting denied. It could be that my ChexSystems account now shows too many open accounts, or the good times have ended. Easy come, easy go
I work at a bank, specifically in the tech side of account opening. Without giving anything away, I will say there are various factors that banks will use in addition to, or in place of, ChexSystems to inform their decision-making on whether to allow an account to be opened.
Sometimes, though, a simple mismatch in your address or other information can be enough for them to direct you away from the online process and into a branch, where a human can work around those issues -- or confirm they don't want to do business with you.
How about those who travel and use a mailbox instead of a physical address, but the mailbox looks like a real address with apartment/unit number? For example, services like traveling mailbox. Are there problems opening accounts with an address like that? How about existing customers who switch from a real address to a virtual one, for example if they work as a traveling nurse or backpack overseas for a few years?
Post by: toganet on February 05, 2018, 11:25:56 AM
I'm noticing more and more of my applications are getting denied. It could be that my ChexSystems account now shows too many open accounts, or the good times have ended. Easy come, easy go
I work at a bank, specifically in the tech side of account opening. Without giving anything away, I will say there are various factors that banks will use in addition to, or in place of, ChexSystems to inform their decision-making on whether to allow an account to be opened.
Sometimes, though, a simple mismatch in your address or other information can be enough for them to direct you away from the online process and into a branch, where a human can work around those issues -- or confirm they don't want to do business with you.
How about those who travel and use a mailbox instead of a physical address, but the mailbox looks like a real address with apartment/unit number? For example, services like traveling mailbox. Are there problems opening accounts with an address like that? How about existing customers who switch from a real address to a virtual one, for example if they work as a traveling nurse or backpack overseas for a few years?
Each bank will treat these circumstances slightly differently based on their own market position, business rules, and risk aversion. With addresses in particular it can get pretty complicated.
Think of it this way -- the bank is trying to make a judgment call about whether the applicant is going to be a "good customer,*" and uses things like credit rating, chexsystems (which is really a way to know if the applicant has defaulted on checking accounts at other banks) and the "secret sauce" provided by third parties like RSA and Lexis Nexis (Big Data).
* A good customer for a bank is someone who is going to generate more income (fees & interest) for the bank than they cost in fraud risk and servicing.
Post by: CanuckExpat on March 23, 2018, 11:37:38 AM
The HSBC bonus CanuckExpat posted is a really good deal, you don't often see $350 for tying up $10k for 90 days. The deal ends on Monday for anyone interested.
My $350 bonus posted today. It was a long wait, and I figured it wasn't coming, but it showed up.
The deal is alive again until the end of the month: https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus
HSBC seems to be hit or miss for paying out
Post by: lexde on March 23, 2018, 11:42:48 AM
3/7/18: 10x amazon purchases run as credit.
3/8/18: $2100 transfer from schwab brokerage
3/22/18: $500 bonus posted.
Post by: HPstache on March 23, 2018, 12:15:57 PM
Key Bank $300
Chase Checking $300
Chase Savings $200
Wells Fargo Checking $200
2018:
Wells Fargo Business Checking $500 (!!!)
Total: $1,500
Post by: couponvan on March 23, 2018, 12:32:01 PM
Post by: lexde on March 23, 2018, 12:34:22 PM
I am thinking of having my college kid do this for us as a part-time job. We have excess funds sitting in cash, but our hourly rate is high. His is low and he's a math geek.It honestly doesn’t even take math skills. Just time and funds you can park in an account for 6 months. Go to Doctor of Credit and check out the best bonuses (including applicable regional ones) and read the comments to see if they’re worth doing. Easy peasy!
Post by: MasterStache on March 23, 2018, 12:46:26 PM
The HSBC bonus CanuckExpat posted is a really good deal, you don't often see $350 for tying up $10k for 90 days. The deal ends on Monday for anyone interested.
My $350 bonus posted today. It was a long wait, and I figured it wasn't coming, but it showed up.
The deal is alive again until the end of the month: https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus
HSBC seems to be hit or miss for paying out
I am reluctant to try the HSBC bonus. Wayyyyy to many data points of it being a PITA. I have been hitting a lot of the bonuses this year under my wife's name.
Post by: Paul der Krake on March 23, 2018, 02:51:31 PM
Post by: MasterStache on March 23, 2018, 04:20:36 PM
Twist: all the data points are from HSBC employees trying to discourage churners.
Haha, that's a lot of employees.
Post by: kpd905 on March 23, 2018, 05:21:47 PM
The HSBC bonus CanuckExpat posted is a really good deal, you don't often see $350 for tying up $10k for 90 days. The deal ends on Monday for anyone interested.
My $350 bonus posted today. It was a long wait, and I figured it wasn't coming, but it showed up.
The deal is alive again until the end of the month: https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus
HSBC seems to be hit or miss for paying out
How long was that for your bonus to post? We just hit 90 days this week, wondering when I might see my $350.
Post by: CanuckExpat on March 23, 2018, 07:34:49 PM
How long was that for your bonus to post? We just hit 90 days this week, wondering when I might see my $350.
Looks like opening deposit Nov 14th 2017. Bonus posted Mar 22 2018
Post by: MasterStache on March 24, 2018, 07:26:32 AM
The HSBC bonus CanuckExpat posted is a really good deal, you don't often see $350 for tying up $10k for 90 days. The deal ends on Monday for anyone interested.
My $350 bonus posted today. It was a long wait, and I figured it wasn't coming, but it showed up.
The deal is alive again until the end of the month: https://www.doctorofcredit.com/hsbc-200-750-checking-bonus-direct-deposit-not-required/#Advance_Checking_350_Bonus
HSBC seems to be hit or miss for paying out
How long was that for your bonus to post? We just hit 90 days this week, wondering when I might see my $350.
Most data points I see are saying roughly 120 days.
Post by: tralfamadorian on April 07, 2018, 11:22:33 AM
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Post by: HAPPYINAZ on April 08, 2018, 02:14:22 PM
I did my first bank account churning today. Thank God for Chase Bank...they are the gift that keeps on giving. I did the checking for $300 bonus and the savings for a $200 bonus. I'll be back to do the business checking for another $300 and will also take my wife up there to rinse and repeat. I had a question on getting my wife a checking account. She doesn't work so in order to get a direct deposit my employer allows me to split my check into several accounts as little as $25 a month. Does anyone know if that will fit their direct deposit requirement so she will get the $300 bonus. Funny thing is I had the private client guy drooling from the mouth once they started asking investing and net worth questions. I simply had to smile and tell him as a fee conscious investor I didn't see how he'd be able to help me.....
yes, you can use your direct deposit into her account to meet the requirements. We did this for my account with Chase. I am self employed, but my husband can split his paycheck into several accounts, so we divided his into two accts (his and mine) with Chase and met the bonus requirements.
Post by: MasterStache on April 09, 2018, 05:49:32 AM
I don't know why it took me so long to add checking account churning to my list. For this year so far:
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Yep, the downside is that the bonuses are taxable. I try to do a mix of both. I like the $500-$1000 spend for $200 statement credit cards as well. Very easy to hit a few of those throughout the year.
Post by: dragoncar on April 23, 2018, 04:57:04 PM
I don't know why it took me so long to add checking account churning to my list. For this year so far:
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Yep, the downside is that the bonuses are taxable. I try to do a mix of both. I like the $500-$1000 spend for $200 statement credit cards as well. Very easy to hit a few of those throughout the year.
Just did chase business, it was a PITA. They were really nice it just took forever with the upselling and “let me introduce you to the team” BS (she literally introduced me to every employee in the branch- luckily many were at lunch)
For $300, by really $200 after tax and $140 after opportunity cost, the hourly rate is getting pretty low
Post by: MasterStache on April 24, 2018, 05:18:49 AM
I don't know why it took me so long to add checking account churning to my list. For this year so far:
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Yep, the downside is that the bonuses are taxable. I try to do a mix of both. I like the $500-$1000 spend for $200 statement credit cards as well. Very easy to hit a few of those throughout the year.
Just did chase business, it was a PITA. They were really nice it just took forever with the upselling and “let me introduce you to the team” BS (she literally introduced me to every employee in the branch- luckily many were at lunch)
For $300, by really $200 after tax and $140 after opportunity cost, the hourly rate is getting pretty low
That kind of sucks. The branch near me was busy so no introductions thankfully. Man you have a high tax rate. My wife does our taxes and our tax rate was under 10%. Keep in mind she works full time and I semi-fired around July. I am not sure how she pulled that one off.
I am actually struggling to keep up on some of the bank bonuses this year as I don't have enough in savings to hit all the ones I would like.
Post by: tralfamadorian on April 24, 2018, 06:05:35 AM
My easiest so far has been Memory Bank. From opening to bonus to close was ~1 week.
Post by: CanuckExpat on June 29, 2018, 09:26:08 AM
https://www.doctorofcredit.com/fidelity-sign-up-for-investing-spending-accounts-get-200-bonus
Post by: katsiki on June 29, 2018, 11:47:03 AM
Seems like a slam dunk, if you don't mind waiting nine months to double $200:
https://www.doctorofcredit.com/fidelity-sign-up-for-investing-spending-accounts-get-200-bonus
This is a great card for world travelers as well!
Post by: kpd905 on June 29, 2018, 12:02:44 PM
Seems like a slam dunk, if you don't mind waiting nine months to double $200:
https://www.doctorofcredit.com/fidelity-sign-up-for-investing-spending-accounts-get-200-bonus
It was such a slam dunk that they have already ended the promotion. Glad I got both of ours opened.
If anyone is interested in the Citi checking bonuses ($200, $400 or $600), you need to sign up by tomorrow. Info is here: https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/
Post by: lexde on June 29, 2018, 12:22:43 PM
Chase Biz - $300.00
Valley National - $200.00
WF Personal - $200.00
Need to open:
Suntrust - $200.00
Post by: lexde on June 29, 2018, 12:27:22 PM
I went in and was a little pushier which I think helped. I was in and out after about 45 minutes, but I have many chase cards (personal and biz) as well as a pre-existing relationship. I just told them “I want this product, here is my sign up code, I don’t want any extras, and I have another appointment in an hour so we need to get this done.” They’d rather sign you up than not, so putting a strict time limit on banks for things like this tends to help.I don't know why it took me so long to add checking account churning to my list. For this year so far:
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Yep, the downside is that the bonuses are taxable. I try to do a mix of both. I like the $500-$1000 spend for $200 statement credit cards as well. Very easy to hit a few of those throughout the year.
Just did chase business, it was a PITA. They were really nice it just took forever with the upselling and “let me introduce you to the team” BS (she literally introduced me to every employee in the branch- luckily many were at lunch)
For $300, by really $200 after tax and $140 after opportunity cost, the hourly rate is getting pretty low
Post by: MasterStache on June 29, 2018, 03:27:24 PM
Seems like a slam dunk, if you don't mind waiting nine months to double $200:
https://www.doctorofcredit.com/fidelity-sign-up-for-investing-spending-accounts-get-200-bonus
It was such a slam dunk that they have already ended the promotion. Glad I got both of ours opened.
If anyone is interested in the Citi checking bonuses ($200, $400 or $600), you need to sign up by tomorrow. Info is here: https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/
I passed on the Citi. Ties up too much money for too long for me.
Post by: MasterStache on June 29, 2018, 03:30:10 PM
I went in and was a little pushier which I think helped. I was in and out after about 45 minutes, but I have many chase cards (personal and biz) as well as a pre-existing relationship. I just told them “I want this product, here is my sign up code, I don’t want any extras, and I have another appointment in an hour so we need to get this done.” They’d rather sign you up than not, so putting a strict time limit on banks for things like this tends to help.I don't know why it took me so long to add checking account churning to my list. For this year so far:
Name/ Bonus/ Annualized Return
Chase Checking, $300, 40.0%
Chase Savings, $200, 5.2%
Memory Bank Checking, $100, 66.7%
Wells Fargo Checking, $200, 2000.0%
Elements Financial Checking, $200, 80.0%
Compared to credit card bonuses, I really like that there is no hard credit pull and that I don't have to worry about a minimum spend. I also am able to change my paycheck deposit accounts to multiple accounts with specific numbers so it makes it easy to not have to worry about a ACH push being counted or not by a bank.
Yep, the downside is that the bonuses are taxable. I try to do a mix of both. I like the $500-$1000 spend for $200 statement credit cards as well. Very easy to hit a few of those throughout the year.
Just did chase business, it was a PITA. They were really nice it just took forever with the upselling and “let me introduce you to the team” BS (she literally introduced me to every employee in the branch- luckily many were at lunch)
For $300, by really $200 after tax and $140 after opportunity cost, the hourly rate is getting pretty low
I went and signed up for the $750 Huntington Business a couple days ago. Literally was in and out in 20 minutes. I didn't ask but the banker told me I can downgrade the account if I don't like the fees. I plan on doing that very thing once I get the business.
Post by: HPstache on June 29, 2018, 03:45:39 PM
Chase Business Checking: $300 (probably going to use this account for my business from here on out)
CapitalOne 360: $200 (not a very good return on $10K, but it also yields 1.6% and I'll probably keep my EF here from here on out)
I also tried the Elements Financial checking for $200 but either they are no longer "seeing" CapitalOne deposits as Direct Deposits, or I have screwed something up because it's been two weeks and no Bonus posted...
Post by: Duke03 on June 29, 2018, 05:32:25 PM
Post by: katsiki on June 29, 2018, 05:56:28 PM
If anyone is interested in the Citi checking bonuses ($200, $400 or $600), you need to sign up by tomorrow. Info is here: https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/
Thanks for mentioning this! I was stalling on this for some reason... It was an easy application process.
Post by: tralfamadorian on June 29, 2018, 05:56:55 PM
Anyone do the chase business checking account that doesn't really have a business LOL? I've got several business cc one being with them and have thought about it. I do have a business that I make about 10k a year off but I run it as a sole proprietor and don't have tax numbers ect.
You do have a small business so you do qualify for business accounts. Some banks have asked only for my SSN. Some ask for the business EIN. Some want both. Getting an EIN from the IRS is free and instant.
https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
Post by: HPstache on June 29, 2018, 06:29:08 PM
Post by: lexde on June 29, 2018, 06:36:10 PM
Anyone do the chase business checking account that doesn't really have a business LOL? I've got several business cc one being with them and have thought about it. I do have a business that I make about 10k a year off but I run it as a sole proprietor and don't have tax numbers ect.Yes. Just say you’re in resale. If you’ve sold something on eBay/Craigslist, congrats! Resale. Your SSN is your TIN for sole proprietorship. Just tell them the business is your full name. They don’t ask too many questions other than what they need to plug in to open the account. I.e. what kind of business, expected profits, current assets, how long it’s been open, etc.
Post by: kpd905 on June 29, 2018, 07:45:35 PM
How much has everyone made so far for 2018, since we are now at the halfway point?
We (two player mode) are currently at $2900 paid, with another $3081 pending.
I am shooting for $7,000 this year from banks, and $20,000 total from banks + credit cards + tradelines + other random stuff.
Post by: Paul der Krake on June 29, 2018, 08:01:20 PM
I just opened the Chase Business checking using just my social security number as a sole proprietor.I'm at a paltry $800 total for 2018 (most of it not paid out yet). Haven't seen many good offers in my state, I don't bother with anything under $200.
How much has everyone made so far for 2018, since we are now at the halfway point?
We (two player mode) are currently at $2900 paid, with another $3081 pending.
I am shooting for $7,000 this year from banks, and $20,000 total from banks + credit cards + tradelines + other random stuff.
Post by: MasterStache on June 30, 2018, 05:15:13 AM
I just opened the Chase Business checking using just my social security number as a sole proprietor.
How much has everyone made so far for 2018, since we are now at the halfway point?
We (two player mode) are currently at $2900 paid, with another $3081 pending.
I am shooting for $7,000 this year from banks, and $20,000 total from banks + credit cards + tradelines + other random stuff.
Dang that's awesome! If I had more money to play with I would probably be a bit higher. I've had a lot of side work come my way so I've been busy as hell this year. Not as much time to pursue every bonus.
Looks like we are at $1700 paid with another 2K pending. As far as CC's not sure. We did just get back from Florida and had our flights (4 people) hotel and rental car all paid for with CC rewards. Saved us roughly 2K at least.
We are selling more tradelines this year. I think these are drying up with some CC companies cracking down.
Post by: Roots&Wings on July 02, 2018, 05:54:12 AM
I just opened the Chase Business checking using just my social security number as a sole proprietor.
How much has everyone made so far for 2018, since we are now at the halfway point?
We (two player mode) are currently at $2900 paid, with another $3081 pending.
I am shooting for $7,000 this year from banks, and $20,000 total from banks + credit cards + tradelines + other random stuff.
Seriously impressive kpd! You might smash your overall $20k goal.
2018 YTD: $3,330 total in bank accounts ($1500) and credit card bonuses ($1830). Might not get the $100 Incredible bonus because my employer screwed up DD and won’t hit by 7/15. I’ll try Vanguard and Discover ACH’s to see if those might trigger bonus, can’t believe there are still no data points for what qualifies as a direct deposit with Incredible bank.
Post by: Orin! on July 05, 2018, 01:24:56 AM
Chase total checking $300
Discover savings $200
Discover savings player #2 $200
Discover savings player #3 $200
National Valley Bank $200
National Valley Bank player 2 $200
Suntrust $500
Memory bank $100
PNC $200
TD $150
Hancock $300
Elements $200
5 3rd $250
Fidelity $200
Total $3000
Post by: HPstache on July 05, 2018, 09:32:18 AM
I have made $3000 in bank account bonuses in the last two months. Florida is great. Props to doctorofcredit.com
Chase total checking $300
Discover savings $200
Discover savings player #2 $200
Discover savings player #3 $200
National Valley Bank $200
National Valley Bank player 2 $200
Suntrust $500
Memory bank $100
PNC $200
TD $150
Hancock $300
Elements $200
5 3rd $250
Fidelity $200
Total $3000
Did you actually set up direct deposit for your elements checking bonus? Mine is not posting using Capitalone360 transfers...
Post by: Orin! on July 05, 2018, 09:55:17 AM
I have made $3000 in bank account bonuses in the last two months. Florida is great. Props to doctorofcredit.com
Chase total checking $300
Discover savings $200
Discover savings player #2 $200
Discover savings player #3 $200
National Valley Bank $200
National Valley Bank player 2 $200
Suntrust $500
Memory bank $100
PNC $200
TD $150
Hancock $300
Elements $200
5 3rd $250
Fidelity $200
Total $3000
Did you actually set up direct deposit for your elements checking bonus? Mine is not posting using Capitalone360 transfers...
I did not set up an actual DD on any of these except the first Chase account.
On Elements, which seems to have triggered it was a ACH push from Discover checking account. I did two of them of $501 and $502 and four days later it posted.
Post by: HPstache on July 05, 2018, 09:59:31 AM
I have made $3000 in bank account bonuses in the last two months. Florida is great. Props to doctorofcredit.com
Chase total checking $300
Discover savings $200
Discover savings player #2 $200
Discover savings player #3 $200
National Valley Bank $200
National Valley Bank player 2 $200
Suntrust $500
Memory bank $100
PNC $200
TD $150
Hancock $300
Elements $200
5 3rd $250
Fidelity $200
Total $3000
Did you actually set up direct deposit for your elements checking bonus? Mine is not posting using Capitalone360 transfers...
I did not set up an actual DD on any of these except the first Chase account.
On Elements, which seems to have triggered it was a ACH push from Discover checking account. I did two of them of $501 and $502 and four days later it posted.
Is there a difference between an ACH push and an external deposit? My two transfers have been tagged "External Deposits" on the Elements website
Post by: Orin! on July 05, 2018, 10:40:51 AM
I have made $3000 in bank account bonuses in the last two months. Florida is great. Props to doctorofcredit.com
Chase total checking $300
Discover savings $200
Discover savings player #2 $200
Discover savings player #3 $200
National Valley Bank $200
National Valley Bank player 2 $200
Suntrust $500
Memory bank $100
PNC $200
TD $150
Hancock $300
Elements $200
5 3rd $250
Fidelity $200
Total $3000
Did you actually set up direct deposit for your elements checking bonus? Mine is not posting using Capitalone360 transfers...
I did not set up an actual DD on any of these except the first Chase account.
On Elements, which seems to have triggered it was a ACH push from Discover checking account. I did two of them of $501 and $502 and four days later it posted.
Is there a difference between an ACH push and an external deposit? My two transfers have been tagged "External Deposits" on the Elements website
My Discover ACH push marked as an “external deposit” as well.
I first did an external push from a different bank at the end of May. A month went by and no bonus posted as I just threw some more at it from a different avenue and then it triggered. I really like my Discover checking account. It does pushes and pulls. I heard ally and Capitol 1 360 do the same.
In the end I don’t know if my first push trigger the elements bonus or the second. But I read people got their bonus shortly after so I threw Discover at it and then it posted four days later.
Post by: mckaylabaloney on August 21, 2018, 10:49:33 AM
Post by: Zacharias on August 21, 2018, 11:36:22 AM
Finally making the leap into this. I've been reluctant for a while, for dumb reasons -- which actually helps me better understand my family and friends who are skeptical of my credit card churning habits. But anyway, I'm doing it now. Opened a Citizens Bank account yesterday -- if all goes well, I should get $400 (less 1-3ish months worth of an unavoidable $25 fee) for a single $1000 DD.
Welcome to the club. I did the same bonus and the good news is that if they follow the same procedure as with my account, the first 3 months of maintenance fee is waived. I received the bonus roughly 90 days after meeting the requirements and was able to close the account without any fees assessed.
Post by: mckaylabaloney on August 21, 2018, 12:09:23 PM
Finally making the leap into this. I've been reluctant for a while, for dumb reasons -- which actually helps me better understand my family and friends who are skeptical of my credit card churning habits. But anyway, I'm doing it now. Opened a Citizens Bank account yesterday -- if all goes well, I should get $400 (less 1-3ish months worth of an unavoidable $25 fee) for a single $1000 DD.
Welcome to the club. I did the same bonus and the good news is that if they follow the same procedure as with my account, the first 3 months of maintenance fee is waived. I received the bonus roughly 90 days after meeting the requirements and was able to close the account without any fees assessed.
Oh, that's great news! I've seen conflicting reports on how many months are waived and whatnot, so hopefully I will have the same experience as you. $400 for ~1 hour of work is insane.
What did you have to do to close the account?
Post by: kpd905 on August 21, 2018, 01:33:16 PM
Post by: bernardnb on August 21, 2018, 02:40:48 PM
Welcome to the club. I did the same bonus and the good news is that if they follow the same procedure as with my account, the first 3 months of maintenance fee is waived. I received the bonus roughly 90 days after meeting the requirements and was able to close the account without any fees assessed.
Did you use a true DD or one of the bank transfers that have qualified as a DD in the past? I used a transfer from Chase, which there were several data points on that working, but was getting nervous it won't trigger.
I'm coming up on 90 days, so good to hear that you received yours around then. Had seen some posts on DoC that people were getting their bonuses in the 2nd month.
Post by: katsiki on August 21, 2018, 07:00:19 PM
Does the 6 months to avoid an early termination fee start when the account is opened? Ie not when fully funded, bonus posts, etc.
Post by: secondcor521 on August 21, 2018, 07:23:39 PM
Can someone answer my dumb question about chase bank bonuses? :)
Does the 6 months to avoid an early termination fee start when the account is opened? Ie not when fully funded, bonus posts, etc.
Generally, yes, it's from when the account is opened. I generally call the bank while I've got the account open and they'll tell you the exact date that you must keep the account open through. Often I'll do it through the online message center so I can save a screen shot of their reply. Then there's no question if they erroneously try to charge an account closure fee, although I've never had an erroneous fee charged to me by Chase.
Post by: katsiki on August 21, 2018, 07:25:02 PM
Very helpful as always.
Post by: Zacharias on August 22, 2018, 08:27:06 AM
Oh, that's great news! I've seen conflicting reports on how many months are waived and whatnot, so hopefully I will have the same experience as you. $400 for ~1 hour of work is insane.
What did you have to do to close the account?
I sent a secure message through their website using the Contact Us > Banking Questions > General Comments/Concerns and then selected account closure as the topic. They are slow to respond but it gets done without needing to go in branch.
Post by: Zacharias on August 22, 2018, 08:31:18 AM
Did you use a true DD or one of the bank transfers that have qualified as a DD in the past? I used a transfer from Chase, which there were several data points on that working, but was getting nervous it won't trigger.
I'm coming up on 90 days, so good to hear that you received yours around then. Had seen some posts on DoC that people were getting their bonuses in the 2nd month.
I used a transfer from my Amazon Payment account. Regarding the differing time table I'm not sure how they determine 2 or 3 months for the bonus. My wife and I opened accounts 1 day apart and sent our transfers on the same day but her bonus posted in month 2 while mine was month 3.
Post by: Gatzbie on August 26, 2018, 10:00:40 AM
Resource I found to meet direct deposit requirement (many other banks listed on here):
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#US_Bank
Post by: Pizzabrewer on August 26, 2018, 10:22:24 AM
Bonuses paid:
$300 Bank of America checking
$300 TD Bank checking
$150 Discover savings
$150 Discover savings #2 (spouse)
$200 Capital One money market
$200 Capital One money market #2
Pending:
$400 Citizens checking
$200 M&T checking
up to $250 Bank of America--submitted a number of referrals which should yield $25 per successful referral
Totals: $1300 paid, $600-850 pending
Looking to do soon:
Santander
Citizens #2
TD Bank #2
M&T #2
Small local bank offering 4% APY reward account up to $15k to hold loose cash between deployments.
Post by: Paul der Krake on August 26, 2018, 10:46:00 AM
Due to 401k kicking in soon (75% of paycheck will be going bye bye). Will meet direct deposit goal for checking account bonus at US bank but not enough to avoid monthly fee. Anyone familiar with alternate methods for direct deposits besides paycheck deposit by employer? Considering using PayPal as it might count.USBank has a way to keep the account fee free regardless of deposit if your credit score is high enough
Resource I found to meet direct deposit requirement (many other banks listed on here):
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#US_Bank
https://www.usbank.com/bank-accounts/checking-accounts/credit-score-checking-account.html
Post by: Duke03 on September 04, 2018, 11:39:35 AM
Post by: HPstache on September 04, 2018, 12:31:18 PM
I see citi bank is offering a $400 bonus for a 15k deposit after 60 days. Does anyone know how long you have to keep the account open? I couldn't find it anywhere in the small print. I know chase makes you keep the account open for 6 months.
https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/#Early_Termination_Fee
No early Termination Fee from what I can see
Post by: HPstache on September 04, 2018, 12:33:17 PM
Post by: Duke03 on September 04, 2018, 01:39:48 PM
I just added up all of my bonuses, I am at $2,300. This is both personal and business checking accounts, there are some seriously lucrative business checking bonuses out there.
Nice! I plan on doing the citi bonus for both my wife and I plus start looking into some small business accounts. My goal is to try and cover our Christmas spending with bank bonuses.
Post by: kpd905 on September 04, 2018, 02:31:49 PM
I see citi bank is offering a $400 bonus for a 15k deposit after 60 days. Does anyone know how long you have to keep the account open? I couldn't find it anywhere in the small print. I know chase makes you keep the account open for 6 months.
Citi will take 90-120 days to actually pay you the bonus, so you need to keep the account open until they do. Luckily, you can drop your balance to $10k after 60 days to keep it fee free, rather than keeping the whole $15k in there.
Post by: Gatzbie on September 08, 2018, 11:17:01 AM
Due to 401k kicking in soon (75% of paycheck will be going bye bye). Will meet direct deposit goal for checking account bonus at US bank but not enough to avoid monthly fee. Anyone familiar with alternate methods for direct deposits besides paycheck deposit by employer? Considering using PayPal as it might count.USBank has a way to keep the account fee free regardless of deposit if your credit score is high enough
Resource I found to meet direct deposit requirement (many other banks listed on here):
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#US_Bank
https://www.usbank.com/bank-accounts/checking-accounts/credit-score-checking-account.html
Awesome. Thank you for letting me know about this opportunity. Going to call in and check on this as I'm pretty sure I would qualify.
Post by: Livingthedream55 on September 25, 2018, 07:40:06 AM
If I set up a recurring deposit from Ally to Santander (to fulfill current $300 new account bonus offer) will that "count" as a Direct Deposit?
I'm still working but setting up DD's through work is cumbersome.
Thanks
Post by: Slee_stack on September 25, 2018, 02:15:21 PM
I've travel hacked for quite some time, but never looked too closely at bank account bonuses.
Seeing this topic a few times on MMM forums here, I'm inspired to make a few extra bucks. Thanks OP and anyone else posting!
Post by: ThatGuy on September 25, 2018, 05:00:02 PM
Apologies if this is elsewhere in this thread - but I didn't read the 8 pages of posts!
If I set up a recurring deposit from Ally to Santander (to fulfill current $300 new account bonus offer) will that "count" as a Direct Deposit?
I'm still working but setting up DD's through work is cumbersome.
Thanks
This will help in the future, unfortunately there aren't any data points for the transfer you're asking about.
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
Post by: FIREball567 on September 25, 2018, 06:40:58 PM
I just dipped my toe into the Bank Account churning waters. I'm starting with the Chase $300 Business Checking offer.
I've travel hacked for quite some time, but never looked too closely at bank account bonuses.
Seeing this topic a few times on MMM forums here, I'm inspired to make a few extra bucks. Thanks OP and anyone else posting!
If I have a personal checking account with them, will I qualify for the business checking bonus?
Post by: katsiki on September 25, 2018, 07:36:34 PM
Yes.I just dipped my toe into the Bank Account churning waters. I'm starting with the Chase $300 Business Checking offer.
I've travel hacked for quite some time, but never looked too closely at bank account bonuses.
Seeing this topic a few times on MMM forums here, I'm inspired to make a few extra bucks. Thanks OP and anyone else posting!
If I have a personal checking account with them, will I qualify for the business checking bonus?
Post by: Michael in ABQ on September 29, 2018, 06:23:41 PM
From now through October 31, when you refer someone who becomes a Unitus member and meets the requirements, you’ll get $50 and they’ll get $50.
Requirements
- Join Unitus. Then, within 60 days:
- Open a Unitus Checking account and debit card
- Complete one debit card transaction
Membership must be established between September 4 and October 31, 2018. Minimum deposit of $50 is required to open an account plus a $10 one-time membership fee and $5 Prime Share deposit. We will deposit the $50 to your Unitus Checking account within 60 days of the opening of the account once a debit card transaction is completed within 60 days. Account must be open and in good standing for payment. Unitus may discontinue the promotion at any time. Must be 18 years or older. Account restrictions apply.
They also offer a savings account that pays 2.50% on balances up to $2,500 then it drops lower for balances above that.
If anyone is interested shot me a PM. I just stick your name and email in a form and I assume you'll get a link to sign up.
Post by: Rosy on September 30, 2018, 06:59:52 AM
Then I browse their website myself - sometimes they offer fee-free accounts for people of a certain age or military or goodies like the 2.5% acct up to a low limit like you posted that might be of interest depending on your situation.
Bottom line, why take a potential hit on your credit for fifty bucks on which you are also required to pay taxes to the IRS. There are a lot of good offers out there, sometimes they come with obscure requirements and hoops to jump through and sometimes they come with a bunch of goodies and you just found yourself a new favorite bank to stick with.
In other words, I'd love it if the bonus were $200 and we'd both get $50 for the referral:)
Post by: tralfamadorian on September 30, 2018, 07:12:13 AM
Post by: Rosy on September 30, 2018, 08:04:44 AM
The only bank I ever had issues getting a bonus from was Regions - took me three months to finally receive it after I showed proof (I'd printed the offer and kept a copy and was able to show I did all that was required).
I kept e-mailing them and went to my local branch three times - I saw it as a contract breach and I wouldn't have hesitated to report them, which I was getting ready to do.
Post by: Duke03 on October 01, 2018, 05:57:10 PM
Post by: kpd905 on October 01, 2018, 07:22:23 PM
Post by: Duke03 on October 01, 2018, 08:28:23 PM
Post by: chaskavitch on October 02, 2018, 01:22:53 PM
So far I've gotten a King Soopers Master card, the Ally associated card, and a Bank of America Master Card in the last 4 months. Before that I'd opened a Discover card a year and a half ago, so I really didn't think that would register as "too many". Ah well.
Post by: Duke03 on October 02, 2018, 01:41:51 PM
Dang. Wells Fargo just denied my application because I've opened too many new cards in the past 12 months. On the bright side, they're the only ones who have done a hard credit check, so that's nice.
So far I've gotten a King Soopers Master card, the Ally associated card, and a Bank of America Master Card in the last 4 months. Before that I'd opened a Discover card a year and a half ago, so I really didn't think that would register as "too many". Ah well.
Did you try Recon? My advice is to tap the brakes a bit and let 2 or 3 months go by before you apply for your next account. Remember it's a marathon not a 100 meter dash.
Post by: chaskavitch on October 02, 2018, 01:47:50 PM
Dang. Wells Fargo just denied my application because I've opened too many new cards in the past 12 months. On the bright side, they're the only ones who have done a hard credit check, so that's nice.
So far I've gotten a King Soopers Master card, the Ally associated card, and a Bank of America Master Card in the last 4 months. Before that I'd opened a Discover card a year and a half ago, so I really didn't think that would register as "too many". Ah well.
Did you try Recon? My advice is to tap the brakes a bit and let 2 or 3 months go by before you apply for your next account. Remember it's a marathon not a 100 meter dash.
I don't actually know what that is, but I haven't read this entire thread yet if that's where the answer is. I've just been applying for cards back to back to try to get bonuses by paying all of the copays for my maternity bills :) I figured if I can squeeze a little bit of extra back out of the ridiculous prices of ultrasounds and blood work, I may as well.
Post by: Eilonwy on October 03, 2018, 09:41:07 PM
I bought a new (used) car awhile back, paying by check. The next day, my husband got a call from our bank, because we didn't have enough funds to cover the check. By sheer luck, I had put some money in our savings, which I didn't normally use because of the poor interest rate, and they were easily able to transfer the money, so there were no bad consequences or hassle, not even having to go to the bank.
I'm generally a pretty organized person, but I'd been moving a lot of money around and forgot to write down a transfer, and so I thought I had enough in my account.
We've been with this local bank for, I dunno, decades. If we hadn't been, if my husband hasn't insisted we keep a local bank that valued our business, we might not have gotten that call and it could have resulted in much expense and hassle.
I'm still doing some churning -- currently waiting on a $400 from Citibank. But much more cautiously, and making money is no longer my only banking priority.
Post by: CanuckExpat on October 04, 2018, 12:28:35 PM
Post by: Rosy on October 04, 2018, 04:09:03 PM
Dang. Wells Fargo just denied my application because I've opened too many new cards in the past 12 months. On the bright side, they're the only ones who have done a hard credit check, so that's nice.
So far I've gotten a King Soopers Master card, the Ally associated card, and a Bank of America Master Card in the last 4 months. Before that I'd opened a Discover card a year and a half ago, so I really didn't think that would register as "too many". Ah well.
Do you read the doctorofcredit.com blog at all? Not only does he discuss each one of the bonuses offered, but he also has a separate section on the big banks - on Wells Fargo and Bank of America and Chase et al where he discusses what to look out for and what each bank is sensitive to.
Recon referred to reconsideration. You can always call the bank and ask for a reconsideration of their decision to turn you down for a credit card - sometimes it works. Wells Fargo can be a bit touchy that's for sure.
It may be a good idea to back off a bit for a short time - maybe pay the co-pay with an existing zero percent interest card.
If the hospital/lab gives you 90 days to pay you could open a new card within say 80 days (try to hit the statement cycle of your new bank at a good time) then pay with your new card.
That may be a long enough break to open one more new card this year without running into issues. There are a lot of good offers out there at the moment - good luck.
Post by: MasterStache on October 05, 2018, 05:19:27 AM
I have a cautionary tale...
I bought a new (used) car awhile back, paying by check. The next day, my husband got a call from our bank, because we didn't have enough funds to cover the check. By sheer luck, I had put some money in our savings, which I didn't normally use because of the poor interest rate, and they were easily able to transfer the money, so there were no bad consequences or hassle, not even having to go to the bank.
I'm generally a pretty organized person, but I'd been moving a lot of money around and forgot to write down a transfer, and so I thought I had enough in my account.
We've been with this local bank for, I dunno, decades. If we hadn't been, if my husband hasn't insisted we keep a local bank that valued our business, we might not have gotten that call and it could have resulted in much expense and hassle.
I'm still doing some churning -- currently waiting on a $400 from Citibank. But much more cautiously, and making money is no longer my only banking priority.
Hmm, my main bank usually deducts any transfers immediately from my account. I highly advise keeping a spreadsheet with pertinent info on it. It's a huge life saver for me. I also have a day planner on which I log any necessary transfers, etc. for that day. I try to have a record of every transaction that I can defer to if I have issues.
Post by: chaskavitch on October 07, 2018, 08:11:54 AM
Dang. Wells Fargo just denied my application because I've opened too many new cards in the past 12 months. On the bright side, they're the only ones who have done a hard credit check, so that's nice.
So far I've gotten a King Soopers Master card, the Ally associated card, and a Bank of America Master Card in the last 4 months. Before that I'd opened a Discover card a year and a half ago, so I really didn't think that would register as "too many". Ah well.
Do you read the doctorofcredit.com blog at all? Not only does he discuss each one of the bonuses offered, but he also has a separate section on the big banks - on Wells Fargo and Bank of America and Chase et al where he discusses what to look out for and what each bank is sensitive to.
Recon referred to reconsideration. You can always call the bank and ask for a reconsideration of their decision to turn you down for a credit card - sometimes it works. Wells Fargo can be a bit touchy that's for sure.
It may be a good idea to back off a bit for a short time - maybe pay the co-pay with an existing zero percent interest card.
If the hospital/lab gives you 90 days to pay you could open a new card within say 80 days (try to hit the statement cycle of your new bank at a good time) then pay with your new card.
That may be a long enough break to open one more new card this year without running into issues. There are a lot of good offers out there at the moment - good luck.
We do have the Chase Freedom Unlimited card, which is 1.5% back all the time, so I've been using that one for all of my copays. Better than nothing :)
I've looked at Doctor of Credit, but not in the last few months. I'll check again and see what they've got up. I'm hoping to get a rewards card with a bigger barrier of entry (spend $3000 in the first 90 days, rather than the $500/$1000 ones I've been doing) soon before my due date, so I can put my OOP max on there. Otherwise I don't really spend $3000 on my cc in 3 months, so I can't apply for those big ones.
Post by: kpd905 on October 07, 2018, 11:45:15 AM
We do have the Chase Freedom Unlimited card, which is 1.5% back all the time, so I've been using that one for all of my copays. Better than nothing :)
I've looked at Doctor of Credit, but not in the last few months. I'll check again and see what they've got up. I'm hoping to get a rewards card with a bigger barrier of entry (spend $3000 in the first 90 days, rather than the $500/$1000 ones I've been doing) soon before my due date, so I can put my OOP max on there. Otherwise I don't really spend $3000 on my cc in 3 months, so I can't apply for those big ones.
Are you under 5/24? If so, grab the Chase Sapphire Preferred if you don't have it already. You'll end up with $590 cash back or $737 toward travel expenses after spending $4,000 and adding an authorized user in 3 months.
Using the 1.5% back card is better than nothing, but not by much. The CSP can give you 14.75-18.4% back, depending on what you do with the points.
Post by: chaskavitch on October 07, 2018, 11:50:53 AM
We do have the Chase Freedom Unlimited card, which is 1.5% back all the time, so I've been using that one for all of my copays. Better than nothing :)
I've looked at Doctor of Credit, but not in the last few months. I'll check again and see what they've got up. I'm hoping to get a rewards card with a bigger barrier of entry (spend $3000 in the first 90 days, rather than the $500/$1000 ones I've been doing) soon before my due date, so I can put my OOP max on there. Otherwise I don't really spend $3000 on my cc in 3 months, so I can't apply for those big ones.
Are you under 5/24? If so, grab the Chase Sapphire Preferred if you don't have it already. You'll end up with $590 cash back or $737 toward travel expenses after spending $4,000 and adding an authorized user in 3 months.
Using the 1.5% back card is better than nothing, but not by much. The CSP can give you 14.75-18.4% back, depending on what you do with the points.
I've opened 4 cards in the last 2 years, which will drop to 3 before I'm due. I'm already an authorized user on my husband's Sapphire Preferred card, so I never even thought of applying for one myself. I kind of think of it as "our" card.
Post by: kpd905 on October 07, 2018, 05:20:41 PM
Post by: MasterStache on October 10, 2018, 05:27:00 AM
You can definitely get one for yourself then. Otherwise if you foresee any travel in the next year (not sure with baby coming), then the Barclays Arrival+ currently has a 60,000 point bonus for spending $5,000. After hitting the spend you'd have $700 toward any travel expenses, you just book the travel expense with this card and then zero out the expense with a statement credit.
Just make sure it will post as a travel related expense. Some rental companies, like VRBO, don't post as a travel expense.
Post by: kpd905 on October 10, 2018, 10:34:33 AM
Just make sure it will post as a travel related expense. Some rental companies, like VRBO, don't post as a travel expense.
True, I believe VRBO and AirBnB can post as Rental instead of Travel, so then the points could not be used toward that expense.
Post by: MasterStache on October 10, 2018, 01:03:27 PM
Just make sure it will post as a travel related expense. Some rental companies, like VRBO, don't post as a travel expense.
True, I believe VRBO and AirBnB can post as Rental instead of Travel, so then the points could not be used toward that expense.
Actually I think AirBnB does post as travel. We used Barclays for a travel reimbursement, I believe, renting through AirBnB. It's very confusing.
Post by: HAPPYINAZ on October 10, 2018, 02:58:23 PM
Post by: SilverAg47 on October 13, 2018, 09:04:47 AM
Post by: dragoncar on October 15, 2018, 03:14:04 PM
I love their example- $1000 bonus if you move $100k
Post by: tralfamadorian on October 15, 2018, 03:40:48 PM
I saw an ad for ally bank - 1% bonus for new money even existing customers. I already use ally for high yield savings so... anyone planning to do this somehow moving money around?
I love their example- $1000 bonus if you move $100k
I saw this and also already use them for my default savings account. 1% and must be held in the account until 1/15/19. So that's a bonus 4% APR in addition to the standard 1.9% they have currently in their saving accounts so a total of 5.9%.
Most of the standard churning savings account bonuses are at least 12% so I will not be moving extra money to Ally but will enjoy the bump for the normal savings I deposit there on a regular basis.
1st half of the year churned accounts closed:
Chase Checking $300
Chase Savings $200
Memory Bank Checking $100
Wells Fargo Checking $200 (only bonus qualified for and not received)
Elements Financial Checking $200
Fulton Bank Simply Checking $150
SoFi Wealth $25
Total: $975
2nd half of the year in progress
Sandy Spring Bank $150
Capital Bank $200
TD Bank $300
Post by: dragoncar on October 15, 2018, 08:24:51 PM
I saw an ad for ally bank - 1% bonus for new money even existing customers. I already use ally for high yield savings so... anyone planning to do this somehow moving money around?
I love their example- $1000 bonus if you move $100k
I saw this and also already use them for my default savings account. 1% and must be held in the account until 1/15/19. So that's a bonus 4% APR in addition to the standard 1.9% they have currently in their saving accounts so a total of 5.9%.
Most of the standard churning savings account bonuses are at least 12% so I will not be moving extra money to Ally but will enjoy the bump for the normal savings I deposit there on a regular basis.
I signed up ... it looks like they just take the highest-value savings account so you don't necessarily need to move money around for it to work, but if you keep multiple savings accounts it makes sense to consolidate. I suspect they will just use the minimum daily balance between 10/31 and 1/15/19.
Post by: geekette on October 16, 2018, 12:24:54 PM
I saw an ad for ally bank - 1% bonus for new money even existing customers. I already use ally for high yield savings so... anyone planning to do this somehow moving money around?I just tried to open an account and got a "You’ll hear from us in 3 to 5 business days." Hmmm... I don't know if I got the hand in the face because my DH (who I listed as co-owner) probably has his credit locked, or because I guessed wrong what state I lived in 45 freakin' years ago. I know my family moved around that time, I just don't remember the exact timing.
I love their example- $1000 bonus if you move $100k
Today has been a frustrating day (this is just the last straw).
Post by: dragoncar on October 16, 2018, 08:12:07 PM
I saw an ad for ally bank - 1% bonus for new money even existing customers. I already use ally for high yield savings so... anyone planning to do this somehow moving money around?I just tried to open an account and got a "You’ll hear from us in 3 to 5 business days." Hmmm... I don't know if I got the hand in the face because my DH (who I listed as co-owner) probably has his credit locked, or because I guessed wrong what state I lived in 45 freakin' years ago. I know my family moved around that time, I just don't remember the exact timing.
I love their example- $1000 bonus if you move $100k
Today has been a frustrating day (this is just the last straw).
(un)fortunately, if you have CreditKarma or similar open, you can answer almost all of those verification questions.
I signed up a long time ago, but I didn't think there was any kind of credit/identity check beyond providing your SSN, but maybe things have changed. I remember it being pretty instant
I still find it surprising you don't know which state you lived in 45 years ago. You must move a lot
Post by: geekette on October 16, 2018, 10:41:04 PM
I did verify with my mom that I guessed right, so it must have been my DH’s frozen credit that caused the problem.
Post by: FIREball567 on October 17, 2018, 08:49:58 PM
Post by: kpd905 on October 18, 2018, 05:20:00 AM
Post by: FIREball567 on October 18, 2018, 05:59:43 AM
Income from bank bonuses is considered interest, so you'll pay federal and state tax, but no self-employment/FICA tax.
So I can count this as income in a solo 401k?
Post by: tralfamadorian on October 18, 2018, 06:51:34 AM
Income from bank bonuses is considered interest, so you'll pay federal and state tax, but no self-employment/FICA tax.
So I can count this as income in a solo 401k?
No.
Post by: lexde on October 25, 2018, 01:34:44 PM
Post by: kpd905 on October 25, 2018, 07:42:23 PM
@lexde I don't know what state you are in, but have you done Citi, Chase, Capital One and Wells Fargo already?
Post by: lexde on October 25, 2018, 07:44:37 PM
We recently broke $5k for the year, with another $2k currently pending, though some of those might pay out in 2019.Citi is on my list now. I’ve done Chase (biz and personal), WF (biz and personal), Suntrust, Hancock Whitney. I’m probably around $1600 already this year and may go for a few others too before the year is done. :-) took a break when my eFund got wiped and I couldn’t park cash. Now it’s back so I’ll be starting up again!
@lexde I don't know what state you are in, but have you done Citi, Chase and Wells Fargo already?
Post by: Pizzabrewer on October 25, 2018, 10:11:28 PM
KPD, how was your experience with Citi? There are lots of horror stories on D of C about them. I don't like the idea of tying up money for that long to begin with and I'd hate to be skunked on the bonus after waiting 5 months.
Post by: MasterStache on October 26, 2018, 05:36:26 AM
Seems like most of the good bonuses are gone for now. I got out of bank account churning for a few months but changed employers and can change my legitimate DD accounts instantly and on my own now so I’m looking forward to being able to get a lot more of these done soon! :-) Congrats to everyone who has broken $1k this year!
Yeah, I'm experiencing a bit of a lull as well. I'm not going to complain as we broke the 5K threshold this year. I might try the Discover savings bonus as it seems to be pretty easy.
Post by: jim555 on October 26, 2018, 06:10:43 AM
Post by: kpd905 on October 26, 2018, 10:24:12 AM
KPD, how was your experience with Citi? There are lots of horror stories on D of C about them. I don't like the idea of tying up money for that long to begin with and I'd hate to be skunked on the bonus after waiting 5 months.
I would definitely go with Citi only after all other options have been exhausted. Many people end up having to call in multiple times or file CFPB complaints just to get their bonus.
I received the $200 bonus recently without any trouble, so that was pretty surprising. My wife's account should potentially get the bonus within a month, so we'll see if we have to fight for that one.
Post by: MasterStache on November 05, 2018, 12:55:42 PM
Post by: therethere on November 05, 2018, 01:01:04 PM
Post by: katsiki on November 07, 2018, 01:54:55 PM
Post by: Onion on November 07, 2018, 03:55:16 PM
You can read about on DoC
I just started them and have $400 bonus pending
Post by: IsThisAGoodUsername on November 07, 2018, 06:19:26 PM
Also, I just received in the mail today a flyer from Key Bank for $400 sign up bonus! When it rains, it pours!
Post by: kpd905 on November 07, 2018, 06:39:25 PM
I also got my HSBC bonus automatically at about the 145 day mark without asking for it.
Maybe both of these banks are sick of all the complaints they've been getting for years.
@Onion The only downside of the TIAA one is you have to initially fund it with $5,000. I guess you can pull it out right away though, so I am going to open up two of those accounts.
Post by: katsiki on November 08, 2018, 07:05:35 AM
Post by: Duke03 on November 08, 2018, 07:18:37 PM
Post by: Roots&Wings on November 09, 2018, 07:06:59 AM
Also opened BMO and TIAA with $5k Discover transfer, which might also meet the direct deposit requirement, but planning to transfer $1k from Capital One as backup.
Post by: geekette on November 12, 2018, 09:40:06 AM
Not strictly a bank bonus, but if anyone hasn't yet done the $100 Personal Capital sign up bonus (https://www.doctorofcredit.com/personal-capital-100-amazon-giftcard-for-linking-an-investment-account-referral-bonus/) for Amazon gift card, that was incredibly easy. I'm going for an extra $100 since my 401k and investment brokerage accounts are separate.Do you have a referral link? I'd rather go with someone from here than a random person from the DoC comment thread.
Post by: Roots&Wings on November 12, 2018, 10:50:17 AM
Not strictly a bank bonus, but if anyone hasn't yet done the $100 Personal Capital sign up bonus (https://www.doctorofcredit.com/personal-capital-100-amazon-giftcard-for-linking-an-investment-account-referral-bonus/) for Amazon gift card, that was incredibly easy. I'm going for an extra $100 since my 401k and investment brokerage accounts are separate.Do you have a referral link? I'd rather go with someone from here than a random person from the DoC comment thread.
No sorry, I used the original FM's link on DoC (got the bonus), and also trying Laura H's link in comments for the extra account bonus (hasn't posted yet).
Post by: Rosy on November 17, 2018, 12:29:03 PM
Usually, I've been around $1250 or a bit less.
The 5/3 checking was the easiest so far - no DD required.
Post by: soccerluvof4 on December 06, 2018, 01:50:15 PM
So far I am at $1450 and I plan on doing one more - so I might possibly hit $1600 plus in one year.
Usually, I've been around $1250 or a bit less.
The 5/3 checking was the easiest so far - no DD required.
Which one is the 5/3 checking?
Post by: CanuckExpat on December 06, 2018, 02:21:04 PM
Post by: soccerluvof4 on December 06, 2018, 02:36:47 PM
Fifth third bank?
ahhh , that make sense! Thanks
Post by: AlexMar on December 06, 2018, 03:32:41 PM
You aren't "making" money. You are legally stealing it. Just because something is legal, doesn't make it right.
Post by: lexde on December 06, 2018, 03:52:06 PM
Post by: lexde on December 06, 2018, 03:59:23 PM
Post by: CanuckExpat on December 06, 2018, 04:04:35 PM
(https://pics.me.me/opinions-are-like-assholes-ilike-to-compare-mine-to-yours-31821180.png)
Post by: MasterStache on December 06, 2018, 04:36:45 PM
Fifth third bank?
ahhh , that make sense! Thanks
They have an easy bonus. My spouse has had a 5/3 account for years and unfortunately added me to it a couple years ago, thus no bonus for me. Apparently she has to shut her account down to remove me from it ) :
Post by: tralfamadorian on December 06, 2018, 04:37:44 PM
This thread is kind of disgusting. Leave your morals at the door I guess, right? Running around ripping off businesses "because you can" is the hot new thing? These companies are offering the bonuses to earn your business. Not so you can take the bonus and run. Everyone here knows and fully understands the point of these offers and the spirit of it, but yeah, just leave your morals at the door I guess. Just like the credit card churning fools.
You aren't "making" money. You are legally stealing it. Just because something is legal, doesn't make it right.
lolz
Poor Bank of America! American taxpayers only bailed them out with $45 billion dollars while 10% of us were unemployed and 6.3 million homes were foreclosed upon in a recession due entirely to their own industry's greed.
I mean, 10 years later and they're still just barely limping along. Did you know their CEO only made $21,284,994 last year? Poor guy. I heard all the real rich people were laughing at him when he could only afford a condo instead of a chalet in Aspen. You convinced me; I'm a total ass for keeping their $200 when it could stay with where it rightfully belongs.
Post by: MasterStache on December 06, 2018, 04:41:41 PM
This thread is kind of disgusting. Leave your morals at the door I guess, right? Running around ripping off businesses "because you can" is the hot new thing? These companies are offering the bonuses to earn your business. Not so you can take the bonus and run. Everyone here knows and fully understands the point of these offers and the spirit of it, but yeah, just leave your morals at the door I guess. Just like the credit card churning fools.
You aren't "making" money. You are legally stealing it. Just because something is legal, doesn't make it right.
lolz
Poor Bank of America! American taxpayers only bailed them out with $45 billion dollars while 10% of us were unemployed and 6.3 million homes were foreclosed upon in a recession due entirely to their own industry's greed.
I mean, 10 years later and they're still just barely limping along. Did you know their CEO only made $21,284,994 last year? Poor guy. I heard all the real rich people were laughing at him when he could only afford a condo instead of a chalet in Aspen. You convinced me; I'm a total ass for keeping their $200 when it could stay with where it rightfully belongs.
Don't feed the troll ( :
Post by: AlexMar on December 06, 2018, 05:45:36 PM
This thread is kind of disgusting. Leave your morals at the door I guess, right? Running around ripping off businesses "because you can" is the hot new thing? These companies are offering the bonuses to earn your business. Not so you can take the bonus and run. Everyone here knows and fully understands the point of these offers and the spirit of it, but yeah, just leave your morals at the door I guess. Just like the credit card churning fools.
You aren't "making" money. You are legally stealing it. Just because something is legal, doesn't make it right.
lolz
Poor Bank of America! American taxpayers only bailed them out with $45 billion dollars while 10% of us were unemployed and 6.3 million homes were foreclosed upon in a recession due entirely to their own industry's greed.
I mean, 10 years later and they're still just barely limping along. Did you know their CEO only made $21,284,994 last year? Poor guy. I heard all the real rich people were laughing at him when he could only afford a condo instead of a chalet in Aspen. You convinced me; I'm a total ass for keeping their $200 when it could stay with where it rightfully belongs.
You are acting in bad faith. You KNOW you are acting in bad faith - but you know, it's ok and all because they are like, rich and stuff. You think you are some sort of mustachian robin hood or something?
You aren't "keeping" their $200 without ill intent, you are signing up with bad intentions. Knowing you are taking the bonus and closing the account. You know that's not what the bonus is for, but you do it anyways, over and over. You can't help yourself because you know you can get away with it. Like the last cookie in the jar when nobody is watching.
It's not even questionable that you are morally bankrupt. You have fully admitted to it. Which probably explains why you are the type of person wasting so much energy and time churning banks accounts for a couple hundred bucks. Good luck in your FIRE journey, you'll need lots of it.
This sub forum is great fun. Lots of good stuff to brag about - minimal garbage bill, finding some great furniture, etc... You guys though.... "Oh man, I'm getting good at ripping off banks!!! I'm awesome!!!!" ::sigh::
Post by: Roots&Wings on December 07, 2018, 06:20:20 AM
Bonuses this year have paid for solar panels for net zero electricity, pretty happy about that.
Post by: katsiki on December 07, 2018, 06:23:29 AM
Rats! I was hoping to "steal" more money from a bank. I am a mustachian robin hood. Haha
Post by: MasterStache on December 07, 2018, 06:32:32 AM
Banks continue to solicit my business and throw money at me, it's crazy. Latest is Seacoast Bank mailer for $500, signing up for that one soon. And Hancock Whitney $300 to close out the year. Have to check out 5/3 too.
Bonuses this year have paid for solar panels for net zero electricity, pretty happy about that.
Um those solar panels are "ill intent." ( ;
Post by: Roots&Wings on December 07, 2018, 06:51:42 AM
Banks continue to solicit my business and throw money at me, it's crazy. Latest is Seacoast Bank mailer for $500, signing up for that one soon. And Hancock Whitney $300 to close out the year. Have to check out 5/3 too.
Bonuses this year have paid for solar panels for net zero electricity, pretty happy about that.
Um those solar panels are "ill intent." ( ;
I know really? Taking money away from those poor coal fired power plants...
Post by: MasterStache on December 08, 2018, 10:50:21 AM
https://www.doctorofcredit.com/targeted-fl-ga-il-in-ky-mi-nc-oh-tn-wv-fifth-third-1500-business-checking-bonus/ (https://www.doctorofcredit.com/targeted-fl-ga-il-in-ky-mi-nc-oh-tn-wv-fifth-third-1500-business-checking-bonus/)
Post by: Unique User on December 14, 2018, 06:12:17 AM
Post by: wbarnett on December 26, 2018, 11:09:48 AM
Quote
You aren't "keeping" their $200 without ill intent, you are signing up with bad intentions. Knowing you are taking the bonus and closing the account. You know that's not what the bonus is for, but you do it anyways, over and over. You can't help yourself because you know you can get away with it. Like the last cookie in the jar when nobody is watching.
It's not even questionable that you are morally bankrupt. You have fully admitted to it. Which probably explains why you are the type of person wasting so much energy and time churning banks accounts for a couple hundred bucks. Good luck in your FIRE journey, you'll need lots of it.
This sub forum is great fun. Lots of good stuff to brag about - minimal garbage bill, finding some great furniture, etc... You guys though.... "Oh man, I'm getting good at ripping off banks!!! I'm awesome!!!!" ::sigh::
This is an absurd argument. A financial institution is offering an incentive to use its product. There is a contract that stipulates the mechanism to gain that incentive ($X upfront, number of transactions, direct deposit, etc.) and the minimum duration of the account. If those contract requirements are met, the incentive is realized. That's it. There are no good or bad intentions with an executed contract - only compliance or breach.
Feeling bad for the banks is silly - they offer these incentives with eyes wide open. The institutions get a boost to their top line in various ways -- an increase in account growth, total deposits, etc. It is mutually beneficial. I have chosen a credit card based on the points it confers -- is that morally untenable too? Mr. Money Mustache doesn't think so: http://www.mrmoneymustache.com/2014/10/13/credit-card-churning-for-mustachians-or-sucka-consumers/ .
Banks are literally giving away money to attract customers on a short-term basis. Optimizing this makes good financial sense, since it's a guaranteed rate of return and fairly simple to implement. It seems Mustachian in every way. If you don't want free money, that's fine. More for us. But spare us the faux outrage.
** I know we shouldn't feed trolls, but this person's post history doesn't point to being a troll. Just misinformed about contracts.
Post by: toganet on December 27, 2018, 08:24:31 AM
That being said, it's well-known that there are folks who abuse the intent of these promotions, and it's generally part of the calculated risk. As long as the accounts aren't used for fraud, and as long as the cost of the bonuses does not result in an overall loss, they will continue.
Post by: kpd905 on December 31, 2018, 07:47:45 PM
Post by: MasterStache on January 01, 2019, 12:06:21 PM
Post by: Roots&Wings on January 02, 2019, 06:15:18 AM
Post by: sol on January 02, 2019, 07:26:22 AM
Post by: Paul der Krake on January 02, 2019, 10:21:24 AM
Post by: apkanne on January 03, 2019, 02:00:18 PM
Post by: dragoncar on January 05, 2019, 11:04:14 PM
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry. Depending on the bank and their risk appetite, you may even end up on a what's essentially a "naughty list" that could make things difficult for you down the road.
That being said, it's well-known that there are folks who abuse the intent of these promotions, and it's generally part of the calculated risk. As long as the accounts aren't used for fraud, and as long as the cost of the bonuses does not result in an overall loss, they will continue.
I agree that banks don’t like it, but consumers don’t like it when banks charge them fees and foreclose on their homes. Banks point to their contracts in those cases, and the excuse that they are running a business not a charity. Well consumers also act within their own best interests.
I think it would be immoral to try to get the signup bonus WITHOUT meeting the terms. To do exactly what the terms say... I don’t see how that could be immoral. Banks are the parties to contracts with power and leverage. They set the terms, which are not negotiable for a consumer (try going to a bank and opening an account but modify the terms and conditions... good luck). For them to turn around and complain that somehow the terms weren’t equitable is ridiculous.
Post by: wbarnett on January 06, 2019, 09:49:14 PM
I believe we were just north of $5500. I don't expect another year like that.
That's pretty amazing!
Post by: MasterStache on January 07, 2019, 05:33:48 AM
Yesterday's news coverage (https://mobile-reuters-com.cdn.ampproject.org/v/s/mobile.reuters.com/article/amp/idUSKCN1OV1SX?amp_js_v=a2) suggests the gravy train may be slowing down, as banks start cutting back on bonus offers.
I know credit companies have been making it harder for churners, but so far I am starting out this year pretty well with bank bonuses. I'm sure it will get more difficult but there are a lot of banks out there wanting your business.
Post by: toganet on January 07, 2019, 09:50:10 AM
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry. Depending on the bank and their risk appetite, you may even end up on a what's essentially a "naughty list" that could make things difficult for you down the road.
That being said, it's well-known that there are folks who abuse the intent of these promotions, and it's generally part of the calculated risk. As long as the accounts aren't used for fraud, and as long as the cost of the bonuses does not result in an overall loss, they will continue.
I agree that banks don’t like it, but consumers don’t like it when banks charge them fees and foreclose on their homes. Banks point to their contracts in those cases, and the excuse that they are running a business not a charity. Well consumers also act within their own best interests.
I think it would be immoral to try to get the signup bonus WITHOUT meeting the terms. To do exactly what the terms say... I don’t see how that could be immoral. Banks are the parties to contracts with power and leverage. They set the terms, which are not negotiable for a consumer (try going to a bank and opening an account but modify the terms and conditions... good luck). For them to turn around and complain that somehow the terms weren’t equitable is ridiculous.
The main problem is that churning accounts looks awfully similar to the types of activities fraudsters and other criminals do, which banks are legally required to take action to prevent. So churning creates extra work for folks at the banks, and makes it harder to do their jobs well due to the "noise" it creates. Still, banks need to compete for customers, and bonuses such as these are one way to do it. So far the folks setting policies inside these companies have been winning the arguments over the folks responsible for financial crimes, but that may not always be the case.
Post by: soccerluvof4 on January 07, 2019, 12:33:04 PM
Post by: katsiki on January 07, 2019, 03:33:13 PM
Living in Wisconsin does anyone have a suggestion as to what would be a good bank to start doing this with?
I am pretty sure @kpd905 can answer that for you perfectly.
Post by: kpd905 on January 08, 2019, 10:47:56 AM
I would probably start with PNC, because they are Early Warning Systems (EWS) sensitive, meaning that they might not approve you after you open a bunch of other accounts.
You can get $300 after $5,000 of direct deposits in 60 days, plus 10 debit transactions. You can also fund $2,000 with a credit card to start, so it might be good to have a sign up bonus to hit there. Data on which cards can be used, and which methods work as a direct deposit are here:
https://www.doctorofcredit.com/pnc-up-to-300-checking-bonus-no-state-restriction/
If you don't already have a Chase account, you could grab one of those too. They only let you get one every two years now, so you may as well start that timeline ASAP. No credit card funding with Chase, but you get $300 after one direct deposit of any amount.
https://www.doctorofcredit.com/chase-600-checking-savings-bonus/
A good list to find all the current bonuses is here: https://www.doctorofcredit.com/best-bank-account-bonuses/
Other good ones to grab are BMO Harris, Associated Bank, Elements Financial (Check sensitive, so might not get approved after opening a bunch of other accounts), First Bank Financial Centre, First National Bank of Wisconsin. Not all of these have bonuses now, but they come and go. There are also nationwide bonuses from Citi, Wells Fargo, and Bank of America right now.
Doctor of Credit seems to post a bank bonus for Wisconsin about once a week, so you can make a lot.
Post by: Car Jack on January 08, 2019, 12:33:37 PM
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry.
As someone who helped an elderly relative while they were in the hospital after being run over by a roofing truck while she was walking to the bus stop.......while it's perfectly legal for Bank of America, where she's banked since the 60's to charge a $5 teller fee because she's old, old school and went in to transfer $25 from her savings to her checking, let me just say that this practice is generally viewed as an overall negative by folks like me.
I have no guilt pulling $400 in credit card bonuses and selling BoA tradelines. F them.
Post by: chaskavitch on January 08, 2019, 01:27:51 PM
As someone who works in consumer banking, I will say that while adhering to the letter of the contracts to receive these bonuses is certainly legal, it's generally viewed as an overall negative by folks inside the industry.
As someone who helped an elderly relative while they were in the hospital after being run over by a roofing truck while she was walking to the bus stop.......while it's perfectly legal for Bank of America, where she's banked since the 60's to charge a $5 teller fee because she's old, old school and went in to transfer $25 from her savings to her checking, let me just say that this practice is generally viewed as an overall negative by folks like me.
I have no guilt pulling $400 in credit card bonuses and selling BoA tradelines. F them.
I'm sorry for your relative, but I'm also kind of glad it's not just me that BoA is stupid to.
I opened a savings account with them (online) because they offered me $100 for making two $250 direct deposits. Easy peasy.
Except they charge you a $3 transfer fee to REMOVE funds from your checking to an outside bank. And they don't charge that until days after the transfer has finalized, so your account has -$3 in it. Then, they don't accept transfers IN smaller than $10, and once you've got enough in there, they don't accept transfers OUT that don't leave $50 in the account. And you can't get help over the phone, you have to go to a branch in person. Which is an hour away.
I have no idea how to get my $30 out of this savings account. Maybe if I open a checking account, transfer it over, then use Zelle to pay myself from my bank account? Can I even do that? I don't want to be on hold for another 30 minutes to ask "can I transfer ALL of my money out of a BoA checking account, or is there some crazy minimum balance rule you don't tell people?"
Post by: secondcor521 on January 08, 2019, 05:05:20 PM
I have no idea how to get my $30 out of this savings account. Maybe if I open a checking account, transfer it over, then use Zelle to pay myself from my bank account? Can I even do that? I don't want to be on hold for another 30 minutes to ask "can I transfer ALL of my money out of a BoA checking account, or is there some crazy minimum balance rule you don't tell people?"
Call them, tell them to close the account and they should be able to mail you a check for the $30. If you're not willing to call, then you might (but probably won't) be able to close it via a chat message or "contact us" email.
Post by: chaskavitch on January 09, 2019, 06:37:32 AM
I have no idea how to get my $30 out of this savings account. Maybe if I open a checking account, transfer it over, then use Zelle to pay myself from my bank account? Can I even do that? I don't want to be on hold for another 30 minutes to ask "can I transfer ALL of my money out of a BoA checking account, or is there some crazy minimum balance rule you don't tell people?"
Call them, tell them to close the account and they should be able to mail you a check for the $30. If you're not willing to call, then you might (but probably won't) be able to close it via a chat message or "contact us" email.
I did! The rep I talked to said she couldn't close it because there was a balance, and I had to go to a branch to withdraw the money. And as far as I can tell from their website, there is no email address or chat available, just phone numbers. Under "Best way to contact us", there's a little icon that says "Sorry, chat is not available for this topic" for every topic I click on, haha. But no best way to contact them, yay!
Why in the world do they make it so hard? /sigh I understand they make it hard because they want to keep your money, but really, this is a little ridiculous. If I can open a bank account or a credit card with a huge limit without talking to a single real person, it's just obtuse to make me go to a physical location to close it.
I'll call them again, after I search the website some more, it's just a matter of finding the time.
Post by: therethere on January 09, 2019, 08:50:47 AM
Post by: $200k on January 09, 2019, 11:16:07 AM
Post by: therethere on January 09, 2019, 11:28:50 AM
Post by: $200k on January 09, 2019, 01:42:07 PM
Yes, you'd both be ineligible for the bonus until the xxx required time after closure.
Thanks for the info!
Ok, so I just checked my records and I actually opened the account in June 2017. The newest Chase offers say that you only qualify for the bonus every two years, which means I can re-apply in about 6 months.
In your comment above, are you saying that my checking account should also be closed for a certain number of days before I try reapplying? Or were you just referring to the time limitation between bonuses that Chase sets (in this case, 2 years).
I should probably just cancel the account now, so that when June 2019 rolls around, I am free to apply.
Post by: therethere on January 09, 2019, 02:03:20 PM
Here's Chase: : Checking offer is not available to existing Chase checking customers. Savings offer is not available to existing Chase savings customers. Both offers are not available to those with fiduciary accounts, or those whose accounts have been closed within 90 days or closed with a negative balance. If either the checking or savings account is closed by the customer or Chase within six months after opening, we will deduct the bonus amount for that account at closing.
Post by: CanuckExpat on January 09, 2019, 08:44:22 PM
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.
All good things come to an end.
Post by: soccerluvof4 on January 10, 2019, 04:25:29 AM
Ha, that is true. If you want to see all of the accounts that I have opened in Wisconsin, you can go to the page 5 of the journal in my signature. I believe we got paid for 32 bonuses last year.
I would probably start with PNC, because they are Early Warning Systems (EWS) sensitive, meaning that they might not approve you after you open a bunch of other accounts.
You can get $300 after $5,000 of direct deposits in 60 days, plus 10 debit transactions. You can also fund $2,000 with a credit card to start, so it might be good to have a sign up bonus to hit there. Data on which cards can be used, and which methods work as a direct deposit are here:
https://www.doctorofcredit.com/pnc-up-to-300-checking-bonus-no-state-restriction/
If you don't already have a Chase account, you could grab one of those too. They only let you get one every two years now, so you may as well start that timeline ASAP. No credit card funding with Chase, but you get $300 after one direct deposit of any amount.
https://www.doctorofcredit.com/chase-600-checking-savings-bonus/
A good list to find all the current bonuses is here: https://www.doctorofcredit.com/best-bank-account-bonuses/
Other good ones to grab are BMO Harris, Associated Bank, Elements Financial (Check sensitive, so might not get approved after opening a bunch of other accounts), First Bank Financial Centre, First National Bank of Wisconsin. Not all of these have bonuses now, but they come and go. There are also nationwide bonuses from Citi, Wells Fargo, and Bank of America right now.
Doctor of Credit seems to post a bank bonus for Wisconsin about once a week, so you can make a lot.
Thanks!! Big help! I just got into the CC churning and have one card CIP i just finished covered the 5k spend and am Halfway through the CPU . I got a mailer for Savoy so think I will order that today so if they makes any difference into which bank (s) i should do? appreciate the help. I do check Doctor of Credit as well. Still find alot of this confusing so probable will take me a little more time to get this all figured out and make sense of it all.
Post by: MasterStache on January 10, 2019, 05:19:37 AM
We made "only" $1400 in 2018, that was about half of our 2017 total..
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.
All good things come to an end.
Well $1400 is better than $0. So far I haven't seen much in terms of denial (only a couple from chex system). And a couple banks I am hitting up for the 3rd time.
Post by: slappy on January 10, 2019, 09:30:34 AM
We made "only" $1400 in 2018, that was about half of our 2017 total.
We found we are starting to get denied a lot during applications, we must have made the naughty list, either for applying for too many bank accounts, or for having a questionable physical address history.
All good things come to an end.
I've had issues with denials as well.
Post by: therethere on January 10, 2019, 09:35:27 AM
Post by: MasterStache on January 11, 2019, 05:16:43 AM
How many accounts did you open in a year before you started seeing denials? I was about to pickup on doing this a more organized way and was planning around 1 new account every 3 months.
You just have to pay attention to which banks are chex sensitive. There are no hard and fast rules about how many bank accounts you can open.
Post by: Pizzabrewer on January 11, 2019, 08:19:21 AM
How many accounts did you open in a year before you started seeing denials? I was about to pickup on doing this a more organized way and was planning around 1 new account every 3 months.
You just have to pay attention to which banks are chex sensitive. There are no hard and fast rules about how many bank accounts you can open.
Agreed there are no hard and fast rules but 1 account every 3 months shouldn't cause a problem at all.
I just added up my bank account bonuses and interest for 2018: $2640. Not as much as some here but not bad.
Post by: jnw on January 12, 2019, 01:07:42 AM
Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits? These becomes more problematic if say I am churning several other bank accounts at same time. Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?
Post by: MasterStache on January 12, 2019, 04:57:34 AM
I just signed up with Chase Total Checking, to do my very first churn. They only require a single direct deposit which is easy, but to waive the $12 per month fee I need to do monthly deposits of $500 for 5 months before I close the account at 6 months.
Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits? These becomes more problematic if say I am churning several other bank accounts at same time. Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?
You can set up auto deposit and withdrawal. I've done that with other banks that have the same monthly DD requirements (ie. Keybank). You don't need to keep shoving $500 in every month. Just deposit it and take it right back out a couple days later. That way you'll only need a dedicated $500 to keep the account fee free until you can close it.
Some banks will also let you downgrade to a fee free account.
Post by: kpd905 on January 12, 2019, 05:39:06 AM
I just signed up with Chase Total Checking, to do my very first churn. They only require a single direct deposit which is easy, but to waive the $12 per month fee I need to do monthly deposits of $500 for 5 months before I close the account at 6 months.
Do you guys just pay the $12 each month in fees ($60 total) or do keep doing $500 direct deposits? These becomes more problematic if say I am churning several other bank accounts at same time. Is it better to churn as many as possible and fork out the $60 fee or cut down a bit on the number of accounts and deposit $500 into the account every month?
You can also let $1500 sit in the account to avoid the fee, if you have the extra cash handy.
Post by: Roots&Wings on January 15, 2019, 11:13:57 AM
Post by: katsiki on January 15, 2019, 12:55:37 PM
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus (https://www.doctorofcredit.com/targeted-bank-america-300-checking-bonus/), nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.
I was targeted a second time also. How often can you do the BOA checking promo?
Post by: kpd905 on January 15, 2019, 02:39:57 PM
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus (https://www.doctorofcredit.com/targeted-bank-america-300-checking-bonus/), nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.
I was targeted a second time also. How often can you do the BOA checking promo?
As long as your previous account was closed over 6 months ago, you are good to go.
I am unfortunately not targeted for the $300 on either of our accounts, but I think I'll open two for the $100 bonus for now.
Post by: chaskavitch on January 20, 2019, 09:04:40 AM
I have no idea how to get my $30 out of this savings account. Maybe if I open a checking account, transfer it over, then use Zelle to pay myself from my bank account? Can I even do that? I don't want to be on hold for another 30 minutes to ask "can I transfer ALL of my money out of a BoA checking account, or is there some crazy minimum balance rule you don't tell people?"
Call them, tell them to close the account and they should be able to mail you a check for the $30. If you're not willing to call, then you might (but probably won't) be able to close it via a chat message or "contact us" email.
I did! The rep I talked to said she couldn't close it because there was a balance, and I had to go to a branch to withdraw the money. And as far as I can tell from their website, there is no email address or chat available, just phone numbers. Under "Best way to contact us", there's a little icon that says "Sorry, chat is not available for this topic" for every topic I click on, haha. But no best way to contact them, yay!
Why in the world do they make it so hard? /sigh I understand they make it hard because they want to keep your money, but really, this is a little ridiculous. If I can open a bank account or a credit card with a huge limit without talking to a single real person, it's just obtuse to make me go to a physical location to close it.
I'll call them again, after I search the website some more, it's just a matter of finding the time.
Hahahaha. I called again last Wednesday, after a $12 monthly fee was taken out, and the rep I talked to said "oh, yeah, we can just send you a cashier's check for that and close the account." /headdesk. Not worth it to me to argue for the $12 being refunded because it's only partially my fault I didn't close the account early enough.
At least it's closed now and I only lost $15 of my $100 bonus.
Post by: MasterStache on January 20, 2019, 04:39:45 PM
Gonna let $1.5k sit in BofA checking. Can't believe I was targeted again for the $300 checking bonus (https://www.doctorofcredit.com/targeted-bank-america-300-checking-bonus/), nice surprise since I just closed a premium rewards CC with them. It was easy before, hopefully easy again.
I was targeted a second time also. How often can you do the BOA checking promo?
As long as your previous account was closed over 6 months ago, you are good to go.
I am unfortunately not targeted for the $300 on either of our accounts, but I think I'll open two for the $100 bonus for now.
Doing the same for us, again (-:
Post by: HPstache on January 20, 2019, 10:23:05 PM
Post by: Roots&Wings on January 21, 2019, 08:31:09 AM
2019 YTD opened $1,250 in bonuses + got a $100 travel credit (Southwest gift card). Someone was successful at churning the $300 TD bonus (https://www.doctorofcredit.com/td-bank-300-checking-bonus-ct-dc-de-fl-md-ma-nc-nh-nj-ny-pa-ri-sc-vt-va/), giving that a try. I've had luck with some supposedly Chex sensitive banks (e.g. BMO, BB&T). Suntrust $500 bonus will be next hopefully.
Post by: Roots&Wings on January 24, 2019, 06:51:44 AM
Post by: MasterStache on January 24, 2019, 07:18:39 AM
Unsure why this $200 BB&T checking bonus isn't on DoC bonus list that I can find, https://www.bbt.com/sites/bbtdotcom/sp/personalchecking/1808/ppc/brightbanking/default.html, but that's one I just signed up for. 2 direct deposits of $100 or 3 online bill pays of $25, and maintain $1.5k to avoid fees until bonus posts. Doesn't seem to be state limited (aside from unavailable in PA and NJ), and not Chex sensitive.
https://www.doctorofcredit.com/bbt-200-400-checking-bonus-direct-deposit-optional-ymmv-al-dc-fl-ga-in-ky-md-nc-nj-oh-pa-sc-tn-tx-va-wv/ (https://www.doctorofcredit.com/bbt-200-400-checking-bonus-direct-deposit-optional-ymmv-al-dc-fl-ga-in-ky-md-nc-nj-oh-pa-sc-tn-tx-va-wv/)
Already opened an account for player 2 since there is a household limit.
Post by: HPstache on January 29, 2019, 11:10:39 AM
Post by: 2Birds1Stone on January 29, 2019, 12:40:26 PM
Post by: terran on January 29, 2019, 02:49:23 PM
Is it weird that I only get 1099-INT/MISC's for Checking account bonuses, not Savings account bonuses? Can someone verify this?
Yes, that's weird. Are you sure they're not combined? Chase, for example, seems to combine anything on one SSN, even business/personal accounts.
Post by: Roots&Wings on January 30, 2019, 06:33:10 AM
Post by: MasterStache on January 31, 2019, 08:41:53 AM
Not all banks send them out. I didn't get 1099's from several last year.+1. It's important to keep track of everything.
Post by: FLStache on February 05, 2019, 02:00:45 PM
Thanks!
Post by: katsiki on February 05, 2019, 02:34:32 PM
So I was pretty aggressive last year with bank account and credit accounts while fully employed. Now I'm FIRE'd and looking for advice as to how handle the income question. Do I only include what I'll report to the IRS at year end (probably less than $12,000) or can I just put the amount I plan to transfer over from my investment accounts to cover my yearly expenses (~$60,000)?
Thanks!
I would do the latter. Assuming a good credit score, they will not (generally) look into income any way.
Post by: FLStache on February 05, 2019, 04:39:56 PM
Post by: secondcor521 on February 05, 2019, 06:23:31 PM
So I was pretty aggressive last year with bank account and credit accounts while fully employed. Now I'm FIRE'd and looking for advice as to how handle the income question. Do I only include what I'll report to the IRS at year end (probably less than $12,000) or can I just put the amount I plan to transfer over from my investment accounts to cover my yearly expenses (~$60,000)?
Thanks!
I would do the latter. Assuming a good credit score, they will not (generally) look into income any way.
I would report the highest income level I could justify, but transfers from saving are not income by any definition I know of, so I wouldn't include the $60K. Sometimes credit card companies ask about household income, so if there is anyone else in your household earning income you can include that income on your application or credit limit increase request.
Post by: MoseyingAlong on February 05, 2019, 07:00:08 PM
So I was pretty aggressive last year with bank account and credit accounts while fully employed. Now I'm FIRE'd and looking for advice as to how handle the income question. Do I only include what I'll report to the IRS at year end (probably less than $12,000) or can I just put the amount I plan to transfer over from my investment accounts to cover my yearly expenses (~$60,000)?
Thanks!
I would do the latter. Assuming a good credit score, they will not (generally) look into income any way.
I would report the highest income level I could justify, but transfers from saving are not income by any definition I know of, so I wouldn't include the $60K. Sometimes credit card companies ask about household income, so if there is anyone else in your household earning income you can include that income on your application or credit limit increase request.
I actually think there is an argument to include transfers into your checking account that you plan to spend. It would be the same argument that rental companies use to qualify prospective tenants. As long as they are regular and on-going, especially if they are retirement account distributions.
Let's not get into the fact that it is a little ridiculous that a couple months of regular income is often weighed more heavily than a hefty investment portfolio.
Post by: FLStache on February 21, 2019, 02:44:37 PM
Post by: CanuckExpat on February 22, 2019, 08:32:35 PM
https://www.wellsfargo.com/jump/checking/february-prospect-test-a/
https://www.doctorofcredit.com/wells-fargo-400-checking-bonus/
I can't figure out a way to make the direct deposit requirements myself, any ideas?
Post by: Roots&Wings on February 25, 2019, 05:57:25 AM
Nice offer from WF, $400:
https://www.wellsfargo.com/jump/checking/february-prospect-test-a/
https://www.doctorofcredit.com/wells-fargo-400-checking-bonus/
I can't figure out a way to make the direct deposit requirements myself, any ideas?
Paypal transfer worked for me for direct deposit with WF. It coded as "Paypal Transfer" but still triggered the bonus. Lucky you to get the $400 bonus!
Post by: katsiki on February 25, 2019, 07:53:38 AM
Nice offer from WF, $400:
https://www.wellsfargo.com/jump/checking/february-prospect-test-a/
https://www.doctorofcredit.com/wells-fargo-400-checking-bonus/
I can't figure out a way to make the direct deposit requirements myself, any ideas?
Paypal transfer worked for me for direct deposit with WF. It coded as "Paypal Transfer" but still triggered the bonus. Lucky you to get the $400 bonus!
From the comments on DOC link, it looks like other methods work as well. I am usually excluded from WF by state, so will probably go for it.
Post by: lexde on February 25, 2019, 07:56:04 AM
@CanuckExpat - Chase works. If you go here, this is a list of ACH transfers that will trigger the DD: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Wells_Fargo
Post by: bacchi on February 25, 2019, 10:09:40 AM
Just signed up for the WF $400 from the DOC newsletter I got this morning.
@CanuckExpat - Chase works. If you go here, this is a list of ACH transfers that will trigger the DD: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Wells_Fargo
Eh?
Quote from: doc
Chase: 1(didn’t work)
Will an ACH from a business account work?
Post by: Roots&Wings on February 25, 2019, 11:14:43 AM
Weird, they also show Paypal as not working, but did for me this year. The DoC data points anymore seem to be all over the map. One inconvenience with WF was needing to physically mail in a W9 form, unless you do the paperwork in branch or maybe they've changed that too since earlier this year.
Post by: lexde on February 25, 2019, 11:19:31 AM
DOC Motto: "Be the data point you wish to see in the world."Just signed up for the WF $400 from the DOC newsletter I got this morning.
@CanuckExpat - Chase works. If you go here, this is a list of ACH transfers that will trigger the DD: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#Wells_Fargo
Eh?Quote from: docChase: 1(didn’t work)
Will an ACH from a business account work?
Post by: 2Birds1Stone on February 25, 2019, 11:25:00 AM
Post by: Pizzabrewer on February 25, 2019, 12:19:39 PM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Post by: secondcor521 on February 25, 2019, 04:24:33 PM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
Post by: Pizzabrewer on February 26, 2019, 01:04:03 AM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
From the discussion on DoC it appears Wells Fargo is pretty strict on what counts as a DD. It sounds like it does have to be payroll and not the bank to bank transfer that usually suffices.
Post by: MasterStache on February 26, 2019, 05:34:16 AM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1. I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.
Post by: Pizzabrewer on February 26, 2019, 06:38:40 AM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1. I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.
Again, the comments indicate that won’t work. It needs to be a true DD—payroll, social security, etc.
Post by: MasterStache on February 26, 2019, 09:28:56 AM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1. I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.
Again, the comments indicate that won’t work. It needs to be a true DD—payroll, social security, etc.
The question was about having to keep the $3K in there, not about what counts as DD.
In terms of what you are addressing, I received a WF bonus roughly 3 months ago with no true DD. 2 in fact as I did one for player 2 as well.
Post by: MasterStache on February 28, 2019, 11:53:46 AM
Post by: lexde on February 28, 2019, 12:05:03 PM
As long as the deposit counts as a DD per DoC's website I don't see why it wouldn't work. It's just transaction coding, the individual dollars themselves are not tracked. I do like to stagger amounts, though. $1525 and $1508 or something like that, just so that it's not quite as obvious what you're doing.Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
Post by: CanuckExpat on February 28, 2019, 07:59:09 PM
Post by: secondcor521 on March 01, 2019, 11:55:24 AM
I intended to take advantage of the Columbia Bank $300 business checking and $200 personal checking deal. I opened the personal checking account with the $200 code, which is correct. But I opened a personal savings account with the $300 code, which is the wrong type of account for the bonus.
I don't know them well but so far it seems this bank doesn't care much about churners.
Questions:
Should I close down the useless-for-churning savings account right away, or wait 6 months? I'm leaning towards waiting 6 months.
Should I go back to the same branch to open the business checking account, or a different one (that is about 10 miles further away from my house)? I'm leaning towards a different one.
Mostly I like to avoid awkward conversations.
Links:
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-200-checking-bonus/
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-300-checking-bonus/
Post by: HPstache on March 01, 2019, 12:55:16 PM
Post by: 2Birds1Stone on March 02, 2019, 05:27:07 AM
Sent from my SAMSUNG-SM-G930A using Tapatalk
Post by: soccerluvof4 on March 02, 2019, 09:21:35 AM
Post by: jnw on March 02, 2019, 09:44:52 AM
So it there or isnt there away to do this with out a payroll check or SS etc... Being fired I dont have a payroll check and to young yet for SS. Still waiting but I think i got burned by PNC on this.
What about self employment? I'm disabled and work about an hour a day reselling used stuff I buy from flea market on ebay. I make about $25 per hour.
Post by: kpd905 on March 03, 2019, 07:01:36 AM
So it there or isnt there away to do this with out a payroll check or SS etc... Being fired I dont have a payroll check and to young yet for SS. Still waiting but I think i got burned by PNC on this.
ACH transfers from tons of different banks count as direct deposit for PNC. Here is the list:. https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#PNC
What have you tried so far?
Post by: Roots&Wings on March 05, 2019, 11:43:22 AM
I apparently missed the word "organized" in the thread title. I made a mistake, and want your advice on how to handle it.
I intended to take advantage of the Columbia Bank $300 business checking and $200 personal checking deal. I opened the personal checking account with the $200 code, which is correct. But I opened a personal savings account with the $300 code, which is the wrong type of account for the bonus.
I don't know them well but so far it seems this bank doesn't care much about churners.
Questions:
Should I close down the useless-for-churning savings account right away, or wait 6 months? I'm leaning towards waiting 6 months.
Should I go back to the same branch to open the business checking account, or a different one (that is about 10 miles further away from my house)? I'm leaning towards a different one.
Mostly I like to avoid awkward conversations.
Links:
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-200-checking-bonus/
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-300-checking-bonus/
Did you decide anything? Having a separate business checking account from a personal account with the same bank is perfectly legitimate (for anyone with a business). If you'd find the conversation awkward though, you could certainly go to a different branch. I'd also lean towards keeping the savings account open if the goal is avoiding any awkwardness.
Post by: secondcor521 on March 05, 2019, 04:07:31 PM
I apparently missed the word "organized" in the thread title. I made a mistake, and want your advice on how to handle it.
I intended to take advantage of the Columbia Bank $300 business checking and $200 personal checking deal. I opened the personal checking account with the $200 code, which is correct. But I opened a personal savings account with the $300 code, which is the wrong type of account for the bonus.
I don't know them well but so far it seems this bank doesn't care much about churners.
Questions:
Should I close down the useless-for-churning savings account right away, or wait 6 months? I'm leaning towards waiting 6 months.
Should I go back to the same branch to open the business checking account, or a different one (that is about 10 miles further away from my house)? I'm leaning towards a different one.
Mostly I like to avoid awkward conversations.
Links:
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-200-checking-bonus/
https://www.doctorofcredit.com/wa-or-id-in-branch-columbia-bank-300-checking-bonus/
Did you decide anything? Having a separate business checking account from a personal account with the same bank is perfectly legitimate (for anyone with a business). If you'd find the conversation awkward though, you could certainly go to a different branch. I'd also lean towards keeping the savings account open if the goal is avoiding any awkwardness.
I've decided to leave the savings account open for the six months assuming I can make it fee-free.
I emailed the banker who opened the accounts and she's willing to open a business checking account, but there is a niggling detail - she says the business has to be registered with the Secretary of State, and mine is not. There may be a way around this that I won't bother explaining here because it is nitpicky. At this point I'll probably email her back and see what happens.
Thanks for asking!
Post by: chaskavitch on March 10, 2019, 07:11:53 AM
The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days. So what can you do now? Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"
My credit score is over 800, and our household income is >$100,000, what more do they want? Possibly more monthly credit spending than I listed? Geez.
Post by: chasesfish on March 10, 2019, 07:18:19 AM
Should have deferred comp payment kick in come July to the tune of $1500/mo to start
Post by: Morning Glory on March 10, 2019, 07:37:29 AM
Sad day. I just got rejected for the Capitol One Savor card. I was really looking forward to that bonus.I got rejected for the same one, and the reason was because I had recently opened another Capitol One card. I was able to open one in my spouse's name.
The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days. So what can you do now? Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"
My credit score is over 800, and our household income is >$100,000, what more do they want? Possibly more monthly credit spending than I listed? Geez.
Post by: kpd905 on March 10, 2019, 07:56:07 AM
Posting to follow. Trying to figure out how to do this without a paycheck direct deposit.
Should have deferred comp payment kick in come July to the tune of $1500/mo to start
A lot of the banks will consider ACH transfers from another bank as a direct deposit. This list shows data points for each bank: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
If you have an account with Chase or Discover, those can often be used to spoof the DD requirement. Some of the best ones are Alliant Credit Union and Schwab, from what I've seen.
There was a reddit user a while back who posted a list of ~60 bank account bonuses that he and his wife and gotten in the last 1.5-2 years, and he used ACH transfers for every direct deposit requirement.
Post by: chasesfish on March 10, 2019, 08:13:24 AM
Post by: chaskavitch on March 10, 2019, 04:11:27 PM
Sad day. I just got rejected for the Capitol One Savor card. I was really looking forward to that bonus.I got rejected for the same one, and the reason was because I had recently opened another Capitol One card. I was able to open one in my spouse's name.
The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days. So what can you do now? Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"
My credit score is over 800, and our household income is >$100,000, what more do they want? Possibly more monthly credit spending than I listed? Geez.
Thanks for the info! I'll see if I can convince him, if they actually rejected me for opening/closing a card too recently.
Post by: Duke03 on March 10, 2019, 06:15:02 PM
Sad day. I just got rejected for the Capitol One Savor card. I was really looking forward to that bonus.
The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days. So what can you do now? Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"
My credit score is over 800, and our household income is >$100,000, what more do they want? Possibly more monthly credit spending than I listed? Geez.
Capitol One hates people with great credit and ones that never carry a balance. They will hard deny you every time. They only want customers they can make money off of. AKA ones with credit scores from 650 to 720 and ones that carry a balance month to month. Also they've been known to approve people that had cards with them in the past that carried balances ect….I know it sucks and they wont approve me either, but I really can't hate on them for calling a churner a churner lol and they know they don't make a penny off or churners.
Post by: 2Birds1Stone on March 10, 2019, 07:58:42 PM
Post by: jnw on March 10, 2019, 08:39:45 PM
Post by: Michael in ABQ on March 10, 2019, 09:55:31 PM
My first churning card was Capital One Savor. I applied with credit score of 790. My utilization was about 6% when I applied. Zero late payments / derogatories. Average credit history 3 years 11 months when I applied. I was approved instantly if I recall. The time I applied I believe I had like zero or 1 hard inquiry in past year.
Pretty much identical story here. I'd been debt free for about two years when I decided to take advantage of an easy $500. No issue getting approved.
Post by: slappy on March 11, 2019, 08:56:49 AM
Sad day. I just got rejected for the Capitol One Savor card. I was really looking forward to that bonus.
The web page they sent me to says "We can't approve you for this card today... We know you're disappointed, and we've explained why we couldn't approve you in a letter you'll receive within 7-10 business days. So what can you do now? Focus on your credit score because generally, the higher your credit score, the better the chance you have of getting approved"
My credit score is over 800, and our household income is >$100,000, what more do they want? Possibly more monthly credit spending than I listed? Geez.
Same happened to me. Credit score of 824, household income just under $100k.
Post by: hops on March 11, 2019, 10:01:44 AM
My first churning card was Capital One Savor. I applied with credit score of 790. My utilization was about 6% when I applied. Zero late payments / derogatories. Average credit history 3 years 11 months when I applied. I was approved instantly if I recall. The time I applied I believe I had like zero or 1 hard inquiry in past year.
Pretty much identical story here. I'd been debt free for about two years when I decided to take advantage of an easy $500. No issue getting approved.
My wife applied for the Savor as her first solo credit card (prior to that she was an authorized user on mine). Credit score around 800, student loans always paid on time, no balance on any of our credit cards. She was approved instantly and given a very high credit limit. Income north of $200k.
Post by: katsiki on March 11, 2019, 08:25:30 PM
Got the 7-10 response on application on 2/28. Nothing yet one way or the other.
Post by: MasterStache on March 15, 2019, 08:08:47 AM
Edit to add I actually use the business account for business expenses. I have no intention of closing it anytime soon.
Post by: ducky19 on March 15, 2019, 01:00:42 PM
I just had an offer for $400 from Wells Fargo that I'm churning for a checking account. Also currently churning a Commerce Bank one with no direct deposit requirements for $200. I usually get at least $800 a year from these types of bonuses, but looks like this year might shape up to be better than that!
Post by: tralfamadorian on March 15, 2019, 01:32:21 PM
Once a quarter I pick out three offers to churn from a list that I maintain from the daily doctor of credit email. I found that I can typically open three new accounts in one day before I start getting rejected. The previous quarter's accounts are usually in a holding pattern at that time as requirements typically ask for 1-3 months of deposits. At the same time quarter-before-that usually has a couple of accounts that required six months account duration to close without a penalty that are just sitting.
So, it's only once every three months that I spend an hour or so opening the new accounts and adding the direct deposits to my payroll, removing the previous quarter's accounts from payroll and closing the quarter-before-that's accounts.
It's not perfect; some accounts you can sweep the deposited funds out early, close as soon as the bonus arrives, the direct deposit has to extend to 5-6 months, etc but it's nice to know that if I get busy, it will all be fine if I just go in at the beginning of the quarter and check my spreadsheet for any early closures/long deposit periods. Typically I clear $500-750/quarter. Not a bad hourly wage!
Anyway, those of use who have been doing this awhile know all these details but I thought it might be helpful for any newbies lurking about.
Post by: jnw on March 15, 2019, 03:43:25 PM
I think I've gotten into a groove that works for me with bank account churning.
Once a quarter I pick out three offers to churn from a list that I maintain from the daily doctor of credit email. I found that I can typically open three new accounts in one day before I start getting rejected. The previous quarter's accounts are usually in a holding pattern at that time as requirements typically ask for 1-3 months of deposits. At the same time quarter-before-that usually has a couple of accounts that required six months account duration to close without a penalty that are just sitting.
So, it's only once every three months that I spend an hour or so opening the new accounts and adding the direct deposits to my payroll, removing the previous quarter's accounts from payroll and closing the quarter-before-that's accounts.
It's not perfect; some accounts you can sweep the deposited funds out early, close as soon as the bonus arrives, the direct deposit has to extend to 5-6 months, etc but it's nice to know that if I get busy, it will all be fine if I just go in at the beginning of the quarter and check my spreadsheet for any early closures/long deposit periods. Typically I clear $500-750/quarter. Not a bad hourly wage!
Anyway, those of use who have been doing this awhile know all these details but I thought it might be helpful for any newbies lurking about.
Just curious, how many thousands of dollars do you need to manage these many accounts? I've only done one checking account so far and that was Chase Total Checking -- very easy to do and got $300. All I have to do is deposit $500 each month into that account and there are no fees whatsover.. have to do this for 6 months.
Trying to do my next checking account and after looking through many on doctor of credit I just don't see one is like Chase. They require large sums of cash to sit in the account, have like $3000 monthly direct deposit requirements or want you to do a dozen or more debit card transactions each month. Definitely not interested in all the debit card transactions because I like using my credit card I am currently churning for as many purchases as possible. So does it come down to just having large sums of cash? Have to keep in mind I will be losing 2.25% interest rate I'd have by leaving that money in Ally.com.
I dunno what to do.
Post by: apkanne on March 15, 2019, 04:21:36 PM
Just curious, how many thousands of dollars do you need to manage these many accounts?
Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.
As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL
Post by: jnw on March 15, 2019, 06:35:51 PM
Just curious, how many thousands of dollars do you need to manage these many accounts?
Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.
As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL
Thanks. It just seems like a lot of work for some very little money. Most of those rewards are like $150 or less. If I spend $40 at a gas station in many small transactions it's like losing $30 there alone because all of the items there at the gas station cost 4 times as much as what I am used to spending. I make all my food from scratch and have a price book. I might stick with just churning credit cards for a while :)
Post by: kpd905 on March 15, 2019, 07:07:15 PM
@JenniferW The bonuses pay $100+ per hour easily, so a lot of work for a little money depends on what your salary is I guess. Debit requirements can be done by reloading $0.50 at a time to your Amazon account, in about 2 minutes total. Otherwise you can use a debit card to send money to someone via Venmo or Facebook Messenger for free, so that also takes about 2 minutes to fulfill the requirements. I don't mess around with leaving my couch to use my debit card.
Post by: tralfamadorian on March 15, 2019, 07:20:52 PM
I think I've gotten into a groove that works for me with bank account churning.
Once a quarter I pick out three offers to churn from a list that I maintain from the daily doctor of credit email. I found that I can typically open three new accounts in one day before I start getting rejected. The previous quarter's accounts are usually in a holding pattern at that time as requirements typically ask for 1-3 months of deposits. At the same time quarter-before-that usually has a couple of accounts that required six months account duration to close without a penalty that are just sitting.
So, it's only once every three months that I spend an hour or so opening the new accounts and adding the direct deposits to my payroll, removing the previous quarter's accounts from payroll and closing the quarter-before-that's accounts.
It's not perfect; some accounts you can sweep the deposited funds out early, close as soon as the bonus arrives, the direct deposit has to extend to 5-6 months, etc but it's nice to know that if I get busy, it will all be fine if I just go in at the beginning of the quarter and check my spreadsheet for any early closures/long deposit periods. Typically I clear $500-750/quarter. Not a bad hourly wage!
Anyway, those of use who have been doing this awhile know all these details but I thought it might be helpful for any newbies lurking about.
Just curious, how many thousands of dollars do you need to manage these many accounts? I've only done one checking account so far and that was Chase Total Checking -- very easy to do and got $300. All I have to do is deposit $500 each month into that account and there are no fees whatsover.. have to do this for 6 months.
Trying to do my next checking account and after looking through many on doctor of credit I just don't see one is like Chase. They require large sums of cash to sit in the account, have like $3000 monthly direct deposit requirements or want you to do a dozen or more debit card transactions each month. Definitely not interested in all the debit card transactions because I like using my credit card I am currently churning for as many purchases as possible. So does it come down to just having large sums of cash? Have to keep in mind I will be losing 2.25% interest rate I'd have by leaving that money in Ally.com.
I dunno what to do.
I skip the ones that require debit card transactions (too much work) or too much capital (I want an adjusted APR of 50%+). All the savings account bonuses seem to cluster in the mid-low teens in return so I've only done a couple and don't plan on more. Maybe at some point I'll run out of low hanging fruit and will not be able to find 3 new ones every quarter without loosening my requirements but for now it hasn't been an issue.
I've done the TD Bank ($2,500 deposit) and PNC ($5k over 60 days) but most have clustered around $200-$300/deposit according to my spreadsheet. I divert ~$600-$900 in payroll direct deposits into the new accounts. As the result, the deposits to my normal payroll checking account are a little lean but at the same time that this is occurring, there are the deposits plus bonuses from the quarter-before-last accounts being sent to that regular checking.
I just looked through my balances on the six accounts currently open. 3x$0, 1x$5, 1x$1,500, 1x$2,500. There's some cash tied up but that $4,000 is also "earning" $650 this quarter aka 65% APR. A little more work that throwing it in an Ally saving account and forgetting about it but also earning a boatload more than $22 (2.2% APR).
Post by: tralfamadorian on March 15, 2019, 07:49:38 PM
@tralfamadorian I wonder if you just got unlucky in the past and picked Chex sensitive banks when you got rejected, because I have only been rejected for two banks now out of 80+ in the last 2-3 years.
That is entirely possible @kpd905 . One quarter I had two rejections in a row on account #4 and #5 then the next quarter was rejected on #4. They were local banks and credit unions so maybe that was more of the reason and it was just bad luck.
But it's ended up being a good number for me. It keeps the number of accounts low enough to be manageable. I don't MS and the deposit requirements have been easy to cashflow with my payroll. And, as I mentioned in the post previous, it ends up being a nice number for a secondary emergency fund.
Post by: therethere on March 18, 2019, 08:51:04 AM
Just curious, how many thousands of dollars do you need to manage these many accounts?
Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.
As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL
Thanks. It just seems like a lot of work for some very little money. Most of those rewards are like $150 or less. If I spend $40 at a gas station in many small transactions it's like losing $30 there alone because all of the items there at the gas station cost 4 times as much as what I am used to spending. I make all my food from scratch and have a price book. I might stick with just churning credit cards for a while :)
For the few I do that require debit card transactions... I just go on Amazon and buy #x of $1.xx gift cards. $1.08, $1.00, $1.10, etc.
Post by: MasterStache on March 19, 2019, 05:12:51 AM
Just curious, how many thousands of dollars do you need to manage these many accounts?
Most of the accounts have a $1500 minimum it seems, some have 3-5k, but the 5k may be limited to something like 'maintain a $5000 balance for 60 days' but then the bank account itself only requires $1500 to be fee free.
As for the debit card transactions, I go to a not sketch gas station and make a few very small debit transactions. Yes its annoying, but I spend less than $40 per debit card requirement, which I dont think would hurt your churning. GL
Thanks. It just seems like a lot of work for some very little money. Most of those rewards are like $150 or less. If I spend $40 at a gas station in many small transactions it's like losing $30 there alone because all of the items there at the gas station cost 4 times as much as what I am used to spending. I make all my food from scratch and have a price book. I might stick with just churning credit cards for a while :)
For the few I do that require debit card transactions... I just go on Amazon and buy #x of $1.xx gift cards. $1.08, $1.00, $1.10, etc.
+1
I usually do $.50 Amazon gift card reloads. We'll end up buying something off amazon eventually anyways.
Post by: jnw on March 20, 2019, 03:34:55 PM
Post by: MasterStache on March 21, 2019, 05:10:25 AM
Heh, if they had some simple AI analyzing transaction history, it should be very easy for them to determine that the account was just opened for churning. I mean 20 fifty cent recharges of amazon gift card in one day, is pretty silly looking transaction history. :P
Eh I don't know if I've ever done 20 in a day. I do 10 every month for a local credit union bonus. I am sure banks are far more concerned about large transactions. ( :
On a positive note I just received my 3rd Citizens bank bonus. Definitively churnable for anyone within their footprint.
Post by: therethere on March 21, 2019, 08:49:17 AM
Anyone try it?
Post by: MasterStache on April 07, 2019, 05:52:18 AM
On a related note player 2 is quickly approaching being under 5/24, so opening some Chase cards is in our future plans.
Post by: apkanne on April 08, 2019, 11:22:57 AM
Has anyone had luck opening out of state bank accounts with an address that isn't current? My family is on the east coast and was wondering if it would fly if I put down my info and their address. I mean, it's not like I'm going to use the account for anything. I'm not that desperate yet, but I am running out of bank bonuses that can use credit card funding. I expect a little later in the year it might be helpful.
Anyone try it?
I sometimes see data points on DoC about opening out of state accounts. It works for M&T Bank easy just use the right Zip on the first page, then your real info later. I would probably not want to pretend i'm living somewhere else... Usually they need your drivers license, and I could see you needing to go in branch for one of these if they thought it was sketch. If you are visiting your cousins, i've seen the DP's to show going in branch to open in person can work YMMV
Post by: CanuckExpat on April 12, 2019, 08:48:53 PM
Post by: MasterStache on April 13, 2019, 03:58:04 AM
Sounding pretty good: https://www.doctorofcredit.com/pnc-up-to-300-checking-bonus-no-state-restriction/
The 12 month language kills it for me. Just got the bonus about 6 months ago. I did see that I am eligible for the Chase checking bonus again next month. ( :
Post by: billy on April 19, 2019, 06:22:28 PM
Post by: billy on April 19, 2019, 07:16:50 PM
Post by: gamzarme on April 20, 2019, 12:49:40 PM
Eh I don't know if I've ever done 20 in a day. I do 10 every month for a local credit union bonus. I am sure banks are far more concerned about large transactions. ( :
On a positive note I just received my 3rd Citizens bank bonus. Definitively churnable for anyone within their footprint.
How churnable? The DoC page and the bank offers pages states I can't have had the account within the past 6 months "Primary signer on the new account may not be or have been a primary or secondary signer on any Citizens Bank personal checking accounts within the previous six months."
Post by: 2Birds1Stone on April 20, 2019, 12:56:56 PM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1. I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.
Well, I managed to fuck this one up royally. Missed the $1 min balance part, and withdrew my paychecks completely a few days after each deposit......I have a feeling I won't be getting the $400 now....
Post by: MasterStache on April 21, 2019, 08:36:37 AM
Eh I don't know if I've ever done 20 in a day. I do 10 every month for a local credit union bonus. I am sure banks are far more concerned about large transactions. ( :
On a positive note I just received my 3rd Citizens bank bonus. Definitively churnable for anyone within their footprint.
How churnable? The DoC page and the bank offers pages states I can't have had the account within the past 6 months "Primary signer on the new account may not be or have been a primary or secondary signer on any Citizens Bank personal checking accounts within the previous six months."
Very churnable. In fact I just got a 2nd bonus for player 2. Grand total I've hit up Citizens bank for 5 bonuses over the last couple years. By far the most profitable. I will probably take a break lest I get blacklisted ( :
Post by: MasterStache on April 21, 2019, 08:37:27 AM
Thanks for the heads up @lexde. I just signed up. Getting $3k in cumulative DD over 150 days should be cake for most. Heck that's one paycheck for me.
You need to do $3k per month for 3 months. $9k total. That is a stretch for some.
Most of the time I thought you could recycle the same $3K over and over - do the deposit, do a withdrawal a few days later, then lather rinse repeat. Anyone know if that is the case with this WF deal? I'm on the fence about it.
I don't know if this is the case but the terms state nothing about having to keep the 3K in there, only that your balance must be at least $1. I would recycle the same 3K if I were doing the bonus. Unfortunately I don't qualify as I just did a WF bonus not long ago.
Well, I managed to fuck this one up royally. Missed the $1 min balance part, and withdrew my paychecks completely a few days after each deposit......I have a feeling I won't be getting the $400 now....
Doh! Since you did legit DD, you may be able to call and plead your case.
Post by: couponvan on April 22, 2019, 01:32:20 PM
Post by: Morning Glory on April 23, 2019, 04:55:47 PM
On a related note I did the rest of the funding for the chase account from discover online savings. On my statement it coded as person to person, but at the bottom it says that they waived the fee because I have $975 in direct deposits, so does that mean I have met the dd requirement for the bonus or should I still try to do the Robin Hood thing?
Post by: katsiki on April 23, 2019, 05:04:37 PM
Post by: billy on April 23, 2019, 09:36:34 PM
Post by: Morning Glory on May 01, 2019, 02:51:17 AM
Currently so far this year I have received
Discover $200
Chase $300
Working on
Wells Fargo $400
Bank of the West $250
BMO Harris $300
Post by: billy on May 19, 2019, 04:11:28 PM
Post by: Morning Glory on May 19, 2019, 07:28:15 PM
Wolfe, I plan on doing the Wells Fargo $400 checking, how do you plan on fake dd? It looks like people are using paypal, so would I need to open a second paypal account for it to work? I also heard google pay may work.
I used real dd for that one. Sorry I can't be of any help.
Post by: CanuckExpat on May 19, 2019, 08:26:04 PM
Wells Fargo $400 checking, how do you plan on fake dd
Distributing funds from a Vanguard brokerage account. Think it's working so far
*fingers crossed*
Post by: billy on May 19, 2019, 10:09:50 PM
Post by: jnw on June 03, 2019, 09:56:21 AM
Post by: NotJen on June 03, 2019, 10:04:28 AM
I got an American Express card to churn. $300 reward for $3000 in 90 days. Problem is my auto insurance doesn't take American Express. It would be a $430 charge. Any way around this? Is there some service that will pay as Visa/Mastercard using American Express for a small fee? Concerned I might not be able to meet the $3000.. I couldn't even pay my electric bill with it.
If they take PayPal, you can use your AmEx through that. Otherwise, you’re probably out of luck.
If you really don’t think you can meet the minimum spend in time, buy gift cards for the grocery store, or prepay some other expenses that take credit cards for no extra charge (like internet or cell phone bill).
Post by: billy on June 03, 2019, 03:58:43 PM
Post by: CanuckExpat on June 04, 2019, 08:44:57 AM
I got an American Express card to churn... Problem is my auto insurance doesn't take American Express...I couldn't even pay my electric bill with it.
Have you tried Plastiq (https://apps.plastiq.com/cardholder_ui/create?userId=1259524&validationCode=VC9hD6RS7UYkIE3bM0jBd&referralCode=1175942) ?
Post by: zoochadookdook on June 06, 2019, 08:59:16 AM
Bank wise I have around 25k to spread on bonus returns. I just did the discover $200 HYSA bonus and ACH pushed it to a pnc account for the $300 bonus as well as the $100 aspiration bonus.
I'm looking for the best accounts to utilize this money towards going forward. Any advice on references/searching/comparison charts?
Also I'm looking for the best CC(s) to churn for my upcoming student loans ($13,200 interest starts the 15th this month)
I plan on paying them with vanilla visa cards
My current CC scenario
What is your credit score?
750
What cards do you currently have or have you had in the past (including closed cards), along with dates of when you were approved for the cards? Please include month and year for any card approved in the last 3 years.
I have 3 CIP cards (approved 2018 august, November, February 2019), freedom, freedom unlimited. Have 1 pending CIU app.
How much natural spend can you put on a new card(s) in 3 months?
I have $13200 in student loans to start paying in 10 days. I will use vanilla visas. Plus another 300/month utilities/200 others. I'm looking for a few cards quickly right now.
Are you open to applying for business cards? If not, why? See this postand this wiki question to learn more.
Yes although I already have 3 CIP (sole prop, llc, self llc)
How many new cards are you interested in getting? Are you interested in getting into churning regularly (if you aren't already)? Or are you just looking to get a new card(s) for now but not get into churning long-term?
Multiple
Are you targeting points, Companion Passes, hotel or airline statuses, First Class, Biz, Economy seating(s) or cash back?
Cash points are priority currently.
What point/miles do you currently have?
Chase UR
Any advice? Not sure if I should delve off the chase train right now and get another 2 apps in. Realistically I want to pay the entire 13200 off this month.
Post by: therethere on June 06, 2019, 09:09:52 AM
Also I'm looking for the best CC(s) to churn for my upcoming student loans ($13,200 interest starts the 15th this month)
I plan on paying them with vanilla visa cards
My current CC scenario
How do you plan to use the vanilla visa cards to pay down your student loans? Can they be deposited into a bank account or something? Otherwise, you'll have to go through Plastiq with a 2.5% fee. I could give you a referral for some fee-free dollars if you go that way.
There is a Chase checking and savings offer (15k min in savings for 3 months, then 5k for 3 more months) and one direct deposit required. It's for a $600 bonus.
Post by: zoochadookdook on June 06, 2019, 09:22:54 AM
Also I'm looking for the best CC(s) to churn for my upcoming student loans ($13,200 interest starts the 15th this month)
I plan on paying them with vanilla visa cards
My current CC scenario
How do you plan to use the vanilla visa cards to pay down your student loans? Can they be deposited into a bank account or something? Otherwise, you'll have to go through Plastiq with a 2.5% fee. I could give you a referral for some fee-free dollars if you go that way.
There is a Chase checking and savings offer (15k min in savings for 3 months, then 5k for 3 more months) and one direct deposit required. It's for a $600 bonus.
Also a $350 HSBC savings bonus. It's either 10k or 15k you'd have to look it up.
My loan provider accepts vanilla visa as payment. At 1% charge ($5/500 loaded) it's a no brainer with pretty much all earning 1+back. I used plastiq to pay my last tuition bill and meet my 3rd CIP 5k limit; it used to code back as 3% on the CIP and then some guy went out and bought a telsa/they changed it. Since my CIU card is coming ($500 back when spending 3k in 3 months) I still have another $10000 to put on CC bonuses.
Sadly enough I already have a chase personal checking/saving and business checking account. I'm actually considering closing them and just waiting to be bonus eligible again; they've been my convenient "cash in hand" to run a business through college bank though. I'll have to look at the HSBC; heard they were a hassle in some cases.
Post by: therethere on June 06, 2019, 09:33:39 AM
I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?
Post by: zoochadookdook on June 06, 2019, 09:44:03 AM
Yes, HSBC is a hassle it did take a lot of time to get my money out. They deposited the bonus twice and then when I transferred the money out they took back one of the bonuses. Causing it to overdraft and shutting down the ability to transfer money. Then it automatically attempted the transfer again the next day and caused another overdraft. Customer service reps said they couldn't "see" the lock on transfering money and therefore couldn't do anything? It was a huge PITA now that I remember it took almost a month to get my money out again. Yeah sorry for that recommendation. I was thinking of the dollar value ones.
I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?
Ouch; yeah I'd rather do a few 200/month ones vs the headache that is that. Sucks about Chase though....I'll have to look into how long after closing the accounts i'd have to wait to be eligible again....
Great Lakes Loans is my provider. All I did was call them and see what methods of payment they'd take. Because a vanilla visa is basically preloaded funds/debit they can accept it. Fairly simple. I think I have to call in every time to pay with them but I can use multiple in one call.
Post by: katsiki on June 06, 2019, 06:14:04 PM
Yes, HSBC is a hassle it did take a lot of time to get my money out. They deposited the bonus twice and then when I transferred the money out they took back one of the bonuses. Causing it to overdraft and shutting down the ability to transfer money. Then it automatically attempted the transfer again the next day and caused another overdraft. Customer service reps said they couldn't "see" the lock on transfering money and therefore couldn't do anything? It was a huge PITA now that I remember it took almost a month to get my money out again. Yeah sorry for that recommendation. I was thinking of the dollar value ones.
I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?
@therethere
Check out this thread:
https://forum.mrmoneymustache.com/share-your-badassity/making-extra-student-loan-payments-with-a-rewards-credit-card/
I actually thought Great Lakes stopped allowing this.. Good to know it is available.
Post by: 2Birds1Stone on June 07, 2019, 05:01:49 AM
On to the next one!
Post by: zoochadookdook on June 07, 2019, 06:53:51 AM
Yes, HSBC is a hassle it did take a lot of time to get my money out. They deposited the bonus twice and then when I transferred the money out they took back one of the bonuses. Causing it to overdraft and shutting down the ability to transfer money. Then it automatically attempted the transfer again the next day and caused another overdraft. Customer service reps said they couldn't "see" the lock on transfering money and therefore couldn't do anything? It was a huge PITA now that I remember it took almost a month to get my money out again. Yeah sorry for that recommendation. I was thinking of the dollar value ones.
I'm intrigued in this, I've got about 30k in loans left I've been leaving around and am considering a sabbatical where miles/rewards could be useful. What loan companies do you have? Do you need to call to pay it with the gift cards? Could you explain your process?
@therethere
Check out this thread:
https://forum.mrmoneymustache.com/share-your-badassity/making-extra-student-loan-payments-with-a-rewards-credit-card/
I actually thought Great Lakes stopped allowing this.. Good to know it is available.
I should note they said they would not accept CC's-just vanilla pack visa/debit (that's considered a debit).
Post by: Pizzabrewer on June 07, 2019, 07:48:32 PM
You can buy visa debit cards at the grocery store like safeway, and use the card for anything.
Be careful with this, AmEx takes a dim view of manufactured spending via gift cards/prepaid cards.
Post by: tj on June 09, 2019, 01:35:18 PM
You can buy visa debit cards at the grocery store like safeway, and use the card for anything.
Be careful with this, AmEx takes a dim view of manufactured spending via gift cards/prepaid cards.
They don't see itemized receipts.
Post by: Pizzabrewer on June 10, 2019, 01:08:47 PM
You can buy visa debit cards at the grocery store like safeway, and use the card for anything.
Be careful with this, AmEx takes a dim view of manufactured spending via gift cards/prepaid cards.
They don't see itemized receipts.
Actually they often do if the merchant transmits what's called "Level 3 data" to AmEx. Even if that's not the case, AmEx does monitor for multiple large purchases from the type of stores that sell Visa gift cards. Buying one $100 card is probably safe, buying six $500 cards in the space of a couple of weeks will get you noticed.
If you google "AmEx MS" or "AmEx level 3 data" there's plenty of discussions to be found.
Here's a good starting point: https://www.flyertalk.com/forum/american-express-membership-rewards/1901612-can-t-buy-gift-cards-meet-min-spend-how-does-amex-know-you-bought-gift-card-2.html
(https://www.flyertalk.com/forum/american-express-membership-rewards/1901612-can-t-buy-gift-cards-meet-min-spend-how-does-amex-know-you-bought-gift-card-2.html)
Post by: Morning Glory on June 24, 2019, 02:23:26 PM
The cc bonuses get used as a statement credit so I count them as income, but I can also see how it could get taken off the spending side instead.
Post by: therethere on June 24, 2019, 02:33:26 PM
Do you guys count bank and cc bonuses as income for the purpose of calculating savings rate? I see the bank bonuses as similar to market returns, so I don't count them. Husband said I should count them because I did work to get them.
The cc bonuses get used as a statement credit so I count them as income, but I can also see how it could get taken off the spending side instead.
I count CC bonuses against my travel expenses. I figure I would take less vacations or less extravagant vacations if I didn't have points.
For bank accounts I count them as income. Since you have to pay taxes on them.
Post by: CanuckExpat on July 27, 2019, 10:14:22 PM
FYI, I got my $400 from Wells Fargo, using a combination of Vanguard and Fidelity money management as my direct deposits.
Vanguard works, but I wouldn't push your luck too much; Can end up with trouble on the Vanguard side.
Post by: chasesfish on July 28, 2019, 04:39:07 AM
If you haven't seen it, the Citi offers are looking tempting: https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/
FYI, I got my $400 from Wells Fargo, using a combination of Vanguard and Fidelity money management as my direct deposits.
Vanguard works, but I wouldn't push your luck too much; Can end up with trouble on the Vanguard side.
Thank you. Just started this stuff and have setup a Chase Sapphire bonus, Capital One Savings, and Discover Savings. This Citi one looks easy
Now if I can just get a Chase Business Ink card approved...
Post by: billy on July 28, 2019, 05:10:50 AM
Post by: chasesfish on July 28, 2019, 05:43:15 AM
Hey chasesfish, I was not able to open the chase ink business as well 6 months ago, I used my ebay name as my business name in the application, then chase asked to documents, so I sent ebay statement but that was not good enough and they wanted some official paper from the city office or something. Reading more about it later it sounds like I should have just used my name as business name bame and I may have been good?
I've been debating registering a corporation, now that I'm in a state that's reasonable (~$110), if I can get the Ink Card it repays the cost
Post by: Padonak on July 28, 2019, 08:57:21 AM
Post by: kpd905 on July 28, 2019, 09:06:42 AM
@Padonak They are interest income, so it will be your marginal rate, but no payroll taxes (FICA) are taken out. It is not capital gains, but you could still offset the income by tax loss harvesting, just like you could offset some of your W2 income with tax loss harvesting.
Post by: IsThisAGoodUsername on July 28, 2019, 09:10:58 AM
I have a newb question: how are bank account bonuses taxed? Google says they are taxed as interest income, but is tax rate the same as your marginal tax rate on earned income or is it capital gains tax? Can this income be offset by tax loss harvesting?
You'll get a 1099-INT from the bank at the end of the year, so it'll be counted as income, which will be taxed at your marginal tax rate.
Post by: Padonak on July 28, 2019, 09:29:20 AM
I am new to bank account churning, started earlier this year.
-Opened Chase accounts with a $600 bonus offer for opening checking and savings accounts. Already received $300 for checking. The rest of the bonus should post in a couple of months.
-Opened a Santander checking account, $300 bonus offer, hasn't posted yet.
-Going to open a BofA checking account, $300 targeted offer.
Will probably try to open a Wells Fargo business account with $1000 bonus later this year.
I get most of the information from Doctor of Credit which is a great web site to find the best credit card and bank account offers.
Post by: katsiki on July 28, 2019, 11:50:31 AM
Hey chasesfish, I was not able to open the chase ink business as well 6 months ago, I used my ebay name as my business name in the application, then chase asked to documents, so I sent ebay statement but that was not good enough and they wanted some official paper from the city office or something. Reading more about it later it sounds like I should have just used my name as business name bame and I may have been good?
I've been debating registering a corporation, now that I'm in a state that's reasonable (~$110), if I can get the Ink Card it repays the cost
I have an LLC with EIN and have used it for business CC's. However, it is not necessary (at least with Chase). You can do sole prop with SSN (in most states to my knowledge).
With Chase, you can get multiples of business cards and get referral bonuses too. :)
Open with EIN, open w/ SSN, open with spouse SSN, etc.
I am considering doing another LLC under spouse. Not sure it is worth it unless I get more organized with bonuses though.
Post by: Grafter on July 28, 2019, 02:07:12 PM
Hey chasesfish, I was not able to open the chase ink business as well 6 months ago, I used my ebay name as my business name in the application, then chase asked to documents, so I sent ebay statement but that was not good enough and they wanted some official paper from the city office or something. Reading more about it later it sounds like I should have just used my name as business name bame and I may have been good?
Yeap, that is what I did and was successful in getting approved for a CIC (as far as data points go, this was earlier this year).
Post by: chasesfish on July 29, 2019, 04:42:35 AM
Post by: CanuckExpat on August 18, 2019, 02:32:39 PM
Smaller payout than other bank account bonuses, but no tying up funds or direct deposit
Rate on the savings account isn't bad either: 2%
Post by: Will on October 12, 2019, 05:30:08 PM
SoFi money savings account, open via referral link (https://www.sofi.com/share/money/2650038), Sign up and deposit $100, get $50 bonus.
Smaller payout than other bank account bonuses, but no tying up funds or direct deposit
Rate on the savings account isn't bad either: 2%
Yeah, I did this, and it was amazingly easy. They will send you free checks, refund VISA ATM fees, pay a decent interest rate, and I got my $50 after a couple of days. There are no fees or minimums either, and you can close it right away if you want (but why would you?).
They also had an offer for their investing services. Again, free money to invest, no obligations.
Feel free to use the links in my signature to get $50 for yourself, and then I will get some cash too!
Post by: ender on October 18, 2019, 06:39:33 AM
I think I'll do this; it's $600 for minimal work it looks like.
Post by: brandonw on October 22, 2019, 08:41:21 AM
If you do the Citi accounts, plan on waiting 120-150 days to get the bonus. You can drop the account balance after 60 days down to the minimum to avoid fees.
@Padonak They are interest income, so it will be your marginal rate, but no payroll taxes (FICA) are taken out. It is not capital gains, but you could still offset the income by tax loss harvesting, just like you could offset some of your W2 income with tax loss harvesting.
Has anyone had success with the Citi accounts bonuses? I'm thinking about doing it for my wife and I but heard horror stories about Citibank and them not posting bonuses and bad customer service.
Post by: IsThisAGoodUsername on October 22, 2019, 09:24:49 AM
Post by: jim555 on October 22, 2019, 03:15:35 PM
I started the Citi $500 for $15,000 one. They charge $25 a month fee if the balance is below $10,000. Will let you know what happens.If you do the Citi accounts, plan on waiting 120-150 days to get the bonus. You can drop the account balance after 60 days down to the minimum to avoid fees.
@Padonak They are interest income, so it will be your marginal rate, but no payroll taxes (FICA) are taken out. It is not capital gains, but you could still offset the income by tax loss harvesting, just like you could offset some of your W2 income with tax loss harvesting.
Has anyone had success with the Citi accounts bonuses? I'm thinking about doing it for my wife and I but heard horror stories about Citibank and them not posting bonuses and bad customer service.
Post by: therethere on October 22, 2019, 03:19:00 PM
Post by: chasesfish on October 22, 2019, 04:09:41 PM
Post by: Calimerostache on October 22, 2019, 10:28:37 PM
Deposited $15k on July 2nd
Bonus posted on October 10th
Post by: Morning Glory on October 23, 2019, 03:53:10 AM
Post by: brandonw on October 23, 2019, 01:23:46 PM
My referral link. Goes straight to the FI 2030 fund :) https://www.sofi.com/share/money/2728227/
Post by: Will on October 23, 2019, 05:44:35 PM
It was mentioned above a couple times, but I wanted to mention the SoFi bonus again. I opened my account yesterday with $100 deposit and $50 bonus came through today. The interest rate right now is 1.8% APY which isn't bad at all so I'll probably leave it open. Another side bonus is each referrals is a $100 bonus. I'm opening one for my wife now so my original $50 bonus, plus her $50, plus $100 referral = total of $200 in bonuses. No account minimums and no minimum time to keep the account open. Easiest $200 bonus I've done by a long shot. If anyone has any questions feel free to reach out but it's very simple and straight forward.
My referral link. Goes straight to the FI 2030 fund :) https://www.sofi.com/share/money/2728227/
I won't be mad at you if you used my referral link to open yours, Brandon. ;) But are you really getting $100 for each referral? I'm only getting $50.
Post by: brandonw on October 23, 2019, 06:57:30 PM
I won't be mad at you if you used my referral link to open yours, Brandon. ;) But are you really getting $100 for each referral? I'm only getting $50.
I used the referral link from the post above to open mine. The online chat rep said that each referral could be $50 or $100. When I went to get my referral code it said $100 for each referral. I have no idea how they distinguish the difference between who gets which. Maybe someone can chime in with their referral bonus amount?
Helpful hint- Your own referral link is only available on the app, not on the regular website. You have to download the app to get it. Found this out after searching 15 mins and finally giving up before asking a rep.
Post by: Calimerostache on October 23, 2019, 09:19:14 PM
I Did:
2 chase account $600 each
1 citi: $400
1 Wells Fargo: $400
THis was really easy. I consider the hourly rate to be very good.. just need to have a little bit of EF to make the minimum requirement.
Have not done anything with CC so that might be the next move
Post by: PBJ1 on October 31, 2019, 12:27:36 AM
Post by: therethere on October 31, 2019, 08:51:59 AM
Post by: Calimerostache on October 31, 2019, 09:00:17 AM
Lots of them are around 180 days before you can close them . Just read the fine prints. Doctor of credit always shows them clearly .
Post by: brandonw on October 31, 2019, 09:21:09 AM
Post by: kpd905 on October 31, 2019, 05:48:46 PM
There is a pretty nice list of banks that we grab two bonuses from pretty much every year: Chase (now 2 years), BMO Harris, PNC, Associated Bank, Bank of America, Wells Fargo.
Post by: therethere on November 01, 2019, 08:35:25 AM
Post by: kpd905 on November 01, 2019, 06:12:54 PM
I'm surprised you can do Wells Fargo every year. My DH was denied in August. I assumed it was because he opened/closed one for a bonus in 2017. Maybe I had my dates wrong and it was too close.
It just has to be 12+ months from your last bonus.
Post by: samirol on November 02, 2019, 01:52:49 PM
Post by: Spitfire on November 04, 2019, 11:04:50 AM
I signed up for SoFi Money and Sofi Invest too! The SoFi Money promotion gives you a $50 bonus for signing up using a referral link and gives the person giving the referral $100. The invest side is $50 and $50. There are no minimums or maintenance fees and only requires $100 to open so it is very easy to get other people to sign up! I've signed up 6 family members and friends in 2 days! I make $100 per person and they all make $50! If you want my referral code (I would appreciate it!) and you can start with your significant other and make some cash!
Just signed up with your link! Maybe we can do a pay it forward (or pay it pay it backwards?) thing in this thread and someone can use mine next. Really cool referral program.
https://www.sofi.com/share/money/2749329/
Post by: HPstache on November 04, 2019, 11:08:10 AM
Post by: samirol on November 08, 2019, 05:59:02 PM
BBVA $250 checking + savings bonus, no household restriction either, requires $500 direct deposit
This shows what will count as a direct deposit
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#BBVA
Post by: kpd905 on November 08, 2019, 06:16:00 PM
https://www.doctorofcredit.com/bbva-compass-200-checking-50-savings-bonus-nationwide-available-online-2/
BBVA $250 checking + savings bonus, no household restriction either, requires $500 direct deposit
This shows what will count as a direct deposit
https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#BBVA
Going to grab this one this weekend, along with the Discover savings $200 bonus.
The Discover bonus requires $25,000 in deposits, but cumulative deposits work. Even better, someone figured out recently that once you get your money in there, you can schedule to transfer it out, then cancel the transfer, and that counts as your money leaving and coming back. So load $5,000, do the transfer/cancel thing four times and you are done. Looks like they pay a day or two after meeting the requirements too.
Link to DoC post is here: https://www.doctorofcredit.com/discover-savings-150200-bonus-1500020000-deposit-new-exp-103117/
Post by: samirol on November 09, 2019, 03:36:16 PM
My referral link:
https://www.sofi.com/share/invest/2683446
Post by: Morning Glory on November 09, 2019, 03:41:51 PM
I signed up for SoFi Money and Sofi Invest too! The SoFi Money promotion gives you a $50 bonus for signing up using a referral link and gives the person giving the referral $100. The invest side is $50 and $50. There are no minimums or maintenance fees and only requires $100 to open so it is very easy to get other people to sign up! I've signed up 6 family members and friends in 2 days! I make $100 per person and they all make $50! If you want my referral code (I would appreciate it!) and you can start with your significant other and make some cash!
Just signed up with your link! Maybe we can do a pay it forward (or pay it pay it backwards?) thing in this thread and someone can use mine next. Really cool referral program.
https://www.sofi.com/share/money/2749329/
I used your link, here is mine:
https://www.sofi.com/share/money/2758462/
Post by: brandonw on November 12, 2019, 06:25:37 AM
Post by: aloevera on November 12, 2019, 04:19:38 PM
Sofi invest is now $100 when you put in $1000. This has a quick payout and can be immediately taken out
My referral link:
https://www.sofi.com/share/invest/2683446
I used this one because i missed Aunt Petunia's post. Mine is https://www.sofi.com/share/invest/2762581
Post by: brandonw on November 12, 2019, 06:16:49 PM
My referral link is on previous page
Post by: looshi on November 12, 2019, 07:58:23 PM
https://www.doctorofcredit.com/check-if-youre-targeted-chase-900-checking-savings-bonus/ (https://www.doctorofcredit.com/check-if-youre-targeted-chase-900-checking-savings-bonus/)
Apparently, if you are targeted you can forward it to others. I'm looking to find someone who can forward it to me and will return the favor to others here.
Post by: HPstache on November 12, 2019, 08:25:15 PM
Post by: zoochadookdook on November 13, 2019, 02:29:51 PM
It's one of the best ones and although they've been my main card/account provider for years I'd like to get that one again.
Post by: therethere on November 13, 2019, 02:33:07 PM
Post by: zoochadookdook on November 13, 2019, 02:41:36 PM
It's either 1 year from closure or two years from open. I can't quite remember. It's simply stated in the termsconditions. There was just a targeted $900 Chase checking/savings offer out in the last few days. Sign into your Chase account and see if it's in the "Just for You" offers.
Great! I've been logging in with my business credentials for years (personal are linked) so maybe it will show when I figure out what those credentials are!
I'm between like 5 accounts I'm eying right now on the side so happy to have found this!
Post by: secondcor521 on November 13, 2019, 03:04:59 PM
It's either 1 year from closure or two years from open. I can't quite remember. It's simply stated in the termsconditions. There was just a targeted $900 Chase checking/savings offer out in the last few days. Sign into your Chase account and see if it's in the "Just for You" offers.
Two years from open. Cite:
https://www.doctorofcredit.com/new-chase-checking-savings-bonus-restrictions-once-every-two-years/
Post by: trc4897 on November 14, 2019, 11:59:08 AM
https://www.sofi.com/share/money/2751288/
https://www.sofi.com/share/invest/2751288/
Post by: trc4897 on November 14, 2019, 12:05:02 PM
-SoFi Money ($50)
-Sofi Invest ($50)
-Chase Checking ($300)
-Key Bank Checking ($400)
-Huntington Bank Checking ($150)
That's $950 just from opening some new accounts this month, with only an hour or so of "work"!! Can't believe I haven't done this before. I'll try to find some others to capitalize on before the year is over.
Post by: Buffaloski Boris on November 18, 2019, 06:52:24 PM
Has anyone been targeted for the $900 Chase offer?
https://www.doctorofcredit.com/check-if-youre-targeted-chase-900-checking-savings-bonus/ (https://www.doctorofcredit.com/check-if-youre-targeted-chase-900-checking-savings-bonus/)
Apparently, if you are targeted you can forward it to others. I'm looking to find someone who can forward it to me and will return the favor to others here.
I haven’t been targeted for that one. Love to get the code.
Post by: therethere on November 19, 2019, 08:49:45 AM
Post by: 2Birds1Stone on November 19, 2019, 08:52:24 AM
Sent from my SM-N950U using Tapatalk
Post by: Morning Glory on November 19, 2019, 11:44:48 AM
Chase no longer codes ACH as DD. Santander and Vanguard failed for me.
Sent from my SM-N950U using Tapatalk
Discover savings worked for me earlier this year, but not for DH. I think because it was my name on the Discover account it coded as P2P on his. Mine coded as a DD.
Post by: aloevera on November 19, 2019, 11:53:01 AM
Chase no longer codes ACH as DD. Santander and Vanguard failed for me.
Darn. I hoped Wealthfront or Venmo would work for that, both came in as ACH. Guess I need to give an Uber ride at some point.
I recently did SoFi (money and invest so $150 plus referrals), Fifth Third ($250) and Chase ($300).
Post by: kpd905 on November 20, 2019, 05:32:14 AM
I am going to open two PNC accounts this week and try ACH transfers from Fidelity for the $5,000 direct deposit requirements. Might try Discover as well, just in case. Some of the data points on DoC are a bit dated for these. I usually just use my employer DD, but hope to speed things up a bit. Breaking $6000 for the year would be nice.
Post by: 2Birds1Stone on November 20, 2019, 03:05:23 PM
Sent from my SM-N950U using Tapatalk
Post by: Cornel_Westside on November 20, 2019, 03:37:28 PM
We just broke $5000 for the year from checking bonuses. We have another $650 currently pending, but not sure how quickly these will pay out.Wow. I looked at your old post with your history of all the bonuses you got and it's so many. Do you split up your paycheck into a bunch of different deposits each month to get all those bonuses? I've been just doing one after the other and it clearly isn't efficient compared to your methods. Or are there other ways of getting the bonus you use with ACH for moving money and seeming like direct deposits?
I am going to open two PNC accounts this week and try ACH transfers from Fidelity for the $5,000 direct deposit requirements. Might try Discover as well, just in case. Some of the data points on DoC are a bit dated for these. I usually just use my employer DD, but hope to speed things up a bit. Breaking $6000 for the year would be nice.
Post by: kpd905 on November 20, 2019, 05:22:34 PM
We just broke $5000 for the year from checking bonuses. We have another $650 currently pending, but not sure how quickly these will pay out.Wow. I looked at your old post with your history of all the bonuses you got and it's so many. Do you split up your paycheck into a bunch of different deposits each month to get all those bonuses? I've been just doing one after the other and it clearly isn't efficient compared to your methods. Or are there other ways of getting the bonus you use with ACH for moving money and seeming like direct deposits?
I am going to open two PNC accounts this week and try ACH transfers from Fidelity for the $5,000 direct deposit requirements. Might try Discover as well, just in case. Some of the data points on DoC are a bit dated for these. I usually just use my employer DD, but hope to speed things up a bit. Breaking $6000 for the year would be nice.
I can split my employer DD to go in up to ten accounts, and I sometimes get pretty close to that. I have almost exclusively used real employer DD in the past, but there are tons of data points showing that ACH transfers can work for most banks.
Doctor of Credit maintains the list of data points here: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
r/churning also has a weekly Bank Bonus thread that sometimes offers additional data points.
Post by: Kayla on November 21, 2019, 06:21:06 PM
Here's my referral link for Sofi get $50 for depositing $100: https://www.sofi.com/share/money/2776262/ (https://www.sofi.com/share/money/2776262/)
Post by: MasterStache on November 22, 2019, 06:31:42 AM
We just broke $5000 for the year from checking bonuses. We have another $650 currently pending, but not sure how quickly these will pay out.
I am going to open two PNC accounts this week and try ACH transfers from Fidelity for the $5,000 direct deposit requirements. Might try Discover as well, just in case. Some of the data points on DoC are a bit dated for these. I usually just use my employer DD, but hope to speed things up a bit. Breaking $6000 for the year would be nice.
Awesome! It's been a great year for me as well. Looking to be just shy of 6K in total. Figured I would slow down this year but I guess that didn't happen. Already have close to 1K that will post in 2020 provided I meet all the requirements. The business accounts have really helped. I got targeted for the $500 BofA business checking promotion. I've got until the end of the year to decide if I want to do the $750 Huntington Business checking again. A little leery since I have open and closed so many Huntington accounts over the last couple of years.
Post by: anonymouscow on November 26, 2019, 03:31:10 PM
I used the previous link to sign up, here is my referral link.
Post by: Calimerostache on November 27, 2019, 05:06:54 PM
Reporting that I just finished my churning for the year : $2,000
I Did:
2 chase account $600 each
1 citi: $400
1 Wells Fargo: $400
THis was really easy. I consider the hourly rate to be very good.. just need to have a little bit of EF to make the minimum requirement.
Have not done anything with CC so that might be the next move
Just to report that as i was trying to transfer out the money from chase back to my regular account, Chase locked my online account.
I had to go in branch to unlock my account. The agent was very nice and clearly understood what I was doing. (As he said: "as someone who likes to make money myself....)
He explained, that Chase put some controls on people who make large transfer within the first 180 days.
Not a big deal, but if you want to avoid having to go in branch, wait more than 180 days before you start reallocating your funds.
Post by: chasesfish on November 29, 2019, 04:28:17 AM
They were questioning me on "why are you making such a large transfer". My response is "I'm an existing card holder and you sent me an offer requesting I deposit this amount of money".
My other bank has notoriously long hold times, the Chase rep also refused to wait on hold the first time.
Just know you're signing up for an hour or two of work
Post by: jojoguy on December 09, 2019, 05:09:29 AM
Post by: tj on December 25, 2019, 06:47:59 PM
Ally Bank: $1000 (for $100k deposit)
Arizona Federal Credit Union: $100
MidFirst Bank $300
Simple $250
Marcus $500 (for $50k deposit)
Bank of America $100
TCF Bank $200
E*Trade $200 (for $25k deposit)
Should pay out in 2020:
OneAZ Credit Union $500
Citi $400
Merrill Edge $500 for transfering an IRA
Post by: Fishing4FI on December 30, 2019, 12:05:56 PM
Post by: Padonak on January 01, 2020, 01:14:05 PM
https://www.doctorofcredit.com/ct-de-ma-mi-nh-nj-ny-oh-pa-ri-vt-citizens-600-checking-savings-bonus/
[CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT] Citizens Bank $600 Checking & Savings Bonus (Last Day)
Has anyone tried getting it? Would you recommend it?
Post by: slappy on January 01, 2020, 02:27:15 PM
I am considering this bank account bonus:
https://www.doctorofcredit.com/ct-de-ma-mi-nh-nj-ny-oh-pa-ri-vt-citizens-600-checking-savings-bonus/
[CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT] Citizens Bank $600 Checking & Savings Bonus (Last Day)
Has anyone tried getting it? Would you recommend it?
I just did this one last month. It was fairly easy and the bonus credited quickly. The account opening was a bit of a pain and ended up taking a couple days. I had to fax in a copy of my license. But other than that, it was pretty easy.
Post by: Fishing4FI on January 03, 2020, 11:00:30 AM
Currently I have a TD Bank $300 pending and I just opened a PNC account for $300 bonus next which should take a couple months. For the record, I don't do anything crazy, I only use real W-2 DDs.
How'd everyone else do in 2019?
Post by: dizzy on January 03, 2020, 12:45:55 PM
I'm thinking to curb it a bit in early 2020 tho bc aiming to buy a house later.
Post by: bbates728 on January 03, 2020, 12:48:18 PM
That said, how do you all balance the reward for leaving money in an account vs what you would otherwise earn just having it in VTSAX or similar? What do you generally look for?
Post by: MasterStache on January 03, 2020, 02:32:01 PM
Hi all! I am just beginning on this process and started with the Chase business account for $500. Hoping to get DW to do the same in the coming weeks.
That said, how do you all balance the reward for leaving money in an account vs what you would otherwise earn just having it in VTSAX or similar? What do you generally look for?
I don't really look at it that way. But I bounced around 10-15K this year and earned around 6K in bank bonuses. I would say that is a pretty damn good return. This year I do intend on investing all my bonus money.
Post by: IsThisAGoodUsername on January 03, 2020, 03:31:02 PM
That said, how do you all balance the reward for leaving money in an account vs what you would otherwise earn just having it in VTSAX or similar? What do you generally look for?
I only hit bank account bonuses with my emergency fund (which would otherwise be sitting in Ally earning [checking the current rate...] 1.6%). Before going for a SUB, I calculate my effective interest rate on the endeavor:
(Net Bank Account Bonus Amount / Minimum Bank Account Balance) / (# of days required to keep the account open / 365)
Sometimes it's as low as 8 or 9%, but sometimes it's as high as 40-50% for an account sign up bonus. Why would I settle for 1.6% when I can get much much more?
Between bank bonuses and credit card rewards/bonuses (straight cashed out as I'm not interested in travelling), I netted about $6,400 for the year.
Post by: dragoncar on January 05, 2020, 09:50:59 AM
Post by: EliteZags on January 06, 2020, 12:10:33 PM
copying the details from the thread on SlickDeals:
https://slickdeals.net/f/13601359-sofi-invest-100-bonus-after-1000-deposit-additional-25-bonus-available-for-optional-crypto-trade?v=1#
Quote
SoFi Invest - $100 bonus after $5000 deposit (additional $25 bonus available for optional crypto trade)
SoFi Invest (different from SoFi Money) has a bonus where they will give you $100 worth of your favorite stock to start building your portfolio when you fund your SoFi Invest account with at least $1,000. You can easily cash it out and withdraw the money after the bonus posts within 10 days. Many members are reporting seeing the bonus within 1-2 days :-)
Follow these steps to get the bonus:
[ol]
•Find a friend who is a SoFi member and ask them for their referral link to signup for SoFi invest.
•Choose your favorite stock (choose a stable stock like Microsoft if you want to cash out the $100 bonus right away)
•Transfer in $5,000 to your SoFi active investing accountthis triggers your free 'Stock Bit' (i.e. the $100 of free stock).
•You'll see the $100 of free stock (i.e. the Stock Bit) in your account "within ten days", although most SoFi members are reporting receiving the bonus after only 1-2 days :-) You can cash out immediately and pocket the bonus.
My personal experience: I've been doing banking bonuses for years and this was by far one of the easier deals I've done recently. My $100 posted within a couple days and my $25 crypto bonus was instant. Usually, we all have to wait 90 days when doing bank bonuses with the likes of Chase, Marcus, Capital One, etc. - this bonus was hassle-free in comparison to other banks (no calls to CSRs, etc.). The 10% ROI within a week is nice too....fast and easy.
(New members MUST be referred by a current member to receive the bonus. Do not sign up via their website or the link below). A friendly reminder that SD does not allow referrals of any kind, so please do not ask or offer any referrals in this thread guys.
https://www.sofi.com/invest/
Summary of current SoFi bonuses (need referral link from current member):
1. SoFi Invest ($100): transfer in $5,000 to your SoFi active investing account and get $100 in stock. This is stackable with the SoFi Money signup bonus.
2. SoFi Money ($75): get $75 after you fund your Money account with at least $1000. This is stackable with the SoFi Invest signup bonus.
Important note for those trying to stack bonuses: If you plan on signing up for both SoFi Money AND SoFi Invest bonuses, remember that you will need to click through their respective referral links individually before opening each product. You will not get the bonus if you create a SoFi Invest (or SoFi Money) account from your own account's dashboard - you need to click on a referral link for each individual product (i.e. SoFi Money and/or SoFi Invest) to get their respective bonuses, regardless of whether or not you are already a SoFi member.
I just setup the Invest acct took about 5min including the funding.
I'll post my referral links anyone can use:
https://www.sofi.com/share/invest/2811074 (for Invest acct $100 bonus)
https://www.sofi.com/invite/money?gcp=7343178f-2bbb-4dae-a6ee-670d878e0e73 (for Money acct $75 bonus)
I just setup the Invest acct took about 5min including the funding.
I'll post my referral links anyone can use:
https://www.sofi.com/share/invest/2811074 (https://www.sofi.com/share/invest/2811074)(for Invest acct $100 bonus)
https://www.sofi.com/invite/money?gcp=7343178f-2bbb-4dae-a6ee-670d878e0e73 (https://www.sofi.com/invite/money?gcp=7343178f-2bbb-4dae-a6ee-670d878e0e73) (for Money acct $75 bonus)
Post by: EliteZags on January 08, 2020, 11:42:42 AM
waiting to link checking acct to fund Money acct for $75 bonus there
Post by: Morning Glory on January 09, 2020, 02:39:02 PM
2019 $4575
Banks:2325 total
Wells Fargo 400
Discover Online Savings 200
Bank of the West 250
Chase Checking 300
Chase Checking (DH) 0-bonus did not work
BMO Harris 0-bonus did not work
Varo 75
Chime 50
Chime (DH) 100 (50 for him and 50 referral for me)
Salem Five 250
US Bank 300
Sofi money 150 (50 signup and 2 referrals at 50 each)
Sofi money (DH) 50
Credit cards: total 2150
Chase Disney (DH) 200
Capital One Quicksilver (me) 150
Capital One Savor (DH) 500
Chase Ink Business Cash me 500 + 150 referral
Chase Ink Business Unlimited DH 500 + 150 referral
Other: 100
Coin Brokerage $50 each
2020 received so far
Sofi Invest me 100
Sofi Invest DH 200 (100 sign up and 100 referral)
Pending
TIAA Yield Pledge 250
BBVA Compass 250
Chase Ink Business Cash DH 500
Chase Ink Business Unlimited me 500
Strategies: I just use real direct deposits from my job. I lost out on 2 bonuses by using fake dd's when I could have just used real ones. That's why most of the checking bonuses were for me only. For credit cards we take turns and look for ones with $500 bonus for $3000 spend. DH does the shopping so when it's my turn to be the cardholder I buy him gift cards to use. I also put our power bill, insurance, etc on whichever card we are working on. We don't do any true manufactured spending.
Post by: Padonak on January 09, 2020, 04:33:19 PM
I am considering this bank account bonus:
https://www.doctorofcredit.com/ct-de-ma-mi-nh-nj-ny-oh-pa-ri-vt-citizens-600-checking-savings-bonus/
[CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT] Citizens Bank $600 Checking & Savings Bonus (Last Day)
Has anyone tried getting it? Would you recommend it?
I just did this one last month. It was fairly easy and the bonus credited quickly. The account opening was a bit of a pain and ended up taking a couple days. I had to fax in a copy of my license. But other than that, it was pretty easy.
Thanks, I have signed up for this account.
Found another deal which looks pretty good
https://www.doctorofcredit.com/al-dc-fl-ga-in-ky-md-nc-nj-oh-pa-sc-tn-tx-va-wv-bbt-600-checking-bonus/
[AL, DC, FL, GA, IN, KY, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WV] BB&T $600 Checking Bonus
Anybody tried it? Any comments?
Post by: MasterStache on January 13, 2020, 06:14:23 AM
I am considering this bank account bonus:
https://www.doctorofcredit.com/ct-de-ma-mi-nh-nj-ny-oh-pa-ri-vt-citizens-600-checking-savings-bonus/
[CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, VT] Citizens Bank $600 Checking & Savings Bonus (Last Day)
Has anyone tried getting it? Would you recommend it?
I just did this one last month. It was fairly easy and the bonus credited quickly. The account opening was a bit of a pain and ended up taking a couple days. I had to fax in a copy of my license. But other than that, it was pretty easy.
Thanks, I have signed up for this account.
Found another deal which looks pretty good
https://www.doctorofcredit.com/al-dc-fl-ga-in-ky-md-nc-nj-oh-pa-sc-tn-tx-va-wv-bbt-600-checking-bonus/
[AL, DC, FL, GA, IN, KY, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WV] BB&T $600 Checking Bonus
Anybody tried it? Any comments?
I completed a different BB&T bonus last year therefore I don't qualify, otherwise I might try it.
Post by: ender on January 14, 2020, 06:01:32 AM
Does that even matter to wait? We could just move some of our emergency fund there so it's not like we need a huge amount of money tied up at Chase.
Post by: bearman on January 24, 2020, 09:48:28 PM
Post by: samirol on January 24, 2020, 10:09:30 PM
Post by: DadJokes on January 25, 2020, 10:22:32 AM
For the experienced bank acct churners here, if an offer allowed credit card use for initial funding, does that code as a charge with the issuer or a cash advance? Assuming it codes as a cash advance, what's the point of funding this way? (If it codes as an expense, obviously that's amazing...)
A good way to be safe is to call your credit card issuer and set your cash advance limit to $1 or something. Then, if something is going to code as a cash advance, it'll get declined.
Post by: kpd905 on January 26, 2020, 01:17:42 PM
Post by: jafr1284 on February 06, 2020, 09:55:38 AM
I'm looking to complete the schwab checking bonus. Would anyone be able to send me a referral code? Once the bonus posts, I can send you a venmo or paypal for $25 as a thanks:)
-J
Edit: I received a link thank you. If anyone else need a link, send me a PM.
Post by: secondcor521 on February 06, 2020, 10:30:04 AM
Hi,
I'm looking to complete the schwab checking bonus. Would anyone be able to send me a referral code? Once the bonus posts, I can send you a venmo or paypal for $25 as a thanks:)
-J
PM sent.
Post by: 2Birds1Stone on February 06, 2020, 11:16:35 AM
I typically rely on existing datapoints in the DoC comments on a specific offer for how something will code.
Post by: Will on February 07, 2020, 11:56:58 AM
Hi,
I'm looking to complete the schwab checking bonus. Would anyone be able to send me a referral code? Once the bonus posts, I can send you a venmo or paypal for $25 as a thanks:)
-J
Edit: I received a link thank you. If anyone else need a link, send me a PM.
What is the Schwab checking bonus?
Post by: DadJokes on February 07, 2020, 07:18:50 PM
Should they all work, I will make around $2,400. I don't know if the bonuses cycle enough that I can keep that up every 90 days, but $10k in a year would be amazing.
Post by: 2Birds1Stone on February 08, 2020, 07:47:06 AM
Post by: Morning Glory on February 08, 2020, 01:38:59 PM
I personally ran out of ones to do toward the end of last year. Not many I would qualify for in 2020 so far....it seems to come in waves.Me too, either they are not available in my state or I did them too recently. I prefer checking bonuses that don't tie up much cash.
Post by: bacchi on February 08, 2020, 04:37:58 PM
Post by: MasterStache on February 08, 2020, 05:06:49 PM
Post by: chasesfish on February 09, 2020, 01:50:52 PM
I'm working the Citi $500/$15000 and SO is working the Wells $400/$4000. I may do the WF one too since it looks like a regular ACH works for the direct deposit.
Also saw that. If I can connect it with Fidelity it looks easy
Post by: EliteZags on February 12, 2020, 10:55:23 AM
Post by: DadJokes on February 12, 2020, 11:07:29 AM
is the general practice here that everyone is closing these accounts after the bonus posts following the time/balance requirements? especially the ones with minimum debit transaction requirements to avoid fees I'd imagine
The language in the offers usually says something along the lines of, "You must be a new customer who has not had an account open within the last 12 months to be eligible for the bonus." So to get the bonus again in the future, you have to close them.
Some let you close immediately, and some make you wait 6 months to a year to close without penalty or losing the bonus entirely.
Post by: 2Birds1Stone on February 12, 2020, 11:27:23 AM
Most do get closed after 6 months to a year. Some I've kept as they are very handy for shuffling money around to trigger ACH payments for checking bonus requirements.
Post by: EliteZags on February 12, 2020, 12:08:36 PM
Post by: therethere on February 12, 2020, 12:14:15 PM
Don't most checking accts have the min # debit transactions per month, are people just dealing with them as long as they need to stay open
I don't think I've ever had a checking account with a minimum # of debit transactions per month. I usually decline the debit card when I open the accounts. Stick with ones with low minimum balance to stay open or some minimum direct deposit (usually can set this up as an interbank transfer in and out a week later).
Post by: DadJokes on February 12, 2020, 01:38:22 PM
That wasn't to keep it fee-free. It was to get the bonus.
Post by: kpd905 on February 15, 2020, 06:49:26 AM
Post by: EliteZags on March 02, 2020, 03:46:28 PM
here's the updated links
https://www.sofi.com/share/invest/2811074 (https://www.sofi.com/share/invest/2811074)(for Invest acct $100 bonus)
https://www.sofi.com/invite/money?gcp=7343178f-2bbb-4dae-a6ee-670d878e0e73 (https://www.sofi.com/invite/money?gcp=7343178f-2bbb-4dae-a6ee-670d878e0e73) (for Money acct $75 bonus)
https://forum.mrmoneymustache.com/investor-alley/open-a-sofi-investment-acct-with-$1k-and-get-$100-free-stock-(can-cash-all-out)/ (https://forum.mrmoneymustache.com/investor-alley/open-a-sofi-investment-acct-with-$1k-and-get-$100-free-stock-(can-cash-all-out)/)
Post by: Spitfire on March 03, 2020, 10:43:59 AM
Post by: HPstache on March 03, 2020, 10:45:59 AM
Post by: MasterStache on March 03, 2020, 11:10:45 AM
Citibank taking it's sweet time to post my $200 bonus (for opening an account with $5000 and keeping it there for 60 days). I followed up with a chat agent today and they said I am eligible but it can take up to 90 additional days after leaving the money in for 60 days to get the bonus. It's been 3 months and could take another 2. Still a decent interest rate overall (4% in 5 months works out to 9.6% a year).
From open to bonus posting took a little over 4 months for me last year. Some banks just take longer. Citizens used to post quick but the latest bonus took roughly 4.5 months to post.
Post by: Morning Glory on March 06, 2020, 07:49:22 AM
Ten bucks at a time, right?
Post by: Car Jack on March 06, 2020, 12:37:32 PM
Post by: terran on March 07, 2020, 04:50:33 PM
Post by: secondcor521 on March 07, 2020, 05:05:44 PM
Has anyone done the Chase Business checking bonus (https://www.doctorofcredit.com/chase-business-total-checking-500-bonus-no-direct-deposit-required/)? I think last time I did it I did 5 debit card transactions, but just transferring money in would be easier. Can anyone confirm that pushing money from another bank account (Ally) would count as an ACH credit?
I don't know about the business version, but Chase denied me a similar bonus when I tried to do ACH pushes to qualify. They can apparently tell the difference between ACH pushes and actual paycheck deposits somehow. But if you're really interested, I would look for more data points than just mine.
Post by: terran on March 08, 2020, 08:44:54 AM
Has anyone done the Chase Business checking bonus (https://www.doctorofcredit.com/chase-business-total-checking-500-bonus-no-direct-deposit-required/)? I think last time I did it I did 5 debit card transactions, but just transferring money in would be easier. Can anyone confirm that pushing money from another bank account (Ally) would count as an ACH credit?
I don't know about the business version, but Chase denied me a similar bonus when I tried to do ACH pushes to qualify. They can apparently tell the difference between ACH pushes and actual paycheck deposits somehow. But if you're really interested, I would look for more data points than just mine.
So this was for the direct deposit requirement? The business bonus doesn't have that, it requires 5 transactions of various types. ACH credits seem easiest (with debit purchases a close second), so I just want to make sure I know what an ACH credit is.
Post by: DadJokes on March 08, 2020, 05:45:38 PM
Has anyone done the Chase Business checking bonus (https://www.doctorofcredit.com/chase-business-total-checking-500-bonus-no-direct-deposit-required/)? I think last time I did it I did 5 debit card transactions, but just transferring money in would be easier. Can anyone confirm that pushing money from another bank account (Ally) would count as an ACH credit?
I went to Kroger, got 5 bananas, went to self-checkout, and paid for all 5 separately.
That seemed like the easiest way to handle it to me.
Post by: secondcor521 on March 08, 2020, 07:55:45 PM
Has anyone done the Chase Business checking bonus (https://www.doctorofcredit.com/chase-business-total-checking-500-bonus-no-direct-deposit-required/)? I think last time I did it I did 5 debit card transactions, but just transferring money in would be easier. Can anyone confirm that pushing money from another bank account (Ally) would count as an ACH credit?
I don't know about the business version, but Chase denied me a similar bonus when I tried to do ACH pushes to qualify. They can apparently tell the difference between ACH pushes and actual paycheck deposits somehow. But if you're really interested, I would look for more data points than just mine.
So this was for the direct deposit requirement? The business bonus doesn't have that, it requires 5 transactions of various types. ACH credits seem easiest (with debit purchases a close second), so I just want to make sure I know what an ACH credit is.
Correct. If they don't say something like "direct deposit of a paycheck or Social Security" then the requirement is different between the business and the personal bonus.
Post by: Spitfire on March 11, 2020, 10:13:19 AM
Citibank taking it's sweet time to post my $200 bonus (for opening an account with $5000 and keeping it there for 60 days). I followed up with a chat agent today and they said I am eligible but it can take up to 90 additional days after leaving the money in for 60 days to get the bonus. It's been 3 months and could take another 2. Still a decent interest rate overall (4% in 5 months works out to 9.6% a year).
From open to bonus posting took a little over 4 months for me last year. Some banks just take longer. Citizens used to post quick but the latest bonus took roughly 4.5 months to post.
Welp, complaining on here worked like a charm, the bonus posted yesterday. Initial funding on Dec 2, and bonus on March 10.
Post by: Morning Glory on March 11, 2020, 10:16:18 AM
Post by: jafr1284 on March 30, 2020, 10:42:09 PM
Post by: flower on March 31, 2020, 03:15:51 AM
Quote
schwab checking $1000 bonus
Could you provide more info about how to get the bonus or a link? TIA
Post by: jafr1284 on March 31, 2020, 03:25:22 PM
Oops I meant $100 bonus lol. You need to keep $1000 balance. If you want a referral send me a ok.Quoteschwab checking $1000 bonus
Could you provide more info about how to get the bonus or a link? TIA
Post by: shortduck on April 01, 2020, 05:24:53 PM
Post by: HPstache on April 01, 2020, 05:40:23 PM
Post by: shortduck on April 01, 2020, 05:50:19 PM
is this the best resource: https://www.doctorofcredit.com/best-bank-account-bonuses/ ?
Post by: HPstache on April 01, 2020, 05:55:45 PM
I am new here, can someone please let me know from where to find the best sign up bonus?
is this the best resource: https://www.doctorofcredit.com/best-bank-account-bonuses/ ?
That's pretty much the best source as far as I know.
Post by: Roots&Wings on April 02, 2020, 07:33:21 AM
Also going for the $500 BBVA cc bonus DoC recently posted, https://www.doctorofcredit.com/al-fl-tx-az-co-ca-nm-bbva-select-credit-card-500-bonus/. I'll definitely take $500 tax free right now.
Post by: shortduck on April 08, 2020, 03:56:52 PM
This is very addicting. I only starting bank account churning a couple weeks ago, and I already have 8 bonuses in progress.
Should they all work, I will make around $2,400. I don't know if the bonuses cycle enough that I can keep that up every 90 days, but $10k in a year would be amazing.
WOW, that`s great. Can you please summarize how did you do this?
Post by: MasterStache on April 08, 2020, 04:50:18 PM
This is very addicting. I only starting bank account churning a couple weeks ago, and I already have 8 bonuses in progress.
Should they all work, I will make around $2,400. I don't know if the bonuses cycle enough that I can keep that up every 90 days, but $10k in a year would be amazing.
WOW, that`s great. Can you please summarize how did you do this?
10K is pretty outlandish. I did well last year with 2 players and came in just shy of 6K. Trying to break that this year by getting some business accounts for P2. Started out really well but has slowed down due to bank shutdowns.
Post by: ostornadoe1 on April 09, 2020, 02:49:31 PM
I am new here, can someone please let me know from where to find the best sign up bonus?
is this the best resource: https://www.doctorofcredit.com/best-bank-account-bonuses/ ?
The DOC is the best, but another one that sometimes has some other offers is everybankbonus.com (I have no association with them)
Post by: shortduck on April 09, 2020, 02:54:06 PM
I am new here, can someone please let me know from where to find the best sign up bonus?
is this the best resource: https://www.doctorofcredit.com/best-bank-account-bonuses/ ?
The DOC is the best, but another one that sometimes has some other offers is everybankbonus.com (I have no association with them)
Thanks for the info.
Post by: Morning Glory on April 25, 2020, 07:26:41 AM
This is very addicting. I only starting bank account churning a couple weeks ago, and I already have 8 bonuses in progress.
Should they all work, I will make around $2,400. I don't know if the bonuses cycle enough that I can keep that up every 90 days, but $10k in a year would be amazing.
WOW, that`s great. Can you please summarize how did you do this?
Most of the good ones only let you do them once every two years. 2400 in your first 3 months is believable, but not sustainable.
Post by: DadJokes on April 25, 2020, 12:55:42 PM
This is very addicting. I only starting bank account churning a couple weeks ago, and I already have 8 bonuses in progress.
Should they all work, I will make around $2,400. I don't know if the bonuses cycle enough that I can keep that up every 90 days, but $10k in a year would be amazing.
WOW, that`s great. Can you please summarize how did you do this?
Most of the good ones only let you do them once every two years. 2400 in your first 3 months is believable, but not sustainable.
I will probably max out around $4.5k this year for myself. My wife theoretically could have done the same accounts and gotten the same amount, given us a ceiling of $9k. However, she isn't going to do any that require applying in-branch, so a more likely ceiling is $7k.
$10k is a bit ambitious, as I thought more would become available as the year went on. That doesn't appear to have been the case, even if the pandemic hadn't hit.
Post by: billy on April 25, 2020, 01:24:19 PM
Post by: MasterStache on May 06, 2020, 03:41:20 PM
Post by: bacchi on May 06, 2020, 09:18:45 PM
Thought it would slow down this year but so far it's shaping up to be the best bank bonus year. Anyone else having good luck so far?
I'm waiting for my citi and WF (x2) bonuses to hit before I start any others.
Post by: kpd905 on May 07, 2020, 05:41:01 PM
Thought it would slow down this year but so far it's shaping up to be the best bank bonus year. Anyone else having good luck so far?
We have $2,000 paid so far, and another $1650 pending. I might start moving some money around for savings bonuses soon, I have been letting our cash build up a bit.
I was planning on moving an IRA to grab a bonus last month, but my balance dropped under the threshold for the bonus, so I have to wait for the market to bring it back up. Already maxed out the contributions for the year.
Post by: MasterStache on May 07, 2020, 06:30:27 PM
I've looked into the investment bonuses but haven't taken a plunge on any of them. So far this year we're at $2400 paid out with $3900 pending. That doesn't include a $500 bonus my spouse is doing on her own to help build up her savings. Hoping they all pay out.Thought it would slow down this year but so far it's shaping up to be the best bank bonus year. Anyone else having good luck so far?
We have $2,000 paid so far, and another $1650 pending. I might start moving some money around for savings bonuses soon, I have been letting our cash build up a bit.
I was planning on moving an IRA to grab a bonus last month, but my balance dropped under the threshold for the bonus, so I have to wait for the market to bring it back up. Already maxed out the contributions for the year.
Post by: CanuckExpat on May 12, 2020, 10:12:41 AM
Deposit $1200, make 5 debit card purchases within 90 days, get $200 bonus within 120 days of account opening.
Avoid monthly fee by keeping $500 in account.
Tie up $500 for 4 months, get $200.. you can calculate the APR :)
(There is $5 you will semi permanently tie up in order to keep your penfed account open)
$400 for two player mode
$600 for three player mode
etc..
More details here: https://www.mymoneyblog.com/penfed-credit-union-200-checking-bonus.html
Post by: billy on May 12, 2020, 10:17:59 AM
Post by: DadJokes on May 12, 2020, 10:21:28 AM
Post by: MasterStache on May 12, 2020, 11:41:55 AM
Post by: katsiki on May 12, 2020, 03:14:32 PM
Still hoping they bring back a really competitive rate on their 5/5 ARM but I think that ship sailed a few years ago.
Post by: kpd905 on May 13, 2020, 06:41:21 PM
Post by: Morning Glory on May 17, 2020, 07:46:32 AM
Also found out I can do Wells Fargo again this year. The waiting period is one year after the bonus posts, which was some time last June. Going to wait until after July 1 to be safe.
Post by: Michael in ABQ on May 17, 2020, 11:49:56 AM
I guess trying to do this stuff while deployed overseas without access to my cell phone is just not going to work.
Post by: DadJokes on May 17, 2020, 03:22:26 PM
Almost as good as the combined $400 bonus is the fact that I was able to put $1,200 on the credit card between the two of us. With spending way down right now, it's been tougher to make a large minimum spend.
Post by: chasesfish on May 18, 2020, 02:01:54 PM
Post by: Pizzabrewer on May 19, 2020, 10:08:36 AM
$600 Citizens ck & sv
$600 Chase ck & sv
$400 Wells Fargo ck
Looking next at:
$400 BofA ck (just received email solicitation)
$200 Key Bank ck
$250 M&T ck
$400 Citibank ck & sv (iffy on this one, only $100 savings bonus for tying up $15k for 60 days plus the CITI problems)
and a bunch of others.
I should be able to keep opening one per week for a while, limited only by the cash I can tie up for savings bonuses as well as my ability to do DDs. I'm laid off and collecting UI, fortunately it's been easy to change the DD info online.
Last time around I did a poor job of tracking everything. Can anyone share a spreadsheet they've developed? Even a screenshot would be good, I could cook it up from that. TIA for any help.
Post by: bacchi on May 19, 2020, 11:51:46 AM
$400 Citibank ck & sv (iffy on this one, only $100 savings bonus for tying up $15k for 60 days plus the CITI problems)
More like 90 days and counting.
Post by: CanuckExpat on May 19, 2020, 01:27:39 PM
When I opened penfed savings they did a hard credit pull and another hard pull for credit card the same day.
I'd rather not take a hard credit pull for $200 when I'm still working on credit card churning, but most of the DPs I'm seeing on DoC suggest that it's a soft pull.
If you want to minimize chances of hard pull, make sure to opt out of overdraft protection when opening account
Post by: slappy on May 19, 2020, 02:59:16 PM
Post by: tj on May 19, 2020, 08:28:06 PM
When I opened penfed savings they did a hard credit pull and another hard pull for credit card the same day.I'd rather not take a hard credit pull for $200 when I'm still working on credit card churning, but most of the DPs I'm seeing on DoC suggest that it's a soft pull.
If you want to minimize chances of hard pull, make sure to opt out of overdraft protection when opening account
It's irrelevant, as it looks like the PenFed deal is already dead. The link here and from DoC goes to a 404 Not Found.
Post by: slappy on May 20, 2020, 12:33:30 PM
When I opened penfed savings they did a hard credit pull and another hard pull for credit card the same day.I'd rather not take a hard credit pull for $200 when I'm still working on credit card churning, but most of the DPs I'm seeing on DoC suggest that it's a soft pull.
If you want to minimize chances of hard pull, make sure to opt out of overdraft protection when opening account
It's irrelevant, as it looks like the PenFed deal is already dead. The link here and from DoC goes to a 404 Not Found.
Bummer, I missed it. I had a feeling it would end early. The good ones always do.
Post by: chasesfish on May 22, 2020, 03:35:36 PM
Post by: MasterStache on May 23, 2020, 06:31:40 AM
That stinks to hear about Penfed. Saw it lasted until June 15th and was waiting until I freed up some cash at the end of the month. Have to confirm a monthly direct deposit did actually change before closing out my TD Bank account.I've come to learn that bank bonuses don't always linger for the entire allotted time. They shut them down pretty quickly when they get an influx of applications. It's good idea to jump on them as soon as they are available if you can.
Post by: CanuckExpat on May 28, 2020, 09:05:35 AM
Not as large a bonus as others, but very easy and very quick. They say the $200 needs to be direct deposit, but different kinds of ACH transfers seem to work. They pay out the bonus very quick, so you can see if your ACH worked, and try another if it didn't
I opened an account on May 23, transferred $200 from my Chase Business checking acount to Chime on May 28th, had $50 bonus the same day.
They require you to activate your debit card before you can transfer the funds out, so that seems to be the slowest part, waiting for the debit card to arrive in the physical mail. Once that is activated, you can ACH funds out as far as I can tell.
More info:
https://www.mymoneyblog.com/chime-banking-review-referral-bonus.html
https://www.doctorofcredit.com/chime-referral-bonus-members-earn-25/
Post by: MasterStache on May 28, 2020, 11:00:03 AM
$50 when you join Chime (https://www.chime.com/r/sajendranithiananthan/) through referral link and deposit $200 within 45 daysHmm, I must have missed this some time ago. Looks like it's still going strong. Thanks for posting. I'll use your referral link to sign up.
Not as large a bonus as others, but very easy and very quick. They say the $200 needs to be direct deposit, but different kinds of ACH transfers seem to work. They pay out the bonus very quick, so you can see if your ACH worked, and try another if it didn't
I opened an account on May 23, transferred $200 from my Chase Business checking acount to Chime on May 28th, had $50 bonus the same day.
They require you to activate your debit card before you can transfer the funds out, so that seems to be the slowest part, waiting for the debit card to arrive in the physical mail. Once that is activated, you can ACH funds out as far as I can tell.
More info:
https://www.mymoneyblog.com/chime-banking-review-referral-bonus.html
https://www.doctorofcredit.com/chime-referral-bonus-members-earn-25/
Post by: CanuckExpat on June 02, 2020, 02:02:18 PM
$50 when you join Chime (https://www.chime.com/r/sajendranithiananthan/) through referral link and deposit $200 within 45 days
Not as large a bonus as others, but very easy and very quick. They say the $200 needs to be direct deposit, but different kinds of ACH transfers seem to work. They pay out the bonus very quick, so you can see if your ACH worked, and try another if it didn't
I opened an account on May 23, transferred $200 from my Chase Business checking acount to Chime on May 28th, had $50 bonus the same day.
They require you to activate your debit card before you can transfer the funds out, so that seems to be the slowest part, waiting for the debit card to arrive in the physical mail. Once that is activated, you can ACH funds out as far as I can tell.
More info:
https://www.mymoneyblog.com/chime-banking-review-referral-bonus.html
https://www.doctorofcredit.com/chime-referral-bonus-members-earn-25/
Debit card arrived June 1st and I was able to use transfers out. Not a big bonus, but a very quick pay out.
I can verify pushes from Chase (business) and Ally bank count for the funding requirement.
Post by: MasterStache on June 06, 2020, 07:38:48 AM
Post by: cooking on June 06, 2020, 03:32:19 PM
Post by: jafr1284 on June 06, 2020, 08:57:20 PM
Related to bank bonuses, but i'm also working on tradelines, but those are not bringing in as much because my credit limits are not that high and the cards are not very old. I am going to churn another card for points and tradelining this week! This stuff is a great way to make some extra cash :)
Post by: CanuckExpat on June 07, 2020, 08:20:19 AM
Can someone please explain to me if "direct deposit" includes something like a recurring transfer from funds in an account I hold in a different bank from the one I deposit into? I don't get enough from paycheck deposits (and govt. deposits, etc.) to meet the high direct deposit requirements for some of the bonuses. I know someone is going to refer me to the page on Doctor of Credit where it is supposedly explained. I don't know if it's my stupidity or what, but I find that page completely confusing and I don't see any definitions there. Can someone here please help me out with a simple explanation?
It depends on the combinations of the two banks, and it changes over time. Not guaranteed. Might work. Best bet is to check recent data points for the specific bank bonus you are trying to get. Ask here, or as you mentioned, check this: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/
Is there something specific about the article on DoC that you don't understand? A more specific question might help answer
Post by: ostornadoe1 on June 08, 2020, 02:28:26 PM
Can someone please explain to me if "direct deposit" includes something like a recurring transfer from funds in an account I hold in a different bank from the one I deposit into? I don't get enough from paycheck deposits (and govt. deposits, etc.) to meet the high direct deposit requirements for some of the bonuses. I know someone is going to refer me to the page on Doctor of Credit where it is supposedly explained. I don't know if it's my stupidity or what, but I find that page completely confusing and I don't see any definitions there. Can someone here please help me out with a simple explanation?
Unfortunately it completely depends on the bank that you are trying to meet the requirements for and those can change at a moment's notice.
Banks offer signup bonuses to try and attract new clients. They want people to direct deposit from their work and use their products. Fortunately for us, ACH pushes from other banks will typically meet these requirements, but not always.
The webpage that is linked above by canuckexpat for DOC is essentially a crowdsourced page of data points for what ACH pushes work and what doesn't work. For example, if you are looking to open an account with KeyBank to get a bonus, it looks like there are lots of datapoints of ACH transfers from other banks that count. So if you have a Wells Fargo account, you see that there are 8 data points of successfully getting the bonus for KeyBank when using an ACH push from WF to their new KeyBank account. So you can open a KeyBank account, push money from Wells Fargo to satisfy the "direct deposit" requirements, and you should receive the signup bonus.
Post by: tj on June 11, 2020, 06:43:57 PM
https://slickdeals.net/f/13983881-hsbc-direct-savings-account-earn-1-01-apy-extra-125-sd-bonus-member-fdic?src=SiteSearch
Post by: bacchi on July 27, 2020, 12:03:55 PM
Open a HSBCDirect savings account, no minimum balance. get $125. Keep it open for 6 months or you have an early termination fee.
https://slickdeals.net/f/13983881-hsbc-direct-savings-account-earn-1-01-apy-extra-125-sd-bonus-member-fdic?src=SiteSearch
Is HSBC still a pain to open?
P1:
Citi $500
WF $400
Regions $500 -- pending
Next is US Bank and ?HSBC?.
P2:
WF $400
Regions $500 -- pending
I'd like to do a BoA account because it makes it easier to open credit cards there. Still waiting on that offer email...
Post by: tj on August 11, 2020, 10:54:36 PM
I have Wells Fargo ($400), US Bank ($300) and BBVA ($200) in process. I had issues signing up for First Fidelity Bank and UMB Bank. FirstBank closed my account after automatically opening it. Too many Chex I guess. UMB still has my opening deposits, but locked out of online banking and won't tell me why. So its pretty annoying.
I just did the $100 for Service Credit Union and $125 for Sofi Money.
Service Credit Union had to be the quickest pay out and they have some decent interest rates.
5% (up to $500 for Primary savings account, anything above 0.25%)
3% (up to $3,000 for Holiday Club Savings account, anything above 0.25%).
Service CU Offer is now dead though.
Post by: therethere on August 12, 2020, 10:05:18 AM
Post by: Catica on August 14, 2020, 01:46:15 PM
Thanks
Post by: MasterStache on August 14, 2020, 02:57:30 PM
Is it possible to do direct deposit from my employer to my husband's bank account? He is self employed so has no way of doing direct deposit but if my earnings could go to his account we could take advantage of more bonuses.Not sure. I will say that I am self employed as well and do not have access to a legitimate DD. It has not slowed me down one bit though. In fact I can't think of a single bank account I refused to open because it required a legit DD. Right now I'm at 30 bank accounts opened for the year between myself and P2.
Thanks
Post by: solon on August 14, 2020, 03:55:07 PM
Is it possible to do direct deposit from my employer to my husband's bank account? He is self employed so has no way of doing direct deposit but if my earnings could go to his account we could take advantage of more bonuses.
Thanks
I don't know why this would be a problem. I'm the HR manager at my company, and I have to enter direct deposit information for all our employees. All I do is enter the routing and account numbers, I don't have to verify ownership of the account.
Post by: Catica on August 14, 2020, 05:57:00 PM
Great, thanks!Is it possible to do direct deposit from my employer to my husband's bank account? He is self employed so has no way of doing direct deposit but if my earnings could go to his account we could take advantage of more bonuses.
Thanks
I don't know why this would be a problem. I'm the HR manager at my company, and I have to enter direct deposit information for all our employees. All I do is enter the routing and account numbers, I don't have to verify ownership of the account.
Post by: katsiki on August 14, 2020, 06:12:54 PM
Post by: Catica on August 15, 2020, 06:58:34 AM
@Catica I have also done my DD into spouse's account for bonus purposes. No issues. However, I think I have only done this twice so far.thanks, I'll give it a try.
Post by: Morning Glory on August 15, 2020, 06:46:42 PM
I will let all of you know how it goes. If anyone wants to sign up with my link I can pm it to you.
Post by: Morning Glory on August 18, 2020, 06:12:16 PM
DH and I were both targeted for the Sofi personal loan bonus. I signed up with his referral link so we should each get $300 bonus and I will end up paying between$10-40 in interest, according to what DOC posted. (I chose the minimum amount which was $5000, plan to pay back $4500 right away and the remainder after the bonus posts). It feels weird because I have never done a personal loan before, but the requirements for this are easier than most checking/savings bonuses. If mine works ok and I still have the link I will refer him and do it again.
I will let all of you know how it goes. If anyone wants to sign up with my link I can pm it to you.
Update:
Yesterday I had an email from sofi wanting more employment verification. I was able to send them a PDF from i2 verify (service my work uses for these kinds of things) and they were happy with that. Today I got a notification that I was approved. I esigned the documents and got notification that the loan funded and that it would be a day before the funds landed in my checking account. We also both got confirmation this evening that we each earned the $300 bonus and that the bonus money would be direct deposited "within a few weeks".
I don't think I can refer him since he is a sahp without regular employment income. For credit cards I just use household income, not sure if I could do that for this one.
Post by: kpd905 on August 19, 2020, 02:07:57 PM
On a side note for this thread: we just cracked $5,000 YTD from bank bonuses yesterday(two player mode FTW), with another couple thousand already pending.
Post by: Morning Glory on August 19, 2020, 03:59:14 PM
Post by: MasterStache on August 21, 2020, 12:40:52 PM
@Aunt Petunia Did the $300 bonus show when you were signing up? I saw some comments on DoC saying that it never showed and they had to email with the referrers info. This seems to be happening if they are already a Sofi member. I am definitely interested in doing this for an easy $600, and don't mind a hard pull since it won't count toward 5/24 status.
On a side note for this thread: we just cracked $5,000 YTD from bank bonuses yesterday(two player mode FTW), with another couple thousand already pending.
I'll have to check out the loan bonus. It is peaking my interest.
We are up to just below 7K paid for the year with 2K pending. 2 player mode as well.
Post by: slappy on August 21, 2020, 02:26:46 PM
The $300 bonus showed up after I selected an amount and length of time (I think on the same screen as the interest rate), but before I hit confirm. DH and I both got an email about receiving the bonus as soon as the loan funded. We haven't actually received the bonus yet but I will post an update when we do. The money from the loan showed up in my checking account this morning. I was already a sofi member.
The bonus requires the referral link, right? If so, I'll take a PM.
Post by: Morning Glory on August 21, 2020, 04:35:40 PM
DH and I were both targeted for the Sofi personal loan bonus. I signed up with his referral link so we should each get $300 bonus and I will end up paying between$10-40 in interest, according to what DOC posted. (I chose the minimum amount which was $5000, plan to pay back $4500 right away and the remainder after the bonus posts). It feels weird because I have never done a personal loan before, but the requirements for this are easier than most checking/savings bonuses. If mine works ok and I still have the link I will refer him and do it again.
I will let all of you know how it goes. If anyone wants to sign up with my link I can pm it to you.
Update:
Yesterday I had an email from sofi wanting more employment verification. I was able to send them a PDF from i2 verify (service my work uses for these kinds of things) and they were happy with that. Today I got a notification that I was approved. I esigned the documents and got notification that the loan funded and that it would be a day before the funds landed in my checking account. We also both got confirmation this evening that we each earned the $300 bonus and that the bonus money would be direct deposited "within a few weeks".
I don't think I can refer him since he is a sahp without regular employment income. For credit cards I just use household income, not sure if I could do that for this one.
Update: husband and I each received the $300 bonus today. (Him for referring me and me for opening the account). Very easy for the amount of money involved. I think we will see more of these now that interest rates are so low.
Post by: tj on August 21, 2020, 07:17:39 PM
For the experienced bank acct churners here, if an offer allowed credit card use for initial funding, does that code as a charge with the issuer or a cash advance? Assuming it codes as a cash advance, what's the point of funding this way? (If it codes as an expense, obviously that's amazing...)
Depends on the credit card. I always use Bank of America Premium Rewards and it codes as a purchase.
Post by: anonymouscow on August 22, 2020, 08:39:34 PM
“Share a referral
All they need to do is activate and load their Card with $40.00 and you'll each get a $20.00 credit.“
https://www.netspend.com/get-a-prepaid-card/?aid=RAF_1&site_id=RAF_MOB_URL&uref=3009167687
I also saw this when I last logged in, so if you already have an account you can make a quick $5.00.
“Get $5 when you add check funds of $100 or more.
Add check funds[1] anywhere with our Mobile App[2] and a few taps. Plus, when you enter promo code PROMO5 you'll get $5 added to your Account when you successfully add check funds of $100 or more.”
I am pretty sure you can refer other people even if they live in the same house, so you could sign up and get $20, refer your spouse and get $20, they get $20, both deposit checks and each get $5, so that’s $70.00 and all you have to do is deposit two $100.00 checks.
Post by: anonymouscow on August 22, 2020, 09:18:11 PM
$100.00 if you spend $1,000.00 on your debit card in 60 days.
If you use a referral link (you can go to doctor of credit and there is a page for people to post their codes if you don’t want to use mine), and spend $250.00 then you each get $50.00.
https://my.aspiration.com/app/token/referral/WSXQ0GZQ1GS1CHH1
Post by: elysianfields on August 22, 2020, 10:36:07 PM
I tried to sign up for PenFed but they denied my account. My credit report with Equifax is screwed up. I can't access it or unfreeze it without mailing them a letter with copies of two forms of ID. Probably why I got referred to the fraud protection department with Bank of America when I tried to sign up for a rewards card with them.
I guess trying to do this stuff while deployed overseas without access to my cell phone is just not going to work.
@Michael in ABQ Word to the wise: Google Voice. For 99% of my needs it has worked great as my "American cell phone" while living overseas (I'm in the U.S. Foreign Service).
You should still contact Equifax and get that pooch unscrewed, if you haven't already done so.
Post by: Morning Glory on August 23, 2020, 07:21:37 AM
I got targeted for a re-opening bonus from stash invest, $40 for depositing $10. It was buried at the bottom of a long email with a title that was something about debt and Covid. Small potatoes I know, but it only took 5 minutes to set up. If you have had stash and closed it then watch for these emails.
I am also doing one $500 DD to each of our sofi money accounts to get $75 each. We already had the accounts so all I had to do was change my DD.
I have heard about the net spend but never done it. I think I read somewhere that you could have up to five accounts.
Post by: Michael in ABQ on August 23, 2020, 09:12:31 AM
I tried to sign up for PenFed but they denied my account. My credit report with Equifax is screwed up. I can't access it or unfreeze it without mailing them a letter with copies of two forms of ID. Probably why I got referred to the fraud protection department with Bank of America when I tried to sign up for a rewards card with them.
I guess trying to do this stuff while deployed overseas without access to my cell phone is just not going to work.
@Michael in ABQ Word to the wise: Google Voice. For 99% of my needs it has worked great as my "American cell phone" while living overseas (I'm in the U.S. Foreign Service).
You should still contact Equifax and get that pooch unscrewed, if you haven't already done so.
I ended up using Skype and paid $30 to get a real phone number people could dial. I tried Google Voice and the free version of Skype and I had multiple instances where various systems would flag it as a VoIP number and not allow it (i.e. for text verification for logging into a bank). I guess that's good for fraud prevention, but it made things frustrating. I couldn't call my parents land line they've had for decades because some system recognized my number as something any random scammer sitting in Nigeria or Russia could setup in two seconds.
Post by: kpd905 on August 23, 2020, 11:27:19 AM
I still don't have my bonus from pen fed. Comments on doc suggest that it takes 6 months to receive.
What was your opening date for Penfed? We opened on May 5th and just got our bonuses on 8/20. I was expecting it to take another month, but it capped off a $1500 week for bank bonus payouts for us, pretty solid.
Post by: MasterStache on August 23, 2020, 12:36:40 PM
I still don't have my bonus from pen fed. Comments on doc suggest that it takes 6 months to receive.
What was your opening date for Penfed? We opened on May 5th and just got our bonuses on 8/20. I was expecting it to take another month, but it capped off a $1500 week for bank bonus payouts for us, pretty solid.
I had not logged into PenFed for a couple weeks. Looks like I got the bonus (x2) on the 18th. Thanks for the heads up.
Post by: Morning Glory on August 23, 2020, 01:38:07 PM
Post by: DadJokes on August 24, 2020, 01:18:00 PM
I opened the account on May 16 and met all requirements on June 1. Will give it a couple weeks.
We opened ours May 12 and haven't received either. I wasn't planning on seeing the bonuses until sometime in September.
Post by: chasesfish on August 25, 2020, 07:27:17 AM
It looks like I'm out unless I'm ready to park $15,000 with CitiBank for 60 days for $400.
Post by: Roots&Wings on August 25, 2020, 11:22:02 AM
Officially sitting on $1,600 this year and have a $400 bonus from SunTrust pending. Credit to Wells Fargo for having the easiest account closure process.
It looks like I'm out unless I'm ready to park $15,000 with CitiBank for 60 days for $400.
Was going to ask how quickly your WF bonus posted, but they just posted mine. I'll wait a little bit before closing.
Currently waiting on the Citi $400 bonus (opened 6/29), it was easy to open and didn't require merging online account access this time, which was a pain previously.
Post by: tj on August 25, 2020, 06:25:58 PM
Quote
I had issues signing up for First Fidelity Bank and UMB Bank. FirstBank closed my account after automatically opening it. Too many Chex I guess. UMB still has my opening deposits, but locked out of online banking and won't tell me why. So its pretty annoying.
UMB finally took the lock off my account after sending in various identiity documents. The UMB $200 savings bonus posted while I was locked out. For the $300 checking, I'm still waiting on them to send me a debit card to do the required swipes. What a mess.
Post by: tj on August 25, 2020, 06:28:32 PM
Officially sitting on $1,600 this year and have a $400 bonus from SunTrust pending. Credit to Wells Fargo for having the easiest account closure process.
It looks like I'm out unless I'm ready to park $15,000 with CitiBank for 60 days for $400.
Was going to ask how quickly your WF bonus posted, but they just posted mine. I'll wait a little bit before closing.
Currently waiting on the Citi $400 bonus (opened 6/29), it was easy to open and didn't require merging online account access this time, which was a pain previously.
On the last Citi promo that I did, I had called in to change the Savings account to Accelerate savings, becaus I thought I read on DoC that you could have the Accelerate with these promos. I asked the rep if that was going to mess with my promo, he said yes so I told him to cancel the change and he said he would. The change did happen though and the bonus never posted. I filed a CFPB complaint and they listened to the call and decided to still give me the cash and I don't think they took away the extra interest that i earned in between. Got lucky.
Post by: kpd905 on August 25, 2020, 07:36:26 PM
QuoteI had issues signing up for First Fidelity Bank and UMB Bank. FirstBank closed my account after automatically opening it. Too many Chex I guess. UMB still has my opening deposits, but locked out of online banking and won't tell me why. So its pretty annoying.
UMB finally took the lock off my account after sending in various identiity documents. The UMB $200 savings bonus posted while I was locked out. For the $300 checking, I'm still waiting on them to send me a debit card to do the required swipes. What a mess.
UMB locked us out as well, and was nice enough to mail us our first statements with a $3 Paper Statement Fee. This was before I even knew if our accounts were open.
Post by: tj on August 25, 2020, 10:27:01 PM
QuoteI had issues signing up for First Fidelity Bank and UMB Bank. FirstBank closed my account after automatically opening it. Too many Chex I guess. UMB still has my opening deposits, but locked out of online banking and won't tell me why. So its pretty annoying.
UMB finally took the lock off my account after sending in various identiity documents. The UMB $200 savings bonus posted while I was locked out. For the $300 checking, I'm still waiting on them to send me a debit card to do the required swipes. What a mess.
UMB locked us out as well, and was nice enough to mail us our first statements with a $3 Paper Statement Fee. This was before I even knew if our accounts were open.
I had a $4 monthly fee that seemed to get automatically waived. I turned on the estatements before they had locked me out.
Post by: robartsd on August 27, 2020, 09:22:28 AM
I ended up using Skype and paid $30 to get a real phone number people could dial. I tried Google Voice and the free version of Skype and I had multiple instances where various systems would flag it as a VoIP number and not allow it (i.e. for text verification for logging into a bank). I guess that's good for fraud prevention, but it made things frustrating. I couldn't call my parents land line they've had for decades because some system recognized my number as something any random scammer sitting in Nigeria or Russia could setup in two seconds.I've occasionally run into the problem of some systems not accepting my Google Voice number for text notifications; however, I do use my Google Voice number with plenty of two factor authentication systems without issue. It is possible that Google Voice numbers are reported differently depending on if there is a forwarding phone configured (could have forwarding phone configured but disabled in settings, though Google Voice does require you to reconfirm forwarding phones that have been inactive too log). You used to need access to a US phone number to initially set up Google Voice, but I'm not sure if that is still the case, and I know that you can remove all forwarding phone numbers and still use Google' Voices VOIP services. It also may be significant that my Google Voice number is very old (dates back to when you needed a referral link to sign up for Grand Central).
Post by: CanuckExpat on September 01, 2020, 12:51:55 PM
We both opened our accounts on 5/19. Our required initial deposit posted 5/28.
Post by: Morning Glory on September 01, 2020, 03:31:00 PM
Regarding Penfed, both my wife and I had our bonuses post today on 9/1.
We both opened our accounts on 5/19. Our required initial deposit posted 5/28.
Mine posted today too!
Post by: bacchi on November 17, 2020, 11:57:45 AM
Credit cards are now at 4/24 and about to become 3/24, which opens a lot of possibilities.
Post by: katsiki on November 17, 2020, 04:00:21 PM
Working on US Bank for $400 (10% ROI). BBVA is also supposed to be nationwide and that's an easy $200/$50 (16% ROI).
Credit cards are now at 4/24 and about to become 3/24, which opens a lot of possibilities.
BBVA is a good one. Did that 2x in the past 1-2 years.
Post by: Rhinodad on November 17, 2020, 07:19:25 PM
@Aunt Petunia Did the $300 bonus show when you were signing up? I saw some comments on DoC saying that it never showed and they had to email with the referrers info. This seems to be happening if they are already a Sofi member. I am definitely interested in doing this for an easy $600, and don't mind a hard pull since it won't count toward 5/24 status.
On a side note for this thread: we just cracked $5,000 YTD from bank bonuses yesterday(two player mode FTW), with another couple thousand already pending.
I’m curious, has anyone signed up their kids, and funded the account (think college age kids) and split the cash with them? We are just starting and doing 2 player mode, but also have 4 children between the ages of 18 and 25. I know...4 kids, but My wife wouldn’t leave me alone at night for a few years, what can I say?
Post by: MasterStache on November 19, 2020, 06:27:47 AM
Working on US Bank for $400 (10% ROI). BBVA is also supposed to be nationwide and that's an easy $200/$50 (16% ROI).Time to hit up those Chase cards? Start with Biz cards if you can, in case that isn't already obvious ( :
Credit cards are now at 4/24 and about to become 3/24, which opens a lot of possibilities.
Post by: DadJokes on November 20, 2020, 08:31:35 AM
@Aunt Petunia Did the $300 bonus show when you were signing up? I saw some comments on DoC saying that it never showed and they had to email with the referrers info. This seems to be happening if they are already a Sofi member. I am definitely interested in doing this for an easy $600, and don't mind a hard pull since it won't count toward 5/24 status.
On a side note for this thread: we just cracked $5,000 YTD from bank bonuses yesterday(two player mode FTW), with another couple thousand already pending.
I’m curious, has anyone signed up their kids, and funded the account (think college age kids) and split the cash with them? We are just starting and doing 2 player mode, but also have 4 children between the ages of 18 and 25. I know...4 kids, but My wife wouldn’t leave me alone at night for a few years, what can I say?
That's an interesting proposition. I see a lot of people who do two player churning, but I haven't seen anyone do more than that. It'll be something to keep in mind for when my kid is older. What is the earliest they could start that, 16?
For those looking for a good bank bonus, Capital One has a $400 bonus that only requires two direct deposits that add up to $1k.
https://www.doctorofcredit.com/capital-one-400-checking-bonus-direct-deposit-not-required/
Post by: Rhinodad on November 20, 2020, 10:38:54 AM
Post by: therethere on November 23, 2020, 09:07:53 AM
Post by: Rhinodad on November 23, 2020, 01:52:53 PM
Post by: PVkcin on November 23, 2020, 06:01:19 PM
I signed up for the Capital One 360 savings account in Jan 2020 for the bonus. We signed my wife up for the same one in May 2020. Just wondering if there's any reason to keep them open? Also I believe some banks have a minimum time you need to keep the account open - I didn't pay attention to the 360 savings minimum time to keep it open. I'm sure I could read through the fine print and find it somewhere!
Post by: billy on November 23, 2020, 06:14:13 PM
Post by: robartsd on November 24, 2020, 08:44:25 AM
Post by: katsiki on November 25, 2020, 10:38:35 AM
Most of these accounts have no fees if you meet certain requirements (minimum balance, direct deposit, debit card usage, and/or bill pay usage). Even if the zero fee requirements are easy to meet, you still might want to close the account for two reasons: 1) avoid extra accounts to keep track of, 2) sever the customer relationship so that the new customer offer is available to you again in the future.
Agree on closure. I have too many lingering that I need to empty out and close. Too many accounts plus random bits of cash all over here & yonder :)
Post by: MasterStache on November 25, 2020, 10:49:15 AM
Most of these accounts have no fees if you meet certain requirements (minimum balance, direct deposit, debit card usage, and/or bill pay usage). Even if the zero fee requirements are easy to meet, you still might want to close the account for two reasons: 1) avoid extra accounts to keep track of, 2) sever the customer relationship so that the new customer offer is available to you again in the future.
Agree on closure. I have too many lingering that I need to empty out and close. Too many accounts plus random bits of cash all over here & yonder :)
Ha, that's me about 11 months out of the year. Oddly enough November and December I start closing out numerous accounts. Just sorta falls that way
Post by: MasterStache on November 25, 2020, 10:50:37 AM
Post by: phildonnia on November 25, 2020, 11:36:50 AM
My best "customer" was Citibank, which gave $400 each to me and my wife.
Speaking of customers, I'm keeping my Capital One savings account. Note to financial institutions: Account opening cash bonuses lead to long-term customer relationships when they are followed up with a good product.
I have no idea what Chase was thinking. Their bank account has high fees, a $75k minimum deposit, and a non-existent interest rate. Do they think that anyone with $75k is going to stick around after the bonus is paid?
Post by: HPstache on November 25, 2020, 11:50:42 AM
So this year, I made $1500 on bank account bonuses, and $750 on credit cards.
My best "customer" was Citibank, which gave $400 each to me and my wife.
Speaking of customers, I'm keeping my Capital One savings account. Note to financial institutions: Account opening cash bonuses lead to long-term customer relationships when they are followed up with a good product.
I have no idea what Citibank was thinking. Their bank account has high fees, a $75k minimum deposit, and a non-existent interest rate. Do they think that anyone with $75k is going to stick around after the bonus is paid?
Which bonus was this? I thought the $400 checking & savings bonus only required a $15K deposit?
https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/
Post by: phildonnia on November 25, 2020, 09:19:14 PM
So this year, I made $1500 on bank account bonuses, and $750 on credit cards.
My best "customer" was Citibank, which gave $400 each to me and my wife.
Speaking of customers, I'm keeping my Capital One savings account. Note to financial institutions: Account opening cash bonuses lead to long-term customer relationships when they are followed up with a good product.
I have no idea what Citibank was thinking. Their bank account has high fees, a $75k minimum deposit, and a non-existent interest rate. Do they think that anyone with $75k is going to stick around after the bonus is paid?
Which bonus was this? I thought the $400 checking & savings bonus only required a $15K deposit?
https://www.doctorofcredit.com/citi-400-600-personal-checking-savings-bonus-available-nationwide-direct-deposit-not-required/
My mistake: This was Chase, not Citibank. I'll correct my original post, FWIW.
Post by: jim555 on November 30, 2020, 05:04:48 PM
Post by: kpd905 on December 01, 2020, 04:49:02 AM
We should also end up with $775 net from IRA transfer bonuses (Chase x 2, Etrade x 1), and $2400 from credit card bonuses.
Post by: bacchi on December 01, 2020, 10:48:47 AM
I know it's a bit early, but what are people at YTD? We just crossed $10,000 in bank bonuses, with maybe another couple hundred set to come in by the end of the year.
We should also end up with $775 net from IRA transfer bonuses (Chase x 2, Etrade x 1), and $2400 from credit card bonuses.
Wow, that's awesome. Is that 2 player? Are you using a lot of state bonuses?
We're (2p) at $3300 for banks and $1400 for cards.
Post by: Rhinodad on December 01, 2020, 11:48:31 AM
I'm curious, what is the average year over year for most people? With two player, is it reasonable to average $4000/yr for the family year/year? Just thinking if this along with Tradelines and CC churning, you can average roughly 10k/yr for any appreciable amount of time.
Post by: therethere on December 01, 2020, 01:05:39 PM
Has anyone gotten HSBC to honor their $700 6-month direct deposit offer? I've sent in several chats and secure messages and they just tell me to wait on the inquiry and then say there was no promo code. There is absolutely no way on their site to apply WITHOUT going through a promo link.
Post by: kpd905 on December 01, 2020, 01:36:57 PM
Wow, that's awesome. Is that 2 player? Are you using a lot of state bonuses?
We're (2p) at $3300 for banks and $1400 for cards.
Yes, 2 player mode. Tons of state bonuses, I sign up for them as soon as I see them.
@therethere if you hit all the requirements and the banks didn't pay out, file a complaint with CFPB. A lot of times that will make the bonus magically show up.
https://www.consumerfinance.gov/complaint/
@Rhinodad $4,000 per year in 2 player mode should be easy. Many of these bonuses can be done once a year. Our numbers look like this:
2020 - $10,000 (so far)
2019 - $5500
2018 - $6600
2017 - $6200
Post by: Rhinodad on December 01, 2020, 01:52:25 PM
Wow, that's awesome. Is that 2 player? Are you using a lot of state bonuses?
We're (2p) at $3300 for banks and $1400 for cards.
Yes, 2 player mode. Tons of state bonuses, I sign up for them as soon as I see them.
@therethere if you hit all the requirements and the banks didn't pay out, file a complaint with CFPB. A lot of times that will make the bonus magically show up.
https://www.consumerfinance.gov/complaint/
@Rhinodad $4,000 per year in 2 player mode should be easy. Many of these bonuses can be done once a year. Our numbers look like this:
2020 - $10,000 (so far)
2019 - $5500
2018 - $6600
2017 - $6200
Thanks! What state do you live in?
Post by: MasterStache on December 01, 2020, 02:00:49 PM
I don't anticipate another banner year like this in 2021.
Post by: kpd905 on December 01, 2020, 02:21:42 PM
Post by: therethere on December 01, 2020, 02:43:27 PM
@therethere if you hit all the requirements and the banks didn't pay out, file a complaint with CFPB. A lot of times that will make the bonus magically show up.
https://www.consumerfinance.gov/complaint/
Thanks for the link! I just filled one out. Fingers crossed. I'll have to keep better records and pdfs of my applications going forward to prevent this in the future at least for this big money bonuses. I was slacking because up until this year I've never had a bonus not pay out. Then bam, 2020 I missed out on 4 or 5 offers. Some were my fault, due to the craziness in the Feb/March timing. But I should have documented everything with HSBC as I've had major issues with them before when doing my bonus account.
Post by: Rhinodad on December 01, 2020, 06:46:14 PM
@Rhinodad in Wisconsin, though I have successfully done a few out of state bonuses. Many of them just require you to join some cheap organization to be eligible.
Thanks! I’m in Oak Creek.
Post by: CanuckExpat on December 03, 2020, 06:33:47 PM
Post by: Paul der Krake on December 12, 2020, 02:55:49 PM
Post by: kpd905 on December 12, 2020, 06:21:25 PM
Anyone know how to nudge Citi to post the checking bonus before the 90 days are up? I want to realize income this year while I'm in the 0% federal tax bracket.
Good luck, Citi is one of the worst ones to deal with. Is this 90 days after opening the account, or 90 days after the 60 days that qualified for the bonus?
Post by: Paul der Krake on December 12, 2020, 06:24:36 PM
The 90 days after requirements being met, I hope. I met them shortly after account opening in early October.Anyone know how to nudge Citi to post the checking bonus before the 90 days are up? I want to realize income this year while I'm in the 0% federal tax bracket.
Good luck, Citi is one of the worst ones to deal with. Is this 90 days after opening the account, or 90 days after the 60 days that qualified for the bonus?
Post by: Accrual on December 13, 2020, 06:13:25 PM
Post by: kpd905 on December 13, 2020, 06:21:59 PM
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.
Post by: tj on December 13, 2020, 06:56:39 PM
Ally: $250
Chase: $600
Wells Fargo: $400
Marcus $100
Citibank $400
Service Credit Union: $100
BBVA: $200
US Bank $300
UMB Bank: $500
Desert Financial: $100
Not too bad.
Post by: Roots&Wings on December 14, 2020, 06:53:49 AM
The 90 days after requirements being met, I hope. I met them shortly after account opening in early October.Anyone know how to nudge Citi to post the checking bonus before the 90 days are up? I want to realize income this year while I'm in the 0% federal tax bracket.
Good luck, Citi is one of the worst ones to deal with. Is this 90 days after opening the account, or 90 days after the 60 days that qualified for the bonus?
Citi was late for me this year, the bonus posted 18 days after the 90 days of requirements being met.
Post by: Accrual 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.
Post by: Rhinodad on December 15, 2020, 11:04:30 AM
Post by: DadJokes 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.
Post by: tj 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/
Post by: Rhinodad on December 21, 2020, 11:40:40 AM
Post by: Pizzabrewer on December 27, 2020, 03:17:37 PM
$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!
Post by: DadJokes on December 30, 2020, 09:26:02 AM
| 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.
Post by: Morning Glory on January 01, 2021, 07:22:39 AM
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
Post by: MasterStache on January 02, 2021, 08:26:14 AM
Post by: chasesfish on January 11, 2021, 08:26:58 AM
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.
Post by: anni on January 11, 2021, 11:44:19 AM
Post by: HPstache on January 11, 2021, 12:21:47 PM
Post by: Rhinodad on January 12, 2021, 12:37:36 PM
Post by: Morning Glory on January 21, 2021, 12:17:57 PM
Post by: Rhinodad 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?
Post by: Morning Glory 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.
Post by: Rhinodad on January 21, 2021, 03:19:05 PM
Post by: Morning Glory 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.
Post by: bacchi on January 30, 2021, 06:46:28 PM
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.
Post by: slappy 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.
Post by: therethere on February 01, 2021, 01:40:25 PM
Post by: bacchi on February 01, 2021, 02:08:47 PM
Requires $100k income, have to call, may be state limited now.
Post by: chasesfish on February 26, 2021, 06:34:34 PM
Post by: bacchi 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.
Post by: MasterStache 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.
Post by: tj 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.
Post by: therethere 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 $)
Post by: DadJokes 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.
Post by: MasterStache 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.
Post by: chasesfish 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.
Post by: HPstache 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
Post by: bacchi 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?
Post by: Morning Glory on March 03, 2021, 07:31:04 PM
Post by: tj 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?
Post by: Morning Glory 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.
Post by: Accrual on March 06, 2021, 08:06:13 AM
Post by: Morning Glory 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.
Post by: MasterStache on March 08, 2021, 05:26:07 AM
Post by: tj 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!
Post by: Queen Frugal on March 27, 2021, 04:22:50 PM
Post by: tj 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/
Post by: MasterStache 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.
Post by: billy on March 30, 2021, 06:41:12 AM
Post by: Dee_the_third on April 26, 2021, 02:36:14 PM
Post by: tj 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.
Post by: Dee_the_third 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.
Post by: jim555 on April 26, 2021, 11:56:10 PM
Post by: Morning Glory 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.
Post by: DadJokes 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.
Post by: bacchi 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.
Post by: jim555 on April 27, 2021, 01:50:20 PM
Post by: MasterStache on April 30, 2021, 09:32:41 AM
Got a new one from Citizens Bank today, open checking and a $500 Direct Deposit, open savings and $15,000, get $600 in 3 months.
I've been churning Citizens accounts for 4 years now. Think I am up to 8 bonuses in 2 player mode. They used to payout quickly. Expect to wait several months for payout.
Post by: Morning Glory on May 21, 2021, 04:01:00 PM
Post by: HPstache on May 21, 2021, 04:09:25 PM
Post by: Morning Glory on May 21, 2021, 04:41:38 PM
Finally got my Citibank $700 applied to my account woo hoo!
How did that one go for you? I normally don't have that much cash but I'm selling my house and planning to keep 50k in cash for the down payment on the next one.
Post by: bacchi on May 21, 2021, 05:34:19 PM
That failure led to my application for the BoA Business Cash Rewards $750 card. Received that and I'm looking at the Ink Unlimited $750 card next.
Post by: katsiki on May 22, 2021, 09:11:01 PM
I signed up for the Chase $750 account bonus but was bounced. I'm still waiting on the rejection letter and expect to have to go into the branch. Their online form is all kinds of messed up so beware.
Are you referring to the targeted business checking offer? I got that one in the mail recently and am planning to do it.
Post by: bacchi on May 23, 2021, 09:32:25 AM
I signed up for the Chase $750 account bonus but was bounced. I'm still waiting on the rejection letter and expect to have to go into the branch. Their online form is all kinds of messed up so beware.
Are you referring to the targeted business checking offer? I got that one in the mail recently and am planning to do it.
Right. Check out the doctorofcredit comments about it. I have an EIN and an already existing business card and was denied.
Post by: Duke03 on May 23, 2021, 12:07:44 PM
I signed up for the Chase $750 account bonus but was bounced. I'm still waiting on the rejection letter and expect to have to go into the branch. Their online form is all kinds of messed up so beware.
That failure led to my application for the BoA Business Cash Rewards $750 card. Received that and I'm looking at the Ink Unlimited $750 card next.
Do you have an EIN? More importantly did you enter it on the application?
Post by: katsiki on May 23, 2021, 09:05:19 PM
I signed up for the Chase $750 account bonus but was bounced. I'm still waiting on the rejection letter and expect to have to go into the branch. Their online form is all kinds of messed up so beware.
Are you referring to the targeted business checking offer? I got that one in the mail recently and am planning to do it.
Right. Check out the doctorofcredit comments about it. I have an EIN and an already existing business card and was denied.
Thanks. Will check that out.
Post by: bacchi on May 23, 2021, 09:37:22 PM
I signed up for the Chase $750 account bonus but was bounced. I'm still waiting on the rejection letter and expect to have to go into the branch. Their online form is all kinds of messed up so beware.
That failure led to my application for the BoA Business Cash Rewards $750 card. Received that and I'm looking at the Ink Unlimited $750 card next.
Do you have an EIN? More importantly did you enter it on the application?
Yes and my LLC has been around for over a decade. There's no chex inquiry for the Chase biz account and it's a soft pull. Shrug.
I received a decent Spark Cash $500 offer yesterday. Given CapOne's pickiness, I may pass.
Post by: katsiki on May 24, 2021, 09:56:53 AM
I signed up for the Chase $750 account bonus but was bounced. I'm still waiting on the rejection letter and expect to have to go into the branch. Their online form is all kinds of messed up so beware.
That failure led to my application for the BoA Business Cash Rewards $750 card. Received that and I'm looking at the Ink Unlimited $750 card next.
Do you have an EIN? More importantly did you enter it on the application?
Yes and my LLC has been around for over a decade. There's no chex inquiry for the Chase biz account and it's a soft pull. Shrug.
I received a decent Spark Cash $500 offer yesterday. Given CapOne's pickiness, I may pass.
@bacchi Did you apply in the branch or online? thanks for any further info. The doc comments are pretty muddled :)
Post by: bacchi on May 24, 2021, 11:11:07 AM
I signed up for the Chase $750 account bonus but was bounced. I'm still waiting on the rejection letter and expect to have to go into the branch. Their online form is all kinds of messed up so beware.
That failure led to my application for the BoA Business Cash Rewards $750 card. Received that and I'm looking at the Ink Unlimited $750 card next.
Do you have an EIN? More importantly did you enter it on the application?
Yes and my LLC has been around for over a decade. There's no chex inquiry for the Chase biz account and it's a soft pull. Shrug.
I received a decent Spark Cash $500 offer yesterday. Given CapOne's pickiness, I may pass.
@bacchi Did you apply in the branch or online? thanks for any further info. The doc comments are pretty muddled :)
@katsiki Online. It would ask me to login, kick me back to the partially erased form, and then repeat.
I'll go into the branch this week to appeal/recon.
Post by: katsiki on May 24, 2021, 02:37:43 PM
Post by: MasterStache on May 25, 2021, 05:06:17 AM
I signed up for the Chase $750 account bonus but was bounced. I'm still waiting on the rejection letter and expect to have to go into the branch. Their online form is all kinds of messed up so beware.
That failure led to my application for the BoA Business Cash Rewards $750 card. Received that and I'm looking at the Ink Unlimited $750 card next.
Do you have an EIN? More importantly did you enter it on the application?
Yes and my LLC has been around for over a decade. There's no chex inquiry for the Chase biz account and it's a soft pull. Shrug.
I received a decent Spark Cash $500 offer yesterday. Given CapOne's pickiness, I may pass.
@bacchi Did you apply in the branch or online? thanks for any further info. The doc comments are pretty muddled :)
@katsiki Online. It would ask me to login, kick me back to the partially erased form, and then repeat.
I'll go into the branch this week to appeal/recon.
I have a legit LLC and have opened the Chase Biz checking a couple times online successfully. I tried to open for my spouse, who just has an EIN, but the online application just goes in circles, kind of like what you stated above. Seems to be a matter of business structure.
Post by: EliteZags on July 28, 2021, 10:49:03 PM
my lifetime cash back is over $400 and I don't make big online purchases very often
signup bonus link: https://www.rakuten.com/r/JOEYSZ2?eeid=28187
Post by: sonofsven on July 29, 2021, 12:12:18 PM
US Bank biz card received $875 statement credit on $7647.00 in spending, minus approx$150 in fees. Putting this one away.
Just opened Chase Sapphire Preferred, offer is 100,000 points (worth $1,000) for $4,000 in spend.
Opened Monifi bank account online for $200 bonus for $2,000 deposited.
Next is Amex Cash Magnet cc, $200 bonus for $1,000 spend, but the kicker is a $2,000 additional bonus to Amex card for completing a re fi with Better. This offer works for many Amex cards, I chose the Cash Magnet for the zero fees, plus a decent bonus that is pretty easy to reach.
Post by: Dicey on July 29, 2021, 12:50:55 PM
Looking forward to reporting back on our successes.
Post by: bacchi on July 29, 2021, 01:28:26 PM
Re: Chase business $750 -- I went to the branch, they apologized for the online screwiness, and now I'm waiting for the bonus.
Player 2 applied for the CSP -- 100k UR points for a $4000 spend (probably will use it for $1250 in cash back).
A drawn-out re-fi attempt hammered my credit score so I'm waiting another 2 weeks for it to recover. Then on to the Ink.
Post by: elysianfields on August 03, 2021, 05:55:07 AM
Posting to join the crowd. To avoid exceeding FDIC limits, we're going to have to open a couple of temporary accounts because of...reasons. I might as well make a little bonus money for my troubles. I need to start doing this right away before DH retires so we can handle the direct deposit requirements.
Looking forward to reporting back on our successes.
@Dicey if you have so much cash rolling around that you're hitting FDIC limits - $250k per depositor per bank per ownership category - don't you want to invest it in index funds or additional real estate? Though you probably have a hard time finding fixer-uppers in your part of the country...
I'm currently acting on a $150 email offer from CapitalOne: Steps: 1) Open a CapitalOne360 with promo code: Bonus150; 2) Make two $250 direct deposits within 75 days of opening; 3) Receive $150.
I'm jonesing for the $300 bonus at TDBank, but it requires $2500 average daily balance. Not valid in all states. :-) Doctorofcredit.com is your friend.
Post by: MasterStache on August 03, 2021, 06:11:20 AM
Forgot about this thread.
Re: Chase business $750 -- I went to the branch, they apologized for the online screwiness, and now I'm waiting for the bonus.
Player 2 applied for the CSP -- 100k UR points for a $4000 spend (probably will use it for $1250 in cash back).
A drawn-out re-fi attempt hammered my credit score so I'm waiting another 2 weeks for it to recover. Then on to the Ink.
I just went below 5/24 and was approved for the CIP 100K offer after $15K in spend. Have the Ink card and a few personal Chase cards. Since the Biz card kept me under 5/24 still I also applied and was approved for the Cap One Venture 100K offer. Been trying to get a Cap One card for quite some time. I think they finally loosened their approval stipulations. I'll season that card for tradelines in the future as well.
My plan is, as I fall back below the 5/24 rule in another month or two, to possibly apply for Personal and Biz Chase Southwest cards and try to get the companion pass. My spouse falls below 5/24 soon as well so more Chase cards are on the horizon.
I know a lot of folks have shunned Chase over the years for their 5/24 month language. We are fast approaching 1mil UR points over the last year and a half or so. We have cashed out the majority using the CSR at 1.5 cents per point.
Post by: Dicey on August 03, 2021, 07:19:52 AM
Yup, it is our dry powder for our next flip project. Problem is, we finished our last one in late 2019 and haven't found another one that makes sense since, boo-hoo. We've identified another property that would be a complete tear down, but DH doesn't want to make an offer until the end of the year. In the mean time, a big chunk of change is headed our way, so we need to make a plan. We hate to miss out on interest and earnings, but in the big picture, there is value in dry powder. Our other RE has continued to do well, as have our equities, so overall, we're fine. More than fine, hence the MPP.Posting to join the crowd. To avoid exceeding FDIC limits, we're going to have to open a couple of temporary accounts because of...reasons. I might as well make a little bonus money for my troubles. I need to start doing this right away before DH retires so we can handle the direct deposit requirements.@Dicey if you have so much cash rolling around that you're hitting FDIC limits - $250k per depositor per bank per ownership category - don't you want to invest it in index funds or additional real estate? Though you probably have a hard time finding fixer-uppers in your part of the country..
Looking forward to reporting back on our successes.
I just learned that DH cannot designate more than one place for his direct deposit, so that will make this game a bit more challenging. Something new to figure out should be interesting.
Post by: secondcor521 on August 03, 2021, 07:36:23 AM
Yup, it is our dry powder for our next flip project. Problem is, we finished our last one in late 2019 and haven't found another one that makes sense since, boo-hoo. We've identified another property that would be a complete tear down, but DH doesn't want to make an offer until the end of the year. In the mean time, a big chunk of change is headed our way, so we need to make a plan. We hate to miss out on interest and earnings, but in the big picture, there is value in dry powder. Our other RE has continued to do well, as have our equities, so overall, we're fine. More than fine, hence the MPP.Posting to join the crowd. To avoid exceeding FDIC limits, we're going to have to open a couple of temporary accounts because of...reasons. I might as well make a little bonus money for my troubles. I need to start doing this right away before DH retires so we can handle the direct deposit requirements.@Dicey if you have so much cash rolling around that you're hitting FDIC limits - $250k per depositor per bank per ownership category - don't you want to invest it in index funds or additional real estate? Though you probably have a hard time finding fixer-uppers in your part of the country..
Looking forward to reporting back on our successes.
I just learned that DH cannot designate more than one place for his direct deposit, so that will make this game a bit more challenging. Something new to figure out should be interesting.
@Dicey, there are things that banks treat like direct deposits even if they're not paychecks. There are resources out there that explain what counts for which bank bonuses. I think Doctor of Credit has one of the best ones IIRC.
Less common, but there have been bank bonuses that don't require direct deposit(s) to qualify.
Post by: elysianfields on August 03, 2021, 07:42:42 AM
Yup, it is our dry powder for our next flip project. Problem is, we finished our last one in late 2019 and haven't found another one that makes sense since, boo-hoo. We've identified another property that would be a complete tear down, but DH doesn't want to make an offer until the end of the year. In the mean time, a big chunk of change is headed our way, so we need to make a plan. We hate to miss out on interest and earnings, but in the big picture, there is value in dry powder. Our other RE has continued to do well, as have our equities, so overall, we're fine. More than fine, hence the MPP.Posting to join the crowd. To avoid exceeding FDIC limits, we're going to have to open a couple of temporary accounts because of...reasons. I might as well make a little bonus money for my troubles. I need to start doing this right away before DH retires so we can handle the direct deposit requirements.@Dicey if you have so much cash rolling around that you're hitting FDIC limits - $250k per depositor per bank per ownership category - don't you want to invest it in index funds or additional real estate? Though you probably have a hard time finding fixer-uppers in your part of the country..
Looking forward to reporting back on our successes.
I just learned that DH cannot designate more than one place for his direct deposit, so that will make this game a bit more challenging. Something new to figure out should be interesting.
@Dicey, there are things that banks treat like direct deposits even if they're not paychecks. There are resources out there that explain what counts for which bank bonuses. I think Doctor of Credit has one of the best ones IIRC.
Less common, but there have been bank bonuses that don't require direct deposit(s) to qualify.
@Dicey I hear you on dry powder.
@secondcor521 would it make sense to set up some nanobusiness/side hustle with payroll so you can make direct deposits? Asking for a friend...
In my current gig working for the man I can send direct deposits to up to four different accounts. But the golden handcuffs come off in 2026...
Post by: secondcor521 on August 03, 2021, 08:23:18 AM
Post by: dragoncar on August 31, 2021, 01:09:18 AM
Post by: sonofsven on August 31, 2021, 04:52:41 AM
OK, I'm starting to think I should sign up with a payroll processor so I can get these direct deposit deals. OnPay is like $40/mo for one employee and there are a few other in similar price range.
Have you tried just transferring $$ from checking/savings? I've just started on this (only completed one bank bonus, the Monifi) but it worked by transferring from my online savings, definitely not a "direct deposit".
I'm doing the US Bank checking now, I think it's $400 for $5k in total deposits.
Doctor of Credit has a list of data points of what folks have found that triggers the direct deposit. Never know til you try.
Post by: MasterStache on September 01, 2021, 05:43:21 AM
OK, I'm starting to think I should sign up with a payroll processor so I can get these direct deposit deals. OnPay is like $40/mo for one employee and there are a few other in similar price range.
Have you tried just transferring $$ from checking/savings? I've just started on this (only completed one bank bonus, the Monifi) but it worked by transferring from my online savings, definitely not a "direct deposit".
I'm doing the US Bank checking now, I think it's $400 for $5k in total deposits.
Doctor of Credit has a list of data points of what folks have found that triggers the direct deposit. Never know til you try.
Some banks are starting to crack down on ACH transfers from other banks. A payroll processer would alleviate this. I've considered this as well.
Post by: kpd905 on September 02, 2021, 05:32:06 AM
OK, I'm starting to think I should sign up with a payroll processor so I can get these direct deposit deals. OnPay is like $40/mo for one employee and there are a few other in similar price range.
After listening to The Daily Churn podcast, I think the best option here would be to use Square for $5/month. He goes into details in this episode: https://thedailychurnpodcast.com/ep-3-square-gusto/
Post by: dragoncar on September 02, 2021, 06:04:50 PM
OK, I'm starting to think I should sign up with a payroll processor so I can get these direct deposit deals. OnPay is like $40/mo for one employee and there are a few other in similar price range.
After listening to The Daily Churn podcast, I think the best option here would be to use Square for $5/month. He goes into details in this episode: https://thedailychurnpodcast.com/ep-3-square-gusto/
When I looked square was also $35/mon plus $5/employee
Yeah I’m not willing to send a bank tens of thousands of dollars for months on the off chance an ACH push will satisfy their requirements. Data points are good but most deals I checked won’t work for me
Post by: kpd905 on September 02, 2021, 08:28:35 PM
When I looked square was also $35/mon plus $5/employee
I think you use Contractor payroll, which is listed as $5 per contractor per month.
Post by: sonofsven on September 02, 2021, 08:59:42 PM
When I looked square was also $35/mon plus $5/employee
I think you use Contractor payroll, which is listed as $5 per contractor per month.
I'll definitely check that out if my next try fails, thanks.
Post by: elysianfields on October 06, 2021, 05:04:10 AM
I'm currently acting on a $150 email offer from CapitalOne: Steps: 1) Open a CapitalOne360 with promo code: Bonus150; 2) Make two $250 direct deposits within 75 days of opening; 3) Receive $150.
Received my CapitalOne bonus yesterday. Waiting on US Bank - had to do a transfer from CapitalOne to meet the DD deadline, we'll see if it works.
Monifi is next for $250.
Whenever I read someone talking about "two-player mode" here, I think of the Doritos commercial, "Boys Night In" (https://www.youtube.com/watch?v=Y7Q7pYyaibs)... "single player, or multi-player?" heh.
Post by: getmoneyeatpizza on October 12, 2021, 08:07:40 PM
Thanks for any tips
Post by: secondcor521 on October 12, 2021, 09:52:18 PM
My employer just updated a system and we can now change the direct deposit info ourselves. So now I'm thinking I should play. Any recommended order? Or easy ones to knock out?
Thanks for any tips
Easiest thing is to head over to Doctor of Credit, look at his list of best bank bonuses, and pick the ones that work for you. Read comments at the bottom to find out if people have problems getting paid or whatever.
Post by: bacchi on October 15, 2021, 06:51:12 PM
Post by: sonofsven on October 15, 2021, 10:52:28 PM
I did two transfers from a Discover savings account, which worked fine even though according to the fine print it has to be a direct deposit from an employer.
It took about five weeks after I met the requirements for the bonus to post.
Post by: elysianfields on October 16, 2021, 05:59:44 AM
I received the $400 bonus from US Bank (open checking account, deposit $5k).
I did two transfers from a Discover savings account, which worked fine even though according to the fine print it has to be a direct deposit from an employer.
It took about five weeks after I met the requirements for the bonus to post.
Thanks for the data point, I was wondering when to expect the bonus to post.
Post by: billy on October 16, 2021, 06:24:09 AM
Post by: MasterStache on October 16, 2021, 07:02:31 AM
My wife applied for Citi premier mastercard 2 weeks ago, and was denied due to too mush unutilized available credit and length of credit card history, about a week ago she called reconsider line for manual review, but have not heard back. Se currently has 9 open CC, 1 is from 2007, but there are 4 from this year and 4 from last year, none with annual fee. So should she close like 7 CC of the more recent ones?
Maybe you have too much available credit and they don't want to extend you more? Speaking with a CSR might clear this up a bit better. Not necessary to close down all 7 cards. You can even lower credit limits as well.
Post by: billy on October 16, 2021, 09:01:30 AM
Post by: MasterStache on October 16, 2021, 09:47:21 AM
a lot of her cards are Chase, if end up keeping the cards open just lower the limit are you still eligible to open the same card up again and having two of them, after waiting the period of time and getting the bonus again if you already have the card open?
You used to be able to open multiples of the same business card, but that loophole has since been closed (I think). I don't think anyone has multiples of the same personal card. I know with the Sapphire card you have to wait 4 years from approval until you can apply for the same card again. Then of course there is the 5/24 rule. If you open a Citi card that will put you at 9/24. You'll be waiting until 2023 to fall back below 5/24 to open Chase cards again assuming you don't open anymore cards that count against you until then.
Post by: bacchi on October 16, 2021, 11:21:53 AM
My wife applied for Citi premier mastercard 2 weeks ago, and was denied due to too mush unutilized available credit and length of credit card history, about a week ago she called reconsider line for manual review, but have not heard back. Se currently has 9 open CC, 1 is from 2007, but there are 4 from this year and 4 from last year, none with annual fee. So should she close like 7 CC of the more recent ones?
My Citi denial was due to "too much available credit" as well. Anyone who has more than a few cards will get this and, reading the doctor comments, calling the recon line isn't helpful.
The only multiple business cards I have now are through BoA.
Post by: billy on October 16, 2021, 03:30:42 PM
My wife applied for Citi premier mastercard 2 weeks ago, and was denied due to too mush unutilized available credit and length of credit card history, about a week ago she called reconsider line for manual review, but have not heard back. Se currently has 9 open CC, 1 is from 2007, but there are 4 from this year and 4 from last year, none with annual fee. So should she close like 7 CC of the more recent ones?
My Citi denial was due to "too much available credit" as well. Anyone who has more than a few cards will get this and, reading the doctor comments, calling the recon line isn't helpful.
The only multiple business cards I have now are through BoA.
Very good info thank you. I think these bank as wising up to the churning, I won't hold my breath with Citi then. I was able to get US Bank to reconsider a denial for me, they didn't ask for reasons just said they will have it manually reviewed. She also got approved for a US Bank CC but with a $500 limit, has anyone tried making a $2,000 payment to increase credit limit, so I can make a $2,500 purchase? Since we both got a CC, I went ahead and closed a bunch of CC and just keep 3 open each.
Post by: Morning Glory on October 16, 2021, 04:54:39 PM
Post by: MasterStache on October 18, 2021, 06:35:48 AM
My wife applied for Citi premier mastercard 2 weeks ago, and was denied due to too mush unutilized available credit and length of credit card history, about a week ago she called reconsider line for manual review, but have not heard back. Se currently has 9 open CC, 1 is from 2007, but there are 4 from this year and 4 from last year, none with annual fee. So should she close like 7 CC of the more recent ones?
My Citi denial was due to "too much available credit" as well. Anyone who has more than a few cards will get this and, reading the doctor comments, calling the recon line isn't helpful.
The only multiple business cards I have now are through BoA.
Very good info thank you. I think these bank as wising up to the churning, I won't hold my breath with Citi then. I was able to get US Bank to reconsider a denial for me, they didn't ask for reasons just said they will have it manually reviewed. She also got approved for a US Bank CC but with a $500 limit, has anyone tried making a $2,000 payment to increase credit limit, so I can make a $2,500 purchase? Since we both got a CC, I went ahead and closed a bunch of CC and just keep 3 open each.
CC companies started wising up years ago. It's only gotten more difficult. I started churning around 2015 (much later than others) and enjoyed a couple years of little restrictions. Since then it's been tough sledding. I focus more on bank accounts and tradelines now. I'll open a 2-3 cards every year now mostly to try and offset whatever travel plans we have for that year. In 2 player mode that's still 4-6 new cards each year. I still prefer Chase UR points.
Post by: jim555 on October 25, 2021, 07:48:43 PM
Post by: sonofsven on October 30, 2021, 12:29:33 PM
I did it last night and am still waiting for the bitcoin reward. You can convert it back to cash but have to wait 14 days to move it out of Voyager.
Just search -voyager- at DoC.
Post by: tj on October 30, 2021, 03:59:00 PM
Post by: Michael in ABQ on October 30, 2021, 05:19:14 PM
Easy $100 on Doctor of Credit, but you need to do it today: sign up for the Voyager app (some sort of crypto trading app) with a special code and deposit $100, make a trade of at least $10, get $100 of bitcoin.
I did it last night and am still waiting for the bitcoin reward. You can convert it back to cash but have to wait 14 days to move it out of Voyager.
Just search -voyager- at DoC.
Thanks. I gave it a shot. I had a couple hundred bucks sitting in an old bank account so I just bought 0.004 BTC with it. Hopefully the $100 worth of BTC comes through.
Post by: sonofsven on November 03, 2021, 07:20:21 AM
Easy $100 on Doctor of Credit, but you need to do it today: sign up for the Voyager app (some sort of crypto trading app) with a special code and deposit $100, make a trade of at least $10, get $100 of bitcoin.It took a few days but the $100 bitcoin bonus showed. I just left it in Bitcoin since I have to wait two weeks to transfer it out, up $3.40 woohoo I'm making that crypto money ;-)
I did it last night and am still waiting for the bitcoin reward. You can convert it back to cash but have to wait 14 days to move it out of Voyager.
Just search -voyager- at DoC.
Post by: Michael in ABQ on November 03, 2021, 02:50:39 PM
Easy $100 on Doctor of Credit, but you need to do it today: sign up for the Voyager app (some sort of crypto trading app) with a special code and deposit $100, make a trade of at least $10, get $100 of bitcoin.
I did it last night and am still waiting for the bitcoin reward. You can convert it back to cash but have to wait 14 days to move it out of Voyager.
Just search -voyager- at DoC.
Thanks. I gave it a shot. I had a couple hundred bucks sitting in an old bank account so I just bought 0.004 BTC with it. Hopefully the $100 worth of BTC comes through.
Mine showed up a day later and has gained a few dollars since then. I guess I'll be diversified with 0.1% of my portfolio in BTC. If it goes up to $100,000 then it will be 0.2% of my portfolio!
Post by: sonofsven on November 05, 2021, 06:45:52 AM
Details and promo link at DOC.
Post by: Rusted Rose on November 06, 2021, 09:10:10 PM
Another really easy one from Fidelity, open a new account (I chose cash management, aka checking), deposit $50, receive$100 bonus.
Details and promo link at DOC.
Thanks for posting this. Free money is fab.
Post by: elysianfields on November 06, 2021, 11:00:03 PM
I received the $400 bonus from US Bank (open checking account, deposit $5k).
I did two transfers from a Discover savings account, which worked fine even though according to the fine print it has to be a direct deposit from an employer.
It took about five weeks after I met the requirements for the bonus to post.
Thanks for the data point, I was wondering when to expect the bonus to post.
Update: Just received the $400 from US Bank. That offer's expired but they often re-run it.
Still working Monifi $250 and also the Fidelity $100 others have mentioned, watching DoC for more.
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.
Post by: tj on November 07, 2021, 10:02:29 AM
Post by: sonofsven on November 08, 2021, 09:24:23 AM
I did the 12,000 SB ($120) for Varo. Transfer $26 in, Super easy. I've already scheduled the $26 to go back to my bank account and will eventually close the Varo.
Did the Varo, thanks. There's so many offers on DoC, I missed this one.
Post by: sonofsven on November 08, 2021, 09:26:36 AM
I received the $400 bonus from US Bank (open checking account, deposit $5k).
I did two transfers from a Discover savings account, which worked fine even though according to the fine print it has to be a direct deposit from an employer.
It took about five weeks after I met the requirements for the bonus to post.
Thanks for the data point, I was wondering when to expect the bonus to post.
Update: Just received the $400 from US Bank. That offer's expired but they often re-run it.
Still working Monifi $250 and also the Fidelity $100 others have mentioned, watching DoC for more.
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.
I think the US Bank $400 is on again, and there's a new $300 US Bank business checking offer (for $3000 deposit).
So much free money.
Post by: MasterStache on November 09, 2021, 05:35:57 AM
I received the $400 bonus from US Bank (open checking account, deposit $5k).
I did two transfers from a Discover savings account, which worked fine even though according to the fine print it has to be a direct deposit from an employer.
It took about five weeks after I met the requirements for the bonus to post.
Thanks for the data point, I was wondering when to expect the bonus to post.
Update: Just received the $400 from US Bank. That offer's expired but they often re-run it.
Still working Monifi $250 and also the Fidelity $100 others have mentioned, watching DoC for more.
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.
Post by: sonofsven on November 10, 2021, 08:25:08 AM
I got a mailer for $400 bonus for $1000 DD at Wells Fargo, in branch only. My little town has a WF, I'll keep my hand on my wallet in there!
Post by: elysianfields on November 13, 2021, 10:36:47 AM
Another really easy one from DoC: open a TradeStation account with $500, get $150 bonus.
I got a mailer for $400 bonus for $1000 DD at Wells Fargo, in branch only. My little town has a WF, I'll keep my hand on my wallet in there!
Thanks for the tip @sonofsven , already on it.
Post by: kpd905 on December 14, 2021, 05:31:31 PM
In 2 player mode, we are at $6230 from bank bonuses right now. We might end up at $7330 if our two Tastyworks Brokerage bonuses post their $500 bonuses (plus $100 referral bonus) quickly. Pretty solid year, even though I felt like I couldn't do most bonuses for the big banks because of all of their new churning rules.
Post by: MasterStache on December 15, 2021, 06:01:52 AM
Just wondering what others are looking at for earnings this year.
In 2 player mode, we are at $6230 from bank bonuses right now. We might end up at $7330 if our two Tastyworks Brokerage bonuses post their $500 bonuses (plus $100 referral bonus) quickly. Pretty solid year, even though I felt like I couldn't do most bonuses for the big banks because of all of their new churning rules.
Still have a few pending bonuses but will probably end the year around $9500 in 2 player mode. Not sure I captured everything though as a couple banks were done through Swagbucks and MyPoints. I will admit about $1K of that was referrals. I don't feel as though I did very many big bonuses. Lots of smaller bonuses.
Post by: samanil on December 15, 2021, 06:54:31 PM
Post by: samanil on December 15, 2021, 07:24:14 PM
I think the US Bank $400 is on again, and there's a new $300 US Bank business checking offer (for $3000 deposit).
So much free money.
Thanks for the heads up, just opened the biz checking account. CHA CHING!
Post by: sonofsven on January 13, 2022, 07:52:51 AM
Hard pull on credit, applied Friday, approved Monday, funded Wednesday.
I'll pay the $5k back today, should be about $5 interest. For $599 bonus. (insert exploding head emoji)
Post by: BikeFanatic on January 13, 2022, 08:11:15 AM
Post by: sonofsven on January 13, 2022, 08:24:20 AM
It didn't show up on the app for me when it first popped up on DoC but I opened a Sofi email a few days later and the bonus offer was there.
Post by: DadJokes on January 13, 2022, 11:34:12 AM
The SoFi personal loan bonus is back, $599 bonus for taking out a personal loan. I did a $5k loan, bonus posted to my Sofi money account before the $5k reached my linked savings account.
Hard pull on credit, applied Friday, approved Monday, funded Wednesday.
I'll pay the $5k back today, should be about $5 interest. For $599 bonus. (insert exploding head emoji)
Heck yeah! I checked my SoFi app (opened an account in 2020 for a different bonus) and can hopefully get this bonus for both me and the wife. I don't love the credit pull, but $600 is better than most credit card bonuses.
Thanks!
Post by: sonofsven on January 14, 2022, 10:49:11 AM
The SoFi personal loan bonus is back, $599 bonus for taking out a personal loan. I did a $5k loan, bonus posted to my Sofi money account before the $5k reached my linked savings account.
Hard pull on credit, applied Friday, approved Monday, funded Wednesday.
I'll pay the $5k back today, should be about $5 interest. For $599 bonus. (insert exploding head emoji)
I procrastinated a bit so my payoff amount is $5007.xx, scheduled for payoff tomorrow.
The bonus posted to a sofi money account I opened at the same time. Sending a direct deposit of $1001 into it for another $100 bonus.
Post by: DadJokes on January 14, 2022, 11:56:52 AM
The SoFi personal loan bonus is back, $599 bonus for taking out a personal loan. I did a $5k loan, bonus posted to my Sofi money account before the $5k reached my linked savings account.
Hard pull on credit, applied Friday, approved Monday, funded Wednesday.
I'll pay the $5k back today, should be about $5 interest. For $599 bonus. (insert exploding head emoji)
Heck yeah! I checked my SoFi app (opened an account in 2020 for a different bonus) and can hopefully get this bonus for both me and the wife. I don't love the credit pull, but $600 is better than most credit card bonuses.
Thanks!
I saw the popup initially but tapped away from it to verify which account I was logged in to. Now I can't get the offer to come back up. Boo.
Post by: sonofsven on January 14, 2022, 12:47:31 PM
The SoFi personal loan bonus is back, $599 bonus for taking out a personal loan. I did a $5k loan, bonus posted to my Sofi money account before the $5k reached my linked savings account.
Hard pull on credit, applied Friday, approved Monday, funded Wednesday.
I'll pay the $5k back today, should be about $5 interest. For $599 bonus. (insert exploding head emoji)
Heck yeah! I checked my SoFi app (opened an account in 2020 for a different bonus) and can hopefully get this bonus for both me and the wife. I don't love the credit pull, but $600 is better than most credit card bonuses.
Thanks!
I saw the popup initially but tapped away from it to verify which account I was logged in to. Now I can't get the offer to come back up. Boo.
Check your emails in the next two or three days, that's when my offer showed up,
Post by: katsiki on January 17, 2022, 02:11:15 PM
I opened from the email. It funded quick and was easy. No bonus yet though which has me wondering. I was not prompted and did not open a "Money" account. I am hoping that isn't a requirement. (It is not listed in the emailed terms).
Anyone have any insight on this by chance?
Post by: sonofsven on January 18, 2022, 06:29:32 AM
FYI, Sofi personal loan was targeted and then went public. Doctor of Credit has a post. It has now expired.I already had the Money acct from a previous churn, so I don't know.
I opened from the email. It funded quick and was easy. No bonus yet though which has me wondering. I was not prompted and did not open a "Money" account. I am hoping that isn't a requirement. (It is not listed in the emailed terms).
Anyone have any insight on this by chance?
If you do open the Money acct there is a dd bonus and I think a sign up/referral bonus.
Post by: katsiki on January 19, 2022, 12:52:04 PM
FYI, Sofi personal loan was targeted and then went public. Doctor of Credit has a post. It has now expired.I already had the Money acct from a previous churn, so I don't know.
I opened from the email. It funded quick and was easy. No bonus yet though which has me wondering. I was not prompted and did not open a "Money" account. I am hoping that isn't a requirement. (It is not listed in the emailed terms).
Anyone have any insight on this by chance?
If you do open the Money acct there is a dd bonus and I think a sign up/referral bonus.
Thanks for the reply. I'm going to give it a few days and see what happens, then go from there.
Post by: jim555 on January 22, 2022, 08:57:48 AM
Post by: tj on January 22, 2022, 09:36:11 AM
Citibank just sent me a new one. Up to $14,999 - $200, $15,000 to $49,999 - $400, $50,000 to $199,999 - $700, $200,000 and above $1,500. They haven't wised up that I do these and immediately close the account. Rinse and repeat.
Yeah they sent me this too. Who knows how many I have done. I'm surprised I am already eligible again.
Post by: zoochadookdook on January 22, 2022, 01:22:55 PM
And the southwest premier 80k bonus@5k (already applied for the personal 40k sw card -gunning for the companion pass end of February)
past these I'm all chased out for a while - may start looking at other banking bonuses in the meantime
Post by: katsiki on January 22, 2022, 01:26:46 PM
Citibank just sent me a new one. Up to $14,999 - $200, $15,000 to $49,999 - $400, $50,000 to $199,999 - $700, $200,000 and above $1,500. They haven't wised up that I do these and immediately close the account. Rinse and repeat.
Yeah they sent me this too. Who knows how many I have done. I'm surprised I am already eligible again.
I have not done this one before... Any tips?
I just started one for me. Happily surprised to see wife got the same offer and hers is good until sometime in July.
Post by: samanil on January 22, 2022, 02:14:41 PM
Citibank just sent me a new one. Up to $14,999 - $200, $15,000 to $49,999 - $400, $50,000 to $199,999 - $700, $200,000 and above $1,500. They haven't wised up that I do these and immediately close the account. Rinse and repeat.
I'm waiting on a 500 brokerage bonus from citi. Do you close all your accounts, but they still send you emails? Or you do you keep something open?
Post by: jim555 on January 22, 2022, 03:24:31 PM
I close the bank account totally.Citibank just sent me a new one. Up to $14,999 - $200, $15,000 to $49,999 - $400, $50,000 to $199,999 - $700, $200,000 and above $1,500. They haven't wised up that I do these and immediately close the account. Rinse and repeat.
I'm waiting on a 500 brokerage bonus from citi. Do you close all your accounts, but they still send you emails? Or you do you keep something open?
Post by: tj on January 22, 2022, 04:43:36 PM
Citibank just sent me a new one. Up to $14,999 - $200, $15,000 to $49,999 - $400, $50,000 to $199,999 - $700, $200,000 and above $1,500. They haven't wised up that I do these and immediately close the account. Rinse and repeat.
Yeah they sent me this too. Who knows how many I have done. I'm surprised I am already eligible again.
I have not done this one before... Any tips?
I just started one for me. Happily surprised to see wife got the same offer and hers is good until sometime in July.
Citi is a pain. Last time I had to get CFPB involved. I'm not going to bite.
Post by: elysianfields on January 25, 2022, 10:26:49 AM
FYI, Sofi personal loan was targeted and then went public. Doctor of Credit has a post. It has now expired.I already had the Money acct from a previous churn, so I don't know.
I opened from the email. It funded quick and was easy. No bonus yet though which has me wondering. I was not prompted and did not open a "Money" account. I am hoping that isn't a requirement. (It is not listed in the emailed terms).
Anyone have any insight on this by chance?
If you do open the Money acct there is a dd bonus and I think a sign up/referral bonus.
Wow, I take a few days off from this thread and you all keep finding good bonuses, thanks for being my eyes and ears!
On another angle, and I’m not sure whether it’s worth it in time & effort, and whenever I go for a new bank bonus, I always add a connection to my Capital One account. C1 always does the test deposits, but never pulls them back. That gets me wondering… does it make sense to keep adding / removing external bank accounts from C1 (I seem to be limited to three) to cash in the test deposits? If I changed two a day, 250 business days a year, averaging $0.50 (probably less) per connection…
I do like C1 - they accept my USG paycheck two days before payday pretty consistently - so I wouldn’t want to get into hot water over such a small amount. I suppose I’ll take the 50 cents here and there when I go for bank bonuses.
Post by: Dee_the_third on January 28, 2022, 06:57:04 AM
Post by: jim555 on January 28, 2022, 09:43:05 AM
My advice, read the fine print very carefully. It is like a mine field, they will try to trip you up on purpose.I have not done this one before... Any tips?Citibank just sent me a new one. Up to $14,999 - $200, $15,000 to $49,999 - $400, $50,000 to $199,999 - $700, $200,000 and above $1,500. They haven't wised up that I do these and immediately close the account. Rinse and repeat.
Yeah they sent me this too. Who knows how many I have done. I'm surprised I am already eligible again.
I just started one for me. Happily surprised to see wife got the same offer and hers is good until sometime in July.
Post by: solon on January 28, 2022, 09:51:12 AM
Does anybody have a SoFi money referal link for me?
Happy to oblige
https://sofi.app.link/4jToGEvRbnb
Post by: Dee_the_third on January 28, 2022, 10:58:11 AM
Post by: katsiki on January 31, 2022, 08:07:11 PM
My advice, read the fine print very carefully. It is like a mine field, they will try to trip you up on purpose.I have not done this one before... Any tips?Citibank just sent me a new one. Up to $14,999 - $200, $15,000 to $49,999 - $400, $50,000 to $199,999 - $700, $200,000 and above $1,500. They haven't wised up that I do these and immediately close the account. Rinse and repeat.
Yeah they sent me this too. Who knows how many I have done. I'm surprised I am already eligible again.
I just started one for me. Happily surprised to see wife got the same offer and hers is good until sometime in July.
Thanks Jim! Will do. It didn't seem too bad but I will read it again.
Post by: elysianfields on February 01, 2022, 12:53:34 AM
My advice, read the fine print very carefully. It is like a mine field, they will try to trip you up on purpose.I have not done this one before... Any tips?Citibank just sent me a new one. Up to $14,999 - $200, $15,000 to $49,999 - $400, $50,000 to $199,999 - $700, $200,000 and above $1,500. They haven't wised up that I do these and immediately close the account. Rinse and repeat.
Yeah they sent me this too. Who knows how many I have done. I'm surprised I am already eligible again.
I just started one for me. Happily surprised to see wife got the same offer and hers is good until sometime in July.
Thanks Jim! Will do. It didn't seem too bad but I will read it again.
Could someone please lend me $200k interest-free for 60 days? TIA.
Post by: MasterStache on February 03, 2022, 05:58:07 AM
Post by: Morning Glory on February 03, 2022, 01:47:28 PM
No Huntington near me, I'll have to do citi again unless there is something better that doesn't require dds.
Post by: okisok on February 03, 2022, 06:30:48 PM
I haven't tried churning yet, but this thread makes me want to try.
Post by: Rusted Rose on February 03, 2022, 06:55:28 PM
I haven't tried churning yet, but this thread makes me want to try.
I think it gets us all in the end. Bank and CC. It's pretty fun when it works!
I wonder about things like ibotta -- don't most shopping and coupon systems focus on brand-name things and lots of processed stuff? I almost never buy any of that. Same reason I ignore the coupon printouts at the store.
Post by: Morning Glory on February 03, 2022, 07:51:50 PM
I haven't tried churning yet, but this thread makes me want to try.
I think it gets us all in the end. Bank and CC. It's pretty fun when it works!
I wonder about things like ibotta -- don't most shopping and coupon systems focus on brand-name things and lots of processed stuff? I almost never buy any of that. Same reason I ignore the coupon printouts at the store.
We were heavily into that a few years ago and donated a ton of stuff to the local food bank, mostly personal care products like toothpaste and razors, all free or "make money ". We're more selective now because of space constraints, and the deals aren't as good since covid. I remember getting 40 boxes of cereal free one time (I had another family staying with me so I was feeding eight people).
Post by: BikeFanatic on February 04, 2022, 05:43:46 AM
That program was too much work for me and I may have made 45$ But the effort was high, like the learning curve, and then I just did not like the products they offered. Many of the discounts did not apply to me as I do not buy brand name anything, but they had Many great discounts on alcohol, stuff for kids, things I don’t use.
If you like shopping and go a lot and purchase the right products ibotta can be great, there is a learning curve though. Some of us see these things as a game and enjoy playing to win. Bank bonuses are great but you do have to pay taxes and you do have to
Close accounts. Personally my favorite is the credit card bonuses no taxes and very easy thought I have run out of credit cards to apply for.
Post by: Rusted Rose on February 04, 2022, 06:15:46 AM
donated a ton of stuff to the local food bank, mostly personal care products like toothpaste and razors, all free or "make money ". We're more selective now because of space constraints, and the deals aren't as good since covid. I remember getting 40 boxes of cereal free one time (I had another family staying with me so I was feeding eight people).
Interesting, OK! And good point about donation. Too bad the deals have been reduced.
Post by: Rusted Rose on February 04, 2022, 06:19:03 AM
great discounts on alcohol
This too is interesting. Since it's usually excluded from most discounting (isn't it?), it wouldn't have crossed my mind as an option.
Post by: Morning Glory on February 04, 2022, 06:52:19 AM
My husband would figure out most of the deals when he was home with the kids. It just takes a good working memory to notice when the same product is on two different apps. A lot of the products are dumb processed stuff but I've gotten canned beans, meat, cheese, beer, diapers, frozen vegetables, fancy shampoo etc. cheaper than store brand or even free by using rebates.
Looks like I've also gotten $760 from checkout 51 and $176 from shop kick and $350 in Amazon gift cards from fetch rewards. Plus I don't know how much from direct manufacturer rebates and fuel points etc.. Husband's ibotta is at $5445, I didn't check his other apps.
@Rusted Rose I don't know if there are actually fewer deals out there or if we are just not looking for them as often.
@BikeFanatic Yep a lot of liquor stores have mail.in rebates on the products that you can stack with cash back apps. They just don't allow coupons at point of sale. DOC posts these deals sometimes.
Post by: Rusted Rose on February 04, 2022, 07:00:58 AM
Yes, it's a game and it can be time consuming but it can be useful if you don't normally spend enough to make a credit card bonus. For example if you are at the store anyway and disposable razors are $5 and you get $6 back each and there's a limit ten, the moneymaker covers your sales tax and maybe offsets some of your other groceries, you grt an extra $50 of spend towards your cc bonus, and the food bank / homeless shelter/ broke relatives get some razors.
My husband would figure out most of the deals when he was home with the kids. It just takes a good working memory to notice when the same product is on two different apps. A lot of the products are dumb processed stuff but I've gotten canned beans, meat, cheese, beer, diapers, frozen vegetables, fancy shampoo etc. cheaper than store brand or even free by using rebates.
Looks like I've also gotten $760 from checkout 51 and $176 from shop kick and $350 in Amazon gift cards from fetch rewards. Plus I don't know how much from direct manufacturer rebates and fuel points etc.. Husband's ibotta is at $5445, I didn't check his other apps.
Yep a lot of liquor stores have mail.in rebates on the products that you can stack with cash back apps. They just don't allow coupons at point of sale. DOC posts these deals sometimes.
You've done nicely! Interesting, thanks for the info.
Didn't know it paid so well to hang out at liquor stores. These days I've been sticking with the occasional wine and I just get that with groceries. Hmm!
Post by: MasterStache on February 04, 2022, 08:30:51 AM
5K on Ibotta? I don’t know how you did that but great job!
That program was too much work for me and I may have made 45$ But the effort was high, like the learning curve, and then I just did not like the products they offered. Many of the discounts did not apply to me as I do not buy brand name anything, but they had Many great discounts on alcohol, stuff for kids, things I don’t use.
If you like shopping and go a lot and purchase the right products ibotta can be great, there is a learning curve though. Some of us see these things as a game and enjoy playing to win. Bank bonuses are great but you do have to pay taxes and you do have to
Close accounts. Personally my favorite is the credit card bonuses no taxes and very easy thought I have run out of credit cards to apply for.
I kind of felt the same way. Between juggling tradelines, bank bonuses, CC SUBs etc., Ibotta just seemed like too much work for very little payout. Nice to see someone got good use out of it though.
Post by: jim555 on March 09, 2022, 07:44:37 AM
Live Oak $200 on $25K is a new one.
Post by: katsiki on March 09, 2022, 09:48:28 AM
FYI, Sofi personal loan was targeted and then went public. Doctor of Credit has a post. It has now expired.I already had the Money acct from a previous churn, so I don't know.
I opened from the email. It funded quick and was easy. No bonus yet though which has me wondering. I was not prompted and did not open a "Money" account. I am hoping that isn't a requirement. (It is not listed in the emailed terms).
Anyone have any insight on this by chance?
If you do open the Money acct there is a dd bonus and I think a sign up/referral bonus.
Thanks for the reply. I'm going to give it a few days and see what happens, then go from there.
In case this helps anyone else..
I did an online chat with Sofi and got confirmation that the bonus will be paid within 30 days. Had to jump through a couple of hoops and spend 30 minutes in online chat with 3 reps (!!) but it is on its way now. Worth it for $599!
EDIT: Got the funds as promised.
Post by: jim555 on March 23, 2022, 01:33:00 PM
Post by: solon on March 23, 2022, 01:37:35 PM
Just got a bonus for trying to transfer my IRA to another firm. They ask me why I'm moving, I told them bonus. They matched the bonus and I got a bonus for doing nothing now.
#likeaboss
Post by: DadJokes on March 28, 2022, 06:56:13 AM
Just got a bonus for trying to transfer my IRA to another firm. They ask me why I'm moving, I told them bonus. They matched the bonus and I got a bonus for doing nothing now.
That's amazing. Who's the current custodian that matched the bonus?
Post by: CCHQ on March 29, 2022, 10:10:21 AM
Post by: kpd905 on March 29, 2022, 05:35:12 PM
Monifi just cut me off. It was my fifth account this year, and my second with them (using my wife's info). Guess they got wise to the scheme. Oh well, on to the next one. I've bagged $1,500 so far this year.
Wait, so you opened five accounts with Monifi? Or just five total bank accounts this year?
I finally got approved by Monifi after two or three rejected applications. So far I have received $25 for putting $50 toward a "Savings Goal", and should get the other $250 in a month or so.
Post by: samanil on March 30, 2022, 06:19:29 PM
Just got a bonus for trying to transfer my IRA to another firm. They ask me why I'm moving, I told them bonus. They matched the bonus and I got a bonus for doing nothing now.
Lol nice, I'm also curious who matched the bonus. I've gotten dinged with a $75 transfer fee for moving 50k of stock out of both Chase and Citi (but still profited off bonus). Would prefer a match for doing nothing :)
Post by: kpd905 on March 31, 2022, 05:06:58 AM
Lol nice, I'm also curious who matched the bonus. I've gotten dinged with a $75 transfer fee for moving 50k of stock out of both Chase and Citi (but still profited off bonus). Would prefer a match for doing nothing :)
Where did you transfer to? Many times the new brokerage will reimburse the account closure fee.
Post by: sonofsven on March 31, 2022, 09:31:53 AM
I took a little break the last two months but I'm ready to jump back into the fun.
Two that didn't pay off for me were Sofi money account and Chase checking account. Not sure why, I'll have to go back and check the terms.
I did a bunch of cleanup work, sending various bonuses back to the mothership (discover savings acct), now I need to go through and close the respective accounts.
And, monifi, wth? I'll try opening another account!
I also need a new cell provider as three bonus attempts failed due to Republic Wireless being a VOIP service. Apparently it's considered sketchy (by the banks) because it's pre-paid for service instead of post paid.
Post by: chasesfish on March 31, 2022, 03:32:29 PM
Post by: katsiki on April 01, 2022, 08:47:44 AM
Post by: elysianfields on April 02, 2022, 04:44:13 AM
Lol nice, I'm also curious who matched the bonus. I've gotten dinged with a $75 transfer fee for moving 50k of stock out of both Chase and Citi (but still profited off bonus). Would prefer a match for doing nothing :)
Where did you transfer to? Many times the new brokerage will reimburse the account closure fee.
@kpd905 @samanil Indeed, Charles Schwab and Fidelity both reimbursed me for account closure fees. I suppose with zero-commission trading E*Trade and TDAmeritrade both need to make their money somehow (though Morgan Stanley bought the former and Schwab bought the latter).
Post by: elysianfields on April 02, 2022, 04:45:47 AM
I also need a new cell provider as three bonus attempts failed due to Republic Wireless being a VOIP service. Apparently it's considered sketchy (by the banks) because it's pre-paid for service instead of post paid.
Since we’re overseas we use Google Voice for the win. Most banks will work with GV even if it’s a VoIP service. Plus GV is free.
Post by: MasterStache on April 02, 2022, 07:21:41 AM
Monifi just cut me off. It was my fifth account this year, and my second with them (using my wife's info). Guess they got wise to the scheme. Oh well, on to the next one. I've bagged $1,500 so far this year.
Wait, so you opened five accounts with Monifi? Or just five total bank accounts this year?
I finally got approved by Monifi after two or three rejected applications. So far I have received $25 for putting $50 toward a "Savings Goal", and should get the other $250 in a month or so.
I'm curious as well as churning Monifi doesn't seem possible (I know, I tried).
Post by: DadJokes on April 02, 2022, 07:42:55 AM
Next frontier for churning?
I generally detest sports gambling, but I certainly wouldn't be opposed to milking $7k out of those companies.
Post by: sonofsven on April 02, 2022, 11:12:16 AM
https://www.bloomberg.com/news/features/2022-03-30/sports-betting-app-promos-make-bettors-look-for-new-edgeLet us know if you do it, I'm in. I've been to Vegas twice and never gambled a cent so I know I won't be tempted by any sports gambling.
Next frontier for churning?
I generally detest sports gambling, but I certainly wouldn't be opposed to milking $7k out of those companies.
Post by: Paul der Krake on April 02, 2022, 02:37:27 PM
Post by: secondcor521 on April 02, 2022, 03:26:04 PM
https://www.bloomberg.com/news/features/2022-03-30/sports-betting-app-promos-make-bettors-look-for-new-edge
Next frontier for churning?
I generally detest sports gambling, but I certainly wouldn't be opposed to milking $7k out of those companies.
Taxes kill the deal IMHO.
You make $5000 on the winning bet, lose $4000 on the losing matched bet. $1000 "profit", but 25% taxes on the $5000 means you pay $1250 to the IRS, so a net loss of $250 if the $4000 itemized deduction loss is below your standard deduction.
Unless you go big.
If you're MFJ and somehow could win $50,000 and lose $40,000, then you have $10K profit, $12,500 in taxes, and essentially a $40,000 - $25,000 = $15,000 itemized deduction benefit, which at that same 25% is equal to a $3,750 credit. Net benefit of $10K - $12.5K = -$2.5K + $3,750 = $1,250 bottom line on $50K bet. That's a 2.5% ROI.
Or perhaps decide to claim to be a professional gambler.
I don't know exactly how the taxes work in that situation, but I think you can just net your wins and losses, so in the previous $50K example you'd have a net profit of $10K, taxes of $2.5K, so a $7.5K bottom line. Unless you have to pay SE taxes; that would be another 15% or so, so $1.5K, so a $6K net or 12% ROI. Perhaps you could deduct expenses too - travel to the casino, hotel/meals while gambling?
I think I'll pass. The work and risk to go big is more than I'm interested in currently. Interesting idea though.
Post by: therethere on April 04, 2022, 07:55:01 AM
Post by: sonofsven on April 04, 2022, 08:41:58 AM
Post by: DadJokes on April 04, 2022, 03:01:52 PM
Post by: samanil on April 09, 2022, 02:52:06 PM
Lol nice, I'm also curious who matched the bonus. I've gotten dinged with a $75 transfer fee for moving 50k of stock out of both Chase and Citi (but still profited off bonus). Would prefer a match for doing nothing :)
Where did you transfer to? Many times the new brokerage will reimburse the account closure fee.
I went from Chase to Citi, and followed up with Citi several times to try to get the fee waived, didn't happen. Then I just went from Citi to Interactive brokers and got hit with another fee. I haven't tried to follow up but thanks for the reminder, I'll see if they will waive the fee.
Post by: SpaceCow on April 11, 2022, 11:20:30 AM
Another really easy one from Fidelity, open a new account (I chose cash management, aka checking), deposit $50, receive$100 bonus.
Details and promo link at DOC.
This one is back. Took advantage of it today. $100 for 15 minutes of effort.
Post by: okisok on April 12, 2022, 07:12:12 PM
Edited: Not chase, capital one
Post by: tj on April 12, 2022, 10:14:24 PM
I got my payout from Chase's Savor card. Spent $500 in under 3 months, got a $200 reward. Promptly used it to pay off the card.
I assume you mean Capitalone.
Post by: netloc on April 13, 2022, 06:51:01 AM
I had seen this thread pop up a time or two and was intrigued but was busy with life and kept saying "maybe someday."
Anyway, I received a promo in the mail from Citizens Bank with a $600 bonus offer:
$300 for (3) deposits of $200 into a savings account for three consecutive months (1/month).
$300 for a direct deposit of $500 into a checking account within 60 days of opening it.
I decided to give it a try and opened the accounts over the weekend.
My questions:
Is this really as simple as keeping track of information? Seems like a spreadsheet + calendar reminders is all that's required. I'm fairly well organized so this just seems too simple.
I read through the first few pages of this thread which quickly becomes people discussing specific offers. Which is fine, obviously. But I'm still a little bit hesitant and want to do some more reading to decide if I want this to become a regular thing. Is the Doctor of Credit site the best resource for familiarizing myself with the general process?
I hesitate because I would like to avoid negative consequences. I understand that hard pulls can affect credit score but that some banks will do a soft pull instead. Are there any other potential pitfalls? I had worried about opening and closing accounts all the time, but it seems like that is only a problem with some banks if you try to close within a certain window of time after opening (so the solution is just to keep your money there a little bit longer).
I am also looking for insight on the direct deposit requirement. On DoC, it looks like there are numerous ways to trigger a bank to accept something as a direct deposit that does not involve constantly tinkering with the direct deposit from your employer. I don't mind changing where my paycheck is deposited, however, I have a lot of my paycheck withheld (401k, mega backdoor roth, employee stock purchase plan). So, for this first one, I will have to change my 401k and after-tax contributions to meet the $500 requirement, which is kind of a pain. It would be nice if I could work around that.
Thanks for any wisdom you all are willing to impart!
Post by: sonofsven on April 13, 2022, 07:45:02 AM
Hi everyone, first-timer here with a few questions.
I had seen this thread pop up a time or two and was intrigued but was busy with life and kept saying "maybe someday."
Anyway, I received a promo in the mail from Citizens Bank with a $600 bonus offer:
$300 for (3) deposits of $200 into a savings account for three consecutive months (1/month).
$300 for a direct deposit of $500 into a checking account within 60 days of opening it.
I decided to give it a try and opened the accounts over the weekend.
My questions:
Is this really as simple as keeping track of information? Seems like a spreadsheet + calendar reminders is all that's required. I'm fairly well organized so this just seems too simple.
I read through the first few pages of this thread which quickly becomes people discussing specific offers. Which is fine, obviously. But I'm still a little bit hesitant and want to do some more reading to decide if I want this to become a regular thing. Is the Doctor of Credit site the best resource for familiarizing myself with the general process?
I hesitate because I would like to avoid negative consequences. I understand that hard pulls can affect credit score but that some banks will do a soft pull instead. Are there any other potential pitfalls? I had worried about opening and closing accounts all the time, but it seems like that is only a problem with some banks if you try to close within a certain window of time after opening (so the solution is just to keep your money there a little bit longer).
I am also looking for insight on the direct deposit requirement. On DoC, it looks like there are numerous ways to trigger a bank to accept something as a direct deposit that does not involve constantly tinkering with the direct deposit from your employer. I don't mind changing where my paycheck is deposited, however, I have a lot of my paycheck withheld (401k, mega backdoor roth, employee stock purchase plan). So, for this first one, I will have to change my 401k and after-tax contributions to meet the $500 requirement, which is kind of a pain. It would be nice if I could work around that.
Thanks for any wisdom you all are willing to impart!
Yes, it's mainly just an organization exercise.
I've only used DoC so that's my benchmark. There is a lot of specific information there in the comments as well.
My credit score dropped from mid 800's to high 700's after my first year.
I've never had the option of using a "real" DD, but I've had good results using the fake DD's to trigger the bonus. I've used DoC to research the accounts that work and supplied data points (DP in the DoC lingo) in the comments section on my successes, and failures.
Post by: Rusted Rose on April 13, 2022, 09:24:14 AM
Thanks for any wisdom you all are willing to impart!
I don't know about wisdom ... I did a couple of these, plus credit card bonuses, for the first time last year.
I'm not terribly worried about bouncing credit scores since I don't have any plans that really call for maximizing that in the near future, and they'll float back up over time anyway. Plus I think for banks, the main pull concern is Chexsystems? So it doesn't impact FICO as far as I know. I'm not an expert though.
YMMV as far as alternative direct deposit requirements--I used one that DOC said worked for Chase, but it didn't, so I should redirect that account.
Occasionally when DOC says no DD is required, it sometimes turns out not to be true once you follow the trail into the offer. No big deal but it can be a little disappointing? (And I see more current offers making it a bigger pain to bother with--like 4 different things over time for $50 each to get your $200 after an entire year ... bahhh.)
One thing to keep in mind is that bank bonuses are taxable. Credit card ones ... currently I don't think that's nailed down but there is fine print CYA on offers stating that it could be a thing.
Post by: secondcor521 on April 13, 2022, 09:54:06 AM
Hi everyone, first-timer here with a few questions.
I had seen this thread pop up a time or two and was intrigued but was busy with life and kept saying "maybe someday."
Anyway, I received a promo in the mail from Citizens Bank with a $600 bonus offer:
$300 for (3) deposits of $200 into a savings account for three consecutive months (1/month).
$300 for a direct deposit of $500 into a checking account within 60 days of opening it.
I decided to give it a try and opened the accounts over the weekend.
My questions:
Is this really as simple as keeping track of information? Seems like a spreadsheet + calendar reminders is all that's required. I'm fairly well organized so this just seems too simple.
I read through the first few pages of this thread which quickly becomes people discussing specific offers. Which is fine, obviously. But I'm still a little bit hesitant and want to do some more reading to decide if I want this to become a regular thing. Is the Doctor of Credit site the best resource for familiarizing myself with the general process?
I hesitate because I would like to avoid negative consequences. I understand that hard pulls can affect credit score but that some banks will do a soft pull instead. Are there any other potential pitfalls? I had worried about opening and closing accounts all the time, but it seems like that is only a problem with some banks if you try to close within a certain window of time after opening (so the solution is just to keep your money there a little bit longer).
I am also looking for insight on the direct deposit requirement. On DoC, it looks like there are numerous ways to trigger a bank to accept something as a direct deposit that does not involve constantly tinkering with the direct deposit from your employer. I don't mind changing where my paycheck is deposited, however, I have a lot of my paycheck withheld (401k, mega backdoor roth, employee stock purchase plan). So, for this first one, I will have to change my 401k and after-tax contributions to meet the $500 requirement, which is kind of a pain. It would be nice if I could work around that.
Thanks for any wisdom you all are willing to impart!
It is pretty simple. Most people are not organized enough, so they fail to meet the requirements. Also, because switching banks is a hassle, the incentives help entice people to go through the hassle, and having done that, they will stick with the new bank. The new bank hopes people will then use more services and increase the bank's revenue. It's basically bank marketing.
You'll want to look out for and avoid fees. DoC usually has the rundown on those for any specific offer. Common ones include paper statement fees, low balance fees, and early account closure fees. Turn off paper statements, avoid low balances, and keep the account open long enough.
DoC is the best I think, but someone posted "everybankbonus.com" here the other day and that looked good on a cursory glance.
Besides soft credit pulls, the other thing to be aware of is ChexSystems. It's mainly a data sharing system among banks to avoid opening accounts for people who behave badly with bank accounts, like bouncing checks. But some banks think that customers opening lots of bank accounts in a short period of time (like us) is risky behavior. So you may find if you do too many that you'll get rejected from even opening the accounts. But each bank is different on how sensitive they are to this, and the solution here is to slow down. Also, the amount of new accounts you can open in a short period of time is pretty generous.
I guess the other thing to be aware of is the risk of forgetting about an account and leaving money behind. Most people organized enough to play this game won't have a problem, and there are usually enough reminders to notice this.
And I do what the other poster implied - I look at DoC data points and what I have available to me and then pick the method that should work the best. Despite doing this, last time I think I only succeeded on two of six bonuses. But I've had better success in the past, so that data point may be an outlier. Also, depending on how much cash you have on hand, you can sometimes try to meet the bonus using multiple methods.
Post by: HPstache on April 13, 2022, 09:58:00 AM
Post by: jim555 on April 27, 2022, 12:54:08 PM
I had an account with them, collected bonus and closed. Time to wash and repeat.
Edit: After reading the fine print it looks like a trick. "If you have or had an open 360 Performance Savings, 360 Savings, 360 Money Market, Savings Now or Confidence Savings account as a primary or secondary account holder with Capital One on or after January 1, 2019, you will be ineligible for the bonus." So they trick you to give them cash, then they invoke the fine print and you get no bonus. Nice try CapOne.
Post by: katsiki on April 27, 2022, 10:17:39 PM
Just in case anyone missed it... Wells Fargo has a business checking bonus worth $1,500 for opening an account and depositing $5,000 . More details on DOC.
Was this the one that had to be opened in a branch?
Post by: Morning Glory on May 02, 2022, 01:40:19 PM
Thanks for any wisdom you all are willing to impart!
I don't know about wisdom ... I did a couple of these, plus credit card bonuses, for the first time last year.
I'm not terribly worried about bouncing credit scores since I don't have any plans that really call for maximizing that in the near future, and they'll float back up over time anyway. Plus I think for banks, the main pull concern is Chexsystems? So it doesn't impact FICO as far as I know. I'm not an expert though.
YMMV as far as alternative direct deposit requirements--I used one that DOC said worked for Chase, but it didn't, so I should redirect that account.
Occasionally when DOC says no DD is required, it sometimes turns out not to be true once you follow the trail into the offer. No big deal but it can be a little disappointing? (And I see more current offers making it a bigger pain to bother with--like 4 different things over time for $50 each to get your $200 after an entire year ... bahhh.)
One thing to keep in mind is that bank bonuses are taxable. Credit card ones ... currently I don't think that's nailed down but there is fine print CYA on offers stating that it could be a thing.
Credit card bonuses for meeting a minimum spend are not taxable; they are considered a rebate. Credit card and bank referral bonuses are taxable and you will get a 1099 misc. Bank bonuses are taxed as interest and you'll get a 1099 int.
Post by: HPstache on May 02, 2022, 02:26:32 PM
Just in case anyone missed it... Wells Fargo has a business checking bonus worth $1,500 for opening an account and depositing $5,000 . More details on DOC.
Was this the one that had to be opened in a branch?
Yes, I have my appt today. I'm willing to do a lot for $1,500 :)
Post by: sonofsven on May 02, 2022, 08:02:44 PM
Just in case anyone missed it... Wells Fargo has a business checking bonus worth $1,500 for opening an account and depositing $5,000 . More details on DOC.
Was this the one that had to be opened in a branch?
Yes, I have my appt today. I'm willing to do a lot for $1,500 :)
I put that one off and they pulled it early! Slacking off and bonus chasing don't mix.
Post by: MasterStache on May 03, 2022, 06:34:15 AM
Just in case anyone missed it... Wells Fargo has a business checking bonus worth $1,500 for opening an account and depositing $5,000 . More details on DOC.
Was this the one that had to be opened in a branch?
Yes, I have my appt today. I'm willing to do a lot for $1,500 :)
I put that one off and they pulled it early! Slacking off and bonus chasing don't mix.
It's hit or miss. Sometimes on the smaller bonuses they will increase the bonus after a bit. For instance I signed up for the $125 Monifi bonus last year but slacked off signing up P2. About a month later they increased the offer to $275. Of course I had to jump all over that for P2.
Post by: HPstache on May 03, 2022, 08:11:38 AM
Post by: Dicey on May 03, 2022, 08:15:08 AM
It was a 1-1/2 hour appointment since the WF Bank lady was having a terrible time with her computer. She was shocked at the bonus value but excited for me. When she inputted the code toward the end, it confirmed I was eligible and the the code was good and active. Here is hoping in 2 months I am $1,500 richer... my small business could actually use it right now!Sweet!
Post by: katsiki on May 04, 2022, 06:24:03 PM
Just in case anyone missed it... Wells Fargo has a business checking bonus worth $1,500 for opening an account and depositing $5,000 . More details on DOC.
Was this the one that had to be opened in a branch?
Yes, I have my appt today. I'm willing to do a lot for $1,500 :)
Thanks for the reply. Agreed! Well worth it. Unfortunately, no WF branches in my state.
Post by: sonofsven on June 16, 2022, 09:19:43 AM
@sonofsven I also just cashed out my $500 from Tastyworks and had the same experience with Sofi. It was a black hole of spam without paying my bonuses
[/quote
Returning to the Sofi bank bonus, I opened a new checking/savings (the new version of sofi money). Previously I never got their bonus because my deposits were not "direct deposits".
After reading about Astra on doc I set up an Astra account (it's not a bank, more of a transfer service) and the first attempt did code as a direct deposit at Sofi.
I still need to do a few more fake dd,'s before I qualify for the bonus, but I'm hopeful it might work this time.
Make sure to read the Sofi and Astra threads at doc, there are some little details that are important, but the gist is you set up a "recurring routine" at Astra to transfer from a bank account (Discover, in my case), and name it "payroll".
Post by: anni on June 27, 2022, 04:53:38 PM
$450 from HSBC
$300 from Citi Bank
$300 from SoFi (direct deposit only - but now earning 1.25% APY on most of my savings)
$225 from Chase (direct deposit only)
and waiting on $300 from Truist now :D
holy crap, that's $1,575 and it's only June!!!
Next step is to find a bank branch that can actually sign my I-Bonds identity verification thingie...
Post by: jim555 on June 27, 2022, 05:05:37 PM
Wells Fargo just paid off the $700 bonus on $50K, just in time for another Citibank offer for another $700 on $50K.Just an update these all paid off, Schwab paid $625 to keep me after I told them I had another bonus offer and wanted to move the account.
Live Oak $200 on $25K is a new one.
Working on a new $200 for $1,000 spending in 3 months AmEx offer.
Post by: sonofsven on July 04, 2022, 09:47:27 AM
Post by: MasterStache on July 05, 2022, 06:28:04 AM
The sofi personal loan bonus is back, ends July 5 though. Take out a small loan, receive bonus, pay back loan. It's $600 now.
Make sure you read up on the impact on your credit score this type of loan will have.
Post by: katsiki on July 05, 2022, 12:41:49 PM
The sofi personal loan bonus is back, ends July 5 though. Take out a small loan, receive bonus, pay back loan. It's $600 now.
Make sure you read up on the impact on your credit score this type of loan will have.
FWIW, that may be overblown. I saw no impact. I think it only reported to 1 CB also.
Post by: MasterStache on July 05, 2022, 06:54:54 PM
The sofi personal loan bonus is back, ends July 5 though. Take out a small loan, receive bonus, pay back loan. It's $600 now.
Make sure you read up on the impact on your credit score this type of loan will have.
FWIW, that may be overblown. I saw no impact. I think it only reported to 1 CB also.
It seems to be hit or miss. Read some DPs about 20-30 point drops in credit score and possibly more. Saw some DPs of no impact. I'm still undecided.
Post by: secondcor521 on July 05, 2022, 08:02:16 PM
The sofi personal loan bonus is back, ends July 5 though. Take out a small loan, receive bonus, pay back loan. It's $600 now.
Make sure you read up on the impact on your credit score this type of loan will have.
FWIW, that may be overblown. I saw no impact. I think it only reported to 1 CB also.
It seems to be hit or miss. Read some DPs about 20-30 point drops in credit score and possibly more. Saw some DPs of no impact. I'm still undecided.
The impact will depend on the rest of the credit report. Also, getting a sofi loan at the same time as a CC balance goes to high utilization, some people will attribute their score drop to the former when it is more due to the latter.
Post by: sonofsven on August 06, 2022, 01:28:14 PM
If you have a P2 refer them for a credit card for another $400 (refer before P2 opens bank account, new customers only).
Post by: jim555 on August 07, 2022, 08:41:23 AM
Working on a new $200 for $1,000 spending in 3 months AmEx offer.This one paid off. AmEx was very prompt.
Post by: sonofsven on August 07, 2022, 10:56:44 AM
Working on a new $200 for $1,000 spending in 3 months AmEx offer.This one paid off. AmEx was very prompt.
I've done that one, too. I just signed up for a Chase Freedom card that has a $200 bonus on only $500 spend. It will be my last Chase card til 2023.
If it wasn't for business spend I'd have a hard time filling up these spend bonuses.
Post by: giggles on August 10, 2022, 09:09:13 AM
SoFi Checking and Savings. You’ll earn up to 1.80% APY and pay no account fees. Use my link to sign up and you’ll get a $25 bonus and up to $300 when you set up direct deposit. https://www.sofi.com/invite/money?gcp=fa9b03c7-4923-41f5-9f82-5deafb891947&isAliasGcp=false
Post by: bacchi on August 14, 2022, 07:45:15 PM
Post by: MasterStache on August 16, 2022, 05:41:15 AM
I trusted the CapOne pre-approval tool and was fooled once again. Denied on their recommended card and a card with a smaller bonus. Bah! They do not like people with a lot of cards.
I've noticed that as well. Took over a year to finally be approved for a Cap One card for myself. I scaled back for a while on CC apps and focused on other areas.
Post by: bacchi on September 25, 2022, 07:55:27 PM
The USB Triple Cash yielded $500 and then I accidentally reapplied for the BOA Biz Advantage. They let me have 2 and I received an additional $750. I'm now spending on the Ink Biz for another $750. The required spend -- $7500 -- is a heavy lift but there are some rental expenses coming up.
Post by: sonofsven on September 25, 2022, 09:02:11 PM
I've been working the business cards lately.
The USB Triple Cash yielded $500 and then I accidentally reapplied for the BOA Biz Advantage. They let me have 2 and I received an additional $750. I'm now spending on the Ink Biz for another $750. The required spend -- $7500 -- is a heavy lift but there are some rental expenses coming up.
I have my eye on a $7500 spend Chase card as well, but my high (to me) business spend is slowing down for a bit, so I'm planning on opening a Gesa bank account that allows a $5,000 credit card deposit (not a cash advance) as an opening deposit. I've been holding out hopefully, waiting for Gesa to offer a SUB on their end. The $2500 spend I can handle.
I'm doing a Bank of the West checking SUB now, and got a BotW credit card mailer: $200 on $1000 spend so I put my yearly contractor insurance bill on there and made an easy $200. 0% for 12 months as well.
To think, years ago I used to pay the insurance co $5/mo to pay on their installment plan.
Post by: MasterStache on October 26, 2022, 06:07:53 AM
I've been working the business cards lately.
The USB Triple Cash yielded $500 and then I accidentally reapplied for the BOA Biz Advantage. They let me have 2 and I received an additional $750. I'm now spending on the Ink Biz for another $750. The required spend -- $7500 -- is a heavy lift but there are some rental expenses coming up.
I have my eye on a $7500 spend Chase card as well, but my high (to me) business spend is slowing down for a bit, so I'm planning on opening a Gesa bank account that allows a $5,000 credit card deposit (not a cash advance) as an opening deposit. I've been holding out hopefully, waiting for Gesa to offer a SUB on their end. The $2500 spend I can handle.
I'm doing a Bank of the West checking SUB now, and got a BotW credit card mailer: $200 on $1000 spend so I put my yearly contractor insurance bill on there and made an easy $200. 0% for 12 months as well.
To think, years ago I used to pay the insurance co $5/mo to pay on their installment plan.
Between myself and P2 I've opened 6 Biz Cards in a 6 month span all US Bank and BofA cards. Approved for every one of them.
Just applied and approved for the Chase Ink Unlimited with a 90,000 UR bonus on only $6K in spend with no annual fee. Not sure it was supposed to be a public link but I used it and they approved me. That's a heck of a deal.
We are both back below 5/24 but still not quite sure what personal cards we want to start applying for. Have to figure out future travel plans first.
Post by: sonofsven on October 26, 2022, 06:50:23 AM
I've been working the business cards lately.
The USB Triple Cash yielded $500 and then I accidentally reapplied for the BOA Biz Advantage. They let me have 2 and I received an additional $750. I'm now spending on the Ink Biz for another $750. The required spend -- $7500 -- is a heavy lift but there are some rental expenses coming up.
I have my eye on a $7500 spend Chase card as well, but my high (to me) business spend is slowing down for a bit, so I'm planning on opening a Gesa bank account that allows a $5,000 credit card deposit (not a cash advance) as an opening deposit. I've been holding out hopefully, waiting for Gesa to offer a SUB on their end. The $2500 spend I can handle.
I'm doing a Bank of the West checking SUB now, and got a BotW credit card mailer: $200 on $1000 spend so I put my yearly contractor insurance bill on there and made an easy $200. 0% for 12 months as well.
To think, years ago I used to pay the insurance co $5/mo to pay on their installment plan.
Between myself and P2 I've opened 6 Biz Cards in a 6 month span all US Bank and BofA cards. Approved for every one of them.
Just applied and approved for the Chase Ink Unlimited with a 90,000 UR bonus on only $6K in spend with no annual fee. Not sure it was supposed to be a public link but I used it and they approved me. That's a heck of a deal.
We are both back below 5/24 but still not quite sure what personal cards we want to start applying for. Have to figure out future travel plans first.
Good for you, that's a good bonus!
I got denied for the Chase biz card I was referring to for being 6/24 I thought that the business cards didn't adhere to the 5/24 wording but this one did.
I opened a US Bank triple cash business card ($500/$4500 spend) and a Sofi ($200/$1500 spend). The Sofi pays 3% cashback if you have a dd into your Sofi checking/savings; right now I'm pushing fake dd's to Sofi to see what works.
I'm doing more bank bonuses: Live Oak, Upgrade, and Chase are in my sights.
Post by: chasesfish on October 26, 2022, 07:14:57 AM
I just finished the US Bank $750 bonus for $7,500 in spend. That was a nice pickup
Post by: NotJen on October 26, 2022, 07:38:44 AM
I got denied for the Chase biz card I was referring to for being 6/24 I thought that the business cards didn't adhere to the 5/24 wording but this one did.
Chase biz cards still fall under the 5/24 rule when you apply for them, BUT already issued biz cards that don't show up on your personal credit report don't count against your 5/24 status.
Post by: MasterStache on October 26, 2022, 07:49:49 AM
I've been working the business cards lately.
The USB Triple Cash yielded $500 and then I accidentally reapplied for the BOA Biz Advantage. They let me have 2 and I received an additional $750. I'm now spending on the Ink Biz for another $750. The required spend -- $7500 -- is a heavy lift but there are some rental expenses coming up.
I have my eye on a $7500 spend Chase card as well, but my high (to me) business spend is slowing down for a bit, so I'm planning on opening a Gesa bank account that allows a $5,000 credit card deposit (not a cash advance) as an opening deposit. I've been holding out hopefully, waiting for Gesa to offer a SUB on their end. The $2500 spend I can handle.
I'm doing a Bank of the West checking SUB now, and got a BotW credit card mailer: $200 on $1000 spend so I put my yearly contractor insurance bill on there and made an easy $200. 0% for 12 months as well.
To think, years ago I used to pay the insurance co $5/mo to pay on their installment plan.
Between myself and P2 I've opened 6 Biz Cards in a 6 month span all US Bank and BofA cards. Approved for every one of them.
Just applied and approved for the Chase Ink Unlimited with a 90,000 UR bonus on only $6K in spend with no annual fee. Not sure it was supposed to be a public link but I used it and they approved me. That's a heck of a deal.
We are both back below 5/24 but still not quite sure what personal cards we want to start applying for. Have to figure out future travel plans first.
Good for you, that's a good bonus!
I got denied for the Chase biz card I was referring to for being 6/24 I thought that the business cards didn't adhere to the 5/24 wording but this one did.
I opened a US Bank triple cash business card ($500/$4500 spend) and a Sofi ($200/$1500 spend). The Sofi pays 3% cashback if you have a dd into your Sofi checking/savings; right now I'm pushing fake dd's to Sofi to see what works.
I'm doing more bank bonuses: Live Oak, Upgrade, and Chase are in my sights.
Wise worked for me for SoFi fake DD earlier this year.
Post by: MasterStache on October 26, 2022, 07:54:05 AM
What Bank of America business card are you picking up?
I just finished the US Bank $750 bonus for $7,500 in spend. That was a nice pickup
Unlimited Cash Rewards. $500 bonus for $5K in spend. No AF and 0% APR for first 9 months.
Post by: sonofsven on October 26, 2022, 09:25:08 AM
Thanks. Astra worked for me this summer for the Sofi checking/savings bonus when I named the Astra routine "payroll".I've been working the business cards lately.
The USB Triple Cash yielded $500 and then I accidentally reapplied for the BOA Biz Advantage. They let me have 2 and I received an additional $750. I'm now spending on the Ink Biz for another $750. The required spend -- $7500 -- is a heavy lift but there are some rental expenses coming up.
I have my eye on a $7500 spend Chase card as well, but my high (to me) business spend is slowing down for a bit, so I'm planning on opening a Gesa bank account that allows a $5,000 credit card deposit (not a cash advance) as an opening deposit. I've been holding out hopefully, waiting for Gesa to offer a SUB on their end. The $2500 spend I can handle.
I'm doing a Bank of the West checking SUB now, and got a BotW credit card mailer: $200 on $1000 spend so I put my yearly contractor insurance bill on there and made an easy $200. 0% for 12 months as well.
To think, years ago I used to pay the insurance co $5/mo to pay on their installment plan.
Between myself and P2 I've opened 6 Biz Cards in a 6 month span all US Bank and BofA cards. Approved for every one of them.
Just applied and approved for the Chase Ink Unlimited with a 90,000 UR bonus on only $6K in spend with no annual fee. Not sure it was supposed to be a public link but I used it and they approved me. That's a heck of a deal.
We are both back below 5/24 but still not quite sure what personal cards we want to start applying for. Have to figure out future travel plans first.
Good for you, that's a good bonus!
I got denied for the Chase biz card I was referring to for being 6/24 I thought that the business cards didn't adhere to the 5/24 wording but this one did.
I opened a US Bank triple cash business card ($500/$4500 spend) and a Sofi ($200/$1500 spend). The Sofi pays 3% cashback if you have a dd into your Sofi checking/savings; right now I'm pushing fake dd's to Sofi to see what works.
I'm doing more bank bonuses: Live Oak, Upgrade, and Chase are in my sights.
Wise worked for me for SoFi fake DD earlier this year.
I did an unnamed Astra push last week that didn't work, I'm trying another, this time with "payroll".
Post by: sonofsven on October 26, 2022, 09:32:42 AM
Yes, too much fine print, and not enough reading :-(I got denied for the Chase biz card I was referring to for being 6/24 I thought that the business cards didn't adhere to the 5/24 wording but this one did.
Chase biz cards still fall under the 5/24 rule when you apply for them, BUT already issued biz cards that don't show up on your personal credit report don't count against your 5/24 status.
Post by: chasesfish on October 26, 2022, 09:48:51 AM
Post by: MasterStache on October 26, 2022, 10:14:04 AM
@MasterStache - Do you have a link? I'm not finding a $500 offer in my searches@chasesfish
https://secure.bankofamerica.com/applynow/welcome.go (https://secure.bankofamerica.com/applynow/welcome.go)
Post by: jim555 on October 30, 2022, 06:18:34 PM
------------------------------
Fund a new or existing Citi Self Invest Account between 9/1/22 – 1/31/23.
New-To-Citi Funding Cash Bonus
$10,000 - $49,999 $100
$50,000 - $199,999 $200
$200,000 or more $500
https://online.citi.com/US/ag/assets/wealth/citi-self-invest/CSI%20Offer%20Terms%20&%20Conditions.pdf?intc=citi~citi-self-invest-marketing~sticky-nav~csi-cash-bonus~learn-more
Post by: sonofsven on November 02, 2022, 08:09:08 AM
Thanks. Astra worked for me this summer for the Sofi checking/savings bonus when I named the Astra routine "payroll".I've been working the business cards lately.
The USB Triple Cash yielded $500 and then I accidentally reapplied for the BOA Biz Advantage. They let me have 2 and I received an additional $750. I'm now spending on the Ink Biz for another $750. The required spend -- $7500 -- is a heavy lift but there are some rental expenses coming up.
I have my eye on a $7500 spend Chase card as well, but my high (to me) business spend is slowing down for a bit, so I'm planning on opening a Gesa bank account that allows a $5,000 credit card deposit (not a cash advance) as an opening deposit. I've been holding out hopefully, waiting for Gesa to offer a SUB on their end. The $2500 spend I can handle.
I'm doing a Bank of the West checking SUB now, and got a BotW credit card mailer: $200 on $1000 spend so I put my yearly contractor insurance bill on there and made an easy $200. 0% for 12 months as well.
To think, years ago I used to pay the insurance co $5/mo to pay on their installment plan.
Between myself and P2 I've opened 6 Biz Cards in a 6 month span all US Bank and BofA cards. Approved for every one of them.
Just applied and approved for the Chase Ink Unlimited with a 90,000 UR bonus on only $6K in spend with no annual fee. Not sure it was supposed to be a public link but I used it and they approved me. That's a heck of a deal.
We are both back below 5/24 but still not quite sure what personal cards we want to start applying for. Have to figure out future travel plans first.
Good for you, that's a good bonus!
I got denied for the Chase biz card I was referring to for being 6/24 I thought that the business cards didn't adhere to the 5/24 wording but this one did.
I opened a US Bank triple cash business card ($500/$4500 spend) and a Sofi ($200/$1500 spend). The Sofi pays 3% cashback if you have a dd into your Sofi checking/savings; right now I'm pushing fake dd's to Sofi to see what works.
I'm doing more bank bonuses: Live Oak, Upgrade, and Chase are in my sights.
Wise worked for me for SoFi fake DD earlier this year.
I did an unnamed Astra push last week that didn't work, I'm trying another, this time with "payroll".
It looks like naming the Astra routine "payroll" worked to trigger the dd requirements @ sofi.
Post by: MasterStache on November 07, 2022, 04:54:24 PM
Post by: kindoflost on November 30, 2022, 07:45:09 AM
This one was super easy to do: https://www.fidelity.com/go/special-offer/holiday
Deposit $50 to get a $150 bonus.
Merry Christmas
Post by: Dicey on November 30, 2022, 08:10:52 AM
Hello,Thank you!
This one was super easy to do: https://www.fidelity.com/go/special-offer/holiday
Deposit $50 to get a $150 bonus.
Merry Christmas
Post by: sonofsven on November 30, 2022, 08:19:52 AM
Hello,Unfortunately, not open to those who received the previous $50 for $100 bonus :-(
This one was super easy to do: https://www.fidelity.com/go/special-offer/holiday
Deposit $50 to get a $150 bonus.
Merry Christmas
I've been getting denied for new cc's so I'm doing mostly bank bonuses for now.
Working on:
Bank of the West ($250)
Live Oak ($300)
BECU ($100)
PNC ($200)
PSECU ($250)
Banner ($200)
Stash ($110)
Axos (brokerage) ($200)
Kabbage (business line of credit) ($250)
Alliant ($100)
Sofi Invest ($150)
Also Laurel Road, even though the $300 paid off I'm still auto depositing $2500 per month (and taking it out a week later) for $20/mo
Post by: tj on November 30, 2022, 09:09:37 AM
Hello,Unfortunately, not open to those who received the previous $50 for $100 bonus :-(
This one was super easy to do: https://www.fidelity.com/go/special-offer/holiday
Deposit $50 to get a $150 bonus.
Merry Christmas
I've been getting denied for new cc's so I'm doing mostly bank bonuses for now.
Working on:
Bank of the West ($250)
Live Oak ($300)
BECU ($100)
PNC ($200)
PSECU ($250)
Banner ($200)
Stash ($110)
Axos (brokerage) ($200)
Kabbage (business line of credit) ($250)
Alliant ($100)
Sofi Invest ($150)
Also Laurel Road, even though the $300 paid off I'm still auto depositing $2500 per month (and taking it out a week later) for $20/mo
If it lets you apply, youy'll get it. People are getting error messages if they got the prior bonus in the past 12 months.
Post by: sonofsven on November 30, 2022, 09:32:22 AM
Thanks, I'll try it tomorrow. Previous Fidelity bonus posted 11/30/21Hello,Unfortunately, not open to those who received the previous $50 for $100 bonus :-(
This one was super easy to do: https://www.fidelity.com/go/special-offer/holiday
Deposit $50 to get a $150 bonus.
Merry Christmas
I've been getting denied for new cc's so I'm doing mostly bank bonuses for now.
Working on:
Bank of the West ($250)
Live Oak ($300)
BECU ($100)
PNC ($200)
PSECU ($250)
Banner ($200)
Stash ($110)
Axos (brokerage) ($200)
Kabbage (business line of credit) ($250)
Alliant ($100)
Sofi Invest ($150)
Also Laurel Road, even though the $300 paid off I'm still auto depositing $2500 per month (and taking it out a week later) for $20/mo
If it lets you apply, youy'll get it. People are getting error messages if they got the prior bonus in the past 12 months.
Post by: Rusted Rose on December 01, 2022, 06:20:13 PM
Thanks, I'll try it tomorrow. Previous Fidelity bonus posted 11/30/21Hello,Unfortunately, not open to those who received the previous $50 for $100 bonus :-(
This one was super easy to do: https://www.fidelity.com/go/special-offer/holiday
Deposit $50 to get a $150 bonus.
Merry Christmas
I've been getting denied for new cc's so I'm doing mostly bank bonuses for now.
Working on:
Bank of the West ($250)
Live Oak ($300)
BECU ($100)
PNC ($200)
PSECU ($250)
Banner ($200)
Stash ($110)
Axos (brokerage) ($200)
Kabbage (business line of credit) ($250)
Alliant ($100)
Sofi Invest ($150)
Also Laurel Road, even though the $300 paid off I'm still auto depositing $2500 per month (and taking it out a week later) for $20/mo
If it lets you apply, youy'll get it. People are getting error messages if they got the prior bonus in the past 12 months.
Thanks for mentioning this, @kindoflost ! I did it last year, apparently early enough that this version went through juuust fine. :D
PS, for anyone who doesn't know, you can have more than one Cash Management account, although I have no clue what the max is. So I'm at 2 now. I might try closing the first and adding back next year.
Post by: Rusted Rose on December 01, 2022, 06:36:46 PM
Also Laurel Road, even though the $300 paid off I'm still auto depositing $2500 per month (and taking it out a week later) for $20/mo
Laurel Road is also in my sights.
I usually triangulate to avoid scrutiny of takeouts, involving a third account that I then route to a DD pusher and so forth. Which might be overkill ... Do you bother with anything like that for them?
Post by: sonofsven on December 01, 2022, 07:07:43 PM
Also Laurel Road, even though the $300 paid off I'm still auto depositing $2500 per month (and taking it out a week later) for $20/mo
Laurel Road is also in my sights.
I usually triangulate to avoid scrutiny of takeouts, involving a third account that I then route to a DD pusher and so forth. Which might be overkill ... Do you bother with anything like that for them?
With Laurel Road I'm just pushing directly from Discover, which is my main hub account right now, and it's working fine. $2500 to LR, a week later $2500 back to Discover, and $20 posts the first of the following month.
I've been using the Astra app for spoofing some of the more difficult direct deposits, but they are discontinuing the app soon so I'll be looking for another.
Hello,Unfortunately, not open to those who received the previous $50 for $100 bonus :-(
This one was super easy to do: https://www.fidelity.com/go/special-offer/holiday
Deposit $50 to get a $150 bonus.
Merry Christmas
I've been getting denied for new cc's so I'm doing mostly bank bonuses for now.
Working on:
Bank of the West ($250)
Live Oak ($300)
BECU ($100)
PNC ($200)
PSECU ($250)
Banner ($200)
Stash ($110)
Axos (brokerage) ($200)
Kabbage (business line of credit) ($250)
Alliant ($100)
Sofi Invest ($150)
Also Laurel Road, even though the $300 paid off I'm still auto depositing $2500 per month (and taking it out a week later) for $20/mo
If it lets you apply, youy'll get it. People are getting error messages if they got the prior bonus in the past 12 months.
Thanks for the heads up, it worked!
I closed my previous Fidelity account (probably didn't have to) and opened a new account 12/1/22, a year and a day after last years bonus. $150 pending. It's important to keep good records in this game!
Post by: Rusted Rose on December 01, 2022, 07:49:24 PM
Also Laurel Road, even though the $300 paid off I'm still auto depositing $2500 per month (and taking it out a week later) for $20/mo
Laurel Road is also in my sights.
I usually triangulate to avoid scrutiny of takeouts, involving a third account that I then route to a DD pusher and so forth. Which might be overkill ... Do you bother with anything like that for them?
With Laurel Road I'm just pushing directly from Discover, which is my main hub account right now, and it's working fine. $2500 to LR, a week later $2500 back to Discover, and $20 posts the first of the following month.
I've been using the Astra app for spoofing some of the more difficult direct deposits, but they are discontinuing the app soon so I'll be looking for another.
Yep I tend to use Chase. So, pushing back to Disc out of LR?
I could probably cut out the middleman on this, though it's not like it's a huge pain.
Thanks! :)
Post by: sonofsven on December 02, 2022, 05:31:33 AM
I'm using Discover to push funds and to pull back funds from Laurel Road. I have, I think, 14 accounts (and counting) linked in my Discover transfer portal. The only downside I've found to Discover is they limit you to six transactions per month, which I routinely exceed, so far so good, but if they ever push back on this I'll have to find a new hub.Also Laurel Road, even though the $300 paid off I'm still auto depositing $2500 per month (and taking it out a week later) for $20/mo
Laurel Road is also in my sights.
I usually triangulate to avoid scrutiny of takeouts, involving a third account that I then route to a DD pusher and so forth. Which might be overkill ... Do you bother with anything like that for them?
With Laurel Road I'm just pushing directly from Discover, which is my main hub account right now, and it's working fine. $2500 to LR, a week later $2500 back to Discover, and $20 posts the first of the following month.
I've been using the Astra app for spoofing some of the more difficult direct deposits, but they are discontinuing the app soon so I'll be looking for another.
Yep I tend to use Chase. So, pushing back to Disc out of LR?
I could probably cut out the middleman on this, though it's not like it's a huge pain.
Thanks! :)
Post by: Rusted Rose on December 02, 2022, 08:39:55 AM
The only downside I've found to Discover is they limit you to six transactions per month, which I routinely exceed, so far so good, but if they ever push back on this I'll have to find a new hub.
Haha, interesting. Will keep them in mind if I need to add a reliable hub. Have a card with them but that's it at the moment.
Thanks again for the info. :)
Post by: jim555 on December 02, 2022, 08:47:11 AM
https://www.fidelity.com/go/special-offer/holiday
Post by: tj on December 16, 2022, 01:32:24 PM
Post by: almost on December 20, 2022, 02:56:12 PM
I tried opening a bank account in my name and funding it with the credit card in my wife's name, and got denied first try. The bank told me it was because the names didn't match. I thought this might happen but would like to know if it's a standard practice. If it matters, the application was through a local credit union.
Has anyone had luck funding accounts with a credit card name that doesn't match the applicant's name on the bank account? TIA
Post by: tj on December 20, 2022, 03:07:49 PM
I'm working on the Chase Ink business signup bonus of $6,000. The card is in my wife's name. I was hoping to open several bank accounts in both of our names and fund them with the card to help us get to $6,000. Opening and funding bank accounts with a credit card works smoothly if the cardholder's name matches the name of the bank account applicant.
I tried opening a bank account in my name and funding it with the credit card in my wife's name, and got denied first try. The bank told me it was because the names didn't match. I thought this might happen but would like to know if it's a standard practice. If it matters, the application was through a local credit union.
Has anyone had luck funding accounts with a credit card name that doesn't match the applicant's name on the bank account? TIA
I wouldn't count on being able to do that. It makes sense that they would decline it if it does not match.
Post by: dandarc on December 20, 2022, 03:08:49 PM
Post by: almost on December 20, 2022, 03:17:50 PM
Isn't that considered a cash advance?
For some credit cards you can set the cash advance at $0 or some other low threshold. If the bank codes the funding as a cash advance then the credit card transaction will be denied. It's easy to set the cash advance limit over the phone or secure message with chase credit cards.
Post by: dandarc on December 20, 2022, 03:21:21 PM
Post by: MasterStache on December 22, 2022, 06:26:01 AM
I'm working on the Chase Ink business signup bonus of $6,000. The card is in my wife's name. I was hoping to open several bank accounts in both of our names and fund them with the card to help us get to $6,000. Opening and funding bank accounts with a credit card works smoothly if the cardholder's name matches the name of the bank account applicant.@almost
I tried opening a bank account in my name and funding it with the credit card in my wife's name, and got denied first try. The bank told me it was because the names didn't match. I thought this might happen but would like to know if it's a standard practice. If it matters, the application was through a local credit union.
Has anyone had luck funding accounts with a credit card name that doesn't match the applicant's name on the bank account? TIA
Haven't tried so no DPs from me.
Just responding to let you know I was able to open (via referral as I am out of the area) a Star One Credit Union account and successfully funded $1K with Chase Ink card. Good easy way to knock out some required spending for free. Also get a $200 bonus just by opening the account. Bonus post like a day or two after account opening.
Post by: jim555 on December 22, 2022, 07:09:40 AM
Tiered Opening Promotion 2022
Deposit from September 12th, 2022, to March 31st, 2023
Deposit Bonus
$5,000-$24,999 $100
$25,000-$99,999 $500
$100,000+ $2,000
Must maintain account for a 12 month hold.
Awarded cash generally gets delivered to an account 1-4 business days after the initial deposit settles.
https://support.tastyworks.com/support/solutions/articles/43000678965-tiered-opening-promotion-2022
Post by: Michael in ABQ on December 22, 2022, 07:11:51 AM
Post by: almost on December 23, 2022, 04:12:05 PM
Thanks - I'll give that one a try.
Post by: chasesfish on December 23, 2022, 05:31:18 PM
The amount of verification they are going through for a checking account is wild. Tax return transcripts, copies of existing business account statements. They'll loan me $25,000+ but are putting me through the ringer for the pleasure of keeping 5k in deposits.
Post by: Dicey on December 24, 2022, 09:53:43 AM
Anyone else working the Amex Business 60k MR offer?Hmmm, conventional wisdom is to avoid any activity of this type whilst in the escrow process. Have you closed yet?
The amount of verification they are going through for a checking account is wild. Tax return transcripts, copies of existing business account statements. They'll loan me $25,000+ but are putting me through the ringer for the pleasure of keeping 5k in deposits.
Post by: chasesfish on December 24, 2022, 10:27:31 AM
I'm sure a bunch of address changes for the year is causing the flags
Post by: Dicey on December 24, 2022, 11:38:47 PM
@Dicey Closed and bought the house w/o a loan.Congratulations on the closing!
I'm sure a bunch of address changes for the year is causing the flags
Post by: bacchi on December 25, 2022, 09:05:52 AM
@Dicey Closed and bought the house w/o a loan.
I'm sure a bunch of address changes for the year is causing the flags
Somewhat related, P2 opened the Fidelity account for $150 (the one kindoflost mentioned above). A lot of paperwork had to be sent because other accounts, including a trust, were incorrectly opened with P2's social security number. P2 has never had a Fidelity account.
Not a peep has been heard from the IRS over the years. Either the income was reported, and the IRS didn't care about the wrong number, or the IRS is really overwhelmed.
Post by: sonofsven on December 26, 2022, 08:35:37 AM
Schwab auto bought ten dollar fractional shares in five stocks as part of the starter kit, I immediately sold them and made 66 cents.
My first day trade = profit ;-)
Post by: ender on December 29, 2022, 11:40:57 AM
Post by: tj on December 29, 2022, 12:00:51 PM
tastyworks
Tiered Opening Promotion 2022
Deposit from September 12th, 2022, to March 31st, 2023
Deposit Bonus
$5,000-$24,999 $100
$25,000-$99,999 $500
$100,000+ $2,000
Must maintain account for a 12 month hold.
Awarded cash generally gets delivered to an account 1-4 business days after the initial deposit settles.
https://support.tastyworks.com/support/solutions/articles/43000678965-tiered-opening-promotion-2022
This makes me regret doing the earlier promotion of getting 100 free shares of stock. I'm pretty sure I won't be eligible to double dip.
Post by: tj on December 29, 2022, 12:02:08 PM
I am so ready for Chase to give up their lock on my money so I can move it all to Ally for 3.3% interest again :)
I'm using Fidelity's SPRXX at 4.15% for my cash stash :)
Post by: kpd905 on December 31, 2022, 07:42:17 AM
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.
Post by: Dicey on December 31, 2022, 09:23:55 AM
Post by: sonofsven 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.
Post by: kpd905 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.
Post by: ender 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).
Post by: kpd905 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.
Post by: ohsnap 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?
Post by: Dicey on January 15, 2023, 09:25:45 AM
If you have a branch nearby, why not just go in and ask them?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?
Post by: ohsnap on January 16, 2023, 10:53:34 AM
If you have a branch nearby, why not just go in and ask them?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?
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.
Post by: samanil 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?
Post by: 314159 on January 19, 2023, 06:41:40 PM
Post by: Michael in ABQ on January 19, 2023, 07:59:45 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).
Post by: Michael in ABQ 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.
Post by: MasterStache 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 ( :
Post by: Michael in ABQ 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.
Post by: elysianfields 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.
Post by: MasterStache 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.
Post by: samanil 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?
Post by: MasterStache 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.
Post by: almost 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.
Post by: MasterStache 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.
Post by: dividendman on February 06, 2023, 09:09:18 AM
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?
Post by: MasterStache 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.
Post by: Michael in ABQ 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.
Post by: trc4897 on February 07, 2023, 10:20:23 AM
Post by: Morning Glory on February 07, 2023, 11:31:37 AM
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.
Post by: jim555 on February 08, 2023, 09:48:44 PM
Post by: jnw 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%.
Post by: jim555 on February 09, 2023, 01:41:22 AM
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.
Post by: MasterStache 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.
Post by: sonofsven on February 13, 2023, 07:32:13 AM
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.
Post by: MasterStache 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.
Post by: JupiterGreen 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.
Post by: jnw 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.
Post by: sonofsven on February 15, 2023, 09:05:29 AM
Unfortunately, the SUB has expired.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.
$500 on $500 spend is about as good as it gets.
Post by: jnw on February 16, 2023, 09:37:19 AM
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.
Post by: jnw on February 28, 2023, 05:54:35 PM
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.
Post by: Morning Glory 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
Post by: jnw on March 04, 2023, 04:04:39 AM
Post by: kpd905 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.
Post by: MasterStache 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.
Post by: jnw 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 :)
Post by: NotJen 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?
Post by: kpd905 on March 04, 2023, 07:15:31 AM
Post by: jnw on March 04, 2023, 07:20:56 AM
Post by: tj 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.
Post by: jnw on March 05, 2023, 04:25:38 AM
https://www.target.com/redcard
Post by: MasterStache 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.
Post by: jim555 on March 05, 2023, 04:56:43 AM
https://support.tastyworks.com/support/solutions/articles/43000678965-tiered-opening-promotion-2023
Post by: jnw 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."
Post by: jnw on March 05, 2023, 08:27:22 PM
Then I'll try for another $40 indoors with the card.. maybe 7 jars of Smucker's Natural Peanut Butter made with 100% peanuts.
So those who have recently activated a RedCard Debit card, maybe check out circle week and see if you can score an extra $10 on top of the $80.
Post by: Dicey on March 06, 2023, 02:37:09 AM
Post by: jnw on March 06, 2023, 04:21:18 AM
Fortunately, "Tax does not apply to sales of food products for human consumption" in California.
Yeah, Oklahoma is the worst state in the nation for sales tax on food.
Post by: jnw on March 06, 2023, 04:30:58 AM
It seems the best possible return I could get, at this low of a net worth, is to be doing this shuffling around of money for sign up bonuses -- amounting to 15%+ gain for the year which will probably beat the stock market if I were to guess, with zero risk. I realize it takes a little work and isn't a totally passive investment, but it isn't that bad. Few hours of work.
I just signed up for Alliant Savings account and deposited $25 + $1000. It gets 2.95% APR and will have the money there for a couple months. But I do get a $100 sign up bonus -- so even if I left it there a full 12 months it'd get 12.95% APR return on that $1000. They also offer $100 for checking and $100 for a 12 month CD of $1000. Some people have been experiencing problems signing up for the checking & cd bonus; I just got off the phone with them and at first they said they didn't see such a promo, but upon further investigation they said they think they can do the deal for me, and will have a rep call me tomorrow. I'll keep $1000 in the 12 month CD there , earning like 4.5% but I will also get an extra $100 for doing that.. so it's like a 14.5% return on that $1000.
Yeah I really do need to have like $50k in money market for a while. So I can get a little extra income. It will help pay off this home faster. I can't think of a better way to get the most return on this money. Since I am low income I won't be paying any state/federal taxes on these gains either.
Post by: jnw on March 06, 2023, 06:18:05 PM
Very recently it was $900 for the combo deal with same $15k requirement.
I dont' have $15k right now anyways, it's tied up in i-bonds. I did the math as well and well $15k tied up for like 100 days in a 0 interest account isn't worth it. I'd probably only make $100 extra bucks compared to $15k in the money market.
Should I just go for the $300 deal now and wait 2 years for another $900 deal to come by, or should I just wait, save up the $15k and grab the next $900 deal? I don't know how often the $900 deals are.
Post by: jim555 on March 06, 2023, 09:26:26 PM
I just got a piece of mail today from Chase, offering me $300 to open a Total Checking Account. They also are offering another $200 + $100 if I also put $15k into a savings account which yields 0.01%. So $600 total.$15,000 at 5% is $750 a year. 100 days is 27.4% of a year. You will lose $205 interest in 100 days.
Very recently it was $900 for the combo deal with same $15k requirement.
I dont' have $15k right now anyways, it's tied up in i-bonds. I did the math as well and well $15k tied up for like 100 days in a 0 interest account isn't worth it. I'd probably only make $100 extra bucks compared to $15k in the money market.
Should I just go for the $300 deal now and wait 2 years for another $900 deal to come by, or should I just wait, save up the $15k and grab the next $900 deal? I don't know how often the $900 deals are.
Post by: jnw on March 06, 2023, 11:12:27 PM
I just got a piece of mail today from Chase, offering me $300 to open a Total Checking Account. They also are offering another $200 + $100 if I also put $15k into a savings account which yields 0.01%. So $600 total.$15,000 at 5% is $750 a year. 100 days is 27.4% of a year. You will lose $205 interest in 100 days.
Very recently it was $900 for the combo deal with same $15k requirement.
I dont' have $15k right now anyways, it's tied up in i-bonds. I did the math as well and well $15k tied up for like 100 days in a 0 interest account isn't worth it. I'd probably only make $100 extra bucks compared to $15k in the money market.
Should I just go for the $300 deal now and wait 2 years for another $900 deal to come by, or should I just wait, save up the $15k and grab the next $900 deal? I don't know how often the $900 deals are.
Yeah I realize that, and I'd only profit $100 on the $300 savings bonus, if i did it now. But a month ago I would of profited much more. It's only $600 now vs. $900 for the whole package deal. I don't have $15k anyways, so should I wait for another $900 deal or just get my $300 from the Total Checking .. and wait 2 more years after that to try and snag another $900 deal. (I'll have $15k saved up by the fall for sure.. so I am wondering if they might do this $900 deal again later this year perhaps.. or early next year. Maybe I shoud ignore the $300 checking sign up bonus.)
Post by: MasterStache on March 12, 2023, 06:55:50 AM
Post by: sonofsven on March 12, 2023, 12:59:54 PM
$500 bonus on $500 spend ($503.42 to be exact).
Free money.
Post by: bacchi on March 15, 2023, 12:58:08 PM
Has anyone had the recent WF promo codes work for them online?
Post by: Michael in ABQ on March 15, 2023, 03:44:32 PM
I received a $325 for $1000 WF checking account flyer. The promo code was validated with email and zip but I was redirected to an error page telling me that I had to visit a branch. Meh, given the state of WF's systems, it needs to be $500 for me to visit a branch.
Has anyone had the recent WF promo codes work for them online?
I opened an account with WF a few months ago and met the requirements but haven't received the bonus yet.
Post by: sonofsven on March 15, 2023, 08:54:42 PM
I received a $325 for $1000 WF checking account flyer. The promo code was validated with email and zip but I was redirected to an error page telling me that I had to visit a branch. Meh, given the state of WF's systems, it needs to be $500 for me to visit a branch.
Has anyone had the recent WF promo codes work for them online?
It's a public bonus, not targeted. I signed up through the doctor of credit link and it seemed to work.
Post by: bacchi on March 16, 2023, 09:38:38 AM
I received a $325 for $1000 WF checking account flyer. The promo code was validated with email and zip but I was redirected to an error page telling me that I had to visit a branch. Meh, given the state of WF's systems, it needs to be $500 for me to visit a branch.
Has anyone had the recent WF promo codes work for them online?
It's a public bonus, not targeted. I signed up through the doctor of credit link and it seemed to work.
Oh, it is! The doctor link is different from the one in the mailer but it actually works. Their IT and marketing staff need to meet more.
Thanks.
Post by: sonofsven on March 16, 2023, 10:09:47 AM
I received a $325 for $1000 WF checking account flyer. The promo code was validated with email and zip but I was redirected to an error page telling me that I had to visit a branch. Meh, given the state of WF's systems, it needs to be $500 for me to visit a branch.
Has anyone had the recent WF promo codes work for them online?
It's a public bonus, not targeted. I signed up through the doctor of credit link and it seemed to work.
Oh, it is! The doctor link is different from the one in the mailer but it actually works. Their IT and marketing staff need to meet more.
Thanks.
I think multiple accounts is part of their mission statement.
Glad it worked!
Post by: Zamboni on March 16, 2023, 10:51:35 AM
Post by: elysianfields on March 18, 2023, 01:21:33 AM
I think multiple accounts is part of their mission statement.
Glad it worked!
Ah but do they pay bonuses on all the multiple accounts that they open for you without telling you?
Post by: jnw on March 18, 2023, 10:23:31 PM
https://www.youtube.com/watch?v=n2nc2ykPrIM
Thinking about trying it out with $100.
EDIT: I went ahead and setup an account and will fund with $100 for the $50 credit. I guess I'll stick tot he B rated loans to try and preserve as much of my principle as possible. I used the youtube guy's referral so i made him a $50 as well. Not sure if there was a way for me to get the entire $100 myself :)
Post by: sonofsven on March 19, 2023, 12:40:31 PM
What do you all think about Groundfloor short term real estate investing? They have a $50 bonus if you invest $100. I learned about it from this guy on youtube:
https://www.youtube.com/watch?v=n2nc2ykPrIM
Thinking about trying it out with $100.
EDIT: I went ahead and setup an account and will fund with $100 for the $50 credit. I guess I'll stick tot he B rated loans to try and preserve as much of my principle as possible. I used the youtube guy's referral so i made him a $50 as well. Not sure if there was a way for me to get the entire $100 myself :)
I wouldn't do that one. I've only done similar investment bonuses when I didn't have to actually invest anything, just put money into the investment account for the bonus.
Post by: tj on March 19, 2023, 01:48:54 PM
What do you all think about Groundfloor short term real estate investing? They have a $50 bonus if you invest $100. I learned about it from this guy on youtube:
https://www.youtube.com/watch?v=n2nc2ykPrIM
Thinking about trying it out with $100.
EDIT: I went ahead and setup an account and will fund with $100 for the $50 credit. I guess I'll stick tot he B rated loans to try and preserve as much of my principle as possible. I used the youtube guy's referral so i made him a $50 as well. Not sure if there was a way for me to get the entire $100 myself :)
I did groundfloor years ago. 2 of my 5 loans defaulted and took years to get partial principal back on one of them. $50 for $100 seems pretty low risk though.
Post by: ender on March 20, 2023, 08:11:16 AM
Post by: tj on March 20, 2023, 09:54:47 AM
I've been wondering if any of these are really worth doing anymore with the high HYSA/CD/MMF rates.
The ones that are just DD's probably would be, but moving a large sum of money, probably not, you'd have to do the math.
Post by: jnw on March 22, 2023, 07:25:59 AM
Also, I just learned about Axos. A $250 bonus if you transfer $2000 into investment account and make two trades I believe. Can the trades be a purchase of VUSXX or the like? Are the brokerage fees reasonable? Is this worth it? 12.5% instant return on th $2000 deposit. If I can earn a 3.5% APR or better -- in addition to the $250 sign up bonus -- on the $2000 deposit (money market or t-bill) it'd be worth it to me I think. Assuming I could take all the cash out within 6 months.
Post by: chasesfish on March 22, 2023, 08:01:34 AM
M1 finance is okay if you need a brokerage account. There's a Fidelity link that'll be floating around that is also offering $100.
Post by: jnw on March 22, 2023, 08:11:58 AM
@JenniferW Usually I find the brokerage accounts too small to be worth it. They pay less than 1% of the amount deposited, which is my threashold.
M1 finance is okay if you need a brokerage account. There's a Fidelity link that'll be floating around that is also offering $100.
I've done Schwab and Fidelity, got $101 and $100 respectively. Just haven't done M1 Finance nor Axos yet. Axos seems like a really good deal , $250 bonus for depositing only $2000 -- 12.5% instant return.
Post by: sonofsven on March 22, 2023, 09:55:23 AM
Just learned about M1 Finance investment account from somene called Cherry Tung on youtube. She has a referal link there and I click on it and M1 Finance is offering me $100 to sign up. Has anyone else done this and received $100 bonus? Is it worth the effort? I haven't signed up yet. I checked on Doctor of Credit and don't really see any info on it. I might of missed it in the search results.I'm doing the Axos one now. I did two trades on an ETF that was selling for slightly more than the $25 min, and sold them the next day for a small profit (pennies). Waiting for the bonus.
Also, I just learned about Axos. A $250 bonus if you transfer $2000 into investment account and make two trades I believe. Can the trades be a purchase of VUSXX or the like? Are the brokerage fees reasonable? Is this worth it? 12.5% instant return on th $2000 deposit. If I can earn a 3.5% APR or better -- in addition to the $250 sign up bonus -- on the $2000 deposit (money market or t-bill) it'd be worth it to me I think. Assuming I could take all the cash out within 6 months.
I like these bonuses for my e fund money. In an emergency I could get the money transferred back to my checking account in days, I would possibly forfeit the bonus however.
Do you do the Swagbucks bonuses? They're pretty simple, usually sign up and transfer in small amounts of $ to a bank or brokerage account and you receive "Swagbucks" (150,000 Swagbucks equals $150 cash). I just use the Swagbucks to buy Amazon gift cards.
The tricky part is signing up properly so they track.
Doctor Of Credit comments are illuminating.
Post by: AnotherEngineer on March 22, 2023, 12:53:52 PM
I've been wondering if any of these are really worth doing anymore with the high HYSA/CD/MMF rates.
The ones that are just DD's probably would be, but moving a large sum of money, probably not, you'd have to do the math.
Agreed. I'm new to bank bonuses, but have been churning credit cards a long time. I find the DD accounts (e.g., deposit $500 for $200-325) to be quite easy as my DD is very easy to change and you don't have to park a lot of money to avoid fees. I did the Chase savings + checking as the savings piece is 16% APY ($15k for 90 days for $600), but the 0% interest has opportunity cost. I don't expect to do any more savings bonuses unless they are joint bonuses like Chase. I'm set up for $2,600 so far since starting two months ago and haven't been maximizing Player 2 yet. I expect to do $200/month x2 for DD bonuses every month going forward.
Post by: jnw on March 22, 2023, 01:55:48 PM
Do you do the Swagbucks bonuses? They're pretty simple, usually sign up and transfer in small amounts of $ to a bank or brokerage account and you receive "Swagbucks" (150,000 Swagbucks equals $150 cash). I just use the Swagbucks to buy Amazon gift cards.
The tricky part is signing up properly so they track.
Doctor Of Credit comments are illuminating.
Thanks, I'll have to look into this. I tried the swagbucks thing once before and it seemed like a real waste of time. They don't pay much for the surveys and was wasting time with it. Most often I get disqualified from even doing the survey. It seemed like a gimmick so I've just ignored everything swagbucks on doctor of credit for the past year or two.
Post by: kpd905 on March 22, 2023, 05:09:33 PM
Right now US bank has a checking bonus that pays up to $600 and you can get an additional $35 if you click through Swagbucks first.
Post by: tj on March 22, 2023, 05:51:56 PM
The Swagbucks surveys are definitely a waste of time. But there are bank account bonuses that pay a bunch of Swagbucks on top of whatever the normal checking bonus pays.
Right now US bank has a checking bonus that pays up to $600 and you can get an additional $35 if you click through Swagbucks first.
Swagbucks also pays you $250 if you drive for Uber once, which seems crazy.
Post by: jnw on March 22, 2023, 05:56:27 PM
Swagbucks also pays you $250 if you drive for Uber once, which seems crazy.
I'd take advantage of that deal but my car is over 20 years old :) Still a sweet comfy roomy 4 door sedan ride, don't know why they discriminate lol. It's still got very nice paint since it has been garaged its entire life.
Post by: jnw on March 22, 2023, 09:43:04 PM
https://www.plynkinvest.com/disclosures/promotions/
I am planning on initially funding it with $100 (instead of the minimum of $25). And then setting up auto deposit of $100 per month. Will let the auto deposit run two or three months. Altogether there should only be about $300-400 transferred to that account. Will probably keep the investments in that account for like 6 months or whatever the minimum timeframe is to keep the bonuses. Will buy VTI, VUSXX or the like in that account. I might just keep the account open a year I dunno; just to be nice.
Post by: MasterStache on March 23, 2023, 06:06:52 AM
Just signed up for the Plynk brokerage account. Looks like an easy $160. I am bypassing the Swagbucks sign up which only offers me an extra $25. It was supposed to be an extra $100 swag bucks according to doctofcredit, but only offering me $25, so I am not bothering with Swag and just dealing with Plynk directly -- just in case the measly $25 swag bonus messes up any of the other $160 in Plynk bonuses.
https://www.plynkinvest.com/disclosures/promotions/
I am planning on initially funding it with $100 (instead of the minimum of $25). And then setting up auto deposit of $100 per month. Will let the auto deposit run two or three months. Altogether there should only be about $300-400 transferred to that account. Will probably keep the investments in that account for like 6 months or whatever the minimum timeframe is to keep the bonuses. Will buy VTI, VUSXX or the like in that account. I might just keep the account open a year I dunno; just to be nice.
I just signed up for Plynk as well. Had a $100 SB offer +$25 for making a deposit. $25 posted right away so hoping the other $100 post at some point as well. Took screenshots along the way.
Swagbucks has been very slow for me. I have typically cashed out over a grand every year but the deals just don't seem to be as good these days. I miss the Vuse deals.
Post by: kpd905 on March 23, 2023, 12:52:27 PM
Post by: jnw on March 24, 2023, 08:45:13 AM
I've been wondering if any of these are really worth doing anymore with the high HYSA/CD/MMF rates.
The ones that are just DD's probably would be, but moving a large sum of money, probably not, you'd have to do the math.
Agreed. I'm new to bank bonuses, but have been churning credit cards a long time. I find the DD accounts (e.g., deposit $500 for $200-325) to be quite easy as my DD is very easy to change and you don't have to park a lot of money to avoid fees. I did the Chase savings + checking as the savings piece is 16% APY ($15k for 90 days for $600), but the 0% interest has opportunity cost. I don't expect to do any more savings bonuses unless they are joint bonuses like Chase. I'm set up for $2,600 so far since starting two months ago and haven't been maximizing Player 2 yet. I expect to do $200/month x2 for DD bonuses every month going forward.
The Alliant $100 savings bonus is worthwhile. Only need to put $1000 in there for short time period and it pays around 3.1% APR as well.
Post by: tj on March 24, 2023, 10:22:29 PM
I've been wondering if any of these are really worth doing anymore with the high HYSA/CD/MMF rates.
The ones that are just DD's probably would be, but moving a large sum of money, probably not, you'd have to do the math.
Agreed. I'm new to bank bonuses, but have been churning credit cards a long time. I find the DD accounts (e.g., deposit $500 for $200-325) to be quite easy as my DD is very easy to change and you don't have to park a lot of money to avoid fees. I did the Chase savings + checking as the savings piece is 16% APY ($15k for 90 days for $600), but the 0% interest has opportunity cost. I don't expect to do any more savings bonuses unless they are joint bonuses like Chase. I'm set up for $2,600 so far since starting two months ago and haven't been maximizing Player 2 yet. I expect to do $200/month x2 for DD bonuses every month going forward.
The Alliant $100 savings bonus is worthwhile. Only need to put $1000 in there for short time period and it pays around 3.1% APR as well.
I've had my Alliant accounts for like 13 years. I'm not eligible for that.
Post by: jnw on March 26, 2023, 12:42:47 PM
I wonder if I can make $5000 this year going after every bank /brokerage type sign up bonus I can. Would be awesome lol. I figure I'll be getting around $1200 or so between credit card bonuses & cashback.
(http://drive.google.com/uc?export=view&id=1sK1cisV-i-8bDbWpy6yIfTuhnWVYk12W)
Post by: chasesfish on March 27, 2023, 04:11:06 AM
I filed for a corporation for the state for some little side income I had a couple of years ago. Now I realize that's the best $100 expense I could possibly have for bank and credit card bonuses. The business side of this is much more lucrative.
Easy to get to $5,000
Post by: jnw on March 27, 2023, 09:07:53 AM
@JenniferW
I filed for a corporation for the state for some little side income I had a couple of years ago. Now I realize that's the best $100 expense I could possibly have for bank and credit card bonuses. The business side of this is much more lucrative.
Easy to get to $5,000
Do you really need to be incorporated or llc to get the bank & credit bonuses for business? I thought sole proprietorships worked as well? I did get a business credit card sign up bonus with chase a few years back, using my SSN for a schedule C business I was doing: was flipping certain flea market items on ebay for some decent extra income. I got the ink card if I recall.
Post by: tj on March 27, 2023, 10:33:08 AM
@JenniferW
I filed for a corporation for the state for some little side income I had a couple of years ago. Now I realize that's the best $100 expense I could possibly have for bank and credit card bonuses. The business side of this is much more lucrative.
Easy to get to $5,000
Do you really need to be incorporated or llc to get the bank & credit bonuses for business? I thought sole proprietorships worked as well? I did get a business credit card sign up bonus with chase a few years back, using my SSN for a schedule C business I was doing: was flipping certain flea market items on ebay for some decent extra income. I got the ink card if I recall.
No, you don't need a business to apply for business accounts in general. Some issuers might care though.
Post by: tj on March 27, 2023, 10:33:32 AM
So these are the bank/brokerage accounts I have signed up for in the past month or so.
I wonder if I can make $5000 this year going after every bank /brokerage type sign up bonus I can. Would be awesome lol. I figure I'll be getting around $1200 or so between credit card bonuses & cashback.
(http://drive.google.com/uc?export=view&id=1sK1cisV-i-8bDbWpy6yIfTuhnWVYk12W)
A lot of people have had issues with Axos paying out according to the DoC thread.
Post by: chasesfish on March 27, 2023, 12:12:33 PM
I found once I got through due diligence with one to two card issuers on my business EIN, approvals have been *easy*
Post by: jnw on March 27, 2023, 12:50:14 PM
I never had success as an individual, others have.
I found once I got through due diligence with one to two card issuers on my business EIN, approvals have been *easy*
I do have an EIN as sole proprietorship -- anyone can request an EIN from IRS. Maybe this would work. I got it because Vanguard required it for the Roth Solo 401K application.
Post by: jnw on March 28, 2023, 04:41:07 PM
I've heard business checking doesn't report to chex systems is that true? Maybe I should focos on those sign up bonuses more.
I want to sign up for as many as possible. Goal this year is $5000 from sign up bonuses & cash back between credit cards, bank accounts, brokerages and any small misc sign up bonuses not related to banks.
EDIT: I only opened two new checking+savings account (combos) last year. And the few I mentioned above in previous post in the past month or so.
Post by: tj on March 28, 2023, 10:09:25 PM
Should I just keep applying for bank sign up bonuses without worry of Chex Systems? Like not worry about it until I get my first denial due to too many recently opened accounts?
I've heard business checking doesn't report to chex systems is that true? Maybe I should focos on those sign up bonuses more.
I want to sign up for as many as possible. Goal this year is $5000 from sign up bonuses & cash back between credit cards, bank accounts, brokerages and any small misc sign up bonuses not related to banks.
EDIT: I only opened two new checking+savings account (combos) last year. And the few I mentioned above in previous post in the past month or so.
The ones who care will reject you. I wouldn't worry about it too much.
Post by: jnw on March 28, 2023, 11:46:37 PM
Plynk, this tiny operation, is actually better than Schwab in this regard. Schwab settlement account pays 0.5% and you have to buy a federal money market fund instead of just letting it sit in the settlement account.
EDIT: Next is to setup a recurring $100 monthly deposit into Plynk and I think I will let it run for at least a full year. I would put money into the federal money market anyways.
Post by: MasterStache on March 29, 2023, 06:20:38 AM
So these are the bank/brokerage accounts I have signed up for in the past month or so.
I wonder if I can make $5000 this year going after every bank /brokerage type sign up bonus I can. Would be awesome lol. I figure I'll be getting around $1200 or so between credit card bonuses & cashback.
(http://drive.google.com/uc?export=view&id=1sK1cisV-i-8bDbWpy6yIfTuhnWVYk12W)
You certainly could. Last year I made roughly 15K on bank bonuses in 2 player mode. Over 20K factoring in CC bonuses, all of which were business cards so no impact to personal credit. Now that is certainly not what I expect to make this year or any other year. It varies from year to year. My goal this year is simply make enough to fill up our Roth accounts.
Post by: jnw on March 29, 2023, 09:00:51 AM
You certainly could. Last year I made roughly 15K on bank bonuses in 2 player mode. Over 20K factoring in CC bonuses, all of which were business cards so no impact to personal credit. Now that is certainly not what I expect to make this year or any other year. It varies from year to year. My goal this year is simply make enough to fill up our Roth accounts.
Thanks for sharing that; it's encouraging. Just wondering how the business cards do not impact personal credit other than the utilization? Aren't there still hard inquiries on your personal credit report for getting these cards? Do they show up in credit history or change the credit age? I need to learn more about business credit cards. Side question: Are business checking accounts reported to Chex Systems?
Post by: MasterStache on March 30, 2023, 06:12:02 AM
You certainly could. Last year I made roughly 15K on bank bonuses in 2 player mode. Over 20K factoring in CC bonuses, all of which were business cards so no impact to personal credit. Now that is certainly not what I expect to make this year or any other year. It varies from year to year. My goal this year is simply make enough to fill up our Roth accounts.
Thanks for sharing that; it's encouraging. Just wondering how the business cards do not impact personal credit other than the utilization? Aren't there still hard inquiries on your personal credit report for getting these cards? Do they show up in credit history or change the credit age? I need to learn more about business credit cards. Side question: Are business checking accounts reported to Chex Systems?
They only impact in terms of taking an inquiry hit. I don't think business checking accounts show up on chex but I'm not 100% sure, so don't quote me on that, ha!
Post by: Michael in ABQ on March 30, 2023, 11:13:00 AM
You certainly could. Last year I made roughly 15K on bank bonuses in 2 player mode. Over 20K factoring in CC bonuses, all of which were business cards so no impact to personal credit. Now that is certainly not what I expect to make this year or any other year. It varies from year to year. My goal this year is simply make enough to fill up our Roth accounts.
Thanks for sharing that; it's encouraging. Just wondering how the business cards do not impact personal credit other than the utilization? Aren't there still hard inquiries on your personal credit report for getting these cards? Do they show up in credit history or change the credit age? I need to learn more about business credit cards. Side question: Are business checking accounts reported to Chex Systems?
My business credit cards don't show up on my credit report. I know they've needed to pull my personal credit for approval but I'm not sure those were even hard inquiries that stayed on my credit report. I just checked on Credit Karma and the only hard inquiry was for a business line of credit from my bank. My Capital One and American Express business cards are nowhere to be seen - though like almost all business credit cards they are still personally guaranteed.
Post by: jnw on March 30, 2023, 06:38:14 PM
I just signed up for a bunch of personal accounts in the past 45 days mentioned above. These accounts below are more personal accounts. Should I perhaps instead switch up and focus on business accounts instead to help relax chex systems inquiries?
Credit Union 1 -- Checking (Hard pull?)
$500 - $15 = $485
https://www.maximizingmoney.com/banking-bonuses/credit-union-1/
Chime -- Bank Account
$170
https://www.maximizingmoney.com/banking-bonuses/chime/
Jovia -- Checking
$235
https://www.maximizingmoney.com/banking-bonuses/jovia-financial-credit-union/
Fundrise -- Brokerage
$100
https://www.maximizingmoney.com/investing-promotions/fundrise/
M1 Finance -- Brokerage
$100
https://www.maximizingmoney.com/investing-promotions/m1-finance/
Thrivent Checking -- Bank Account
https://youtu.be/LHkZPZwuawg?t=215
Amerant -- Checking & Savings Accounts
$100 ($50 checking $50 money market)
https://www.youtube.com/watch?v=wcY6KCyMWUg
A lot of the above accounts I found from the "Top Deals" (75 Best) link at Maximizing Money web site -- I am going to keep an eye on this site as well as Doctor of Credit. (I’m mostly ignoring the under $50 sign up bonuses especially bank accounts which connect to Chex Systems.)
https://www.maximizingmoney.com
Post by: Padonak on March 31, 2023, 12:04:13 PM
Approximately how much do you earn per year churning back accounts?
Post by: jnw on March 31, 2023, 12:34:32 PM
Great info @jnw
Approximately how much do you earn per year churning back accounts?
Well this year, as of the past 45 days or so, I am lined up to get over $1400 so far for bank bonuses alone. (Breakdown a few posts back in this thread.) And for the last post, stuff I'm considering now: that will add quite a bit more. My goal is $5000 in income between bank, brokerage and credit card accounts this year.
Here is what I got the previous one year period; didn't do all that much last year. I am new to this and really diving into it as of this year.
(http://drive.google.com/uc?export=view&id=10j7Cj9HrxIBWA3hgTAFR8uKl44eUp68Z)
Post by: Michael in ABQ on March 31, 2023, 09:29:09 PM
I received a $325 for $1000 WF checking account flyer. The promo code was validated with email and zip but I was redirected to an error page telling me that I had to visit a branch. Meh, given the state of WF's systems, it needs to be $500 for me to visit a branch.
Has anyone had the recent WF promo codes work for them online?
I opened an account with WF a few months ago and met the requirements but haven't received the bonus yet.
Just got my $325 WF checking bonus. Looks like there's no early termination penalty but I'll leave it open a couple of weeks just to be safe before transferring everything out and closing it.
Post by: chasesfish on April 02, 2023, 01:29:48 PM
Background: I got a Biz Platinum Card for the 150,000 point bonus + 15,000 minimum spend. Shortly afterwards they solicited me for a Business Checking Account. 60,000 bonus points.
Part of the solicitation was "Membership Points Can Be Combined. Business Platinum Cardholders are eligible to redeem points for $0.01 per point for deposits into a Business Checking Account.
I went through the grueling signup process for the checking account and it was opened at the end of December. Met all the requirements and the bonus paid out in mid march.
The challenge is it's been 3+ months now and American Express still isn't showing my membership rewards combined or my ability to redeem points for $0.01. It defaults to $0.008 and I can only redeem the 60,000 points earned for the checking, not the 165,000 other points. The redemption options for the 165,000 points kind of stink relative to cash.
Right now Amex has $2,250 I've earned held hostage and I can't figure out how to dislodge it. I've called and chatted 5+ times each, usually being told 7-10 days or some comment about a ticket. I annoyed them enough to get a letter saying they'll contact me when it's complete at the beginning of March. I sent a detailed complaint letter about 10 days ago with no response.
What do you think my next step should be? Specifically mail the chief marketing officer? Complain to the CFPB? Any advice is appreciated.
Post by: bacchi on April 02, 2023, 05:34:11 PM
I received a $325 for $1000 WF checking account flyer. The promo code was validated with email and zip but I was redirected to an error page telling me that I had to visit a branch. Meh, given the state of WF's systems, it needs to be $500 for me to visit a branch.
Has anyone had the recent WF promo codes work for them online?
I opened an account with WF a few months ago and met the requirements but haven't received the bonus yet.
Just got my $325 WF checking bonus. Looks like there's no early termination penalty but I'll leave it open a couple of weeks just to be safe before transferring everything out and closing it.
I'm in the waiting stage. Every push codes as a DD so there's no reason that I won't get it.
Post by: elysianfields on April 07, 2023, 09:21:24 AM
Post by: JupiterGreen on April 07, 2023, 11:38:50 AM
Post by: secondcor521 on April 07, 2023, 12:11:35 PM
Most of these sign on bonuses require direct deposit. How are people managing this. Are you just splitting your paycheck between banks?
That's the best/easiest way probably.
Sometimes ACH pushes from other banks will work to trigger bonuses, but that is very often a YMMV situation.
Post by: jnw on April 07, 2023, 12:27:41 PM
I want to sign up for more personal checking accounts which will work with an ACH push -- will read the data points before I apply for them. I mentioned the ones I am interested in above, but I haven't yet done anything about it yet. Just taking a little break from all this busy work lol.
Thinking though I should take a break from the personal and go with business checking and business credit cards. Business checking doesn't report or pull from Chex Systems I guess. And most Business Credit doesn't mess with utilization or credit age on personal report -- only affect hard inquiries I guess.
Post by: Michael in ABQ on April 07, 2023, 05:15:30 PM
Most of these sign on bonuses require direct deposit. How are people managing this. Are you just splitting your paycheck between banks?
Yep. I control payroll for my company, so it takes about 30 seconds to enter new routing and account information. I can split it up in any way I like so I just send enough to the new account to trigger the requirement without having to worry about not depositing enough money in my normal checking account for regular bills.
Post by: sonofsven on April 08, 2023, 05:08:25 AM
Most of these sign on bonuses require direct deposit. How are people managing this. Are you just splitting your paycheck between banks?I'm self employed and never had a "real" direct deposit, but I still receive most of the bonuses I try for.
Doctor Of Credit is the source I use; they keep a database of banks and which transfers from other banks code as DD's.
Successful or not, I always add my experience to the database by commenting on the relevant DoC thread.
I generally do two options for each DD requirement; one from Bank (x) and one from Bank (y).
Post by: jnw on April 19, 2023, 05:25:35 PM
https://www.chase.com/business/banking/checking/business-checking-offer/LY29296
Should I go for it now or wait? I just opened a Chase Total Checking (personal) account a few weeks ago and just got the $300 bonus for that for basically an ACH transfer from another bank for over $500.
I signed up for a lot of bank and brokerage bonuses the past couple months, so I dont know if it is too soon to try this business account.
I wanted to go with business accounts for a while to potentially give the Chex Systems a break with respect to all my personal accounts I just recently opened.
EDIT: I think to waive the monthly checking fee I'd just keep the average daily balance at $2000 or more. I calculated that $2000 sitting in an interest free account for 6 months is a loss of around $50 or so at current interest rates. The $300 sign up bonus more than makes up for this. So $250 net profit on that $2000 tied up for 6 months -- i.e. 25% APR on that $2000 for 6 months.
Post by: chasesfish on April 28, 2023, 12:08:26 PM
Post by: jnw on April 28, 2023, 12:16:21 PM
@jnw It all depends on Chase. The Know Your Customer due diligence required these days for business accounts can be brutal. $300 usually isn't a big enough bonus for me to walk into a branch.
Thanks for the reply. Can you please elaborate on "The Know Your Customer due diligence required". I am not sure what you mean.
Post by: Padonak on April 28, 2023, 01:55:37 PM
I'm self employed and never had a "real" direct deposit, but I still receive most of the bonuses I try for.
Doctor Of Credit is the source I use; they keep a database of banks and which transfers from other banks code as DD's.
Successful or not, I always add my experience to the database by commenting on the relevant DoC thread.
I generally do two options for each DD requirement; one from Bank (x) and one from Bank (y).
How do you transfer money from other banks? Through ACH or Zelle or something else? If it's ACH, do you "push" the money from the other bank (by adding rounting and acct nbrs on the other banks website and sending the money from their website) or "pull" the money by the bank where you're getting a bonus?
Post by: jnw on April 28, 2023, 07:28:26 PM
I'm self employed and never had a "real" direct deposit, but I still receive most of the bonuses I try for.
Doctor Of Credit is the source I use; they keep a database of banks and which transfers from other banks code as DD's.
Successful or not, I always add my experience to the database by commenting on the relevant DoC thread.
I generally do two options for each DD requirement; one from Bank (x) and one from Bank (y).
How do you transfer money from other banks? Through ACH or Zelle or something else? If it's ACH, do you "push" the money from the other bank (by adding rounting and acct nbrs on the other banks website and sending the money from their website) or "pull" the money by the bank where you're getting a bonus?
I do ACH push to simulate a direct deposit -- yeah adding the routing number and account number. I've never heard of a direct deposit which gets pulled by the bank. But I think I did fund my Alliant checking account via a pull from their side, because I don't think they required a DD if I recall.
Post by: Padonak on April 28, 2023, 07:58:49 PM
I do ACH push to simulate a direct deposit -- yeah adding the routing number and account number. I've never heard of a direct deposit which gets pulled by the bank. But I think I did fund my Alliant checking account via a pull from their side, because I don't think they required a DD if I recall.
Does it matter if one of the accounts is a business account and the other is personal?
Post by: jnw on April 28, 2023, 08:06:43 PM
I do ACH push to simulate a direct deposit -- yeah adding the routing number and account number. I've never heard of a direct deposit which gets pulled by the bank. But I think I did fund my Alliant checking account via a pull from their side, because I don't think they required a DD if I recall.
Does it matter if one of the accounts is a business account and the other is personal?
I am not sure, I simulated a direct deposit to a new personal checking account via an ACH push using a personal checking account from another bank. On the doctor of credit web site, for the particular checking account you are interested in churning, people share data points like what bank they used and amounts they ACH pushed etc. and whether or not it succeeded for failed.
Post by: MasterStache on April 29, 2023, 05:25:58 AM
I do ACH push to simulate a direct deposit -- yeah adding the routing number and account number. I've never heard of a direct deposit which gets pulled by the bank. But I think I did fund my Alliant checking account via a pull from their side, because I don't think they required a DD if I recall.
Does it matter if one of the accounts is a business account and the other is personal?
It depends. In my experience some banks don't care if it's a personal or business account and others do. I typically find out when I try to link the account and it errors out. So basically trial and error. My main personal bank I've been using for over 2 decades doesn't care if it's personal or business. I can push/pull to any bank.
Post by: sonofsven on April 29, 2023, 07:39:31 AM
Always push to the account from a hub or satellite account into the account you're trying to earn the bonus on.
I'm self employed and never had a "real" direct deposit, but I still receive most of the bonuses I try for.
Doctor Of Credit is the source I use; they keep a database of banks and which transfers from other banks code as DD's.
Successful or not, I always add my experience to the database by commenting on the relevant DoC thread.
I generally do two options for each DD requirement; one from Bank (x) and one from Bank (y).
How do you transfer money from other banks? Through ACH or Zelle or something else? If it's ACH, do you "push" the money from the other bank (by adding rounting and acct nbrs on the other banks website and sending the money from their website) or "pull" the money by the bank where you're getting a bonus?
Usually you have to wait for trial deposits; this takes a few days. One account will make two transfers under $1.00, you enter the amounts and then it's open for transfers.
Post by: jnw on May 04, 2023, 09:49:41 PM
You can do the deal twice for $80 discount. You can use the promo code on the coupon for an online purchase of $40 in stuff (before sales tax and discounts). And then when you go to pick up that stuff you can scan the physical coupon at the self checkout register for another $40 in stuff.
Post by: jnw on June 02, 2023, 07:32:39 AM
Should I contact them about the $50 they didn't give me? Or just be happy I got a bonus from them at all?
Post by: AnotherEngineer on June 02, 2023, 07:37:23 AM
I got the Axos Brokerage "Promo Credit" today. (i.e. sign up bonus). It wasn't the $250 as promised but only $200. But a lot of people said they had problems getting the bonus at all.
Should I contact them about the $50 they didn't give me? Or just be happy I got a bonus from them at all?
I would probably send them a secure message and then put my time towards getting higher bonuses from more reputable banks.
Post by: jnw on June 02, 2023, 08:14:30 AM
I would probably send them a secure message and then put my time towards getting higher bonuses from more reputable banks.
Thanks. I think I will send them a message. Regarding $250, that is actually a good amount of money with respect to "higher bonuses", especially for a brokerage account. My absolute minimum is $100 -- e.g. Schwab & Fidelity. I see a lot under $100 and I don't bother with those. I'll gladly go for a $200+ bonus. I've gotten a couple $300 checking bonuses recently. Working on a $400 checking bonus now. The Axos deal seemed good because all the money I transferred over there I immediately put into SGOV -- so it's secure and getting good dividends. Also, since it was a brokerage account, there is no ChexSystems hit -- nor hard pull.
My goal is to get an extra $5,000 this year between bank sign up bonuses & credit card bonuses.
EDIT: I just got an email from Plynk saying that I just earned my $100 recurring deposit match. So $300 from the brokerages today :) I had previously got $60 from Plynk, so this makes it $160 total, which is what I was expecting -- I didn't do the swag bucks deal with it.
Post by: Michael in ABQ on June 02, 2023, 10:17:35 AM
I got the Axos Brokerage "Promo Credit" today. (i.e. sign up bonus). It wasn't the $250 as promised but only $200. But a lot of people said they had problems getting the bonus at all.
Should I contact them about the $50 they didn't give me? Or just be happy I got a bonus from them at all?
I signed up for a new business bank account with Axos to get $200 but it was a big hassle. I think I have to have an average balance of $2,500 in the account but it's taken so long that at this point I'm worried it may not post. I'm on hold with tech support now because I can't even login to their online system. I may just close my account and write off the time I already spent.
Post by: jnw on June 02, 2023, 10:25:33 AM
I got the Axos Brokerage "Promo Credit" today. (i.e. sign up bonus). It wasn't the $250 as promised but only $200. But a lot of people said they had problems getting the bonus at all.
Should I contact them about the $50 they didn't give me? Or just be happy I got a bonus from them at all?
I signed up for a new business bank account with Axos to get $200 but it was a big hassle. I think I have to have an average balance of $2,500 in the account but it's taken so long that at this point I'm worried it may not post. I'm on hold with tech support now because I can't even login to their online system. I may just close my account and write off the time I already spent.
I'll share my data points with you. PM'ing.
Post by: jnw on June 02, 2023, 10:35:38 AM
https://www.maximizingmoney.com/investing-promotions/moomoo/
Seems like it might be worth it since the money I transfer over there can be put into SGOV. I am putting all my excess money into short term treasuries and money market anyways.
Not a huge bonus, but no ChexSystems inquiries and I imagine is a soft pull.
Post by: Michael in ABQ on June 02, 2023, 10:43:19 AM
I got the Axos Brokerage "Promo Credit" today. (i.e. sign up bonus). It wasn't the $250 as promised but only $200. But a lot of people said they had problems getting the bonus at all.
Should I contact them about the $50 they didn't give me? Or just be happy I got a bonus from them at all?
I signed up for a new business bank account with Axos to get $200 but it was a big hassle. I think I have to have an average balance of $2,500 in the account but it's taken so long that at this point I'm worried it may not post. I'm on hold with tech support now because I can't even login to their online system. I may just close my account and write off the time I already spent.
I'll share my data points with you. PM'ing.
I just got off the phone with tech support. The rep did say that I just need to have a balance of $2,500 for two consecutive months and the bonus will post in the 3rd month.
Post by: bacchi on June 02, 2023, 02:24:46 PM
As far as cards, I was denied by Chase because income:credit was too low (the perils of an ER budget). I immediately applied for the AmEx Cash Magnet with a $300 bonus.
Post by: jnw on June 03, 2023, 09:17:59 AM
$100 "cash reward" sign up bonus; $50 "cash reward" referral bonus; 15 x $3+ stocks ($45); $125 GOOG stock
https://www.maximizingmoney.com/investing-promotions/moomoo/
Here's what I have done and have planned:
6/3/2023 Created account w/ referral link and linked Chase Checking via Plaid
Planned:
6/6/2023 Transfer $5800 to Chase Checking from credit union checking account -- in the Moomoo sign up process, Plaid wouldn't link my CU account.
6/9/2023 Plaid transfer $5800 from Chase Checking to Moomoo
6/12/2023 Purchase 58 shares of SGOV
8/15/2023 Sell all 15 shares of misc $3+ stocks just awarded -- been over 60 days
8/15/2023 Sell the free share of GOOG for $125 or so
8/15/2023 Buy 1 share of SGOV
8/31/2023 Sell 59 shares of SGOV -- sell at max stock value, so it's a capital gain and not a potential wash sale.
9/5/2023 Buy $1000+ order of stock applying the $150 "cash reward" bonus -- $100 sign up and $50 referral.
Liquidate and close the account as soon as possible after reviewing the fine print.
$320 return on $5800 invested is 320/5800 = 5.52% in 3 months, or 22.1% APR. Plus around 4.75% or so APR on $5800 for 2 1/2 months (SGOV). So altogether about a 26% APR on $5800 for 3 months.
EDIT: The minimum is $5000 to get the free GOOG stock. But since I'll be getting the money in there a week late, and just in case they go by average daily balance, I decided to go with $5800.. maybe will do $5900 just to be safe.
Post by: sonofsven on June 05, 2023, 09:55:54 AM
I got the Axos Brokerage "Promo Credit" today. (i.e. sign up bonus). It wasn't the $250 as promised but only $200. But a lot of people said they had problems getting the bonus at all.
Should I contact them about the $50 they didn't give me? Or just be happy I got a bonus from them at all?
I signed up for a new business bank account with Axos to get $200 but it was a big hassle. I think I have to have an average balance of $2,500 in the account but it's taken so long that at this point I'm worried it may not post. I'm on hold with tech support now because I can't even login to their online system. I may just close my account and write off the time I already spent.
I got the $250 brokerage bonus previously. I had enough moneyxtime in the bank brokerage but never got it.
Apparently the bonus was not applied when I opened the account (sounds bogus as I applied through a DoC link).
The CSR did say I could close the account and open a new one for the bonus, so I'm doing that now.
I've found when I am super nice and respectful on the phone they actually seem to try to help me, even when it's obvious I'm just churning bonuses.
Post by: kpd905 on June 23, 2023, 05:27:03 AM
The current promotion gets you the following if you sign up through a referral link and fund with $5000 for 60+ days:
- 15 free stocks valued at $45 minimum
- $100 cash reward
- One free GOOG or TSLA stock, so roughly $123 (GOOG) or $264 (TSLA) currently
- Bonus $50 for signing up with a referral link
- Total: $318-$459 depending on which stock you get
The referrer also gets $100 I believe, so in two player mode you would net somewhere between $736-$1018, pretty solid return especially since you can invest the $5000 in SGOV the whole time and earn 5% on it.
The current promo goes through July 16, and it is recommended to open the referral link on a phone rather than a PC to get it to open and track properly.
If anyone wants to join with my link, it is here:https://invite-code.moomoo.com/share?code=TYHZAHWM&inviter=73658620&global_content=%7B%7D&channel=4&subchannel= [/list]
Post by: sonofsven on June 23, 2023, 08:11:56 AM
It's a little goofy, honestly, but free stock and referral bonuses are available.
I just got my free stocks but they won't be "unfrozen" until I reach the sixty day date with my $5,000 transfer from my Discover savings account.
According to moomoo the value of the stocks right now is $205, not including the $50 referral bonus I should get for signing up with a referral link from the DoC thread, and the possibility of a $200 referral bonus if someone signs up with the above link ($50 for the referred, $200 for me) and moves $5,000 to moomoo and holds it there for a minimum sixty days.
Or the referred could only move $100 to moomoo and receive the $50 bonus and I would receive $100. To get the 15 free stocks you need to move $5,000 to moomoo (for sixty days).
My potential player2 won't play in the churning game (mustachian people problem, lol).
Also, I got one share of Google, not Tesla. It's random, you don't get to choose.
Post by: tj on June 23, 2023, 09:47:18 AM
Got 1 share of Google and 15 shares stocks worth $2-$3, and the $100 voucher. You have to make a trade of $1000 or more to redeem the $100 cash voucher. I just used SGOV. Presumably another voucher of $50 will show up for having been referred.
here's my referral: https://j.moomoo.com/00yEis
Also, you really need to sign up on a phone. A lot of people have had issues signing up on a PC.
Quote
15 free stocks valued at $45 minimum
There is no $45 minimum. Half of the ones they gave me were worth less than $3
Post by: jnw on June 23, 2023, 12:58:02 PM
@jnw Is your Moomoo bonus still going according to plan? Have you received the free stocks? I just signed up yesterday under the current promotion and plan to refer my P2 in a few days.
The current promotion gets you the following if you sign up through a referral link and fund with $5000 for 60+ days:
- 15 free stocks valued at $45 minimum
- $100 cash reward
- One free GOOG or TSLA stock, so roughly $123 (GOOG) or $264 (TSLA) currently
- Bonus $50 for signing up with a referral link
- Total: $318-$459 depending on which stock you get
The referrer also gets $100 I believe, so in two player mode you would net somewhere between $736-$1018, pretty solid return especially since you can invest the $5000 in SGOV the whole time and earn 5% on it.
The current promo goes through July 16, and it is recommended to open the referral link on a phone rather than a PC to get it to open and track properly.
If anyone wants to join with my link, it is here: https://invite-code.moomoo.com/share?code=VF9JBDDM&inviter=73658620&global_content=%7B%7D&channel=4&subchannel=[/list]
Yeah it's mostly going according to plan. They only allow a max of $5000 plaid transfer in one month, so I didn't buy any shares of anything. I'll add another $500 or so on the first and buy shares of money market and let it sit. Got my 16 shares.
Post by: jnw on June 23, 2023, 04:02:46 PM
[AZ, CO, IL, MO, NE, OK, KS, TX only]
https://www.doctorofcredit.com/az-co-il-mo-ne-ok-ks-tx-umb-bank-400-checking-bonus/
https://www.profitablecontent.com/umb-bank-400-checking-bonus/
Post by: tj on June 23, 2023, 06:32:29 PM
@jnw Is your Moomoo bonus still going according to plan? Have you received the free stocks? I just signed up yesterday under the current promotion and plan to refer my P2 in a few days.
The current promotion gets you the following if you sign up through a referral link and fund with $5000 for 60+ days:
- 15 free stocks valued at $45 minimum
- $100 cash reward
- One free GOOG or TSLA stock, so roughly $123 (GOOG) or $264 (TSLA) currently
- Bonus $50 for signing up with a referral link
- Total: $318-$459 depending on which stock you get
The referrer also gets $100 I believe, so in two player mode you would net somewhere between $736-$1018, pretty solid return especially since you can invest the $5000 in SGOV the whole time and earn 5% on it.
The current promo goes through July 16, and it is recommended to open the referral link on a phone rather than a PC to get it to open and track properly.
If anyone wants to join with my link, it is here: https://invite-code.moomoo.com/share?code=VF9JBDDM&inviter=73658620&global_content=%7B%7D&channel=4&subchannel=[/list]
Yeah it's mostly going according to plan. They only allow a max of $5000 plaid transfer in one month, so I didn't buy any shares of anything. I'll add another $500 or so on the first and buy shares of money market and let it sit. Got my 16 shares.
You can't buy a money market. I don't think they offer mutual funds. SGOV is as close as you get, I think.
Post by: jnw on June 26, 2023, 07:52:34 PM
Sky One Federal Credit Union
$450 = $100 (savings) + $300 (checking) + $50 (referral)
https://www.youtube.com/watch?v=WpHt35N8wr4
https://www.profitablecontent.com/sky-one-federal-cu-400-checking-savings-bonus/
https://www.doctorofcredit.com/skyone-federal-credit-union-300-checking-100-savings-bonus-2/
[National]
Post by: sonofsven on June 26, 2023, 08:43:34 PM
So far on the moomoo offer I've received another $100 for buying $1000 of SGOV. As soon as the $100 posted I sold it and bought $1000 of SGOV again for another $50 bonus.
I actually talked (potential!) P2 into using my referral to open the account with the $100 option, first time ever, so I should get another $100, I think.
Post by: Dicey on June 26, 2023, 09:40:30 PM
This one has caught my eye:
Sky One Federal Credit Union
$450 = $100 (savings) + $300 (checking) + $50 (referral)
https://www.youtube.com/watch?v=WpHt35N8wr4
https://www.profitablecontent.com/sky-one-federal-cu-400-checking-savings-bonus/
https://www.doctorofcredit.com/skyone-federal-credit-union-300-checking-100-savings-bonus-2/
[National]
This one has caught my eye:LOL, I have had an account with them since I was a child, because my Dad was an Air Traffic Controller. I'm pissed at them right now for...reasons. I might try this just to even the score a bit. Thus far, I haven't ventured into this game, but this might be the impetus I need. Thanks!
Sky One Federal Credit Union
$450 = $100 (savings) + $300 (checking) + $50 (referral)
https://www.youtube.com/watch?v=WpHt35N8wr4
https://www.profitablecontent.com/sky-one-federal-cu-400-checking-savings-bonus/
https://www.doctorofcredit.com/skyone-federal-credit-union-300-checking-100-savings-bonus-2/
[National]
Post by: kpd905 on June 27, 2023, 08:29:58 AM
Edit: I just received a notification that they were applied and will be added to my account in three trading days. Would be nice if you could just see them applied when you place the order. This notification came 10-15 minutes after the order in case anyone else gets paranoid like I did.
Also, I received $194 of stocks with the 15 stocks plus share of GOOG. So should be $344 plus any referrals I can get from referring P2 and any others.
Post by: tj on June 28, 2023, 06:57:53 AM
For anyone else doing Moomoo, did your $100 and $50 coupons work right away? I bought two $1100 lots of SGOV, but I can't see that the coupons were actually used. I am thinking they may have been because they are now showing up as expired when I view them. But they show that they expired yesterday, when my initial deposit finally posted today.
Edit: I just received a notification that they were applied and will be added to my account in three trading days. Would be nice if you could just see them applied when you place the order. This notification came 10-15 minutes after the order in case anyone else gets paranoid like I did.
Also, I received $194 of stocks with the 15 stocks plus share of GOOG. So should be $344 plus any referrals I can get from referring P2 and any others.
There's a lag. The $100 pop up and deposit showed up first for me.
Post by: sonofsven on June 28, 2023, 09:27:49 AM
Post by: Padonak on June 28, 2023, 09:30:00 AM
Today is the last day to apply for this card if you want to get 165K points (this is not a referral link).
I applied yesterday and got approved even though I'm at 5/24. Someone else mentioned online that they got approved too with more than 5/24, so that's why i decided to give it a try. Got an "application pending" message, then called reconsideration and they said someone else was reviewing it and couldn't give me any details. Then a few minutes later, I received an email saying that im approved. I already have an IHG personal card a another personal card with Chase.
Post by: bacchi on June 28, 2023, 10:13:30 AM
https://www.doctorofcredit.com/chase-ihg-premier-business-card-165000-offer/
Today is the last day to apply for this card if you want to get 165K points (this is not a referral link).
I applied yesterday and got approved even though I'm at 5/24. Someone else mentioned online that they got approved too with more than 5/24, so that's why i decided to give it a try. Got an "application pending" message, then called reconsideration and they said someone else was reviewing it and couldn't give me any details. Then a few minutes later, I received an email saying that im approved. I already have an IHG personal card a another personal card with Chase.
Applied and went to review. I'm 4/24 and have 3 business cards and 3 personal cards from Chase.
I'll probably have to recon to redistribute some of the available business credit.
Post by: jnw on June 29, 2023, 04:15:04 PM
This one has caught my eye:LOL, I have had an account with them since I was a child, because my Dad was an Air Traffic Controller. I'm pissed at them right now for...reasons. I might try this just to even the score a bit. Thus far, I haven't ventured into this game, but this might be the impetus I need. Thanks!
Sky One Federal Credit Union
$450 = $100 (savings) + $300 (checking) + $50 (referral)
https://www.youtube.com/watch?v=WpHt35N8wr4
https://www.profitablecontent.com/sky-one-federal-cu-400-checking-savings-bonus/
https://www.doctorofcredit.com/skyone-federal-credit-union-300-checking-100-savings-bonus-2/
[National]
Welcome to the Dark $ide :)
Post by: bacchi on June 29, 2023, 04:37:26 PM
https://www.doctorofcredit.com/chase-ihg-premier-business-card-165000-offer/
Today is the last day to apply for this card if you want to get 165K points (this is not a referral link).
I applied yesterday and got approved even though I'm at 5/24. Someone else mentioned online that they got approved too with more than 5/24, so that's why i decided to give it a try. Got an "application pending" message, then called reconsideration and they said someone else was reviewing it and couldn't give me any details. Then a few minutes later, I received an email saying that im approved. I already have an IHG personal card a another personal card with Chase.
Applied and went to review. I'm 4/24 and have 3 business cards and 3 personal cards from Chase.
I'll probably have to recon to redistribute some of the available business credit.
They wanted my Articles of Incorporation, I uploaded it, and my application was accepted. Thanks @Padonak!
Post by: MasterStache on July 04, 2023, 05:39:55 AM
Post by: jnw on July 04, 2023, 07:36:17 AM
The Moomoo referral has been extended, I believe, until the end of July for anyone for who still hasn't done it. Turning out to be a decent money maker with little effort.
Yeah I'm liking it :)
Post by: sonofsven on July 04, 2023, 10:26:50 AM
I finally got around to trying the Axos $100 checking bonus again yesterday but it looks like the promo ended June 30. I keep losing out on this stupid bank.I got the Axos Brokerage "Promo Credit" today. (i.e. sign up bonus). It wasn't the $250 as promised but only $200. But a lot of people said they had problems getting the bonus at all.
Should I contact them about the $50 they didn't give me? Or just be happy I got a bonus from them at all?
I signed up for a new business bank account with Axos to get $200 but it was a big hassle. I think I have to have an average balance of $2,500 in the account but it's taken so long that at this point I'm worried it may not post. I'm on hold with tech support now because I can't even login to their online system. I may just close my account and write off the time I already spent.
I got the $250 brokerage bonus previously. I had enough moneyxtime in the bank brokerage but never got it.
Apparently the bonus was not applied when I opened the account (sounds bogus as I applied through a DoC link).
The CSR did say I could close the account and open a new one for the bonus, so I'm doing that now.
I've found when I am super nice and respectful on the phone they actually seem to try to help me, even when it's obvious I'm just churning bonuses.
I did sign up through a MyPoints link for 200,000 points ($200) which is tracking in the app, so that's a positive sign.
Post by: MasterStache on July 05, 2023, 05:23:15 AM
I finally got around to trying the Axos $100 checking bonus again yesterday but it looks like the promo ended June 30. I keep losing out on this stupid bank.I got the Axos Brokerage "Promo Credit" today. (i.e. sign up bonus). It wasn't the $250 as promised but only $200. But a lot of people said they had problems getting the bonus at all.
Should I contact them about the $50 they didn't give me? Or just be happy I got a bonus from them at all?
I signed up for a new business bank account with Axos to get $200 but it was a big hassle. I think I have to have an average balance of $2,500 in the account but it's taken so long that at this point I'm worried it may not post. I'm on hold with tech support now because I can't even login to their online system. I may just close my account and write off the time I already spent.
I got the $250 brokerage bonus previously. I had enough moneyxtime in the bank brokerage but never got it.
Apparently the bonus was not applied when I opened the account (sounds bogus as I applied through a DoC link).
The CSR did say I could close the account and open a new one for the bonus, so I'm doing that now.
I've found when I am super nice and respectful on the phone they actually seem to try to help me, even when it's obvious I'm just churning bonuses.
I did sign up through a MyPoints link for 200,000 points ($200) which is tracking in the app, so that's a positive sign.
The $100 bonus promo was extended to July 31st so you should be good. You can also churn this bank through MP and SB. I got both rewards and the Axos bonus. I waited 6+ month between closing and opening though.
Post by: sonofsven on July 05, 2023, 07:56:05 AM
You're correct, it's been extended through July. I was also wrong on the dollar value of the MP points.I finally got around to trying the Axos $100 checking bonus again yesterday but it looks like the promo ended June 30. I keep losing out on this stupid bank.I got the Axos Brokerage "Promo Credit" today. (i.e. sign up bonus). It wasn't the $250 as promised but only $200. But a lot of people said they had problems getting the bonus at all.
Should I contact them about the $50 they didn't give me? Or just be happy I got a bonus from them at all?
I signed up for a new business bank account with Axos to get $200 but it was a big hassle. I think I have to have an average balance of $2,500 in the account but it's taken so long that at this point I'm worried it may not post. I'm on hold with tech support now because I can't even login to their online system. I may just close my account and write off the time I already spent.
I got the $250 brokerage bonus previously. I had enough moneyxtime in the bank brokerage but never got it.
Apparently the bonus was not applied when I opened the account (sounds bogus as I applied through a DoC link).
The CSR did say I could close the account and open a new one for the bonus, so I'm doing that now.
I've found when I am super nice and respectful on the phone they actually seem to try to help me, even when it's obvious I'm just churning bonuses.
I did sign up through a MyPoints link for 200,000 points ($200) which is tracking in the app, so that's a positive sign.
The $100 bonus promo was extended to July 31st so you should be good. You can also churn this bank through MP and SB. I got both rewards and the Axos bonus. I waited 6+ month between closing and opening though.
I was approved for a B of A personal checking account with a measly $100 bonus, but I relish taking B of A's money, heh.
Post by: jim555 on July 05, 2023, 02:27:14 PM
"Open a new Citi checking account package, deposit new-to-Citi funds within 20 days, hold you balance for an additional 60 calendar days, and receive a cash bonus: Deposit and maintain and $10,000 balance, earn $200; deposit and maintain a $30,000 balance, earn $500; deposit and maintain a $75,000 balance, earn $1,000; deposit and maintain a $200,000 balance, earn $1,500; deposit and maintain a $300,000 balance, earn $2,000. If your balance falls to a lower tier at any point during the maintenance period, the bonus changes."
---------------------
Back of napkin calc, $500 for $30,000 in 60 days. Roughly 10% annualized for those 60 days. Is it worth it? Hmmm. Lots of hoop jumping, maybe.
Post by: sonofsven on July 12, 2023, 09:54:28 AM
I'm moving $1006 I have in a Fidelity cash management account.
Read the terms carefully, moomoo doesn't charge a fee for an incoming transfer but some brokerages do charge a fee for transferring stock assets out (Fidelity does not).
Also, according to the terms, you can transfer cash, not just stocks, it just has to be from one of the brokerages (I think-the whole moomoo platform is a little opaque to me)
Also, I've received two referral bonuses lately, if it's from anyone here, thank you!
Post by: tj on July 12, 2023, 09:01:33 PM
Moomoo has a transfer bonus now: move $1001 (minimum) assets from a brokerage to moomoo for a $100 bonus. See Doctor Of Credit for more details.
I'm moving $1006 I have in a Fidelity cash management account.
Read the terms carefully, moomoo doesn't charge a fee for an incoming transfer but some brokerages do charge a fee for transferring stock assets out (Fidelity does not).
Also, according to the terms, you can transfer cash, not just stocks, it just has to be from one of the brokerages (I think-the whole moomoo platform is a little opaque to me)
Also, I've received two referral bonuses lately, if it's from anyone here, thank you!
Lucky! Nobody used my referral link. :(
Post by: jnw on July 12, 2023, 09:45:22 PM
Moomoo has a transfer bonus now: move $1001 (minimum) assets from a brokerage to moomoo for a $100 bonus. See Doctor Of Credit for more details.
I'm moving $1006 I have in a Fidelity cash management account.
Read the terms carefully, moomoo doesn't charge a fee for an incoming transfer but some brokerages do charge a fee for transferring stock assets out (Fidelity does not).
Also, according to the terms, you can transfer cash, not just stocks, it just has to be from one of the brokerages (I think-the whole moomoo platform is a little opaque to me)
Also, I've received two referral bonuses lately, if it's from anyone here, thank you!
If you do $5000+ it becomes a $350 to $450 deal (depending on whether you get GOOG or TSLA). I already got the $100 bonus along with $50 referral bonus. Got the 16 stocks as well.
Post by: sonofsven on July 13, 2023, 07:46:29 AM
Moomoo has a transfer bonus now: move $1001 (minimum) assets from a brokerage to moomoo for a $100 bonus. See Doctor Of Credit for more details.
I'm moving $1006 I have in a Fidelity cash management account.
Read the terms carefully, moomoo doesn't charge a fee for an incoming transfer but some brokerages do charge a fee for transferring stock assets out (Fidelity does not).
Also, according to the terms, you can transfer cash, not just stocks, it just has to be from one of the brokerages (I think-the whole moomoo platform is a little opaque to me)
Also, I've received two referral bonuses lately, if it's from anyone here, thank you!
If you do $5000+ it becomes a $350 to $450 deal (depending on whether you get GOOG or TSLA). I already got the $100 bonus along with $50 referral bonus. Got the 16 stocks as well.
No, this is a new one.
Post by: tj on July 13, 2023, 07:28:46 PM
That was the sign up bonus. This is the transfer bonus.Moomoo has a transfer bonus now: move $1001 (minimum) assets from a brokerage to moomoo for a $100 bonus. See Doctor Of Credit for more details.
I'm moving $1006 I have in a Fidelity cash management account.
Read the terms carefully, moomoo doesn't charge a fee for an incoming transfer but some brokerages do charge a fee for transferring stock assets out (Fidelity does not).
Also, according to the terms, you can transfer cash, not just stocks, it just has to be from one of the brokerages (I think-the whole moomoo platform is a little opaque to me)
Also, I've received two referral bonuses lately, if it's from anyone here, thank you!
If you do $5000+ it becomes a $350 to $450 deal (depending on whether you get GOOG or TSLA). I already got the $100 bonus along with $50 referral bonus. Got the 16 stocks as well.
Deposit $1,000 and get $100 bonus
Deposit $50,000 and get $200 bonus
Deposit $200,000 and get $500 bonus
Post by: jnw on July 13, 2023, 10:06:20 PM
Post by: tj on July 13, 2023, 10:38:16 PM
I transferred $5000 last month and this month I got $100 bonus; $50 referral bonus and I also got the 16 bonus stocks. If I transfer another $1000 this month can I get another $100?
If you enroll in the new offer.
Post by: kpd905 on July 14, 2023, 06:29:06 AM
Post by: jnw on July 14, 2023, 06:37:18 AM
@jnw If you are targeted there should be a banner under Accounts -> Assets. If it doesn't show up you can message them to apply it to your account. Just know that it supposedly needs to be an ACATS transfer from a brokerage, not ACH from a bank.
I heard if you do an ACATS transfer form Fidelity it's fee free? But you need to leave like $300 or so in the account after the ACATS transfer? Something about a minimum balance. I am sending over like $1400 from my Vanguard money market account to Fidelity over the next few days.. and then buy like 10 shares of SGOV and ACATs them to Moomoo.. Hope this works. I have never transferred stocks before. I am curious if the cost basis gets sent over when doing ACATS transfers.
Post by: tj on July 14, 2023, 07:27:50 AM
@jnw If you are targeted there should be a banner under Accounts -> Assets. If it doesn't show up you can message them to apply it to your account. Just know that it supposedly needs to be an ACATS transfer from a brokerage, not ACH from a bank.
I heard if you do an ACATS transfer form Fidelity it's fee free? But you need to leave like $300 or so in the account after the ACATS transfer? Something about a minimum balance. I am sending over like $1400 from my Vanguard money market account to Fidelity over the next few days.. and then buy like 10 shares of SGOV and ACATs them to Moomoo.. Hope this works. I have never transferred stocks before. I am curious if the cost basis gets sent over when doing ACATS transfers.
Fidelity doesn't charge a fee for a partial transfer.
Post by: secondcor521 on July 14, 2023, 11:19:47 AM
I am curious if the cost basis gets sent over when doing ACATS transfers.
It should, although the basis info might transfer over separately and later than the shares themselves.
Post by: Padonak on July 15, 2023, 11:33:17 AM
Post by: tj on July 15, 2023, 12:08:46 PM
Chase sent me a targeted offer: $900 for opening checking and savings accounts, depositing $15K into the savings acct, keeping it for 90 days and sending direct debits to the checking acct. Is it a good offer? Has anyone else received it too? I remember i received a similar one for $600 total back in 2019.
If you put $15k in a 5% account for 3 months, you would get just under $200, so I' say it's a good offer.
Unfortunately I did the $600 offer earlier in the year or late last year, none of us thought the $900 offer would come back in the current environment.
Post by: sonofsven on July 15, 2023, 02:11:22 PM
Chase sent me a targeted offer: $900 for opening checking and savings accounts, depositing $15K into the savings acct, keeping it for 90 days and sending direct debits to the checking acct. Is it a good offer? Has anyone else received it too? I remember i received a similar one for $600 total back in 2019.It's a good one. I can't open another Chase account for a bonus until next fall or I would be all over it.
Post by: Padonak on July 15, 2023, 08:14:27 PM
Chase sent me a targeted offer: $900 for opening checking and savings accounts, depositing $15K into the savings acct, keeping it for 90 days and sending direct debits to the checking acct. Is it a good offer? Has anyone else received it too? I remember i received a similar one for $600 total back in 2019.It's a good one. I can't open another Chase account for a bonus until next fall or I would be all over it.
How long do you have to wait to qualify for a sign up bonus if you already took a similar offer in the past? I remember that I opened and closed checking and savings accts with chase and got $600 back in 2019
Post by: lexde on July 15, 2023, 08:50:17 PM
The fine print of the offer will let you know. Usually 12 months, sometimes longer.Chase sent me a targeted offer: $900 for opening checking and savings accounts, depositing $15K into the savings acct, keeping it for 90 days and sending direct debits to the checking acct. Is it a good offer? Has anyone else received it too? I remember i received a similar one for $600 total back in 2019.It's a good one. I can't open another Chase account for a bonus until next fall or I would be all over it.
How long do you have to wait to qualify for a sign up bonus if you already took a similar offer in the past? I remember that I opened and closed checking and savings accts with chase and got $600 back in 2019
Post by: sonofsven on July 15, 2023, 09:53:29 PM
It varies, and I try to make a habit of reading the fine print very carefully for each offer. Sometimes the requirements for an offer change when the offer is renewed, too, so you can't always go by the details as published on the Doctor of Credit site, either. I'm not able to do "real" direct deposits, so I'm at a disadvantage from the start, so I try hard to meet all the requirements.Chase sent me a targeted offer: $900 for opening checking and savings accounts, depositing $15K into the savings acct, keeping it for 90 days and sending direct debits to the checking acct. Is it a good offer? Has anyone else received it too? I remember i received a similar one for $600 total back in 2019.It's a good one. I can't open another Chase account for a bonus until next fall or I would be all over it.
How long do you have to wait to qualify for a sign up bonus if you already took a similar offer in the past? I remember that I opened and closed checking and savings accts with chase and got $600 back in 2019
In the case of this particular offer, at least this last spring, the fine print said two years from the previous "coupon enrollment date" which is the date the bonus "coupon" is applied to your account; so, the day you applied with the promo code successfully added on to your accepted application, or the day you called in and had a promo code applied to your account retroactively.
This is what tripped me up the last time I applied for this checking bonus this last spring. I opened an account previously but was unsuccessful in collecting on the bonus, but since the "coupon", or promo code was added to the account correctly, I have to wait two years from that date. I confirmed the date with CSR at Chase and noted it in my records, so if the bonus is still offered I'll apply for it then.
Post by: tj on July 15, 2023, 09:55:49 PM
The fine print of the offer will let you know. Usually 12 months, sometimes longer.Chase sent me a targeted offer: $900 for opening checking and savings accounts, depositing $15K into the savings acct, keeping it for 90 days and sending direct debits to the checking acct. Is it a good offer? Has anyone else received it too? I remember i received a similar one for $600 total back in 2019.It's a good one. I can't open another Chase account for a bonus until next fall or I would be all over it.
How long do you have to wait to qualify for a sign up bonus if you already took a similar offer in the past? I remember that I opened and closed checking and savings accts with chase and got $600 back in 2019
24 months for Chase.
Post by: lexde on July 15, 2023, 10:13:09 PM
I’ve been out of the churning game for a bit. Thanks for the correction!The fine print of the offer will let you know. Usually 12 months, sometimes longer.Chase sent me a targeted offer: $900 for opening checking and savings accounts, depositing $15K into the savings acct, keeping it for 90 days and sending direct debits to the checking acct. Is it a good offer? Has anyone else received it too? I remember i received a similar one for $600 total back in 2019.It's a good one. I can't open another Chase account for a bonus until next fall or I would be all over it.
How long do you have to wait to qualify for a sign up bonus if you already took a similar offer in the past? I remember that I opened and closed checking and savings accts with chase and got $600 back in 2019
24 months for Chase.
Post by: halfling on July 19, 2023, 08:12:25 AM
Post by: Padonak on July 19, 2023, 10:41:14 AM
I made about $1200 in 2021 through churning my down payment savings, but CDs are finally paying enough that it made sense to stop. It's kind of a relief!
Yes I'm debating between trying to get that $900 bonus from Chase and investing $15k in a CD (which is the amount i'd have to keep in a Chase account to get the bonus). CD offers a much lower rate of return but there's also a lot less work involved.
Post by: jnw on July 19, 2023, 11:15:02 AM
I made about $1200 in 2021 through churning my down payment savings, but CDs are finally paying enough that it made sense to stop. It's kind of a relief!
Yes I'm debating between trying to get that $900 bonus from Chase and investing $15k in a CD (which is the amount i'd have to keep in a Chase account to get the bonus). CD offers a much lower rate of return but there's also a lot less work involved.
Oh I didn't know you could buy a CD with that $900 for $15k offer. I thought it was limited to savigns account. I'll keep that in mind for later. Not sure what rate their CD's are but if it is above 4% that'd be great combined with the offer bonus.
Post by: Padonak on July 19, 2023, 05:55:29 PM
I made about $1200 in 2021 through churning my down payment savings, but CDs are finally paying enough that it made sense to stop. It's kind of a relief!
Yes I'm debating between trying to get that $900 bonus from Chase and investing $15k in a CD (which is the amount i'd have to keep in a Chase account to get the bonus). CD offers a much lower rate of return but there's also a lot less work involved.
Oh I didn't know you could buy a CD with that $900 for $15k offer. I thought it was limited to savigns account. I'll keep that in mind for later. Not sure what rate their CD's are but if it is above 4% that'd be great combined with the offer bonus.
No, not with Chase. Chase has a targeted offer of 900 SUB if you open checking and savings accounts. Investing the same money in CDs (with whoever offers the highest rate) is an alternative. The total earnings on the same amount are lower if you invest in CDS but there's less work to do and less risk because with sign up bonuses, there's always a chance that a direct debit is misclassified or you miss certain steps and become ineligible.
Post by: jnw on July 19, 2023, 07:04:08 PM
No, not with Chase. Chase has a targeted offer of 900 SUB if you open checking and savings accounts. Investing the same money in CDs (with whoever offers the highest rate) is an alternative. The total earnings on the same amount are lower if you invest in CDS but there's less work to do and less risk because with sign up bonuses, there's always a chance that a direct debit is misclassified or you miss certain steps and become ineligible.
Oh thanks for clarifying, I misread what you posted. I was tired earlier today lol.
So far I've always gotten my bonuses from Chase. knock on wood. Alliant Credit Union on the other hand did NOT keep their word. I did everything correctly and didn't get a dime from them. Never again as I put them on my blacklist (whcih I keep in my digital journal).
Post by: secondcor521 on July 19, 2023, 08:35:55 PM
Alliant Credit Union on the other hand did NOT keep their word. I did everything correctly and didn't get a dime from them. Never again as I put them on my blacklist (whcih I keep in my digital journal).
You could call and ask them about it. They should either (a) clarify what step you missed, or (b) give you the bonus because you qualified after all. One shouldn't have to do so, of course, but it's something worth considering.
Post by: kpd905 on July 19, 2023, 08:43:20 PM
Post by: jnw on July 20, 2023, 01:34:45 AM
I've recently started screen recording all my applications for checking, savings, brokerage and credit card accounts -- using Quicktime Player on my Mac to do so. (For security concerns, I keep the videos on a 256 bit AES encrypted disk image volume with a 32 character random looking password.) I think they will be handy if I ever need to refer back to them, and can use as evidence.
Post by: sonofsven on September 12, 2023, 07:26:30 AM
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.
Post by: jnw on September 12, 2023, 05:42:50 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.
Yeah I am about to do that now :) Thanks for sharing.
Post by: jnw on September 13, 2023, 03:23:57 AM
So lined up for another $450.. would be nice if I could make that $550 :)
EDIT: Oh I just found this. $100 Ally Brokerage Bonus. https://www.profitablecontent.com/ally-bank-100-brokerage-bonus/
UPDATE 9/13/2023: RJ just made a video on this as well: https://www.youtube.com/watch?v=IR-5QUbR2u0
EDIT #2: Going to check into TradeStation further, maybe the $150 deal is still on. Wow if I do all these deals this month that's $350 + $100 + $150 + $100 = $700 :)
EDIT #3: I have about $20k at work right now with various personal checking, business checking, savings, along with brokerage investments right now. With an average APR of near 20% or so. Seems like I could make around $40k work at all times if everything goes right.. earning 12-20% each year. So $40k will be my emergency fund / churning investment fund. Hesitant to pay off home (around $35K left on balance), since I am earning 20% right now with it used elsewhere. Once I get like $75k or so saved then I'll just pay it off all at once.
Post by: Nutty on September 13, 2023, 06:49:04 AM
EDIT: Oh I just found this. $100 Ally Brokerage Bonus. https://www.profitablecontent.com/ally-bank-100-brokerage-bonus/I was rejected for the Ally bank sign up bonus. Is there a trick to that one?
Will try the Capital One sub.
Post by: Michael in ABQ on September 13, 2023, 09:59:25 AM
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.
Post by: jnw on September 14, 2023, 12:34:09 PM
I'll probably keep the M1 Finance account open for the foreseeable future to get any possible referral bonsuses.
This service required the use of Plaid to make the initial deposit. I sent over $5000 via plaid during the application process.
Anyone else find it annoying they (and other brokerages / bank accounts) require Plaid? This allows them to get all our transactional history no? I find that very annoying. Them seeing how I move my money around.
Post by: jim555 on September 14, 2023, 01:11:55 PM
Post by: jnw on September 14, 2023, 01:30:57 PM
US Senate Credit Union has a $200 bonus on $5,000 certificates @ 5.18% APR for 24 months. The EWP is 120 days interest to break it. Quick math looks like 7.18% over the term. Use Promo Code "SUMMEROFSAVING" to enroll.
$200 for $5000 = 4%. 4% tied up for 120 days (4 months) is 1% per month or 12% APR for that 4 months. Pretty good even if we withdraw after 4 months? Assuming one can withdraw at 4 months and not lose the bonus.
I wonder if they do a hard inquiry since they are a credit union.
Post by: jim555 on September 14, 2023, 01:34:24 PM
Looking at the fine print I see: "Accounts that do not meet or exceed daily balance requirements for 186 consecutive calendar days beginning on the first day of account funding will not qualify. "US Senate Credit Union has a $200 bonus on $5,000 certificates @ 5.18% APR for 24 months. The EWP is 120 days interest to break it. Quick math looks like 7.18% over the term. Use Promo Code "SUMMEROFSAVING" to enroll.
$200 for $5000 = 4%. 4% tied up for 120 days (4 months) is 1% per month or 12% annually. Pretty good even if we withdraw after 4 months? Assuming one can withdraw at 4 months and not lose the bonus.
Post by: jnw on September 14, 2023, 02:56:43 PM
Looking at the fine print I see: "Accounts that do not meet or exceed daily balance requirements for 186 consecutive calendar days beginning on the first day of account funding will not qualify. "US Senate Credit Union has a $200 bonus on $5,000 certificates @ 5.18% APR for 24 months. The EWP is 120 days interest to break it. Quick math looks like 7.18% over the term. Use Promo Code "SUMMEROFSAVING" to enroll.
$200 for $5000 = 4%. 4% tied up for 120 days (4 months) is 1% per month or 12% annually. Pretty good even if we withdraw after 4 months? Assuming one can withdraw at 4 months and not lose the bonus.
I am calculating around a 9.07% APR for the $5000 invested 7 months. Did I calculate it right? Not bad.
Post by: kpd905 on September 15, 2023, 06:02:00 AM
They pay $150 for a $1500 direct deposit, $70 for 20 debit transactions, and $30 for signing up for e-statements.
I did a $1505 transfer from Fidelity, did 20 Amazon reloads of $0.50-0.55 each, and signed up for e-statements, and had all of the bonuses paid out within a week. Apparently you can also transfer from Discover, Ally, Chase, or Sofi and it will count as a direct deposit.
Post by: jnw on September 15, 2023, 04:25:23 PM
A very easy bonus is Midland States bank (can be opened online in all states except: CA; FL; KS; KY; LA; NJ; NY; OH; OR; PA; TX). You can open until 9/30.
They pay $150 for a $1500 direct deposit, $70 for 20 debit transactions, and $30 for signing up for e-statements.
I did a $1505 transfer from Fidelity, did 20 Amazon reloads of $0.50-0.55 each, and signed up for e-statements, and had all of the bonuses paid out within a week. Apparently you can also transfer from Discover, Ally, Chase, or Sofi and it will count as a direct deposit.
Thanks for sharing this. Gonna try it. Good deal :)
Before I think you had to enter in a promo code? Do you have to do the same now? Or just use the following link and it will add it automatically? https://www.midlandsb.com/check250 . Watching an old Run on the Bank video on youtube and he said to use "CHECK250" as promo code, but I see that is in the url to the offer already.
Post by: kpd905 on September 16, 2023, 07:02:13 AM
Post by: jnw on September 19, 2023, 08:14:28 AM
https://www.profitablecontent.com/bmo-harris-1600-business-checking-money-market-bonus/
EDIT: I really like the above Profitable Content blog. It allows you to go to your home state and see what all is available to you -- both state and national level deals from your home state landing page. I have my state's landing page as my bookmark. That's where I found this BMO deal today. It's run by the same guy, RJ, with "RJ Financial" and "Run on the Bank" youtube channels -- both of which I am also subscribed to.
Post by: AnotherEngineer on September 19, 2023, 12:03:26 PM
This BMO Harris Business Checking $400 bonus looks promising: ($400 for $4000 deposit for 120 days). 10% return in 1/3rd of a year. So effectively like a 30% APR?
https://www.profitablecontent.com/bmo-harris-1600-business-checking-money-market-bonus/
EDIT: I really like the above Profitable Content blog. It allows you to go to your home state and see what all is available to you -- both state and national level deals from your home state landing page. I have my state's landing page as my bookmark. That's where I found this BMO deal today. It's run by the same guy, RJ, with "RJ Financial" and "Run on the Bank" youtube channels -- both of which I am also subscribed to.
Thanks for the tip! I had run out of bank bonuses on Doctor of Credit, at least ones $300+. The Profitable Content site had three compelling recent one (including BMO Harris) that hadn't made it to DoC yet.
Post by: kpd905 on September 19, 2023, 12:41:43 PM
Post by: jnw on September 19, 2023, 01:50:10 PM
It looks like BMO made it to DoC today like an hour after I originally posted about BMO here. Profitable Content says it is a business checking offer, but I think DoC is saying it is a personal checking offer? Maybe they are offering both at at same time? I am not sure. I have to look into this more.This BMO Harris Business Checking $400 bonus looks promising: ($400 for $4000 deposit for 120 days). 10% return in 1/3rd of a year. So effectively like a 30% APR?
https://www.profitablecontent.com/bmo-harris-1600-business-checking-money-market-bonus/
EDIT: I really like the above Profitable Content blog. It allows you to go to your home state and see what all is available to you -- both state and national level deals from your home state landing page. I have my state's landing page as my bookmark. That's where I found this BMO deal today. It's run by the same guy, RJ, with "RJ Financial" and "Run on the Bank" youtube channels -- both of which I am also subscribed to.
Thanks for the tip! I had run out of bank bonuses on Doctor of Credit, at least ones $300+. The Profitable Content site had three compelling recent one (including BMO Harris) that hadn't made it to DoC yet.
Post by: MasterStache on September 20, 2023, 04:45:54 AM
This BMO Harris Business Checking $400 bonus looks promising: ($400 for $4000 deposit for 120 days). 10% return in 1/3rd of a year. So effectively like a 30% APR?
https://www.profitablecontent.com/bmo-harris-1600-business-checking-money-market-bonus/
EDIT: I really like the above Profitable Content blog. It allows you to go to your home state and see what all is available to you -- both state and national level deals from your home state landing page. I have my state's landing page as my bookmark. That's where I found this BMO deal today. It's run by the same guy, RJ, with "RJ Financial" and "Run on the Bank" youtube channels -- both of which I am also subscribed to.
Thanks for the tip! I had run out of bank bonuses on Doctor of Credit, at least ones $300+. The Profitable Content site had three compelling recent one (including BMO Harris) that hadn't made it to DoC yet.
BMO has a personal and biz offer going on. I know the personal offer was posted a few months ago on DoC and then just reposted a couple days ago due to it being extended. I gambled and held off on applying to see what counted as DD. I opened accounts for myself and P2 about a month ago.
Post by: billy on September 21, 2023, 10:49:43 PM
Post by: kpd905 on September 22, 2023, 05:35:41 AM
I canceled my US Bank Altitude Connect in Aug. last year, am I eligible for the bonus again if I open it again?
This is a line from the sign up page: The bonus is not available to Cardmembers who currently have, or had, a U.S. Bank Altitude Connect Visa Signature account.
I am pretty sure you could grab the business version of the Altitude Connect. That or the Triple Cash ($500 bonus) or Business Leverage ($750 bonus). Otherwise grab a Chase card if you are under 5/24.
Post by: Rusted Rose on September 22, 2023, 02:03:06 PM
Otherwise grab a Chase card if you are under 5/24.
(Or grab one after you suddenly become 6/24 and then go, "Oh, right, until those post, I still *look* like I'm 4/24!" 😆)
(So, eh, I'll be 7/24 until December :P)
(Sorry for completely gratuitous post)
Post by: jnw on September 26, 2023, 05:27:22 AM
A very easy bonus is Midland States bank (can be opened online in all states except: CA; FL; KS; KY; LA; NJ; NY; OH; OR; PA; TX). You can open until 9/30.
They pay $150 for a $1500 direct deposit, $70 for 20 debit transactions, and $30 for signing up for e-statements.
I did a $1505 transfer from Fidelity, did 20 Amazon reloads of $0.50-0.55 each, and signed up for e-statements, and had all of the bonuses paid out within a week. Apparently you can also transfer from Discover, Ally, Chase, or Sofi and it will count as a direct deposit.
Question for ya. I just signed up and am about to do a EFT "DD" deposit with Fidelity Cash Management account, of an amount greater than $1500. When I go to link the Midland account to Fidelity it asks me if it is "for you" or for "someone else". I pick "for you". And at the end of the process it is asking for my login credentials to Midland -- after I had already typed in the routing number and account number. I didn't give them the login credentials and halted the account linking process. I just want it to be the standard microdeposits.. no logins. A login to me would make it seem as though it would NOT count as a DD. So am I doing something wrong or should I just transfer this $1500+ to Chase Total Checking and do it from there?
EDIT: I just linked my Chase Total Checking to Fidelity via Fidelity user interface, and it worked fine. I gave the routing and account numbers and it linked. It did not ask me for login credentials to Chase. I wonder why it was asking for login credentials to Midland. I did not select Plaid, and again typed in the account & routing numbers when it asked me. (I linked the Chase account to Fidelity for a quick transfer from Fidelity to Chase .. I got a few different accounts currently as you probably figure :)
Post by: billy on September 26, 2023, 06:33:38 AM
Post by: jnw on September 26, 2023, 07:04:26 AM
Your not doing anything wrong, some banks only offer Plaid or Yodlee.
Did you use Fidelity for this deal as well and got the bank bonus? You gave Fidelity your Midland States Bank login credentials, logged in and linked it.. and did the transfer and it still counted as a DD? So lenient :)
Post by: tj on September 26, 2023, 07:34:56 AM
Your not doing anything wrong, some banks only offer Plaid or Yodlee.
Did you use Fidelity for this deal as well and got the bank bonus? You gave Fidelity your Midland States Bank login credentials, logged in and linked it.. and did the transfer and it still counted as a DD? So lenient :)
I've done Plaid links and it's been a DD every time.
Post by: tj on September 26, 2023, 07:36:41 AM
Question for you all. My goal was to receive $5000 in a single year between credit card, personal checking, business checking, brokerage and savings account churns. I'm lined up achieve that within the next couple months with existing churns I have going, with no extra work. Altogether it will have been 9 months of churns.
Should I stop and take a break for 3 months and then next year just go for another $5000. Or should I keep going to say $7500 per year?
I am just wondering if I need to take a break to allow Chexsystem etc.. to settle down. Is $7500 per year pushing it? About $800 of that $5000 i have done this year, is in credit card churns, so really just $4200 or so in bank account churns this year.
I am new to this as of this year. I've churned:
* 3 credit card accounts (for the $800)
* 8 personal checking accounts (bofa, alliant, chase, wings financial, chime, umb, midland states bank)
* 2 business checking accounts (chase, us bank)
* 5 brokerage accounts (groundfloor, plynk, axos, moomoo, m1 finance)
I've had zero denials to any applications for any time of account, credit or bank. I have no idea what is on Chexsystems, etc. now.
You'll get denied eventually. I doubt "taking a break for 3 months" will make a difference. Most of these banks have restrictions greater than once every 12 months.
Post by: jnw on September 26, 2023, 09:05:47 AM
https://www.tradestation.com/promo/jbravo/
DoC link: https://www.doctorofcredit.com/tradestation-deposit-500-earn-150-bonus/#The_Offer
Gonna attempt it soon. (I can't seem to stop -- addicted to bank account churning lol.)
Post by: kpd905 on September 26, 2023, 09:18:15 AM
Post by: Michael in ABQ on September 26, 2023, 10:38:51 AM
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).
Post by: jnw on September 26, 2023, 07:47:18 PM
I wouldn't stop just for Chexsystems purposes. I have only been denied a few times due to Chex, after opening 200+ accounts (2 player mode) in the last 8 years. So far I've made $108,000 from banks and credit cards since 2016, and I don't plan on stopping.Out of curiosity, do you have any rules to say where you keep all checking accounts open for 6 months or say 12 months? Or do you close them as soon as possible in say less than 3 months (if there is no termination fee or clawback).
Also, if you don't mind, what is your minimum bonus threshhold for the past 200 accounts? $100? $150? $200? Just wondering if the $100 ones are a total waste of time and do more damage than good?
Post by: tj on September 26, 2023, 08:22:07 PM
I wouldn't stop just for Chexsystems purposes. I have only been denied a few times due to Chex, after opening 200+ accounts (2 player mode) in the last 8 years. So far I've made $108,000 from banks and credit cards since 2016, and I don't plan on stopping.
Chex is only relevant for bank/credit union accounts. When you say 200+ accounts, are you referring to only deposit accounts? How do you find that many?
I'm pretty on top of this, but your numbers put me to shame.
I was getting denied due to Chex and I also have stopped getting approved for new CCs because I have "too much available credit".
Post by: Morning Glory on September 27, 2023, 06:26:22 AM
I wouldn't stop just for Chexsystems purposes. I have only been denied a few times due to Chex, after opening 200+ accounts (2 player mode) in the last 8 years. So far I've made $108,000 from banks and credit cards since 2016, and I don't plan on stopping.
Chex is only relevant for bank/credit union accounts. When you say 200+ accounts, are you referring to only deposit accounts? How do you find that many?
I'm pretty on top of this, but your numbers put me to shame.
I was getting denied due to Chex and I also have stopped getting approved for new CCs because I have "too much available credit".
12.5/person/year is a lot but seems doable if P2 is actively involved and you both have real dds from your jobs. I've only been doing the easy bank ones (axos, plynk, acorns) this year since we have little payroll income and our mortgage rate is 7.5% so I've been prepaying it when I get extra cash.
You can either close a few ccs that you don't use or call and ask them to lower your credit limit. I find it odd that some cards get approved for a 20k limit and others for 2k even though I put the same numbers for income etc. I should net ~2500 in cc bonuses this year, mostly from having to replace the hvac.
Post by: tj on September 27, 2023, 07:16:40 AM
I wouldn't stop just for Chexsystems purposes. I have only been denied a few times due to Chex, after opening 200+ accounts (2 player mode) in the last 8 years. So far I've made $108,000 from banks and credit cards since 2016, and I don't plan on stopping.
Chex is only relevant for bank/credit union accounts. When you say 200+ accounts, are you referring to only deposit accounts? How do you find that many?
I'm pretty on top of this, but your numbers put me to shame.
I was getting denied due to Chex and I also have stopped getting approved for new CCs because I have "too much available credit".
12.5/person/year is a lot but seems doable if P2 is actively involved and you both have real dds from your jobs. I've only been doing the easy bank ones (axos, plynk, acorns) this year since we have little payroll income and our mortgage rate is 7.5% so I've been prepaying it when I get extra cash.
You can either close a few ccs that you don't use or call and ask them to lower your credit limit. I find it odd that some cards get approved for a 20k limit and others for 2k even though I put the same numbers for income etc. I should net ~2500 in cc bonuses this year, mostly from having to replace the hvac.
I haven't had an issue in having "fake DDs" trigger the direct deposits. It is easy for me to change my direct deposits through work, but it's easier to just move $$$ around with transfers. I'm not sure if I get $6k per year even if I include brokerage and credit card bonuses, but $6k on bank bonuses alone seems impressive.
Post by: sonofsven on September 27, 2023, 08:43:17 AM
That's great, it was a really quick bonus for me.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).
Post by: Michael in ABQ on September 27, 2023, 12:23:45 PM
Post by: jnw on September 27, 2023, 12:53:59 PM
I tried to do an Axos Bank Business Checking account bonus several months ago ($200 for $2,500 deposit requirement). Looks like I didn't get it since I had trouble getting logged in and didn't make a second deposit to get it over $2,500 until after the two months had passed - or I added it too late to maintain an average daily balance over $2,500. Frankly the process of opening the accounts was a huge hassle and their website/IT was terrible. I couldn't reset my password and had to call in. I'm just closing it now after having probably spent 3-4 hours collectively on getting it opened and then getting access again.
Yeah the Axos web site for my self directed brokerage account is atrocious. And I have noticed their support isn't that great. But I did get my $250 sign up bonus for self directed brokerage. That sucks you didn't get it.
Post by: sonofsven on September 27, 2023, 05:46:05 PM
I tried to do an Axos Bank Business Checking account bonus several months ago ($200 for $2,500 deposit requirement). Looks like I didn't get it since I had trouble getting logged in and didn't make a second deposit to get it over $2,500 until after the two months had passed - or I added it too late to maintain an average daily balance over $2,500. Frankly the process of opening the accounts was a huge hassle and their website/IT was terrible. I couldn't reset my password and had to call in. I'm just closing it now after having probably spent 3-4 hours collectively on getting it opened and then getting access again.
Yeah the Axos web site for my self directed brokerage account is atrocious. And I have noticed their support isn't that great. But I did get my $250 sign up bonus for self directed brokerage. That sucks you didn't get it.
I also got the brokerage bonus but not the checking bonus, they pulled some bs. I opened the checking again but just for the swagbucks or mypoints bonus, I didn't even try for the checking bonus.
I closed it soon after. Axos is a real f'ed bank.
jnw, I had to slow down on my cc bonuses for around 6 months as I wasn't getting approvals. I'm still not getting Chase approvals, but I just got two US Bank cc's, both business cards.
I did a number of smaller card bonuses last fall and winter and it took a while to get sorted out. The cards are a $500 on $4500 spend and a $750 on $7500 spend (I have some medical expenses coming up, unfortunately).
Post by: billy on September 27, 2023, 06:37:35 PM
Post by: kpd905 on September 27, 2023, 06:54:27 PM
I wouldn't stop just for Chexsystems purposes. I have only been denied a few times due to Chex, after opening 200+ accounts (2 player mode) in the last 8 years. So far I've made $108,000 from banks and credit cards since 2016, and I don't plan on stopping.Out of curiosity, do you have any rules to say where you keep all checking accounts open for 6 months or say 12 months? Or do you close them as soon as possible in say less than 3 months (if there is no termination fee or clawback).
Also, if you don't mind, what is your minimum bonus threshhold for the past 200 accounts? $100? $150? $200? Just wondering if the $100 ones are a total waste of time and do more damage than good?
I try not to go after too many $100 accounts, but some of them have had referral offers, which can make it worth it to me when signing up P2 and maybe some others. As for how long to keep accounts open, I try to close them as soon as I can, checking to make sure there are no rules about clawing back a bonus or paying an early account termination fee. That way you start the clock and end up able to get that bonus again sooner. For example, we have now gotten 10 PNC bonuses since starting this hobby.
@tj as far as finding the bonuses, I just check Doctor of Credit everyday and sign up for every bonus I'm eligible for. For DD's, we both have payroll DD that can easily be changed online, and split into multiple accounts. I've also used ACH transfers from Fidelity to hit many direct deposit requirements (PNC, Midland States, US Bank)
Post by: jnw on September 27, 2023, 06:57:01 PM
Should I now try for a Chase Business Credit card? It won't count against me and I'll still be at 4/24? I understand the hard inquiries will increase, but least they are currently all under 6.
Then after my hard inquiries cool down again ( a few more months), I can apply for the Chase Sapphire Preferred when they offer the $800 bonus again. (Then subsequently convert that to a Chase Freedom Flex card.. love rotating category cards.)
(I decided I am not going to do any selling of tradelines b/c of all the potential problems. So just going for sign up bonuses as well as decent reward cards for when I can't churn cc's.)
Seems as though you can only do like 2 or 3 cards per year due to the hard inquires and 5/24 rule, no? I am only going to be able to do two more cards until 4/2025.
Post by: jnw on September 27, 2023, 06:59:21 PM
I try not to go after too many $100 accounts, but some of them have had referral offers, which can make it worth it to me when signing up P2 and maybe some others. As for how long to keep accounts open, I try to close them as soon as I can, checking to make sure there are no rules about clawing back a bonus or paying an early account termination fee. That way you start the clock and end up able to get that bonus again sooner. For example, we have now gotten 10 PNC bonuses since starting this hobby.
Sweet, I have yet to do the PNC bonus, I need to get on that. So you are perfectly content with all the $200 sign up bonuses? I have so many I haven't signed up for yet.
Post by: kpd905 on September 27, 2023, 07:16:07 PM
The Ink cards have a 90,000 bonus right now if you can meet the spend. Otherwise I did the US Bank Business Altitude Connect card which gives $600 after $6000 spend in 180 days.
Post by: tj on September 27, 2023, 07:42:01 PM
I wouldn't stop just for Chexsystems purposes. I have only been denied a few times due to Chex, after opening 200+ accounts (2 player mode) in the last 8 years. So far I've made $108,000 from banks and credit cards since 2016, and I don't plan on stopping.Out of curiosity, do you have any rules to say where you keep all checking accounts open for 6 months or say 12 months? Or do you close them as soon as possible in say less than 3 months (if there is no termination fee or clawback).
Also, if you don't mind, what is your minimum bonus threshhold for the past 200 accounts? $100? $150? $200? Just wondering if the $100 ones are a total waste of time and do more damage than good?
I try not to go after too many $100 accounts, but some of them have had referral offers, which can make it worth it to me when signing up P2 and maybe some others. As for how long to keep accounts open, I try to close them as soon as I can, checking to make sure there are no rules about clawing back a bonus or paying an early account termination fee. That way you start the clock and end up able to get that bonus again sooner. For example, we have now gotten 10 PNC bonuses since starting this hobby.
@tj as far as finding the bonuses, I just check Doctor of Credit everyday and sign up for every bonus I'm eligible for. For DD's, we both have payroll DD that can easily be changed online, and split into multiple accounts. I've also used ACH transfers from Fidelity to hit many direct deposit requirements (PNC, Midland States, US Bank)
Do you ever sign up for accounts where DoC specifies it's only for certain states and you don't live in them just to see if it will work?
Post by: tj on September 27, 2023, 07:43:02 PM
Today I received the following:
Quote
According to our records, you are eligible to receive a payment of $671.95 in the settlement for the matter entitled In re: Capital One Inc. Customer Data Security Breach Litigation, MDL No. 1:19-md-2915.
As the Administrator for the matter, we’re sending you this courtesy email to inform you that by September 28, 2023, you will receive a payment notification email that contains a link to claim your payment electronically. Once you receive that email, you will have until November 27, 2023, to claim your payment.
Post by: billy on September 27, 2023, 10:18:50 PM
Post by: kpd905 on September 28, 2023, 05:28:18 AM
Do you ever sign up for accounts where DoC specifies it's only for certain states and you don't live in them just to see if it will work?
Only when other people have posted data points that it worked for them. So far, I have not been the guinea pig.
I may actually grab this one: https://www.doctorofcredit.com/va-only-united-states-senate-federal-credit-union-200-checking-bonus/
Says Virginia only, but actually available nationwide if you join The American Consumer Council (free to join online). A $200 bonus for two $250+ direct deposits and 5 debits. Not great, but easy enough that I'll probably grab it.
Also, I just noticed some data points saying that an ACH transfer from Schwab or Fidelity works as a "direct deposit" for Upgrade checking. I have the link in my signature, only $150 bonus, but very easy. The offer is available until October 31st.
It seems like Fidelity is a great hub account to spoof direct deposits. If you don't already have a Cash Management account with Fidelity, you can get $100 to open one: https://www.fidelity.com/go/starter-pack
After you open the main account you can get another $130 to open the Fidelity Bloom account, details here: https://www.doctorofcredit.com/fidelity-bloom-app-136-signup-bonus/
Post by: AnotherEngineer on September 28, 2023, 06:43:10 AM
I wouldn't stop just for Chexsystems purposes. I have only been denied a few times due to Chex, after opening 200+ accounts (2 player mode) in the last 8 years. So far I've made $108,000 from banks and credit cards since 2016, and I don't plan on stopping.Out of curiosity, do you have any rules to say where you keep all checking accounts open for 6 months or say 12 months? Or do you close them as soon as possible in say less than 3 months (if there is no termination fee or clawback).
Also, if you don't mind, what is your minimum bonus threshhold for the past 200 accounts? $100? $150? $200? Just wondering if the $100 ones are a total waste of time and do more damage than good?
I try not to go after too many $100 accounts, but some of them have had referral offers, which can make it worth it to me when signing up P2 and maybe some others. As for how long to keep accounts open, I try to close them as soon as I can, checking to make sure there are no rules about clawing back a bonus or paying an early account termination fee. That way you start the clock and end up able to get that bonus again sooner. For example, we have now gotten 10 PNC bonuses since starting this hobby.
@tj as far as finding the bonuses, I just check Doctor of Credit everyday and sign up for every bonus I'm eligible for. For DD's, we both have payroll DD that can easily be changed online, and split into multiple accounts. I've also used ACH transfers from Fidelity to hit many direct deposit requirements (PNC, Midland States, US Bank)
Do you ever sign up for accounts where DoC specifies it's only for certain states and you don't live in them just to see if it will work?
I just did accidentally and it didn't work. The bank error said "could not verify identity" not "you are outside the bank area" so I tried again several times. The BMO bonus on Profitable Content (my first tip there) said nationwide when it was not (DoC got it right).
Post by: Rusted Rose on September 28, 2023, 08:16:36 AM
It seems like Fidelity is a great hub account to spoof direct deposits. If you don't already have a Cash Management account with Fidelity, you can get $100 to open one: https://www.fidelity.com/go/starter-pack
Not only that, but if another offer comes up, you can have 2 CMAs with them and get bonuses for each. (At least that has been the case. I got a $100 and then a $150.)
Thanks for the tips on Bloom, an app I can nuke after signup.
Post by: jnw on October 24, 2023, 06:19:38 PM
https://www.youtube.com/watch?v=Q2TuInExldM
Post by: tj on October 24, 2023, 06:54:03 PM
This looks interesting: BluPeak Credit Union $400 in bonuses. $1500 credit card funding. Nationwide allegedly. Allegedly not chex sensitive.
https://www.youtube.com/watch?v=Q2TuInExldM
Weird. DoC said CA only.
Post by: kpd905 on October 24, 2023, 07:38:14 PM
This looks interesting: BluPeak Credit Union $400 in bonuses. $1500 credit card funding. Nationwide allegedly. Allegedly not chex sensitive.
https://www.youtube.com/watch?v=Q2TuInExldM
Weird. DoC said CA only.
Per a comment on DoC, "This is a NATIONWIDE offer when you donate $5.00 to KPBS."
I am going to open an account tomorrow.
It looks similar to United States Senate Federal Credit Union, which I signed up for last week. That one pays $200 if you do five $5+ debits and have two $250+ direct deposits. Available nationwide if you join the American Consumer Council (free).
https://www.doctorofcredit.com/va-only-united-states-senate-federal-credit-union-200-checking-bonus/
Post by: tj on October 24, 2023, 10:51:44 PM
This looks interesting: BluPeak Credit Union $400 in bonuses. $1500 credit card funding. Nationwide allegedly. Allegedly not chex sensitive.
https://www.youtube.com/watch?v=Q2TuInExldM
Weird. DoC said CA only.
Per a comment on DoC, "This is a NATIONWIDE offer when you donate $5.00 to KPBS."
I am going to open an account tomorrow.
It looks similar to United States Senate Federal Credit Union, which I signed up for last week. That one pays $200 if you do five $5+ debits and have two $250+ direct deposits. Available nationwide if you join the American Consumer Council (free).
https://www.doctorofcredit.com/va-only-united-states-senate-federal-credit-union-200-checking-bonus/
USS FCU rejected me for Chex a few months back. I got instantly approved by BluPeak.
Post by: jnw on October 24, 2023, 11:15:07 PM
I haven't applied yet. But glad TJ here already got approved :) I'll be applying soon then. Did you do any cc funding? I have a couple more thousand to spend on this credit card I am currently churning.
EDIT: Just want to add if you watch the video I linked all the instructions are quite different than what DioC lays out. It's for $400 not $300, using referral. Different requirements. Different promo code: "Purpose".
Post by: tj on October 25, 2023, 07:39:00 PM
Yeah in the video I linked above, John talks about using KPBS to get in Nationwide. He said to select it from list but didn't go into any other details about it. Not sure where to donate the $5 in the application process -- the video didn't seem to cover that.
I haven't applied yet. But glad TJ here already got approved :) I'll be applying soon then. Did you do any cc funding? I have a couple more thousand to spend on this credit card I am currently churning.
EDIT: Just want to add if you watch the video I linked all the instructions are quite different than what DioC lays out. It's for $400 not $300, using referral. Different requirements. Different promo code: "Purpose".
The Purpose promo code is for the $300, not $400. It allows $1500 in credit card, so I did that. Allegedly you can do 3 applications in a row for checking, savings, and a CD to get $4500 in credit card funding. You can't stack the $300 Purpose with the $100 referral. I am not currently working on a sign up bonus, so I put the minimum $25 in the checking account and opened the 5.33% savings account for $1470 on same application (the CU also charges a $5 fee).
You donate to KPBS at kpbs.org. It's not part of the application process with the credit union. Choose a one-time donation and pick your own amount of $5. They didn't ask me for proof, but seems cheap to not follow through with the donation.
Post by: jnw on October 25, 2023, 09:04:14 PM
Yeah in the video I linked above, John talks about using KPBS to get in Nationwide. He said to select it from list but didn't go into any other details about it. Not sure where to donate the $5 in the application process -- the video didn't seem to cover that.
I haven't applied yet. But glad TJ here already got approved :) I'll be applying soon then. Did you do any cc funding? I have a couple more thousand to spend on this credit card I am currently churning.
EDIT: Just want to add if you watch the video I linked all the instructions are quite different than what DioC lays out. It's for $400 not $300, using referral. Different requirements. Different promo code: "Purpose".
The Purpose promo code is for the $300, not $400. It allows $1500 in credit card, so I did that. Allegedly you can do 3 applications in a row for checking, savings, and a CD to get $4500 in credit card funding. You can't stack the $300 Purpose with the $100 referral. I am currently working on a sign up bonus, so I put the minimum $25 in the checking account and opened the 5.33% savings account for $1470 on same application (the CU also charges a $5 fee).
You donate to KPBS at kpbs.org. It's not part of the application process with the credit union. Choose a one-time donation and pick your own amount of $5. They didn't ask me for proof, but seems cheap to not follow through with the donation.
I read the referral stacks
Post by: tj on October 25, 2023, 09:05:46 PM
Yeah in the video I linked above, John talks about using KPBS to get in Nationwide. He said to select it from list but didn't go into any other details about it. Not sure where to donate the $5 in the application process -- the video didn't seem to cover that.
I haven't applied yet. But glad TJ here already got approved :) I'll be applying soon then. Did you do any cc funding? I have a couple more thousand to spend on this credit card I am currently churning.
EDIT: Just want to add if you watch the video I linked all the instructions are quite different than what DioC lays out. It's for $400 not $300, using referral. Different requirements. Different promo code: "Purpose".
The Purpose promo code is for the $300, not $400. It allows $1500 in credit card, so I did that. Allegedly you can do 3 applications in a row for checking, savings, and a CD to get $4500 in credit card funding. You can't stack the $300 Purpose with the $100 referral. I am currently working on a sign up bonus, so I put the minimum $25 in the checking account and opened the 5.33% savings account for $1470 on same application (the CU also charges a $5 fee).
You donate to KPBS at kpbs.org. It's not part of the application process with the credit union. Choose a one-time donation and pick your own amount of $5. They didn't ask me for proof, but seems cheap to not follow through with the donation.
I read the referral stacks
The T&C of the referral is that it does not stack. Nobody knows what will happen. I didn't bother.
Post by: kpd905 on October 26, 2023, 05:56:57 AM
I am still waiting for them to send me my member number so I can get into online banking. They will apparently send it in a secure email.
Post by: tj on October 26, 2023, 07:17:53 AM
I was approved for Blupeak, which means they are definitely not Chex sensitive. I skipped the referral thing after reading that it conflicted with the terms. $300 is fine for me.
I am still waiting for them to send me my member number so I can get into online banking. They will apparently send it in a secure email.
There was a way to create the online banking right after you were instantly approved. No secure email for me
Post by: kpd905 on October 26, 2023, 08:20:45 AM
Post by: jnw on October 29, 2023, 11:25:55 AM
Post by: jnw on October 31, 2023, 01:29:34 PM
https://www.doctorofcredit.com/al-fl-ga-md-nc-sc-tn-va-ameris-bank-300-checking-bonus/
Post by: Rusted Rose on November 03, 2023, 10:32:16 AM
Post by: jnw on November 03, 2023, 12:30:29 PM
For those of us who were approved for BluPeak later than instantly, how did you fund? I can't see any way to add external accounts other than what I suspect is the trend toward having you give them your other institution's login details. (Which, whose brilliant idea was that??)
I funded with $1500 from Chase Ink Business Cash; counted as purchase and helped meet my $6k spend requirement on the recently acquired card. $900 sign up bonus on this chase card; also I used kpd's referral code and am splitting the referral bonus .. so another $150 there.
Post by: Rusted Rose on November 03, 2023, 02:03:17 PM
For those of us who were approved for BluPeak later than instantly, how did you fund? I can't see any way to add external accounts other than what I suspect is the trend toward having you give them your other institution's login details. (Which, whose brilliant idea was that??)
I funded with $1500 from Chase Ink Business Cash; counted as purchase and helped meet my $6k spend requirement on the recently acquired card. $900 sign up bonus on this chase card; also I used kpd's referral code and am splitting the referral bonus .. so another $150 there.
Cool enough, but *how* were you able to do that? Did you literally set up a payment to yourself from your card?
I don't think I've ever done credit card funding except where it was clear where to click and such. I don't see anything on their portal where I could do that.
Post by: jnw on November 03, 2023, 02:26:55 PM
Post by: MasterStache on November 04, 2023, 04:43:06 AM
For those of us who were approved for BluPeak later than instantly, how did you fund? I can't see any way to add external accounts other than what I suspect is the trend toward having you give them your other institution's login details. (Which, whose brilliant idea was that??)
I funded with $1500 from Chase Ink Business Cash; counted as purchase and helped meet my $6k spend requirement on the recently acquired card. $900 sign up bonus on this chase card; also I used kpd's referral code and am splitting the referral bonus .. so another $150 there.
I'm in the same boat. Was waiting for my new CIU card to arrive before I applied. Looks like they changed the terms for the bonus now. Just glad they didn't take away CC funding.
I also opened a savings and CD for another $3K in funding. Those are currently pending.
Post by: MinouMinou on November 04, 2023, 09:20:10 AM
Do you ever sign up for accounts where DoC specifies it's only for certain states and you don't live in them just to see if it will work?
Only when other people have posted data points that it worked for them. So far, I have not been the guinea pig.
I may actually grab this one: https://www.doctorofcredit.com/va-only-united-states-senate-federal-credit-union-200-checking-bonus/
Says Virginia only, but actually available nationwide if you join The American Consumer Council (free to join online). A $200 bonus for two $250+ direct deposits and 5 debits. Not great, but easy enough that I'll probably grab it.
Also, I just noticed some data points saying that an ACH transfer from Schwab or Fidelity works as a "direct deposit" for Upgrade checking. I have the link in my signature, only $150 bonus, but very easy. The offer is available until October 31st.
It seems like Fidelity is a great hub account to spoof direct deposits. If you don't already have a Cash Management account with Fidelity, you can get $100 to open one: https://www.fidelity.com/go/starter-pack
After you open the main account you can get another $130 to open the Fidelity Bloom account, details here: https://www.doctorofcredit.com/fidelity-bloom-app-136-signup-bonus/
My phone’s OS is too old to get the Fidelity Bloom app. Does anyone think it would work to install on a family member’s phone? Or would it have to be my number on file?
Post by: jnw on November 04, 2023, 02:35:41 PM
I have a separate sole proprietorship where I use a different NAIC code on the Schedule C for that business. It's for flipping used items on ebay and facebook marketplace. "Used Merchandise Store".
Is it okay to throw the few referrals I got into my "Used Merchandise Store" and have it share the same Schedule C?
Or should I file this income on a separate Schedule C with different NAIC code?
Post by: tj on November 04, 2023, 03:58:48 PM
For those of you who earn referral bonuses, which NAIC code do you use on your Schedule C for this? How would this business be classified?
I have a separate sole proprietorship where I use a different NAIC code on the Schedule C for that business. It's for flipping used items on ebay and facebook marketplace. "Used Merchandise Store".
Is it okay to throw the few referrals I got into my "Used Merchandise Store" and have it share the same Schedule C?
Or should I file this income on a separate Schedule C with different NAIC code?
I never bothered to file a Schedule C for "referral bonuses". I just put it as Other Income on the 1040. I never heard anything from teh IRS.
If you're deciding this is a business operation, you'll owe self employment taxes on that income.
Post by: secondcor521 on November 04, 2023, 05:31:07 PM
For those of you who earn referral bonuses, which NAIC code do you use on your Schedule C for this? How would this business be classified?
I have a separate sole proprietorship where I use a different NAIC code on the Schedule C for that business. It's for flipping used items on ebay and facebook marketplace. "Used Merchandise Store".
Is it okay to throw the few referrals I got into my "Used Merchandise Store" and have it share the same Schedule C?
Or should I file this income on a separate Schedule C with different NAIC code?
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".
Post by: jnw 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.
Post by: secondcor521 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
Post by: jnw 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.
Post by: secondcor521 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.
Post by: tj 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?
Post by: jnw on November 04, 2023, 08:01:39 PM
https://www.doctorofcredit.com/bank-of-america-launches-business-advantage-unlimited-cash-rewards-up-to-500-bonus/
Post by: NotJen 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".
Post by: jnw 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?
Post by: MinouMinou on November 05, 2023, 12:00:55 PM
Post by: NotJen 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.
Post by: jnw 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.
Post by: tj 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.
Post by: tj 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.
Post by: sonofsven 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.
Post by: jnw on November 06, 2023, 09:07:43 AM
$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.
Post by: kpd905 on November 08, 2023, 08:19:22 AM
Post by: jnw 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.
Post by: wantstoinvest on November 08, 2023, 02:07:04 PM
Post by: kpd905 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.
Post by: jnw 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.
Post by: secondcor521 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.
Post by: jim555 on November 09, 2023, 07:12:51 AM
Post by: Morning Glory on November 09, 2023, 07:23:12 AM
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.
Post by: tj 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.
Post by: sonofsven on November 09, 2023, 10:24:07 AM
Easiest $100 ever:Thanks, I did it just know, I already had a Discover savings, it's my main hub account.
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.
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
Post by: MinouMinou on November 11, 2023, 03:56:23 PM
Post by: Michael in ABQ 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.
Post by: secondcor521 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.
Post by: tj 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.
Post by: jnw on November 11, 2023, 08:06:04 PM
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 :)
(http://drive.google.com/uc?export=view&id=1HvSIyVUmb1JWv6eo3LUAH6Ti2eHrqKqH)
Post by: MinouMinou on November 12, 2023, 10:02:41 AM
Post by: Morning Glory on November 12, 2023, 11:04:28 AM
Post by: AnotherEngineer on November 12, 2023, 08:33:12 PM
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.
Post by: jnw 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.
Post by: MasterStache 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.
Post by: billy on November 18, 2023, 11:41:34 AM
Post by: jnw 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.
Post by: secondcor521 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.
Post by: billy on November 18, 2023, 03:59:37 PM
Post by: tj 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.
Post by: Rusted Rose 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)
Post by: halfling on November 21, 2023, 01:42:37 PM
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.
Post by: jnw 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 :)
Post by: Baguettestache on December 03, 2023, 05:56:14 AM
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?
Post by: sonofsven 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.Most banks have a rule that you can get a bonus every two years, some more, some less.
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?
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.
Post by: tj 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.
Post by: halfling on December 05, 2023, 02:13:46 PM
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.
Post by: jnw 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/
Post by: halfling 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
Post by: billy on December 14, 2023, 02:31:24 PM
Post by: therethere on December 14, 2023, 02:43:27 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?
I plan to get a new card every 3-4 months. If I finish a new card pretty fast, and don't have any large expenses coming up, I'll just spread out my purchases to the cards with the highest benefit to try to stay in that timeframe. That being said, I always try to time new cards to coincide with major expenses, mainly taxes and auto insurance.
If you are doing 2 player mode, and utilizing some business cards, this makes it fairly easy to stay under 5/24 permanently. This keeps you eligible for the most lucrative offers.
Post by: AnotherEngineer on December 14, 2023, 02:47:58 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?
Go Curry Cracker does this: https://www.gocurrycracker.com/paying-taxes-with-a-credit-card-in-2022/ (https://www.gocurrycracker.com/paying-taxes-with-a-credit-card-in-2022/)
I also paid my property taxes with a debit card on a new bank account to get a bank signup bonus.
My advice for credit card churning is you can pace yourself and don't have to manufacture spend every which way. For instance, I've run out of cards to apply for that meet my standards (at least 50k points/$500) as I'm over 5/24 on modest spending. I've opened 9 cards just this year as two player. I prioritized cash back and AA points instead of managing 5/24 as carefully as I could have. Also, the Aviator card has no minimum spend. Anyway, I don't have regrets ($4,000 and 120k AA miles for the year), but you don't have to blitz through it. Unless you are using business cards too, then go ahead.
Post by: secondcor521 on December 14, 2023, 04:29:38 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?
Financially it's suboptimal, because normal spending is 0% fee vs. the 2.3% fee on taxes. But it's an easy way to get the SUB spending done, and it's better than not getting the SUB at all.
Another option is to pay ahead on things like utilities and insurance. You can buy gift cards for future spending, too; I don't do that because I'd be worried about losing the GCs.
Post by: sonofsven on December 14, 2023, 04:50:57 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?
Financially it's suboptimal, because normal spending is 0% fee vs. the 2.3% fee on taxes. But it's an easy way to get the SUB spending done, and it's better than not getting the SUB at all.
Another option is to pay ahead on things like utilities and insurance. You can buy gift cards for future spending, too; I don't do that because I'd be worried about losing the GCs.
The other problem I have with GC's is they are only good for spending, and that takes away potential spend from a CC.
I have opened a few bank accounts lately using a card to fund the account; that's another way to manufacture spend.
To the OP, I do pay a small % fee sometimes to meet a bonus requirement, even though I agree it is sub-optimal, on either my estimated or property taxes. I'm more likely to do it if the card also offers 0% for a number of months.
Post by: jnw on December 14, 2023, 06:21:54 PM
Post by: tj on December 14, 2023, 06:24:21 PM
https://www.profitablecontent.com/nasa-federal-credit-union-300-checking-bonus/
Boo to the recurring debit card requirements, I guess it's an easy $300 though.
Post by: Rusted Rose on December 15, 2023, 07:26:52 AM
https://www.profitablecontent.com/nasa-federal-credit-union-300-checking-bonus/
Boo to the recurring debit card requirements, I guess it's an easy $300 though.
So annoying. But the ones that have a minimum debit amount are even worse. There must be some reason banks love ridiculous numbers of debits?
Of course, one can automate these for tiny amounts. I think AZ's minimum GC used to be .50 and now it's $1 or something, but that's still reasonable.
ETA: I couldn't quickly find any DPs on what counts for DD yet. Would be good to know!
Post by: jnw on December 15, 2023, 08:32:23 AM
Of course, one can automate these for tiny amounts. I think AZ's minimum GC used to be .50 and now it's $1 or something, but that's still reasonable.
So the opportunity cost is like 5 cents per each $1 amazon gift card reload. 14 x 5 cents = 70 cents per month opportunity cost. A couple bucks of opportunity cost for $300 :)
Post by: couponvan on December 15, 2023, 09:04:20 AM
Love this!Of course, one can automate these for tiny amounts. I think AZ's minimum GC used to be .50 and now it's $1 or something, but that's still reasonable.
So the opportunity cost is like 5 cents per each $1 amazon gift card reload. 14 x 5 cents = 70 cents per month opportunity cost. A couple bucks of opportunity cost for $300 :)
Post by: jnw on December 15, 2023, 01:58:48 PM
https://m1.com/250-referral/
If someone needs a referral link, shoot me a PM.
I signed up a few months ago to M1 Finance with a friend's referral link and we each got $100 for my $5k investment. This requirement is $10k but a much sweeter deal. I put the $5k in SGOV while it was in there.
Post by: tj on December 15, 2023, 05:30:51 PM
M1 Finance has a $250+$250 referral bonus deal going on now.
https://m1.com/250-referral/
If someone needs a referral link, shoot me a PM. I'll give it to one person. I'm sure there are others here who could share their referral code as well -- I want to share so that's why I said one person :)
I signed up a few months ago to M1 Finance with a friend's referral link and we each got $100 for my $5k investment. This requirement is $10k but a much sweeter deal. I put the $5k in SGOV while it was in there.
$250 for $10k just doesn't seem all that interesting in the current interest rate environment, but I suppose it could be. How long is the holding period?
Post by: jnw on December 15, 2023, 07:09:46 PM
$250 for $10k just doesn't seem all that interesting in the current interest rate environment, but I suppose it could be. How long is the holding period?
Deposit $10k within 30 days, hold for 30 days. I figure about 45 days total. 365/45 = 8.1. $250/10000 = 2.5%. 8.1 x 2.5% = 20% effective APY for the 45 days. This is not including say investing that $10k into SGOV which is over 5%.. let's say the effective APY is 24% or so for that 45 days. And then your friend also gets 20% effective APY.. so total including your friend is 44% effective APY.. which seems pretty good to me! Beats the S&P 500 handedly!
Not to mention, after getting an account yourself, you can then also refer a friend and you each get $250 as well. Seems like a pretty sweet deal to me.
EDIT: when I did this for $100 for $5k investment a few months back they paid me that $100 within a week after depositing that $5k btw. I invested it into SGOV at earliest opportunity.
Post by: tj on December 15, 2023, 07:58:08 PM
https://www.profitablecontent.com/nasa-federal-credit-union-300-checking-bonus/
Boo to the recurring debit card requirements, I guess it's an easy $300 though.
So annoying. But the ones that have a minimum debit amount are even worse. There must be some reason banks love ridiculous numbers of debits?
Of course, one can automate these for tiny amounts. I think AZ's minimum GC used to be .50 and now it's $1 or something, but that's still reasonable.
ETA: I couldn't quickly find any DPs on what counts for DD yet. Would be good to know!
How do you automate the micro purchases? I would literally buy several Amazon GCs back to back. It was an extremely manual process.
Post by: jnw on December 15, 2023, 08:12:33 PM
How do you automate the micro purchases? I would literally buy several Amazon GCs back to back. It was an extremely manual process.
I did like 3 or so per day.. over some days. Yeah it takes time. I also have to do a gnucash transaction entry each time as well. I do random amounts between 1 and 2 dollars.
Post by: secondcor521 on December 15, 2023, 08:29:02 PM
$250 for $10k just doesn't seem all that interesting in the current interest rate environment, but I suppose it could be. How long is the holding period?
Deposit $10k within 30 days, hold for 30 days. I figure about 45 days total. 365/45 = 8.1. $250/10000 = 2.5%. 8.1 x 2.5% = 20% effective APY for the 45 days. This is not including say investing that $10k into SGOV which is over 5%.. let's say the effective APY is 24% or so for that 45 days. And then your friend also gets 20% effective APY.. so total including your friend is 44% effective APY.. which seems pretty good to me! Beats the S&P 500 handedly!
Not to mention, after getting an account yourself, you can then also refer a friend and you each get $250 as well. Seems like a pretty sweet deal to me.
EDIT: when I did this for $100 for $5k investment a few months back they paid me that $100 within a week after depositing that $5k btw. I invested it into SGOV at earliest opportunity.
[Emphasis added.]
I agree with most of your post except the bolded part. You can't add your and your friend's percentages together that way ; that's just not how percentages work. You'd have to average them.
Let's normalize it to $100 for you and $100 for your friend. Your part is 24%, so your part is $24 on your $100. Your friend's part is 20%, so their part is $20 on their $100. Your total is $24 + $20 = $44. But it's $44 total on $100 + $100 = $200. $44 / $200 = 22%.
Still looks like a marvelous deal, but not 44% ridiculously marvelous.
Post by: Rusted Rose on December 15, 2023, 09:04:16 PM
https://www.profitablecontent.com/nasa-federal-credit-union-300-checking-bonus/
Boo to the recurring debit card requirements, I guess it's an easy $300 though.
So annoying. But the ones that have a minimum debit amount are even worse. There must be some reason banks love ridiculous numbers of debits?
Of course, one can automate these for tiny amounts. I think AZ's minimum GC used to be .50 and now it's $1 or something, but that's still reasonable.
ETA: I couldn't quickly find any DPs on what counts for DD yet. Would be good to know!
How do you automate the micro purchases? I would literally buy several Amazon GCs back to back. It was an extremely manual process.
I've done that too of course.
Just under the Buy Now button though, there's a link to "Set up Auto-Reload"
I tested it a bit just now and it looks like $5 is the minimum for that process, oh well. But you can set it up for daily buys. Hmm. But then you do have to turn it off manually. :P
Wish they had a better system. Thought it was more sophisticated than this and it may have been when last I looked--or maybe it was just wishful thinking on my part.
So 15 x $5 and mark your calendar to turn it off in 2 weeks, or 15 x $1 manually--I suppose I'm not super averse to manual buys.
Post by: jnw on December 15, 2023, 09:44:41 PM
$250 for $10k just doesn't seem all that interesting in the current interest rate environment, but I suppose it could be. How long is the holding period?
Deposit $10k within 30 days, hold for 30 days. I figure about 45 days total. 365/45 = 8.1. $250/10000 = 2.5%. 8.1 x 2.5% = 20% effective APY for the 45 days. This is not including say investing that $10k into SGOV which is over 5%.. let's say the effective APY is 24% or so for that 45 days. And then your friend also gets 20% effective APY.. so total including your friend is 44% effective APY.. which seems pretty good to me! Beats the S&P 500 handedly!
Not to mention, after getting an account yourself, you can then also refer a friend and you each get $250 as well. Seems like a pretty sweet deal to me.
EDIT: when I did this for $100 for $5k investment a few months back they paid me that $100 within a week after depositing that $5k btw. I invested it into SGOV at earliest opportunity.
[Emphasis added.]
I agree with most of your post except the bolded part. You can't add your and your friend's percentages together that way ; that's just not how percentages work. You'd have to average them.
Let's normalize it to $100 for you and $100 for your friend. Your part is 24%, so your part is $24 on your $100. Your friend's part is 20%, so their part is $20 on their $100. Your total is $24 + $20 = $44. But it's $44 total on $100 + $100 = $200. $44 / $200 = 22%.
Still looks like a marvelous deal, but not 44% ridiculously marvelous.
Disregarding the SGOV, 500/10000 = 5% in 45 days. 5% * 8 = 40% effective APY. Do you agree?
The brokerage is paying out $500 for a $10k investment for 45 days. The referrer gets $250 for referring and the referee gets $250 for investing $10k. So $500 total for $10k investment for 45 days.
Post by: tj on December 16, 2023, 07:25:14 AM
How do you automate the micro purchases? I would literally buy several Amazon GCs back to back. It was an extremely manual process.
I did like 3 or so per day.. over some days. Yeah it takes time. I also have to do a gnucash transaction entry each time as well. I do random amounts between 1 and 2 dollars.
Oh, I always knocked out all of them in one day. But sometimes I would vary the gift card price slightly by pennies.
Post by: Morning Glory on December 16, 2023, 07:53:31 AM
I've always done 1.01, 1.02, 1.03... to make it easier to keep track of the numberHow do you automate the micro purchases? I would literally buy several Amazon GCs back to back. It was an extremely manual process.
I did like 3 or so per day.. over some days. Yeah it takes time. I also have to do a gnucash transaction entry each time as well. I do random amounts between 1 and 2 dollars.
Oh, I always knocked out all of them in one day. But sometimes I would vary the gift card price slightly by pennies.
Post by: Rusted Rose on December 16, 2023, 11:06:12 AM
I've always done 1.01, 1.02, 1.03... to make it easier to keep track of the numberHow do you automate the micro purchases? I would literally buy several Amazon GCs back to back. It was an extremely manual process.
I did like 3 or so per day.. over some days. Yeah it takes time. I also have to do a gnucash transaction entry each time as well. I do random amounts between 1 and 2 dollars.
Oh, I always knocked out all of them in one day. But sometimes I would vary the gift card price slightly by pennies.
Yes me too. I was just looking into automation because of having to do it for X number of months.
Post by: secondcor521 on December 16, 2023, 12:02:10 PM
Disregarding the SGOV, 500/10000 = 5% in 45 days. 5% * 8 = 40% effective APY. Do you agree?
The brokerage is paying out $500 for a $10k investment for 45 days. The referrer gets $250 for referring and the referee gets $250 for investing $10k. So $500 total for $10k investment for 45 days.
Only if the referrer and referee are in the same economic unit (married, for example). If not, then the referrer's return is practically infinite ($250/0) and the referee's return is still ~20% ($250/$10000*365/45).
I thought both parties (referrer and referee) had to invest $10K for 45 days? If that's so, then it's still $500 total for $20K worth of investment for 45 days. I didn't look at the deal link though because I'm not interested in the deal personally; I'm just interested in making sure people evaluate the math correctly so they can make smart decisions about how to deploy their money.
Post by: kpd905 on December 16, 2023, 01:44:02 PM
I guess you could also just open 5-10 tabs of the reload page and then close each one when you finish.
Post by: jnw on December 16, 2023, 01:57:06 PM
Disregarding the SGOV, 500/10000 = 5% in 45 days. 5% * 8 = 40% effective APY. Do you agree?
The brokerage is paying out $500 for a $10k investment for 45 days. The referrer gets $250 for referring and the referee gets $250 for investing $10k. So $500 total for $10k investment for 45 days.
Only if the referrer and referee are in the same economic unit (married, for example). If not, then the referrer's return is practically infinite ($250/0) and the referee's return is still ~20% ($250/$10000*365/45).
I thought both parties (referrer and referee) had to invest $10K for 45 days? If that's so, then it's still $500 total for $20K worth of investment for 45 days. I didn't look at the deal link though because I'm not interested in the deal personally; I'm just interested in making sure people evaluate the math correctly so they can make smart decisions about how to deploy their money.
Sorry I guess I could of been more clear. But the math is right. The new subscriber's $10k is making $500 between the two people, which is effective 40% APY over 45 days. The referee gets effective 20% APY return on their $10k, and the referrer gets effective 20% APY return on the referee's $10k as well. The only person investing $10k is the referee.
And yeah this would work out great in a 2P deal as well with a spouse or whatever. Then all the the 40% effective APY return goes to the same economic unit. Or say 44% including SGOV.
Post by: secondcor521 on December 16, 2023, 03:01:06 PM
Disregarding the SGOV, 500/10000 = 5% in 45 days. 5% * 8 = 40% effective APY. Do you agree?
The brokerage is paying out $500 for a $10k investment for 45 days. The referrer gets $250 for referring and the referee gets $250 for investing $10k. So $500 total for $10k investment for 45 days.
Only if the referrer and referee are in the same economic unit (married, for example). If not, then the referrer's return is practically infinite ($250/0) and the referee's return is still ~20% ($250/$10000*365/45).
I thought both parties (referrer and referee) had to invest $10K for 45 days? If that's so, then it's still $500 total for $20K worth of investment for 45 days. I didn't look at the deal link though because I'm not interested in the deal personally; I'm just interested in making sure people evaluate the math correctly so they can make smart decisions about how to deploy their money.
Sorry I guess I could of been more clear. But the math is right. The new subscriber's $10k is making $500 between the two people, which is effective 40% APY over 45 days. The referee gets effective 20% APY return on their $10k, and the referrer gets effective 20% APY return on the referee's $10k as well. The only person investing $10k is the referee.
And yeah this would work out great in a 2P deal as well with a spouse or whatever. Then all the the 40% effective APY return goes to the same economic unit. Or say 44% including SGOV.
Understood.
Post by: jnw on December 23, 2023, 03:31:03 AM
https://www.profitablecontent.com/yieldstreet-500-brokerage-bonus/
Post by: tj on December 23, 2023, 08:01:04 AM
$500 for $10k deposit in this brokerage.
https://www.profitablecontent.com/yieldstreet-500-brokerage-bonus/
Not your typical brokerage...
Post by: jnw on December 23, 2023, 08:48:24 AM
Post by: AnotherEngineer on December 27, 2023, 09:41:13 AM
Perhaps we should change the name of the board? ;) This was my first year of bank bonus churning after doing credit cards for years. Granted, I know churning rules will slow this down next year and I am doing some two player mode. However, I kept my standards high and opened "only" 16 accounts:
- all bonuses were $300 or more except two BoA $200 bonuses (opened to access Premium Rewards points as cash)
- my only savings bonuses were two Chase big accounts. I wasn't moving arounds $50k for instance
- I didn't do any brokerage accounts, business accounts, or banks I hadn't heard of
- I did some two player, but only 4 of my accounts are P2. I either didn't have the DD cash flow or my P2 wasn't approved
- While I can change my DD easily, I didn't fully optimize it nor did I have $10k/month to allocate. I used transfers to simulate DD only once or twice.
- I use Doctor of Credit (try searching the page by your state's initials). I check Profitable Content for alerts, but have wasted hours from his inaccurate info
- I haven't yet run into any Chex barriers.
All this to say that this has been a great side gig and even exceeded my credit card churning. Two player helps, but not required. You don't have to pursue convoluted requirements for low returns. And you don't have to have a ton of cash or income. Develop your criteria that works for you. While this may go away in a downturn and we've seen savings bonuses return fall due to rising interest rates, there is a lot to get while the getting is good.
How was your year?
Post by: tj on December 27, 2023, 09:54:46 AM
Year End Reporting: $5,475 and 60k AA miles this year
Perhaps we should change the name of the board? ;) This was my first year of bank bonus churning after doing credit cards for years. Granted, I know churning rules will slow this down next year and I am doing some two player mode. However, I kept my standards high and opened "only" 16 accounts:
- all bonuses were $300 or more except two BoA $200 bonuses (opened to access Premium Rewards points as cash)
- my only savings bonuses were two Chase big accounts. I wasn't moving arounds $50k for instance
- I didn't do any brokerage accounts, business accounts, or banks I hadn't heard of
- I did some two player, but only 4 of my accounts are P2. I either didn't have the DD cash flow or my P2 wasn't approved
- While I can change my DD easily, I didn't fully optimize it nor did I have $10k/month to allocate. I used transfers to simulate DD only once or twice.
- I use Doctor of Credit (try searching the page by your state's initials). I check Profitable Content for alerts, but have wasted hours from his inaccurate info
- I haven't yet run into any Chex barriers.
All this to say that this has been a great side gig and even exceeded my credit card churning. Two player helps, but not required. You don't have to pursue convoluted requirements for low returns. And you don't have to have a ton of cash or income. Develop your criteria that works for you. While this may go away in a downturn and we've seen savings bonuses return fall due to rising interest rates, there is a lot to get while the getting is good.
How was your year?
I'd say it's pretty sustainable. I've been playing this game for over a decade at this point, 2023 was another solid year, right up there with my glory days from 2019/2020. And no "Player 2" for me.
Here is my historical 1099-INT data from my tax returns going back to the year that I graduated college:
2023: $3075
2022: $1057
2021: $1815
2020: $3558
2019: $3498
2018: $1123
2017: $563
2016: $2235
2015: $1365
2014: $671
2013: $409
2012: $815
2011: $582
2010: $396
2009: $202
Post by: Turtle on December 28, 2023, 10:50:57 AM
Post by: AnotherEngineer on December 28, 2023, 12:28:54 PM
I haven't been playing this game much, but the place where I get my insurance just offered an easy $200 for signing up for a checking account, so that was an easy win. They already had all my info on file, so applying for the account was relatively hassle free.
It is all about return on effort, which includes searching, deciding, applying, tracking, transferring, and closing. If you can cut out a few steps, more power to you. While I don't appreciate marketing mail, I do enjoy that banks will send me new offers when I'm clearly churning the accounts I already have.
Post by: kpd905 on December 31, 2023, 06:21:01 PM
I moved our IRAs to Webull a few weeks ago and we should get $3600 sometime around August or September for those, so I already have a good start on our total for 2024.
Post by: AnotherEngineer on January 02, 2024, 09:22:16 AM
Just wondering what others ended the year with. I ended up with $14,020 in 2 player mode from bank/brokerage bonuses (thanks to $4200 from Moomoo sign ups and referrals).
I moved our IRAs to Webull a few weeks ago and we should get $3600 sometime around August or September for those, so I already have a good start on our total for 2024.
Thanks, a few of us have chimed in already. Could you provide a little more detail on your impressive number? It sounds like moving investments around was a big part of your strategy.
I'm curious about other people's criteria in particular. I posted mine.
Post by: sonofsven on January 28, 2024, 04:48:37 AM
Lucky for me as my 24 month wait since my previous Chase account coupon enrollment just finished, so I applied and was instantly approved for new accounts.
Post by: tj on January 28, 2024, 07:55:46 AM
If anyone hasn't done the $900 Chase checking/savings bonus, it's been extrnded into April.
Lucky for me as my 24 month wait since my previous Chase account coupon enrollment just finished, so I applied and was instantly approved for new accounts.
Lucky you. September 2022 for me. I'm not sure how good the deal is though with the higher interest rates.
Post by: sonofsven on January 28, 2024, 09:00:19 AM
If anyone hasn't done the $900 Chase checking/savings bonus, it's been extrnded into April.
Lucky for me as my 24 month wait since my previous Chase account coupon enrollment just finished, so I applied and was instantly approved for new accounts.
Lucky you. September 2022 for me. I'm not sure how good the deal is though with the higher interest rates.
Still good I think. The savings is the only part that requires much money, $15k. Four months interest at five percent is around $250.
Post by: halfling on January 28, 2024, 11:35:33 AM
If anyone hasn't done the $900 Chase checking/savings bonus, it's been extrnded into April.
Lucky for me as my 24 month wait since my previous Chase account coupon enrollment just finished, so I applied and was instantly approved for new accounts.
Lucky you. September 2022 for me. I'm not sure how good the deal is though with the higher interest rates.
Not eligible until October myself, but I do quick mental math on the required deposits and holding periods (for near-0% accounts). I can get >$300 in 6 months on $20,000 just leaving it in my 4.5% HYSA.
Post by: AnotherEngineer on January 29, 2024, 08:19:19 AM
If anyone hasn't done the $900 Chase checking/savings bonus, it's been extrnded into April.
Lucky for me as my 24 month wait since my previous Chase account coupon enrollment just finished, so I applied and was instantly approved for new accounts.
Lucky you. September 2022 for me. I'm not sure how good the deal is though with the higher interest rates.
Not eligible until October myself, but I do quick mental math on the required deposits and holding periods (for near-0% accounts). I can get >$300 in 6 months on $20,000 just leaving it in my 4.5% HYSA.
It is still a good deal as the checking doesn't require a specific DD amount and it is then $600 for the checking. I will share to be very careful that your code is entered and it shows up in the bonus tracker on the app. I thought I had it set up for my P2, but some life events kept me from checking. So instead of a $900 payday I actually lost ~$150 in HYSA interest. Well, it is my first failure like this, live and learn, still up $4500 for 2023.
Post by: Padonak on February 12, 2024, 10:04:21 AM
https://www.doctorofcredit.com/best-bank-account-bonuses/#Chase_900_CheckingSavings_Bonus
The problem is that Im not currently receiving a salary or any other direct debits. I do get paid occasionally for my side hustle but most of it is through Zelle etc. Does anyone have any recent experience "manufacturing" direct debit transactions with Chase? What did you use? DoC collects stats on what qualifies as DD but it looks like all the methods mentioned in it work for some people and don't work for others.
Post by: jim555 on February 12, 2024, 10:48:50 AM
Post by: katsiki on February 12, 2024, 11:10:34 AM
I am considering this Chase $900 bonus offer for opening checking and savings accounts
https://www.doctorofcredit.com/best-bank-account-bonuses/#Chase_900_CheckingSavings_Bonus
The problem is that Im not currently receiving a salary or any other direct debits. I do get paid occasionally for my side hustle but most of it is through Zelle etc. Does anyone have any recent experience "manufacturing" direct debit transactions with Chase? What did you use? DoC collects stats on what qualifies as DD but it looks like all the methods mentioned in it work for some people and don't work for others.
Not recent but one of the gift card sites worked for me 1-2 years ago.
Post by: secondcor521 on February 12, 2024, 11:26:45 AM
The problem is that Im not currently receiving a salary or any other direct debits. I do get paid occasionally for my side hustle but most of it is through Zelle etc. Does anyone have any recent experience "manufacturing" direct debit transactions with Chase? What did you use? DoC collects stats on what qualifies as DD but it looks like all the methods mentioned in it work for some people and don't work for others.
The DOC data points often are inconsistent. Who knows why.
I think you just have to decide if the bonus is worth it given the risk of going through the hassle and maybe not getting it. The other thing that sometimes works, depending on particulars, is to have multiple DD options at your disposal and then try them in succession or all at once. You might do three different DD methods but you only need one of them to trigger the bonus.
Post by: Padonak on February 12, 2024, 11:32:03 AM
I am considering this Chase $900 bonus offer for opening checking and savings accounts
https://www.doctorofcredit.com/best-bank-account-bonuses/#Chase_900_CheckingSavings_Bonus
The problem is that Im not currently receiving a salary or any other direct debits. I do get paid occasionally for my side hustle but most of it is through Zelle etc. Does anyone have any recent experience "manufacturing" direct debit transactions with Chase? What did you use? DoC collects stats on what qualifies as DD but it looks like all the methods mentioned in it work for some people and don't work for others.
Not recent but one of the gift card sites worked for me 1-2 years ago.
Do you remember which site? How exactly does it work with gift cards?
Post by: sonofsven on February 12, 2024, 11:48:13 AM
I am considering this Chase $900 bonus offer for opening checking and savings accounts
https://www.doctorofcredit.com/best-bank-account-bonuses/#Chase_900_CheckingSavings_Bonus
The problem is that Im not currently receiving a salary or any other direct debits. I do get paid occasionally for my side hustle but most of it is through Zelle etc. Does anyone have any recent experience "manufacturing" direct debit transactions with Chase? What did you use? DoC collects stats on what qualifies as DD but it looks like all the methods mentioned in it work for some people and don't work for others.
I opened an account at Elements Financial (who also has a current SUB), based on successful DOC data.
As far as "knowing" which ones work, sometimes you don't know and you have to just try and see.
I'll often do multiple pushes from different accounts to increase my chances.
ETA: make sure to read the DOC comments for each bonus you're attempting. I subscribe to the comment threads to make sure I'm up to date, then unsub once my bonus posts. Then I'll post my data, success or failure, for others.
Post by: AnotherEngineer on February 14, 2024, 07:06:44 AM
Missing 1099s from US Bank, Excite, Truist, and Citi
Received from via mail: Chase, Wells Fargo, Regions, Capital One (closed), and Bank of America
Accessed online: Fifth Third (long closed), Capital One (open)
Post by: bacchi on February 14, 2024, 08:31:56 AM
How are those 1099-INTs coming? I got a number via mail the first week of February as I believe they have to be complete by Jan 31. However, I'm still missing four from closed accounts that I can't log into online and haven't gotten via email or mail. Any advice? Do I just need to call them?
Missing 1099s from US Bank, Excite, Truist, and Citi
Received from via mail: Chase, Wells Fargo, Regions, Capital One (closed), and Bank of America
Accessed online: Fifth Third (long closed), Capital One (open)
I have a few missing, too. I'll make a good faith effort to get them but, otherwise, I'll add what I can (name of bank and amount) to the tax forms.
I did receive the US Bank 1099-INT by snail mail.
Post by: AnotherEngineer on February 15, 2024, 05:19:56 AM
How are those 1099-INTs coming? I got a number via mail the first week of February as I believe they have to be complete by Jan 31. However, I'm still missing four from closed accounts that I can't log into online and haven't gotten via email or mail. Any advice? Do I just need to call them?
Missing 1099s from US Bank, Excite, Truist, and Citi
Received from via mail: Chase, Wells Fargo, Regions, Capital One (closed), and Bank of America
Accessed online: Fifth Third (long closed), Capital One (open)
I have a few missing, too. I'll make a good faith effort to get them but, otherwise, I'll add what I can (name of bank and amount) to the tax forms.
I did receive the US Bank 1099-INT by snail mail.
Further complicating is the Citi bonus was 60k AA miles, which I believe is still taxable at some conversion rate.
Post by: katsiki on February 16, 2024, 02:48:39 PM
I am considering this Chase $900 bonus offer for opening checking and savings accounts
https://www.doctorofcredit.com/best-bank-account-bonuses/#Chase_900_CheckingSavings_Bonus
The problem is that Im not currently receiving a salary or any other direct debits. I do get paid occasionally for my side hustle but most of it is through Zelle etc. Does anyone have any recent experience "manufacturing" direct debit transactions with Chase? What did you use? DoC collects stats on what qualifies as DD but it looks like all the methods mentioned in it work for some people and don't work for others.
Not recent but one of the gift card sites worked for me 1-2 years ago.
Do you remember which site? How exactly does it work with gift cards?
It was ABC Gift Cards. It worked as described here: https://www.doctorofcredit.com/knowledge-base/list-methods-banks-count-direct-deposits/#comment-489083
I sold them a gift card and they paid me for it. That payment was the "DD" that Chase honored.
Post by: jnw on March 01, 2024, 03:28:54 AM
Details are in the following Profitible Blog entry -- I really like the way he has his pages laid out. Gives you all the info you need in standard consistent short format. https://www.profitablecontent.com/chase-750-business-checking-offer/
(They also have a $750 sign up bonus for $30k deposit, if you have that kind of cash.)
Post by: Padonak on March 01, 2024, 09:28:19 AM
Chase has a pretty nice deal going on with Business Checking accounts. $400 sign up bonus for $2k deposit. (This is better than what I got last year, I only got $300 for $2k deposit.)
Details are in the following Profitible Blog entry -- I really like the way he has his pages laid out. Gives you all the info you need in standard consistent short format. https://www.profitablecontent.com/chase-750-business-checking-offer/
(They also have a $750 sign up bonus for $30k deposit, if you have that kind of cash.)
Tried to apply as a sole prop and received a message saying "we can't open your account online. you have to go to a branch"
I don't have a branch near me unfortunately
ETA
Several people on Doctor of Credit also reported the same problem
https://www.doctorofcredit.com/chase-business-total-checking-300-bonus-no-direct-deposit-required/
Someone on DoC also mentioned this:
"Also turns out that if you want to use a sole prop for the business bonus then their system is double checking it against their standard personal checking bonus. Since I was already on the $900 checking/savings bonus, I had to walk out with no bonus and an extra bank account that I now have to cancel."
I just opened personal accounts a few days ago to get the 900 bonus, and I have a sole prop, so looks like i wouldn't qualify for the business acct bonus anyway.
Post by: terran on March 01, 2024, 09:51:12 AM
How are those 1099-INTs coming? I got a number via mail the first week of February as I believe they have to be complete by Jan 31. However, I'm still missing four from closed accounts that I can't log into online and haven't gotten via email or mail. Any advice? Do I just need to call them?
Missing 1099s from US Bank, Excite, Truist, and Citi
Received from via mail: Chase, Wells Fargo, Regions, Capital One (closed), and Bank of America
Accessed online: Fifth Third (long closed), Capital One (open)
Just fill out your Schedule B based on your records. You don't actually need the 1099.
Post by: katsiki on March 07, 2024, 01:57:23 PM
Chase has a pretty nice deal going on with Business Checking accounts. $400 sign up bonus for $2k deposit. (This is better than what I got last year, I only got $300 for $2k deposit.)
Details are in the following Profitible Blog entry -- I really like the way he has his pages laid out. Gives you all the info you need in standard consistent short format. https://www.profitablecontent.com/chase-750-business-checking-offer/
(They also have a $750 sign up bonus for $30k deposit, if you have that kind of cash.)
Tried to apply as a sole prop and received a message saying "we can't open your account online. you have to go to a branch"
I don't have a branch near me unfortunately
ETA
Several people on Doctor of Credit also reported the same problem
https://www.doctorofcredit.com/chase-business-total-checking-300-bonus-no-direct-deposit-required/
Someone on DoC also mentioned this:
"Also turns out that if you want to use a sole prop for the business bonus then their system is double checking it against their standard personal checking bonus. Since I was already on the $900 checking/savings bonus, I had to walk out with no bonus and an extra bank account that I now have to cancel."
I just opened personal accounts a few days ago to get the 900 bonus, and I have a sole prop, so looks like i wouldn't qualify for the business acct bonus anyway.
Interesting... Depending on one's state, it may be worthwhile to setup an LLC. EINs are free from the IRS. LLC filing has a fee in the states I am familiar with.
Post by: Padonak on March 11, 2024, 07:57:49 PM
From Chase website:
What is a real-time transfer?
Real-time transfers are a new way to send and receive money within moments, using the U.S. real-time payments network.
Can I send a real-time transfer to any bank account?
Right now, real-time transfers are only available to Chase customers to send money to their own checking and savings accounts with other banks in moments.
Post by: tj on March 11, 2024, 08:21:35 PM
Im trying to do a direct debit "push" from a chase checking account to another checking account with a different bank. Chase gives two options: real time transfer (instant) and standard transfer (1-2 business days). Does it matter which option I choose for the transfer to be considered a direct debit by the other bank? If so, which one should I chose?
From Chase website:
What is a real-time transfer?
Real-time transfers are a new way to send and receive money within moments, using the U.S. real-time payments network.
Can I send a real-time transfer to any bank account?
Right now, real-time transfers are only available to Chase customers to send money to their own checking and savings accounts with other banks in moments.
If you are trying to fake a direct deposit for the purposes of getting a bonus at the other bank, I highly doubt an instant transfer would work for that.
Post by: Rusted Rose on March 11, 2024, 08:57:18 PM
Im trying to do a direct debit "push" from a chase checking account to another checking account with a different bank ... Does it matter which option I choose for the transfer to be considered a direct debit by the other bank?[/i]
Yes, use the Standard version.
The other one seems to be treated more like a Zelle or whatnot.
Post by: billy on March 15, 2024, 04:21:46 PM
Post by: tj on March 15, 2024, 04:23:46 PM
Is the US Bank Altitude Connect credit card churnable? I opened it on 09-28-2021 and cancelled on 08-26-2022. It's looking like a great deal if so, especially since they are going to do away with the annual fee in September. I currently have the business variant open if that matters.
Only one way to find out! :)
Post by: NotJen on March 15, 2024, 05:18:34 PM
Is the US Bank Altitude Connect credit card churnable? I opened it on Sept. 2021 and cancelled it on Aug. 2022. It's looking like a great deal if so, especially since they are going to do away with the annual fee in Sept. I currently have the business variant open if that matters.
Dang, that does look good. Only $2k spend in 120 days for $500... I opened 10/2021 and closed 12/2022.
I previously churned their Flexperks cards back in 2016/2018. Applications and bonuses > 1 year apart, but less than 2 years. I didn't notice any more recent data points on DoC.
Post by: Padonak on March 15, 2024, 05:58:19 PM
Is the US Bank Altitude Connect credit card churnable? I opened it on Sept. 2021 and cancelled it on Aug. 2022. It's looking like a great deal if so, especially since they are going to do away with the annual fee in Sept. I currently have the business variant open if that matters.
Are they going to drop the annual fee for Altitude Connect? I just got that card, first year free. Was considering downgrading it to the version (altitude Go) next year.
I am also considering applying for the Altitude Reserve ($400 annual fee but many perks). Does anyone know if it's possible do downgrade that card to the free Altitude Go later? I don't see why it wouldn't be but just want to double check.
Post by: tj on March 15, 2024, 06:35:56 PM
Is the US Bank Altitude Connect credit card churnable? I opened it on Sept. 2021 and cancelled it on Aug. 2022. It's looking like a great deal if so, especially since they are going to do away with the annual fee in Sept. I currently have the business variant open if that matters.
Are they going to drop the annual fee for Altitude Connect? I just got that card, first year free. Was considering downgrading it to the version (altitude Go) next year.
I am also considering applying for the Altitude Reserve ($400 annual fee but many perks). Does anyone know if it's possible do downgrade that card to the free Altitude Go later? I don't see why it wouldn't be but just want to double check.
https://www.doctorofcredit.com/major-changes-to-u-s-bank-altitude-connect-card/
Post by: Padonak on March 15, 2024, 06:52:36 PM
Is the US Bank Altitude Connect credit card churnable? I opened it on Sept. 2021 and cancelled it on Aug. 2022. It's looking like a great deal if so, especially since they are going to do away with the annual fee in Sept. I currently have the business variant open if that matters.
Are they going to drop the annual fee for Altitude Connect? I just got that card, first year free. Was considering downgrading it to the version (altitude Go) next year.
I am also considering applying for the Altitude Reserve ($400 annual fee but many perks). Does anyone know if it's possible do downgrade that card to the free Altitude Go later? I don't see why it wouldn't be but just want to double check.
https://www.doctorofcredit.com/major-changes-to-u-s-bank-altitude-connect-card/
Oh thanks, i must have missed that. They're saying they're also devaluing the points from 1 to .8 cpp Do you know if you can still redeem them for 1cpp as a statement credit before Sept 9?
Post by: tj on March 15, 2024, 07:08:55 PM
Is the US Bank Altitude Connect credit card churnable? I opened it on Sept. 2021 and cancelled it on Aug. 2022. It's looking like a great deal if so, especially since they are going to do away with the annual fee in Sept. I currently have the business variant open if that matters.
Are they going to drop the annual fee for Altitude Connect? I just got that card, first year free. Was considering downgrading it to the version (altitude Go) next year.
I am also considering applying for the Altitude Reserve ($400 annual fee but many perks). Does anyone know if it's possible do downgrade that card to the free Altitude Go later? I don't see why it wouldn't be but just want to double check.
https://www.doctorofcredit.com/major-changes-to-u-s-bank-altitude-connect-card/
Oh thanks, i must have missed that. They're saying they're also devaluing the points from 1 to .8 cpp Do you know if you can still redeem them for 1cpp as a statement credit before Sept 9?
I would assume so.
Post by: billy on March 16, 2024, 06:24:02 AM
Is the US Bank Altitude Connect credit card churnable? I opened it on Sept. 2021 and cancelled it on Aug. 2022. It's looking like a great deal if so, especially since they are going to do away with the annual fee in Sept. I currently have the business variant open if that matters.
Found out it's once every five years.
Post by: Padonak on March 16, 2024, 12:22:48 PM
I couldn't find any good threads specifically about credit cards.
Post by: tj on March 16, 2024, 12:35:25 PM
Is the US Bank Altitude Connect credit card churnable? I opened it on Sept. 2021 and cancelled it on Aug. 2022. It's looking like a great deal if so, especially since they are going to do away with the annual fee in Sept. I currently have the business variant open if that matters.
Found out it's once every five years.
How did you find out? I'm surprised it's that long.
Post by: billy on March 16, 2024, 12:50:34 PM
Post by: bacchi on March 16, 2024, 01:18:53 PM
@johnny847 and others, is it ok to use this thread for credit card churning information too? If it's ok, maybe you can add credit cards to the title?
I couldn't find any good threads specifically about credit cards.
There is a CC thread but it's long been lost to forum history.
I use this thread for both bank bonuses and credit card bonuses, as do others.
Post by: Padonak on March 17, 2024, 01:04:44 PM
2023:
Chase IHG Personal and Business (also opened and closed the same cards and received SUBs before covid)
2024
Chase Hyatt Business credit card. Received 65K points SUB for 5K spend
US Bank Altitude Connect (got approved recently). 50K points for 2K spend in 120 days
Applied:
US Bank Altitude Reserve 50K points for 4.5K spend in 90 days. If they approve me, will use it to pay this year's taxes.
Barclays Wyndham Rewards: New offer of 100K SUB for 2K spend in 6 months.
I get most of the information from Doctor of Credit. I also follow 10X travel website, read their FB group and even listen to their podcast. However, they don't always have the best offers available on their website (maybe because they make money on referrals and not all the best offers are eligible for that?). So it's always worth checking DoC for the best offers. Another problem I have with 10X is they seem to be obsessed with flying business and first class so their ranking of the most valuable cards is based on that, with the highest value/priority given to points that can be transferred to airline partners for premium flights (Chase UR, Amex MR, Citi and Cap One equivalents). I flew business class three times (for points or free upgrades) but I'm not so obsessed about it, don't mind flying economy even to another continent. So my priorities when it comes to choosing credit cards are slightly different. I'd rather have a generous cash/statement credit SUB and then use the money as I see fit. I agree with 10X though that if you're under 5/24 and can meet the SUB requirements, you should start from Chase Sapphire and Ink cards.
Before the pandemic, I also sold some of my miles and points to a points broker and made pretty good money on that. Tried to get a quote with the same broker recently for some miles and points I have and it was too low, not worth the hassle.
I always try to spend my points and miles as soon as can I get a reasonable redemption rate. I see them as funny money, a third world country's currency which is regularly devalued vs the USD and sometimes even expires or gets confiscated. So it's best to get rid of it as soon as you can. I don't let redemptions dictate my travel plans but I see nothing wrong with visiting a city or country I wanted to visit anyway if I find a good redemption rate for particular dates...or stay one more night somewhere if I get every 4th night for free with IHG.
For hotel points, Bangkok is probably the best city for redeeming them. It has all the major chains, each one has a few hotels with good availability and incredible value. Even with Wyndham points, which is a chain that has many shitty hotels around the world, i was able to find a great hotel in a great location in BKK for the lowest redemption amount of 7500/night with a free breakfast and a room upgrade to one of the best rooms i've ever stayed in.
Post by: tj on March 17, 2024, 01:37:58 PM
Never made sense to me why the US Bank Altitude Connect never made it to the best CC page. Get $500 after spending $2k with the annual fee waived first year.
Post by: Padonak on March 17, 2024, 01:48:57 PM
I feel like DOC doesn't post a whole lot about CCs anymore. They haven't updated the Best CCs page in ages.
Never made sense to me why the US Bank Altitude Connect never made it to the best CC page. Get $500 after spending $2k with the annual fee waived first year.
Yes, I agree, just found this card by accident when either you or someone on reddit mentioned it. It's not on the best card list of DoC or 10X.
Post by: tj on March 17, 2024, 01:55:42 PM
I've done a few air line cards over the years, but I probably still have the miles from most of them.
I finally redeemed some Briitsh miles (to go to Hawaii on American Airlines) - and I must have opeend that card at least 7 years ago.
I generally focus on cash offers.
Post by: Padonak on March 17, 2024, 02:09:22 PM
With miles and points, people post ridiculously high CPP redemption rates but would they buy that first or business class ticket to Japan if they had to pay cash? Most of them wouldn't.
Post by: chasesfish on March 17, 2024, 05:48:02 PM
I feel like DOC doesn't post a whole lot about CCs anymore. They haven't updated the Best CCs page in ages.
Never made sense to me why the US Bank Altitude Connect never made it to the best CC page. Get $500 after spending $2k with the annual fee waived first year.
Thanks for this!
I've been getting two US Bank business cards per year, this one is worth using one of my personal tradelines at that redemption rate.
Post by: JupiterGreen on March 18, 2024, 05:28:11 AM
I feel like DOC doesn't post a whole lot about CCs anymore. They haven't updated the Best CCs page in ages.
Never made sense to me why the US Bank Altitude Connect never made it to the best CC page. Get $500 after spending $2k with the annual fee waived first year.
Interesting, thank you for this one! Questions for those of you who take on these CC with annual fees, do you close the accounts before one year? If I understand it correctly, closing a CC less than a year can have a negative impact on your credit. So how do y'all deal with these annual fee CC?
Post by: NotJen on March 18, 2024, 06:18:12 AM
I feel like DOC doesn't post a whole lot about CCs anymore. They haven't updated the Best CCs page in ages.
Never made sense to me why the US Bank Altitude Connect never made it to the best CC page. Get $500 after spending $2k with the annual fee waived first year.
Interesting, thank you for this one! Questions for those of you who take on these CC with annual fees, do you close the accounts before one year? If I understand it correctly, closing a CC less than a year can have a negative impact on your credit. So how do y'all deal with these annual fee CC?
I close after the 1 year mark, but before the annual fee is due. AF gets reversed when I close the card. Sometimes I ask if they can waive the annual fee instead of cancelling, but that rarely happens anymore.
Post by: sonofsven on March 18, 2024, 07:37:44 AM
I've done the same but sometimes I'm late and the AF is charged. I've had success calling immediately and asking if I can cancel the card and have the AF refunded.I feel like DOC doesn't post a whole lot about CCs anymore. They haven't updated the Best CCs page in ages.
Never made sense to me why the US Bank Altitude Connect never made it to the best CC page. Get $500 after spending $2k with the annual fee waived first year.
Interesting, thank you for this one! Questions for those of you who take on these CC with annual fees, do you close the accounts before one year? If I understand it correctly, closing a CC less than a year can have a negative impact on your credit. So how do y'all deal with these annual fee CC?
I close after the 1 year mark, but before the annual fee is due. AF gets reversed when I close the card. Sometimes I ask if they can waive the annual fee instead of cancelling, but that rarely happens anymore.
I've also successfully downgraded to a different card that has no AF.
Post by: tj on March 18, 2024, 07:41:01 AM
I feel like DOC doesn't post a whole lot about CCs anymore. They haven't updated the Best CCs page in ages.
Never made sense to me why the US Bank Altitude Connect never made it to the best CC page. Get $500 after spending $2k with the annual fee waived first year.
Interesting, thank you for this one! Questions for those of you who take on these CC with annual fees, do you close the accounts before one year? If I understand it correctly, closing a CC less than a year can have a negative impact on your credit. So how do y'all deal with these annual fee CC?
I always close before the first year, I've never had a negative consequence. In the past I downgraded before the first year but then issuers started saying I have too much credit so I just close them
Post by: NotJen on March 18, 2024, 07:45:23 AM
I've done the same but sometimes I'm late and the AF is charged. I've had success calling immediately and asking if I can cancel the card and have the AF refunded.I feel like DOC doesn't post a whole lot about CCs anymore. They haven't updated the Best CCs page in ages.
Never made sense to me why the US Bank Altitude Connect never made it to the best CC page. Get $500 after spending $2k with the annual fee waived first year.
Interesting, thank you for this one! Questions for those of you who take on these CC with annual fees, do you close the accounts before one year? If I understand it correctly, closing a CC less than a year can have a negative impact on your credit. So how do y'all deal with these annual fee CC?
I close after the 1 year mark, but before the annual fee is due. AF gets reversed when I close the card. Sometimes I ask if they can waive the annual fee instead of cancelling, but that rarely happens anymore.
I've also successfully downgraded to a different card that has no AF.
The point is to have the AF charged. They always reverse the fee when the card is closed, if it's before the statement closes.
Post by: billy on March 18, 2024, 08:15:03 AM
I've done the same but sometimes I'm late and the AF is charged. I've had success calling immediately and asking if I can cancel the card and have the AF refunded.I feel like DOC doesn't post a whole lot about CCs anymore. They haven't updated the Best CCs page in ages.
Never made sense to me why the US Bank Altitude Connect never made it to the best CC page. Get $500 after spending $2k with the annual fee waived first year.
Interesting, thank you for this one! Questions for those of you who take on these CC with annual fees, do you close the accounts before one year? If I understand it correctly, closing a CC less than a year can have a negative impact on your credit. So how do y'all deal with these annual fee CC?
I close after the 1 year mark, but before the annual fee is due. AF gets reversed when I close the card. Sometimes I ask if they can waive the annual fee instead of cancelling, but that rarely happens anymore.
I've also successfully downgraded to a different card that has no AF.
The point is to have the AF charged. They always reverse the fee when the card is closed, if it's before the statement closes.
Yup, I made a bobo when trying to close AMEX before 1 year via instant message, they said bonus may be taken back so I said never mind, and they let me know this conversation will be recorded. AMEX is a stiffler in general, but waiting for the AF to hit is a good move generally.
Post by: Padonak on March 18, 2024, 10:44:50 AM
Interesting, thank you for this one! Questions for those of you who take on these CC with annual fees, do you close the accounts before one year? If I understand it correctly, closing a CC less than a year can have a negative impact on your credit. So how do y'all deal with these annual fee CC?
I wait at least one year, then call and close the card if i don't get a retention offer. 10x website says you have to wait for the annual fee to post, then have it refunded when you close. I don't usually wait for that but i make sure it's at least one year since account opening.
The reason I wait at least one year is in case there is something in the small print that says if you cancel the card before one year you have to return the SUB. I don't care too much about the average account age on my credit report but if i did, i would always try to downgrade the card to a free version before cancelling.
Post by: tj on March 18, 2024, 12:22:46 PM
Interesting, thank you for this one! Questions for those of you who take on these CC with annual fees, do you close the accounts before one year? If I understand it correctly, closing a CC less than a year can have a negative impact on your credit. So how do y'all deal with these annual fee CC?
I wait at least one year, then call and close the card if i don't get a retention offer. 10x website says you have to wait for the annual fee to post, then have it refunded when you close. I don't usually wait for that but i make sure it's at least one year since account opening.
The reason I wait at least one year is in case there is something in the small print that says if you cancel the card before one year you have to return the SUB. I don't care too much about the average account age on my credit report but if i did, i would always try to downgrade the card to a free version before cancelling.
I cannot say I've ever experienced an SUB being clawed back.
Post by: JupiterGreen on March 24, 2024, 10:56:44 AM
Post by: Padonak on March 24, 2024, 11:48:07 AM
Thank you, I did end up applying for US Bank Altitude Connect and Chase Freedom Flex, we'll see if I get approved. I'm not finding a lot of good deals, what other bonuses have people signed up for lately? For people who do a lot of churning, do you think new offers will drop once April hits?
If you're under 5/24 and can meet the spend requirements for Chase cards, I would get a Sapphire or Ink with a UR points sign up bonus. I am over 5/24 so I applied for a Barclays Wyndham card (100K points offer). This offer is the highest it's ever been. Wyndham is not my favorite chain but they do have some nice hotels especially outside of the US. You just need to read the reviews carefully because they have a lot of shitty hotels, too
It's impossible to predict which SUB will become available in April or later but if you're not in a hurry I would wait and see. Something good usually comes up every couple of months or so
Post by: AnotherEngineer on March 24, 2024, 01:18:35 PM
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
Post by: tj on March 24, 2024, 01:28:43 PM
As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
Yeah, also the Sapphire being only once every 4 years (and none of the other Chase personal cards tend to have super lucrative bonuses, unless you want Marriott or United?) makes 5/24 less of an issue during the 4 years that you have to wait to be eligible for the next Sapphire.
Post by: Padonak on March 24, 2024, 01:50:49 PM
As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
History repeats itself. I remember that many people use to do interest rate arbitrage before the interest rates dropped to almost zero. Does your credit score drop when you use most of your credit line on 0% cards? Mine dropped significantly when I tried it years ago but then quickly recovered after I paid the card off.
How do you get a 10% ROI on that?
Post by: tj on March 24, 2024, 02:33:26 PM
As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
History repeats itself. I remember that many people use to do interest rate arbitrage before the interest rates dropped to almost zero. Does your credit score drop when you use most of your credit line on 0% cards? Mine dropped significantly when I tried it years ago but then quickly recovered after I paid the card off.
How do you get a 10% ROI on that?
He wrote another post:
https://www.gocurrycracker.com/where-the-money-comes-from/
Post by: bacchi on March 24, 2024, 07:20:54 PM
As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
The Discover card is another option. For the first year, it's 10% back on categories and 2% back on everything else. P2 recommended me for an additional $100.
I have a lot of 0% float on both a WF and Discover card. P2 is working the 0% Fidelity card.
Post by: Nutty on March 25, 2024, 09:24:42 AM
Post by: dandarc on March 25, 2024, 09:33:33 AM
Be aware that Capital One is buying Discover. Not sure if there are changes coming to either CC but it makes sense. I have both and Capital One is on pause for not posting and Discover limits you to 7 AU pre year.If regulators approve it. I'd think they probably would because if plans bear out, it creates better competition in the payment network space. But it also reduces competition in the card-issuing space. So could see this going either way, and I'd bet that Visa and Mastercard will be fighting it since they'll potentially be losing a significant amount of business if Capital One does succeed in moving $175 billion+ of annual transactions over to Discover network that they now own.
Post by: tj on March 25, 2024, 09:45:27 AM
Be aware that Capital One is buying Discover. Not sure if there are changes coming to either CC but it makes sense. I have both and Capital One is on pause for not posting and Discover limits you to 7 AU pre year.
Did you intend to post this in the tradelines thread? Who else would need 7 AU per year?
Post by: Nutty on March 25, 2024, 10:23:54 AM
I assume there is overlap between these two discussions. Ignore it if it doesn't apply.Be aware that Capital One is buying Discover. Not sure if there are changes coming to either CC but it makes sense. I have both and Capital One is on pause for not posting and Discover limits you to 7 AU pre year.
Did you intend to post this in the tradelines thread? Who else would need 7 AU per year?
Post by: tj on March 25, 2024, 10:29:18 AM
I assume there is overlap between these two discussions. Ignore it if it doesn't apply.Be aware that Capital One is buying Discover. Not sure if there are changes coming to either CC but it makes sense. I have both and Capital One is on pause for not posting and Discover limits you to 7 AU pre year.
Did you intend to post this in the tradelines thread? Who else would need 7 AU per year?
I don't think selling tradelines and (deposit) bank account bonuses have anything to do with each other. I don't think most of the active tradeline thread people even hang out over here.
Post by: MasterStache on March 25, 2024, 11:55:58 AM
As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
I've been doing 0% interest rate arbitrage on 4 different Chase Business Ink cards starting late last year. Got 90K UR points SUBs on all 4 of them plus another 100K UR points for referrals. With them being business cards they don't report to personal credit report so there is no credit impact carrying large balances. I have the bulk of the money in a couple OnPath Checking accounts paying 7% (10K limit on the balance for 7%).
I predominantly focus on biz cards for myself and P2. Think I used roughly $4K in SUBs on Biz cards last year to pay taxes. Perhaps better cash out options but not having a huge tax bill at the end of the year is nice. I'll throw in a personal card or 2 throughout the year as well. I like to stay below 5/24 so I don't have to worry about Chase denials since Chase points are pretty valuable to us.
Post by: tj on March 25, 2024, 12:27:04 PM
As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
I've been doing 0% interest rate arbitrage on 4 different Chase Business Ink cards starting late last year. Got 90K UR points SUBs on all 4 of them plus another 100K UR points for referrals. With them being business cards they don't report to personal credit report so there is no credit impact carrying large balances. I have the bulk of the money in a couple OnPath Checking accounts paying 7% (10K limit on the balance for 7%).
I predominantly focus on biz cards for myself and P2. Think I used roughly $4K in SUBs on Biz cards last year to pay taxes. Perhaps better cash out options but not having a huge tax bill at the end of the year is nice. I'll throw in a personal card or 2 throughout the year as well. I like to stay below 5/24 so I don't have to worry about Chase denials since Chase points are pretty valuable to us.
How did you end up with so many Inks with respectable credit limits? I did an Ink in January, but they only gave me a whopping $1.5k. My Chase freedom card has like a $27k limit.
Post by: MasterStache on March 25, 2024, 12:58:22 PM
As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
I've been doing 0% interest rate arbitrage on 4 different Chase Business Ink cards starting late last year. Got 90K UR points SUBs on all 4 of them plus another 100K UR points for referrals. With them being business cards they don't report to personal credit report so there is no credit impact carrying large balances. I have the bulk of the money in a couple OnPath Checking accounts paying 7% (10K limit on the balance for 7%).
I predominantly focus on biz cards for myself and P2. Think I used roughly $4K in SUBs on Biz cards last year to pay taxes. Perhaps better cash out options but not having a huge tax bill at the end of the year is nice. I'll throw in a personal card or 2 throughout the year as well. I like to stay below 5/24 so I don't have to worry about Chase denials since Chase points are pretty valuable to us.
How did you end up with so many Inks with respectable credit limits? I did an Ink in January, but they only gave me a whopping $1.5k. My Chase freedom card has like a $27k limit.
I'll move CLs around with my current and old Ink cards and sometimes just move my entire CL limit over before close out my oldest ink card. I don't have anything near $27K. Typically end up around $10K or so per card.
Post by: tj on March 25, 2024, 01:03:15 PM
As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
I've been doing 0% interest rate arbitrage on 4 different Chase Business Ink cards starting late last year. Got 90K UR points SUBs on all 4 of them plus another 100K UR points for referrals. With them being business cards they don't report to personal credit report so there is no credit impact carrying large balances. I have the bulk of the money in a couple OnPath Checking accounts paying 7% (10K limit on the balance for 7%).
I predominantly focus on biz cards for myself and P2. Think I used roughly $4K in SUBs on Biz cards last year to pay taxes. Perhaps better cash out options but not having a huge tax bill at the end of the year is nice. I'll throw in a personal card or 2 throughout the year as well. I like to stay below 5/24 so I don't have to worry about Chase denials since Chase points are pretty valuable to us.
How did you end up with so many Inks with respectable credit limits? I did an Ink in January, but they only gave me a whopping $1.5k. My Chase freedom card has like a $27k limit.
I'll move CLs around with my current and old Ink cards and sometimes just move my entire CL limit over before close out my oldest ink card. I don't have anything near $27K. Typically end up around $10K or so per card.
And you just have to wait a month or something in between each Ink? interesting. I'm surprised Chase would keep approving inks. The minimum spend on the Inks is a kind of a lot though. :D
Post by: MasterStache on March 25, 2024, 03:03:23 PM
As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
I've been doing 0% interest rate arbitrage on 4 different Chase Business Ink cards starting late last year. Got 90K UR points SUBs on all 4 of them plus another 100K UR points for referrals. With them being business cards they don't report to personal credit report so there is no credit impact carrying large balances. I have the bulk of the money in a couple OnPath Checking accounts paying 7% (10K limit on the balance for 7%).
I predominantly focus on biz cards for myself and P2. Think I used roughly $4K in SUBs on Biz cards last year to pay taxes. Perhaps better cash out options but not having a huge tax bill at the end of the year is nice. I'll throw in a personal card or 2 throughout the year as well. I like to stay below 5/24 so I don't have to worry about Chase denials since Chase points are pretty valuable to us.
How did you end up with so many Inks with respectable credit limits? I did an Ink in January, but they only gave me a whopping $1.5k. My Chase freedom card has like a $27k limit.
I'll move CLs around with my current and old Ink cards and sometimes just move my entire CL limit over before close out my oldest ink card. I don't have anything near $27K. Typically end up around $10K or so per card.
And you just have to wait a month or something in between each Ink? interesting. I'm surprised Chase would keep approving inks. The minimum spend on the Inks is a kind of a lot though. :D
I've never had more than 4 (2 Ink Cash and 2 Unlimited) at a time. Add in P2 and we typically have 6-8 Ink cards at a time. Also I space applications out typically 3 months if I want to open a couple.
Post by: tj on March 25, 2024, 03:10:39 PM
As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
I've been doing 0% interest rate arbitrage on 4 different Chase Business Ink cards starting late last year. Got 90K UR points SUBs on all 4 of them plus another 100K UR points for referrals. With them being business cards they don't report to personal credit report so there is no credit impact carrying large balances. I have the bulk of the money in a couple OnPath Checking accounts paying 7% (10K limit on the balance for 7%).
I predominantly focus on biz cards for myself and P2. Think I used roughly $4K in SUBs on Biz cards last year to pay taxes. Perhaps better cash out options but not having a huge tax bill at the end of the year is nice. I'll throw in a personal card or 2 throughout the year as well. I like to stay below 5/24 so I don't have to worry about Chase denials since Chase points are pretty valuable to us.
How did you end up with so many Inks with respectable credit limits? I did an Ink in January, but they only gave me a whopping $1.5k. My Chase freedom card has like a $27k limit.
I'll move CLs around with my current and old Ink cards and sometimes just move my entire CL limit over before close out my oldest ink card. I don't have anything near $27K. Typically end up around $10K or so per card.
And you just have to wait a month or something in between each Ink? interesting. I'm surprised Chase would keep approving inks. The minimum spend on the Inks is a kind of a lot though. :D
I've never had more than 4 (2 Ink Cash and 2 Unlimited) at a time. Add in P2 and we typically have 6-8 Ink cards at a time. Also I space applications out typically 3 months if I want to open a couple.
Ahhh...another perk of having a partner. Double the credit card fun!
Post by: Padonak on March 26, 2024, 11:26:58 AM
How did you earn 100k points for referrals?As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
I've been doing 0% interest rate arbitrage on 4 different Chase Business Ink cards starting late last year. Got 90K UR points SUBs on all 4 of them plus another 100K UR points for referrals. With them being business cards they don't report to personal credit report so there is no credit impact carrying large balances. I have the bulk of the money in a couple OnPath Checking accounts paying 7% (10K limit on the balance for 7%).
I predominantly focus on biz cards for myself and P2. Think I used roughly $4K in SUBs on Biz cards last year to pay taxes. Perhaps better cash out options but not having a huge tax bill at the end of the year is nice. I'll throw in a personal card or 2 throughout the year as well. I like to stay below 5/24 so I don't have to worry about Chase denials since Chase points are pretty valuable to us.
Post by: JupiterGreen on March 26, 2024, 11:47:08 AM
Thank you, I did end up applying for US Bank Altitude Connect and Chase Freedom Flex, we'll see if I get approved. I'm not finding a lot of good deals, what other bonuses have people signed up for lately? For people who do a lot of churning, do you think new offers will drop once April hits?
If you're under 5/24 and can meet the spend requirements for Chase cards, I would get a Sapphire or Ink with a UR points sign up bonus. I am over 5/24 so I applied for a Barclays Wyndham card (100K points offer). This offer is the highest it's ever been. Wyndham is not my favorite chain but they do have some nice hotels especially outside of the US. You just need to read the reviews carefully because they have a lot of shitty hotels, too
It's impossible to predict which SUB will become available in April or later but if you're not in a hurry I would wait and see. Something good usually comes up every couple of months or so
I think I'm under. I have 4 CCs opened, but I have only opened 2 of them in 2024, but one of them (Freedome Flex) is with Chase. Do they ever issue 2 CC to the same person? If not, maybe I could have my partner apply instead.
Post by: Padonak on March 26, 2024, 12:36:47 PM
They can issue several cards to the same person. You can even get sign up bonuses for each card but if you already have a card from the same "card family", you need to check the rules specifically. For example, if you have a free sapphire card, you may not qualify for a sign up bonus for another sapphire preferred or reserveThank you, I did end up applying for US Bank Altitude Connect and Chase Freedom Flex, we'll see if I get approved. I'm not finding a lot of good deals, what other bonuses have people signed up for lately? For people who do a lot of churning, do you think new offers will drop once April hits?
If you're under 5/24 and can meet the spend requirements for Chase cards, I would get a Sapphire or Ink with a UR points sign up bonus. I am over 5/24 so I applied for a Barclays Wyndham card (100K points offer). This offer is the highest it's ever been. Wyndham is not my favorite chain but they do have some nice hotels especially outside of the US. You just need to read the reviews carefully because they have a lot of shitty hotels, too
It's impossible to predict which SUB will become available in April or later but if you're not in a hurry I would wait and see. Something good usually comes up every couple of months or so
I think I'm under. I have 4 CCs opened, but I have only opened 2 of them in 2024, but one of them (Freedome Flex) is with Chase. Do they ever issue 2 CC to the same person? If not, maybe I could have my partner apply instead.
Post by: MasterStache on March 26, 2024, 04:57:55 PM
How did you earn 100k points for referrals?As P2 and I are over 5/24, I don't do business cards, and don't get as much value out of travel cards as some, I've pivoted to interest rate arbitrage by getting 5% interest on 0% cards. Sure it is not as good a return as Chase Sapphire, but you can only do that so often. I'm getting a $200 SUB, 2% cash back on everything (which I usually scoff at), plus the ~5% interest (taxable) in HYSA, money market, or treasuries for 15-18 months until I pay it off. Total ROI is ~10% while I wait for P2 to get back below 5/24.
Here is GoCurryCracker's writeup. I ended up going with a Wells Fargo cash card: https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/ (https://www.gocurrycracker.com/playing-the-spread-with-0-credit-card-offers/)
I've been doing 0% interest rate arbitrage on 4 different Chase Business Ink cards starting late last year. Got 90K UR points SUBs on all 4 of them plus another 100K UR points for referrals. With them being business cards they don't report to personal credit report so there is no credit impact carrying large balances. I have the bulk of the money in a couple OnPath Checking accounts paying 7% (10K limit on the balance for 7%).
I predominantly focus on biz cards for myself and P2. Think I used roughly $4K in SUBs on Biz cards last year to pay taxes. Perhaps better cash out options but not having a huge tax bill at the end of the year is nice. I'll throw in a personal card or 2 throughout the year as well. I like to stay below 5/24 so I don't have to worry about Chase denials since Chase points are pretty valuable to us.
I was mistaken as it was 120K. 40K x 3. P2 refers P1. Vice versa.
Post by: Padonak on March 26, 2024, 05:45:56 PM
I was mistaken as it was 120K. 40K x 3. P2 refers P1. Vice versa.
Nice! I see that you also have a link to your referral site. Did you get any referrals from random people visiting your site? I am considering making something similar.
Post by: MasterStache on March 27, 2024, 09:37:54 AM
I was mistaken as it was 120K. 40K x 3. P2 refers P1. Vice versa.
Nice! I see that you also have a link to your referral site. Did you get any referrals from random people visiting your site? I am considering making something similar.
Rarely for CCs. In fact I think the last CC referral I got was a few years ago. I get referrals for bank accounts from time to time. I also like having all my referrals in one place for when I open accounts for P2.
Post by: tj on March 29, 2024, 09:35:44 PM
I was mistaken as it was 120K. 40K x 3. P2 refers P1. Vice versa.
Nice! I see that you also have a link to your referral site. Did you get any referrals from random people visiting your site? I am considering making something similar.
Rarely for CCs. In fact I think the last CC referral I got was a few years ago. I get referrals for bank accounts from time to time. I also like having all my referrals in one place for when I open accounts for P2.
If there's a way for me to use the referral link in conjunction with the pre approval tool, I'll use your Venture link in a few months. :-P
Post by: MasterStache on March 30, 2024, 05:46:42 AM
I was mistaken as it was 120K. 40K x 3. P2 refers P1. Vice versa.
Nice! I see that you also have a link to your referral site. Did you get any referrals from random people visiting your site? I am considering making something similar.
Rarely for CCs. In fact I think the last CC referral I got was a few years ago. I get referrals for bank accounts from time to time. I also like having all my referrals in one place for when I open accounts for P2.
If there's a way for me to use the referral link in conjunction with the pre approval tool, I'll use your Venture link in a few months. :-P
I appreciate it. I don't think I've ever gotten a Cap One Referral. Ha!
I think if you click the referral link there is a pre-approval tool. Haven't used it in quite some time.
Post by: billy on April 02, 2024, 08:03:58 AM
high unused credit compared to your available credit
insufficient credit history
too many accounts
date of last entry was too recent
Experian shows I have 3 cards open (I currently have 5 open if including two business cards, and a bunch of closed accounts), so I lowered my credit limit on all 5 cards, and that's now reflected with a 787 FICO, but not on the other two bureaus. I'm under 5/24, I prefer cash bonus, should I unfreeze all 3 bureaus and try applying for Chase Ink Business Unlimited now? Or Sapphire Preferred now?
Post by: jnw on April 04, 2024, 03:34:24 AM
And maybe if you are going to do multiple Chase business cards in succession like I did, then perhaps start with the Chase Ink Preferred because that card has no intro 0% APR period unlike the others. Chase likes the cards paid down before apply for the next I hear. I made the mistake of starting with the Ink Cash and Ink Unlimited first, and paid off those 0% interest cards only to finally end up with an Ink Preferred, which I had to pay off in its entirety the following month due to it not having 0% interest for 12 months. (I like the free 1 year loan, 0% interest, with no credit utilization hit.)
Post by: billy on April 04, 2024, 05:19:52 PM
Post by: tj on April 04, 2024, 07:06:59 PM
2 weeks ago I was denied for Citi premier card, they checked my Experian and Citi said,
high unused credit compared to your available credit
insufficient credit history
too many accounts
date of last entry was too recent
Experian shows I have 3 cards open (I currently have 5 open if including two business cards, and a bunch of closed accounts), so I lowered my credit limit on all 5 cards, and that's now reflected with a 787 FICO, but not on the other two bureaus. I'm under 5/24, I prefer cash bonus, should I unfreeze all 3 bureaus and try applying for Chase Ink Business Unlimited now? Or Sapphire Preferred now?
Citi is super weird with approvals on that card. You only have 5 cards, and it was probably not wise to lower limits on your cards since you have such a small amount of cards.
A few years back Citi denied me the Premier with the following reasons:
The main factors that contributed to this score are:
• Your credit report shows a high amount of unused credit compared to your
available credit lines.
• Your credit report shows too many bank or national revolving accounts
I had 20+ open cards at that time and my total crdedt limit is over 3x my stated annual income,
Forget Citi - apply to the issuers who will approve you.
I still get approved for new cards despite having so many...
Post by: billy on April 04, 2024, 09:46:57 PM
2 weeks ago I was denied for Citi premier card, they checked my Experian and Citi said,
high unused credit compared to your available credit
insufficient credit history
too many accounts
date of last entry was too recent
Experian shows I have 3 cards open (I currently have 5 open if including two business cards, and a bunch of closed accounts), so I lowered my credit limit on all 5 cards, and that's now reflected with a 787 FICO, but not on the other two bureaus. I'm under 5/24, I prefer cash bonus, should I unfreeze all 3 bureaus and try applying for Chase Ink Business Unlimited now? Or Sapphire Preferred now?
Citi is super weird with approvals on that card. You only have 5 cards, and it was probably not wise to lower limits on your cards since you have such a small amount of cards.
A few years back Citi denied me the Premier with the following reasons:
The main factors that contributed to this score are:
• Your credit report shows a high amount of unused credit compared to your
available credit lines.
• Your credit report shows too many bank or national revolving accounts
I had 20+ open cards at that time and my total crdedt limit is over 3x my stated annual income,
Forget Citi - apply to the issuers who will approve you.
I still get approved for new cards despite having so many...
Ya, from what I gather Wells, Citi, and Cap1 really don’t want deadbeats. I have not been under 5/24 in quite a while, I'll definitely try to pace myself accordingly.
Post by: MasterStache on April 08, 2024, 09:31:45 AM
2 weeks ago I was denied for Citi premier card, they checked my Experian and Citi said,
high unused credit compared to your available credit
insufficient credit history
too many accounts
date of last entry was too recent
Experian shows I have 3 cards open (I currently have 5 open if including two business cards, and a bunch of closed accounts), so I lowered my credit limit on all 5 cards, and that's now reflected with a 787 FICO, but not on the other two bureaus. I'm under 5/24, I prefer cash bonus, should I unfreeze all 3 bureaus and try applying for Chase Ink Business Unlimited now? Or Sapphire Preferred now?
Citi is super weird with approvals on that card. You only have 5 cards, and it was probably not wise to lower limits on your cards since you have such a small amount of cards.
A few years back Citi denied me the Premier with the following reasons:
The main factors that contributed to this score are:
• Your credit report shows a high amount of unused credit compared to your
available credit lines.
• Your credit report shows too many bank or national revolving accounts
I had 20+ open cards at that time and my total crdedt limit is over 3x my stated annual income,
Forget Citi - apply to the issuers who will approve you.
I still get approved for new cards despite having so many...
Ya, from what I gather Wells, Citi, and Cap1 really don’t want deadbeats. I have not been under 5/24 in quite a while, I'll definitely try to pace myself accordingly.
Go for business cards. Some juicy bonuses out there for biz cards. That way you can keep churning while not impacting your personal credit and fall back under 5/24.
Post by: tj on April 08, 2024, 09:39:33 AM
2 weeks ago I was denied for Citi premier card, they checked my Experian and Citi said,
high unused credit compared to your available credit
insufficient credit history
too many accounts
date of last entry was too recent
Experian shows I have 3 cards open (I currently have 5 open if including two business cards, and a bunch of closed accounts), so I lowered my credit limit on all 5 cards, and that's now reflected with a 787 FICO, but not on the other two bureaus. I'm under 5/24, I prefer cash bonus, should I unfreeze all 3 bureaus and try applying for Chase Ink Business Unlimited now? Or Sapphire Preferred now?
Citi is super weird with approvals on that card. You only have 5 cards, and it was probably not wise to lower limits on your cards since you have such a small amount of cards.
A few years back Citi denied me the Premier with the following reasons:
The main factors that contributed to this score are:
• Your credit report shows a high amount of unused credit compared to your
available credit lines.
• Your credit report shows too many bank or national revolving accounts
I had 20+ open cards at that time and my total crdedt limit is over 3x my stated annual income,
Forget Citi - apply to the issuers who will approve you.
I still get approved for new cards despite having so many...
Ya, from what I gather Wells, Citi, and Cap1 really don’t want deadbeats. I have not been under 5/24 in quite a while, I'll definitely try to pace myself accordingly.
Go for business cards. Some juicy bonuses out there for biz cards. That way you can keep churning while not impacting your personal credit and fall back under 5/24.
How many business cards can you realistically get when you don't have a business though? People are always like "well, just say you sell stuff on ebay"....okay, sure, but are you just faking business revenue and hoping they never ask for documentation?
Post by: therethere on April 08, 2024, 09:55:16 AM
2 weeks ago I was denied for Citi premier card, they checked my Experian and Citi said,
high unused credit compared to your available credit
insufficient credit history
too many accounts
date of last entry was too recent
Experian shows I have 3 cards open (I currently have 5 open if including two business cards, and a bunch of closed accounts), so I lowered my credit limit on all 5 cards, and that's now reflected with a 787 FICO, but not on the other two bureaus. I'm under 5/24, I prefer cash bonus, should I unfreeze all 3 bureaus and try applying for Chase Ink Business Unlimited now? Or Sapphire Preferred now?
Citi is super weird with approvals on that card. You only have 5 cards, and it was probably not wise to lower limits on your cards since you have such a small amount of cards.
A few years back Citi denied me the Premier with the following reasons:
The main factors that contributed to this score are:
• Your credit report shows a high amount of unused credit compared to your
available credit lines.
• Your credit report shows too many bank or national revolving accounts
I had 20+ open cards at that time and my total crdedt limit is over 3x my stated annual income,
Forget Citi - apply to the issuers who will approve you.
I still get approved for new cards despite having so many...
Ya, from what I gather Wells, Citi, and Cap1 really don’t want deadbeats. I have not been under 5/24 in quite a while, I'll definitely try to pace myself accordingly.
Go for business cards. Some juicy bonuses out there for biz cards. That way you can keep churning while not impacting your personal credit and fall back under 5/24.
How many business cards can you realistically get when you don't have a business though? People are always like "well, just say you sell stuff on ebay"....okay, sure, but are you just faking business revenue and hoping they never ask for documentation?
Well, I'm up to over 10 business cards. Another 6-8 for P2. So a lot? Chase has had $900 cashback for most of 2023 and 2022, combine that with a 1.5x cashback with my Chase Reserve and a single card was netting $1625-1950 worth of points. I usually try to space applications out to 2x per year. I've heard others have been successful a little more frequent (every 3 months) but I have a large balance of points I'm worried about that I'm trying to spend down before getting greedy.
Post by: MasterStache on April 08, 2024, 09:58:42 AM
2 weeks ago I was denied for Citi premier card, they checked my Experian and Citi said,
high unused credit compared to your available credit
insufficient credit history
too many accounts
date of last entry was too recent
Experian shows I have 3 cards open (I currently have 5 open if including two business cards, and a bunch of closed accounts), so I lowered my credit limit on all 5 cards, and that's now reflected with a 787 FICO, but not on the other two bureaus. I'm under 5/24, I prefer cash bonus, should I unfreeze all 3 bureaus and try applying for Chase Ink Business Unlimited now? Or Sapphire Preferred now?
Citi is super weird with approvals on that card. You only have 5 cards, and it was probably not wise to lower limits on your cards since you have such a small amount of cards.
A few years back Citi denied me the Premier with the following reasons:
The main factors that contributed to this score are:
• Your credit report shows a high amount of unused credit compared to your
available credit lines.
• Your credit report shows too many bank or national revolving accounts
I had 20+ open cards at that time and my total crdedt limit is over 3x my stated annual income,
Forget Citi - apply to the issuers who will approve you.
I still get approved for new cards despite having so many...
Ya, from what I gather Wells, Citi, and Cap1 really don’t want deadbeats. I have not been under 5/24 in quite a while, I'll definitely try to pace myself accordingly.
Go for business cards. Some juicy bonuses out there for biz cards. That way you can keep churning while not impacting your personal credit and fall back under 5/24.
How many business cards can you realistically get when you don't have a business though? People are always like "well, just say you sell stuff on ebay"....okay, sure, but are you just faking business revenue and hoping they never ask for documentation?
There isn't really a definitive limit. My P2 has multiple Chase, BofA and US Bank biz cards. Never asked for documentation. Anyone who sells some stuff online is technically operating a business.
Post by: tj on April 08, 2024, 10:33:15 AM
2 weeks ago I was denied for Citi premier card, they checked my Experian and Citi said,
high unused credit compared to your available credit
insufficient credit history
too many accounts
date of last entry was too recent
Experian shows I have 3 cards open (I currently have 5 open if including two business cards, and a bunch of closed accounts), so I lowered my credit limit on all 5 cards, and that's now reflected with a 787 FICO, but not on the other two bureaus. I'm under 5/24, I prefer cash bonus, should I unfreeze all 3 bureaus and try applying for Chase Ink Business Unlimited now? Or Sapphire Preferred now?
Citi is super weird with approvals on that card. You only have 5 cards, and it was probably not wise to lower limits on your cards since you have such a small amount of cards.
A few years back Citi denied me the Premier with the following reasons:
The main factors that contributed to this score are:
• Your credit report shows a high amount of unused credit compared to your
available credit lines.
• Your credit report shows too many bank or national revolving accounts
I had 20+ open cards at that time and my total crdedt limit is over 3x my stated annual income,
Forget Citi - apply to the issuers who will approve you.
I still get approved for new cards despite having so many...
Ya, from what I gather Wells, Citi, and Cap1 really don’t want deadbeats. I have not been under 5/24 in quite a while, I'll definitely try to pace myself accordingly.
Go for business cards. Some juicy bonuses out there for biz cards. That way you can keep churning while not impacting your personal credit and fall back under 5/24.
How many business cards can you realistically get when you don't have a business though? People are always like "well, just say you sell stuff on ebay"....okay, sure, but are you just faking business revenue and hoping they never ask for documentation?
There isn't really a definitive limit. My P2 has multiple Chase, BofA and US Bank biz cards. Never asked for documentation. Anyone who sells some stuff online is technically operating a business.
Whether it's actually a business on your return or technically a business operation but not on the tax return is relevant though. Is the referenced selling stuff online reported on a Schedule C that supports the business revenue shown on the credit card application?
My big thing is I don't want to risk personal credit opportunities if a bank thinks I'm defrauding them on a business card application, which is what I'm doing if i inaccurately say I have business revenue when I don't.
If you have an actual business and the Schedule C to support the facts on the application, then there's really no risk at all.
If you fill out the business card application with $0 listed as the business revenue and qualify under your personal income, then there also is no risk.
Post by: tj on April 08, 2024, 10:35:04 AM
2 weeks ago I was denied for Citi premier card, they checked my Experian and Citi said,
high unused credit compared to your available credit
insufficient credit history
too many accounts
date of last entry was too recent
Experian shows I have 3 cards open (I currently have 5 open if including two business cards, and a bunch of closed accounts), so I lowered my credit limit on all 5 cards, and that's now reflected with a 787 FICO, but not on the other two bureaus. I'm under 5/24, I prefer cash bonus, should I unfreeze all 3 bureaus and try applying for Chase Ink Business Unlimited now? Or Sapphire Preferred now?
Citi is super weird with approvals on that card. You only have 5 cards, and it was probably not wise to lower limits on your cards since you have such a small amount of cards.
A few years back Citi denied me the Premier with the following reasons:
The main factors that contributed to this score are:
• Your credit report shows a high amount of unused credit compared to your
available credit lines.
• Your credit report shows too many bank or national revolving accounts
I had 20+ open cards at that time and my total crdedt limit is over 3x my stated annual income,
Forget Citi - apply to the issuers who will approve you.
I still get approved for new cards despite having so many...
Ya, from what I gather Wells, Citi, and Cap1 really don’t want deadbeats. I have not been under 5/24 in quite a while, I'll definitely try to pace myself accordingly.
Go for business cards. Some juicy bonuses out there for biz cards. That way you can keep churning while not impacting your personal credit and fall back under 5/24.
How many business cards can you realistically get when you don't have a business though? People are always like "well, just say you sell stuff on ebay"....okay, sure, but are you just faking business revenue and hoping they never ask for documentation?
Well, I'm up to over 10 business cards. Another 6-8 for P2. So a lot? Chase has had $900 cashback for most of 2023 and 2022, combine that with a 1.5x cashback with my Chase Reserve and a single card was netting $1625-1950 worth of points. I usually try to space applications out to 2x per year. I've heard others have been successful a little more frequent (every 3 months) but I have a large balance of points I'm worried about that I'm trying to spend down before getting greedy.
And to be clear, you have been able to get all these cads without having a business on your tax return? If so, I have left a lot of money on the table over the years. :D
Post by: MasterStache on April 08, 2024, 11:41:08 AM
2 weeks ago I was denied for Citi premier card, they checked my Experian and Citi said,
high unused credit compared to your available credit
insufficient credit history
too many accounts
date of last entry was too recent
Experian shows I have 3 cards open (I currently have 5 open if including two business cards, and a bunch of closed accounts), so I lowered my credit limit on all 5 cards, and that's now reflected with a 787 FICO, but not on the other two bureaus. I'm under 5/24, I prefer cash bonus, should I unfreeze all 3 bureaus and try applying for Chase Ink Business Unlimited now? Or Sapphire Preferred now?
Citi is super weird with approvals on that card. You only have 5 cards, and it was probably not wise to lower limits on your cards since you have such a small amount of cards.
A few years back Citi denied me the Premier with the following reasons:
The main factors that contributed to this score are:
• Your credit report shows a high amount of unused credit compared to your
available credit lines.
• Your credit report shows too many bank or national revolving accounts
I had 20+ open cards at that time and my total crdedt limit is over 3x my stated annual income,
Forget Citi - apply to the issuers who will approve you.
I still get approved for new cards despite having so many...
Ya, from what I gather Wells, Citi, and Cap1 really don’t want deadbeats. I have not been under 5/24 in quite a while, I'll definitely try to pace myself accordingly.
Go for business cards. Some juicy bonuses out there for biz cards. That way you can keep churning while not impacting your personal credit and fall back under 5/24.
How many business cards can you realistically get when you don't have a business though? People are always like "well, just say you sell stuff on ebay"....okay, sure, but are you just faking business revenue and hoping they never ask for documentation?
There isn't really a definitive limit. My P2 has multiple Chase, BofA and US Bank biz cards. Never asked for documentation. Anyone who sells some stuff online is technically operating a business.
Whether it's actually a business on your return or technically a business operation but not on the tax return is relevant though. Is the referenced selling stuff online reported on a Schedule C that supports the business revenue shown on the credit card application?
My big thing is I don't want to risk personal credit opportunities if a bank thinks I'm defrauding them on a business card application, which is what I'm doing if i inaccurately say I have business revenue when I don't.
If you have an actual business and the Schedule C to support the facts on the application, then there's really no risk at all.
If you fill out the business card application with $0 listed as the business revenue and qualify under your personal income, then there also is no risk.
The best answer I can give then is don't do it if you are not comfortable. You don't need an actual business. Chase itself is very loose about what qualifies as a business. Selling clothes and household items qualifies (non taxable reporting events). New businesses with no income qualify. I always put a very low "business income." P2 has a full time job so that income gets put on the application as well.
I've been doing this for years and never been asked for a schedule C. Again though, if you aren't comfortable with this, then don't do it.
Post by: tj on April 08, 2024, 12:29:34 PM
2 weeks ago I was denied for Citi premier card, they checked my Experian and Citi said,
high unused credit compared to your available credit
insufficient credit history
too many accounts
date of last entry was too recent
Experian shows I have 3 cards open (I currently have 5 open if including two business cards, and a bunch of closed accounts), so I lowered my credit limit on all 5 cards, and that's now reflected with a 787 FICO, but not on the other two bureaus. I'm under 5/24, I prefer cash bonus, should I unfreeze all 3 bureaus and try applying for Chase Ink Business Unlimited now? Or Sapphire Preferred now?
Citi is super weird with approvals on that card. You only have 5 cards, and it was probably not wise to lower limits on your cards since you have such a small amount of cards.
A few years back Citi denied me the Premier with the following reasons:
The main factors that contributed to this score are:
• Your credit report shows a high amount of unused credit compared to your
available credit lines.
• Your credit report shows too many bank or national revolving accounts
I had 20+ open cards at that time and my total crdedt limit is over 3x my stated annual income,
Forget Citi - apply to the issuers who will approve you.
I still get approved for new cards despite having so many...
Ya, from what I gather Wells, Citi, and Cap1 really don’t want deadbeats. I have not been under 5/24 in quite a while, I'll definitely try to pace myself accordingly.
Go for business cards. Some juicy bonuses out there for biz cards. That way you can keep churning while not impacting your personal credit and fall back under 5/24.
How many business cards can you realistically get when you don't have a business though? People are always like "well, just say you sell stuff on ebay"....okay, sure, but are you just faking business revenue and hoping they never ask for documentation?
There isn't really a definitive limit. My P2 has multiple Chase, BofA and US Bank biz cards. Never asked for documentation. Anyone who sells some stuff online is technically operating a business.
Whether it's actually a business on your return or technically a business operation but not on the tax return is relevant though. Is the referenced selling stuff online reported on a Schedule C that supports the business revenue shown on the credit card application?
My big thing is I don't want to risk personal credit opportunities if a bank thinks I'm defrauding them on a business card application, which is what I'm doing if i inaccurately say I have business revenue when I don't.
If you have an actual business and the Schedule C to support the facts on the application, then there's really no risk at all.
If you fill out the business card application with $0 listed as the business revenue and qualify under your personal income, then there also is no risk.
The best answer I can give then is don't do it if you are not comfortable. You don't need an actual business. Chase itself is very loose about what qualifies as a business. Selling clothes and household items qualifies (non taxable reporting events). New businesses with no income qualify. I always put a very low "business income." P2 has a full time job so that income gets put on the application as well.
I've been doing this for years and never been asked for a schedule C. Again though, if you aren't comfortable with this, then don't do it.
Fair. On my last Chase biz card application I think I put $1000 in business revenue and it was approved, but it was a rather low card limit.
I tried doing a Barclays business card the other day with $0 business revenue but they didn't approve me. (they pull TU, and my last TU inquiry was a year and a half ago when I got an AA card from them) Waiting on the decline letter to see why. My plan was to say I am going to start a business driving people to the airport and want a separate card for business expenses if they ask if I do recon.
Post by: Michael in ABQ on April 08, 2024, 02:35:26 PM
Banks have no way of checking tax returns or anything of that nature without you giving the IRS specific authorization to share tax transcripts with a bank - or you providing them a copy of your tax return. However, banks will only go off the tax transcripts directly from the IRS since a person could easily generate a fake tax return claiming their business has millions in revenue to support a loan.
Post by: tj on April 08, 2024, 03:45:19 PM
I've got a few business cards from major banks; the application always asks for an EIN (or SS#) but never a tax return or anything of that nature. They have lots of ways of checking if a business is legitimate. For instance, is the address listed a commercial address? Is there a separate business phone number - especially a toll free one. Is the business listed by Dun & Bradstreet or Lexis Nexis or any other database?
Banks have no way of checking tax returns or anything of that nature without you giving the IRS specific authorization to share tax transcripts with a bank - or you providing them a copy of your tax return. However, banks will only go off the tax transcripts directly from the IRS since a person could easily generate a fake tax return claiming their business has millions in revenue to support a loan.
Sometimes banks will make you fill out the 4506-T after you apply for a credit card. Its not common, but it happens. And I've heard Amex sometimes does "financial reviews" and you must supply the 4506-T
Post by: jim555 on April 11, 2024, 05:14:51 PM
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
Post by: tj on April 11, 2024, 07:22:01 PM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
I'm just finishing up the $300 for $20k offer. I also got approved for a Cap One Vneture card to get $750 off travel after $4k of spend. Not sure if having the big savings account had an impact on that.
Post by: MasterStache on April 12, 2024, 11:25:21 AM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
The bonus itself isn't a great rate. But, with the APY it makes it worthwhile. I may try this in a couple months after I've freed up cash from other bonuses. Sometimes I feel like I need about 100K floating around, ha!
Post by: tj on April 12, 2024, 11:36:10 AM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
The bonus itself isn't a great rate. But, with the APY it makes it worthwhile. I may try this in a couple months after I've freed up cash from other bonuses. Sometimes I feel like I need about 100K floating around, ha!
When you add bonus amount to the 4% + interest rate, it's higher than most other cash options.
Post by: MasterStache on April 13, 2024, 05:34:25 AM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
The bonus itself isn't a great rate. But, with the APY it makes it worthwhile. I may try this in a couple months after I've freed up cash from other bonuses. Sometimes I feel like I need about 100K floating around, ha!
When you add bonus amount to the 4% + interest rate, it's higher than most other cash options.
Yep! I've got a couple 7% APY Checking accounts open and fully funded. I only pull money out of them if I can beat that rate.
Post by: tj on April 13, 2024, 07:40:03 AM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
The bonus itself isn't a great rate. But, with the APY it makes it worthwhile. I may try this in a couple months after I've freed up cash from other bonuses. Sometimes I feel like I need about 100K floating around, ha!
When you add bonus amount to the 4% + interest rate, it's higher than most other cash options.
Yep! I've got a couple 7% APY Checking accounts open and fully funded. I only pull money out of them if I can beat that rate.
7%?!? Do they have caps on the balance amount? Require debit card purchases?
Post by: MasterStache on April 14, 2024, 10:53:02 AM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
The bonus itself isn't a great rate. But, with the APY it makes it worthwhile. I may try this in a couple months after I've freed up cash from other bonuses. Sometimes I feel like I need about 100K floating around, ha!
When you add bonus amount to the 4% + interest rate, it's higher than most other cash options.
Yep! I've got a couple 7% APY Checking accounts open and fully funded. I only pull money out of them if I can beat that rate.
7%?!? Do they have caps on the balance amount? Require debit card purchases?
OnPath FCU. $10K Max for 7%. Requires logging in once per month, E-Statements and 15 debit purchases. I satisfy debit purchases by just doing 15 $1-2 CashApp loads every month. I think they may still have some sort of sign up bonus as well. I got one early in the year. They have bonuses for referrals as well. I have one on my referral site in my signature line.
Post by: tj on April 14, 2024, 11:02:43 AM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
The bonus itself isn't a great rate. But, with the APY it makes it worthwhile. I may try this in a couple months after I've freed up cash from other bonuses. Sometimes I feel like I need about 100K floating around, ha!
When you add bonus amount to the 4% + interest rate, it's higher than most other cash options.
Yep! I've got a couple 7% APY Checking accounts open and fully funded. I only pull money out of them if I can beat that rate.
7%?!? Do they have caps on the balance amount? Require debit card purchases?
OnPath FCU. $10K Max for 7%. Requires logging in once per month, E-Statements and 15 debit purchases. I satisfy debit purchases by just doing 15 $1-2 CashApp loads every month. I think they may still have some sort of sign up bonus as well. I got one early in the year. They have bonuses for referrals as well. I have one on my referral site in my signature line.
Oh, ok. I was going to open onpath soon, but wasn't going to mess with the debit purchases. I believe they allow $1k cc funding per application. And the referral offer stacks with Swagbucks.
Post by: MasterStache on April 15, 2024, 05:28:31 AM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
The bonus itself isn't a great rate. But, with the APY it makes it worthwhile. I may try this in a couple months after I've freed up cash from other bonuses. Sometimes I feel like I need about 100K floating around, ha!
When you add bonus amount to the 4% + interest rate, it's higher than most other cash options.
Yep! I've got a couple 7% APY Checking accounts open and fully funded. I only pull money out of them if I can beat that rate.
7%?!? Do they have caps on the balance amount? Require debit card purchases?
OnPath FCU. $10K Max for 7%. Requires logging in once per month, E-Statements and 15 debit purchases. I satisfy debit purchases by just doing 15 $1-2 CashApp loads every month. I think they may still have some sort of sign up bonus as well. I got one early in the year. They have bonuses for referrals as well. I have one on my referral site in my signature line.
Oh, ok. I was going to open onpath soon, but wasn't going to mess with the debit purchases. I believe they allow $1k cc funding per application. And the referral offer stacks with Swagbucks.
Honestly the debit purchases are easy. I do 5 Cash App reloads over 3 days to satisfy the 15. Takes a total of a couple minutes. Minimal work for over $50 in interest every month.
Post by: tj on April 15, 2024, 07:49:35 AM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
The bonus itself isn't a great rate. But, with the APY it makes it worthwhile. I may try this in a couple months after I've freed up cash from other bonuses. Sometimes I feel like I need about 100K floating around, ha!
When you add bonus amount to the 4% + interest rate, it's higher than most other cash options.
Yep! I've got a couple 7% APY Checking accounts open and fully funded. I only pull money out of them if I can beat that rate.
7%?!? Do they have caps on the balance amount? Require debit card purchases?
OnPath FCU. $10K Max for 7%. Requires logging in once per month, E-Statements and 15 debit purchases. I satisfy debit purchases by just doing 15 $1-2 CashApp loads every month. I think they may still have some sort of sign up bonus as well. I got one early in the year. They have bonuses for referrals as well. I have one on my referral site in my signature line.
Oh, ok. I was going to open onpath soon, but wasn't going to mess with the debit purchases. I believe they allow $1k cc funding per application. And the referral offer stacks with Swagbucks.
Honestly the debit purchases are easy. I do 5 Cash App reloads over 3 days to satisfy the 15. Takes a total of a couple minutes. Minimal work for over $50 in interest every month.
I admittedly have no idea how cash app works. I always did small Amazon gift card purchases in the past.
Post by: MasterStache on April 15, 2024, 09:30:29 AM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
The bonus itself isn't a great rate. But, with the APY it makes it worthwhile. I may try this in a couple months after I've freed up cash from other bonuses. Sometimes I feel like I need about 100K floating around, ha!
When you add bonus amount to the 4% + interest rate, it's higher than most other cash options.
Yep! I've got a couple 7% APY Checking accounts open and fully funded. I only pull money out of them if I can beat that rate.
7%?!? Do they have caps on the balance amount? Require debit card purchases?
OnPath FCU. $10K Max for 7%. Requires logging in once per month, E-Statements and 15 debit purchases. I satisfy debit purchases by just doing 15 $1-2 CashApp loads every month. I think they may still have some sort of sign up bonus as well. I got one early in the year. They have bonuses for referrals as well. I have one on my referral site in my signature line.
Oh, ok. I was going to open onpath soon, but wasn't going to mess with the debit purchases. I believe they allow $1k cc funding per application. And the referral offer stacks with Swagbucks.
Honestly the debit purchases are easy. I do 5 Cash App reloads over 3 days to satisfy the 15. Takes a total of a couple minutes. Minimal work for over $50 in interest every month.
I admittedly have no idea how cash app works. I always did small Amazon gift card purchases in the past.
Cash App is great because there is no spending involved. Whatever money you load to Cash App you can then deposit it back into your bank account. I definitely encourage you to open an account. Cash App debit loads have worked to satisfy debit requirements for other bank account as well.
Post by: tj on April 15, 2024, 10:35:26 AM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
The bonus itself isn't a great rate. But, with the APY it makes it worthwhile. I may try this in a couple months after I've freed up cash from other bonuses. Sometimes I feel like I need about 100K floating around, ha!
When you add bonus amount to the 4% + interest rate, it's higher than most other cash options.
Yep! I've got a couple 7% APY Checking accounts open and fully funded. I only pull money out of them if I can beat that rate.
7%?!? Do they have caps on the balance amount? Require debit card purchases?
OnPath FCU. $10K Max for 7%. Requires logging in once per month, E-Statements and 15 debit purchases. I satisfy debit purchases by just doing 15 $1-2 CashApp loads every month. I think they may still have some sort of sign up bonus as well. I got one early in the year. They have bonuses for referrals as well. I have one on my referral site in my signature line.
Oh, ok. I was going to open onpath soon, but wasn't going to mess with the debit purchases. I believe they allow $1k cc funding per application. And the referral offer stacks with Swagbucks.
Honestly the debit purchases are easy. I do 5 Cash App reloads over 3 days to satisfy the 15. Takes a total of a couple minutes. Minimal work for over $50 in interest every month.
I admittedly have no idea how cash app works. I always did small Amazon gift card purchases in the past.
Cash App is great because there is no spending involved. Whatever money you load to Cash App you can then deposit it back into your bank account. I definitely encourage you to open an account. Cash App debit loads have worked to satisfy debit requirements for other bank account as well.
Is there any sort of referral bonus for opening CashApp? :D
Post by: solon on April 15, 2024, 12:19:46 PM
Cash App is great because there is no spending involved. Whatever money you load to Cash App you can then deposit it back into your bank account. I definitely encourage you to open an account. Cash App debit loads have worked to satisfy debit requirements for other bank account as well.
Does Venmo work? I have venmo, but not cash app. Willing to open a cash app, but if venmo works I'll just use that.
Post by: MasterStache on April 16, 2024, 05:29:28 AM
Is there any sort of referral bonus for opening CashApp? :D
There is for like $5.
Post by: MasterStache on April 16, 2024, 05:31:59 AM
Cash App is great because there is no spending involved. Whatever money you load to Cash App you can then deposit it back into your bank account. I definitely encourage you to open an account. Cash App debit loads have worked to satisfy debit requirements for other bank account as well.
Does Venmo work? I have venmo, but not cash app. Willing to open a cash app, but if venmo works I'll just use that.
You can't add money to your balance via a debit card, only ACH transfer from your bank.
Post by: tj on April 22, 2024, 08:40:59 AM
https://www.capitalone.com/bank/bonus1500/
$20,000+ $300
$50,000+ $750
$100,000+ $1,500
1. Open
Open a new 360 Performance Savings account with promo code BONUS1500.
2. Deposit
Deposit $20,000+ of external funds during the 15-day Initial Funding Period after opening your account.
3. Hold
Hold the deposit(s) in your account for 90 days after the 15-day Initial Funding Period ends.
4. Earn
See the bonus in your new account within 60 days after holding. See chart for bonus amounts.
A rate of 4.25% Annual Percentage Yield (APY) applies to all account balances
The bonus itself isn't a great rate. But, with the APY it makes it worthwhile. I may try this in a couple months after I've freed up cash from other bonuses. Sometimes I feel like I need about 100K floating around, ha!
When you add bonus amount to the 4% + interest rate, it's higher than most other cash options.
Yep! I've got a couple 7% APY Checking accounts open and fully funded. I only pull money out of them if I can beat that rate.
7%?!? Do they have caps on the balance amount? Require debit card purchases?
OnPath FCU. $10K Max for 7%. Requires logging in once per month, E-Statements and 15 debit purchases. I satisfy debit purchases by just doing 15 $1-2 CashApp loads every month. I think they may still have some sort of sign up bonus as well. I got one early in the year. They have bonuses for referrals as well. I have one on my referral site in my signature line.
Oh, ok. I was going to open onpath soon, but wasn't going to mess with the debit purchases. I believe they allow $1k cc funding per application. And the referral offer stacks with Swagbucks.
Honestly the debit purchases are easy. I do 5 Cash App reloads over 3 days to satisfy the 15. Takes a total of a couple minutes. Minimal work for over $50 in interest every month.
I admittedly have no idea how cash app works. I always did small Amazon gift card purchases in the past.
Cash App is great because there is no spending involved. Whatever money you load to Cash App you can then deposit it back into your bank account. I definitely encourage you to open an account. Cash App debit loads have worked to satisfy debit requirements for other bank account as well.
Are you ONLY using Cash App for debit purchases and transfers back? I'm surprised they don't mind.
Post by: MasterStache on April 23, 2024, 05:17:45 AM
Are you ONLY using Cash App for debit purchases and transfers back? I'm surprised they don't mind.
I've had Cash App for several years and did use it quite a bit for some of their cash back deals early on. If another good deal pops up I'll certainly take advantage of it. I mostly just use it for loading money now.
Post by: jim555 on April 23, 2024, 05:59:08 AM
I don't know if this one is invite only, since I got an email about it.
Post by: tj on April 23, 2024, 07:26:45 AM
Discover Bank has one $200 for $25,000 or $100 for $15,000, hold 60 days. APR is 4.25%
I don't know if this one is invite only, since I got an email about it.
Barclays has the same $200 for $25k, not targeted, 4.35%
https://www.banking.barclaysus.com/online-savings.html
Post by: tj on April 23, 2024, 07:28:48 AM
Are you ONLY using Cash App for debit purchases and transfers back? I'm surprised they don't mind.
I've had Cash App for several years and did use it quite a bit for some of their cash back deals early on. If another good deal pops up I'll certainly take advantage of it. I mostly just use it for loading money now.
Thanks! I did get the CashApp. Is 5 the daily max loads that you can do? I remember I had a signu pbonus where I had to do like 40 debit purchases, I did 40 Amazon reloads the same day. :D
Post by: MasterStache on April 24, 2024, 05:18:31 AM
Are you ONLY using Cash App for debit purchases and transfers back? I'm surprised they don't mind.
I've had Cash App for several years and did use it quite a bit for some of their cash back deals early on. If another good deal pops up I'll certainly take advantage of it. I mostly just use it for loading money now.
Thanks! I did get the CashApp. Is 5 the daily max loads that you can do? I remember I had a signu pbonus where I had to do like 40 debit purchases, I did 40 Amazon reloads the same day. :D
Ha, yeah I've hit Amazon pretty hard before as well. I don't think 5 is the max. I just try not to hit it really hard for Cash App. For OnPath I typically do 5 for myself and P2 one day, wait a few days, then do another 5.