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.
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 :)
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.
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.
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.
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.
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).
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)
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.
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.
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.
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 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.
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
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/.
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.
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.
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.
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)
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.
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.
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.
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.
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.
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?
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?
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.
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....
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!
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.
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).
kpd905, are the BMO savings and Associated bank offers still active? I couldn't locate those.
What's the deposit threshold on that offer? I might take it off your hands.
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.
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.
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?
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?
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.
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'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
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.
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.
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.
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.
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.
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.
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.
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.
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.
In your opinion, is it worth it to pursue bonuses in the $150 range?
It is almost always less than an hour of time to do these, so $150 is still not bad.
Do you look at effective APR as well? e.g the Chase checking bonus ties up $1500 for 6 months to get $300. So 300/1500 x 2 = 40% effective APR. OTOH, the savings bonus ties up 15k for 90 days to get 200, so 200/15000 x4 = 5.3 % effective APR. This makes the checking a no brainer. The savings is still great because it is a safe 5.3%, but it is not likely to beat the market. At what APR would you decide to do the bonus rather than leaving the money in Vanguard? I am thinking around 7% because that is the average market return, but there is the safety factor and also the fact that Vanguard is easier.
My question, is it legal to open this account for my child? I have 2 kids and I could just repeat the same procedure to earn them 200$ 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'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 :)
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.
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.
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?
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?
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 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!
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
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
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 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.
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?
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?
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.
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
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
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.
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.
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'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.
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).
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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.
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.
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'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/
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.
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.
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.
M&T is stating it's out of my region. Any workaround to that?
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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.
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.
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.
Thank you!!
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?
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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.
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?
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?
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.
Funding generally does NOT count as direct deposit. I plan to find $25 from my bank and then push a DD.
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?
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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.
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?
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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.
Any bonus codes for any of the other region specific bonuses?
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.
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)
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)
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!
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.
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!
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.
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?
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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.
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.
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!
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.
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?
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.
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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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.
My husband and I just signed up for the wells 200 dollar card too! $400 total for just putting 1,000 on each. Easy!
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.
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.
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.
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.
I have seen reports that Chase doesn't actualy look at Chase business cards when counting for 5/24, but ymmv
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!
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).
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!
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?
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 $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.
There's usually a grace period of X days after opening the account to get the minimum bank account balance. Some banks it's also average monthly balance, so you can deposit more later.I just called my bank and I can transfer maximum 3000$ 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$-taxes) isn't negligible IMO.
Other banks let you do online funding by credit card. This is a double win since you can meet minimum spending requirements.Can you please elaborate on that? Not sure I understand.
There's usually a grace period of X days after opening the account to get the minimum bank account balance. Some banks it's also average monthly balance, so you can deposit more later.I just called my bank and I can transfer maximum 3000$ 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$-taxes) isn't negligible IMO.Other banks let you do online funding by credit card. This is a double win since you can meet minimum spending requirements.Can you please elaborate on that? Not sure I understand.
I get it! Yes, right, great deal in that case. I'll have to check if it is possible here in Canada.
Didn't realize you were in Canada, sorry, situation can be very different with regards to bank bonuses, fees, and maintaining initial deposits.
Some bank account bonus opportunities in the US at least, also let you do your initial deposit by a credit card without it being considered a cash advance.
Many people also open credit cards for bonuses, in miles or dollars, which require you to do a certain amount of spending on that card. If you can fund a bank account with the card to help meet the minimum spending, plus get a bonus from the bank account, that is ideal.
Is it not recommended to open the account by showing up in person to a branch? Is there any chance that the bank employee you meet will notice that you are opening the account for churning purposes only and could refuse to open the account?I've had this happen once before at a Chase branch. I went to a different Chase branch and it definitely seemed like the banker realized I had gotten four bonuses from them before but I think in the end she wanted her commission/bonus/whatever for opening new customer accounts.
I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.
Do you guys know how to deposit large amount of money (ex. 4000$) 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.
Just looked at my spreadsheet of bank bonuses and the wife and I are up a cumulative $4000 with a few hundred pending this year so far before taxes. Got to love DoC!
How did you manage such a high total? The bonuses I see are typically around 300 dollars max, meaning you would need around 13 bank accounts/ card bonuses to hit 4k between the both of you. How did you find so many and how did the constant credit pulls not hurt your credit score?
EDIT: Sorry, didn't realize you were in CanadaIs it not recommended to open the account by showing up in person to a branch? Is there any chance that the bank employee you meet will notice that you are opening the account for churning purposes only and could refuse to open the account?I've had this happen once before at a Chase branch. I went to a different Chase branch and it definitely seemed like the banker realized I had gotten four bonuses from them before but I think in the end she wanted her commission/bonus/whatever for opening new customer accounts.I would open the account on internet, but usually, in order to waive the monthly fee, the bank requires that you have X amount of money in the account everyday of the month. The reason why I wanted to go directly to the branch is to be able to bring cash or a check and deposit it at the same time as I open the account to make sure I'm not getting charged the fees for the first month that can be quite high.
Do you guys know how to deposit large amount of money (ex. 4000$) 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.
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?
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.
For WF, it posted immediately.
@lexde - did you ever get all of your bonus money that was still pending?
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?
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.
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'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.
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.
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
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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.
$200 Discover Savings
$200 Discover AAA Savings
$200 Discover AAII Savings
$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?
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
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.
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
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.
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.
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!
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!!
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/
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 :)
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 $300 bonus. Funny thing is I had the private client guy drooling from the mouth once they started asking investing and net worth questions. I simply had to smile and tell him as a fee conscious investor I didn't see how he'd be able to help me.....
How do you continue this year after year? There are only so many banks out there.Most banks have a 12 month limit on bonuses so you can “churn” the bonus each year.
Has anyone else been told by discover that they "are not able to approve the Discover Bank deposit account you recently requested, based upon the information you provided in your application." I can't think of what the application asked that they would disagree with, I have a high income (over 100k) and good credit (818). This is very strange to me and the first time I've ever been turned down for anything financially.
Seems to me alot of these bonuses, are not as good or equal to just putting it in an index fund on average. Saw a chase one for 300$, 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.
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
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
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.
One thing I've learned from all of this churning is that PNC bank absolutely sucks.+100
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
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.
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?
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?
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....
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.
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.
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'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 just got an offer in the mail HSBC, deposit $10,000 for 90 days, get $350.
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?
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.
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?
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.
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!
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
Twist: all the data points are from HSBC employees trying to discourage churners.
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.
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.
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 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.
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.
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
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
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
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
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 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
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/
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.
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.
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.
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.
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.
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
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 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.
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
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.
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.
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.
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.
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?
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.
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
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.
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.
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.
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
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
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!
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?
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.
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.
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.
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.
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.
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.
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.
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.
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 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 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
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).
Income from bank bonuses is considered interest, so you'll pay federal and state tax, but no self-employment/FICA tax.
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?
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?
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!
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.
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.
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.
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.
Fifth third bank?
Fifth third bank?
ahhh , that make sense! Thanks
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.
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.
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.
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.
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." ( ;
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::
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 believe we were just north of $5500. I don't expect another year like that.
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.
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.
Living in Wisconsin does anyone have a suggestion as to what would be a good bank to start doing this with?
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 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 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?"
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.
Yes, you'd both be ineligible for the bonus until the xxx required time after closure.
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.
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.
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.
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.
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.
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?
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?
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.
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?
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.
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.
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.
Is it weird that I only get 1099-INT/MISC's for Checking account bonuses, not Savings account bonuses? Can someone verify this?
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.
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!
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.
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.
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?
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!
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
Chase: 1(didn’t work)
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?
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.
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.
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.
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.
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.
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.
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.
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.
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.
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/
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.
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.
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
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.
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.
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.
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.
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.
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?
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
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.
@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.
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 :)
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.
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
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?
Sounding pretty good: https://www.doctorofcredit.com/pnc-up-to-300-checking-bonus-no-state-restriction/
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.
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.
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."
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....
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.
Wells Fargo $400 checking, how do you plan on fake dd
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.
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.
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
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.
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.
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?
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.
You can buy visa debit cards at the grocery store like safeway, and use the card for anything.
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.
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.
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.
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.
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 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?
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
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?
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%
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.
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.
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.
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.
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!
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
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/
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
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.
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.
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.
Chase no longer codes ACH as DD. Santander and Vanguard failed for me.
Sent from my SM-N950U using Tapatalk
Chase no longer codes ACH as DD. Santander and Vanguard failed for me.
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.
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.
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.
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
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?
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?
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?
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 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.
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?
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...)
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
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.
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.
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.
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
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
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).
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?
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.
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?
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.
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.
schwab checking $1000 bonus
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
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/ ?
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.
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?
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/ ?
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)
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?
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.
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?
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'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.
$400 Citibank ck & sv (iffy on this one, only $100 savings bonus for tying up $15k for 60 days plus the CITI problems)
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.
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
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.
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.
$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/
$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/
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?
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?
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 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
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
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.
@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.
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.
@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.
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.
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.
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...)
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.
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 still don't have my bonus from pen fed. Comments on doc suggest that it takes 6 months to receive.
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 opened the account on May 16 and met all requirements on June 1. Will give it a couple weeks.
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.
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.
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.
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.
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 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).
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.
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.
@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.
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.
@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?
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.
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 :)
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?
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/
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.
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
@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 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.
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.
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?
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.
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?
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.
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.
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.
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 |
Sofi personal loan bonus is back at $350 now. PM me if you want a referral link!!!
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?
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.
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.
Pickings seem slim lately on new account opportunities, is anyone else having this problem?
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.
The BBVA $1k offer was only available for like 2 days before it got pulled. They typically run $500 promos though.
I saw this asked further up in the thread but not answered. Do the banks and CC companies issue a 1099 for these bonuses?
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.
I saw this asked further up in the thread but not answered. Do the banks and CC companies issue a 1099 for these bonuses?
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 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 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
Do you guys think sofi will become less generous with the bonuses now that they are going public?
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?
Chase Sapphire Preferred bonus just surpassed 4 years; reapplied for a card to get the $600 bonus.
Chase Sapphire Preferred bonus just surpassed 4 years; reapplied for a card to get the $600 bonus.
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?
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?
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.
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?
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.
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.
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.
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.
Finally got my Citibank $700 applied to my account woo hoo!
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.
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.
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.
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.
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?
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.
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 :)
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.
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.
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.
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.
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.