Author Topic: Bank account churning: how to make $1600 in a year by being organized  (Read 384524 times)

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1100 on: March 05, 2023, 08:27:22 PM »
Via circle week discount, Target is offering $10 off a $45 or more qualifying purchase.  I activated the offer. I have 7 days left.  I hope I get the RedCard Debit card by then.  I believe I can then buy $50+ worth of bacon (before sales tax) and then get $10 off from the circle week discount along with $40 off from the RedCard coupon.  So around a dozen pkg's of bacon for around $7 including sales tax.

Then I'll try for another $40 indoors with the card.. maybe 7 jars of Smucker's Natural Peanut Butter made with 100% peanuts.

So those who have recently activated a RedCard Debit card, maybe check out circle week and see if you can score an extra $10 on top of the $80.
« Last Edit: March 05, 2023, 08:32:12 PM by JenniferW »

Dicey

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1101 on: March 06, 2023, 02:37:09 AM »
Fortunately, "Tax does not apply to sales of food products for human consumption" in California.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1102 on: March 06, 2023, 04:21:18 AM »
Fortunately, "Tax does not apply to sales of food products for human consumption" in California.

Yeah, Oklahoma is the worst state in the nation for sales tax on food.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1103 on: March 06, 2023, 04:30:58 AM »
I was thinking, since my net worth is so low and basically all I am doing now is saving for a big emergency fund / eventual fast pay of mortgage, I shouldn't be putting it in 1 year bonds.  Instead, keep it all in the money market getting 4.5% and have up to say $50k sitting there to shuffle around to catch all these great banking/savings/brokerage sign up deals.    Right now I still have my first $10k tied up in i-bonds getting a great rate.  But if I had the money available a month ago, I could of gotten $900 from Chase for depositing $15k there for a couple months.

It seems the best possible return I could get, at this low of a net worth, is to be doing this shuffling around of money for sign up bonuses -- amounting to 15%+ gain for the year which will probably beat the stock market if I were to guess, with zero risk.  I realize it takes a little work and isn't a totally passive investment, but it isn't that bad.  Few hours of work.

I just signed up for Alliant Savings account and deposited $25 + $1000.  It gets 2.95% APR and will have the money there for a couple months.  But I do get a $100 sign up bonus -- so even if I left it there a full 12 months it'd get 12.95% APR return on that $1000.   They also offer $100 for checking and $100 for a 12 month CD of $1000.  Some people have been experiencing problems signing up for the checking & cd bonus; I just got off the phone with them and at first they said they didn't see such a promo, but upon further investigation they said they think they can do the deal for me, and will have a rep call me tomorrow.   I'll keep $1000 in the 12 month CD there , earning like 4.5%  but I will also get an extra $100 for doing that.. so it's like a 14.5% return on that $1000.

Yeah I really do need to have like $50k in money market for a while. So I can get a little extra income.  It will help pay off this home faster.  I can't think of a better way to get the most return on this money.  Since I am low income I won't be paying any state/federal taxes on these gains either.
« Last Edit: March 06, 2023, 04:49:11 AM by JenniferW »

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1104 on: March 06, 2023, 06:18:05 PM »
I just got a piece of mail today from Chase, offering me $300 to open a Total Checking Account.  They also are offering another $200 + $100  if I also put $15k into a savings account which yields 0.01%.  So $600 total.

Very recently it was $900 for the combo deal with same $15k requirement.

I dont' have $15k right now anyways, it's tied up in i-bonds.  I did the math as well and well $15k tied up for like 100 days in a 0 interest account isn't worth it.  I'd probably only make $100 extra bucks compared to $15k in the money market.

Should I just go for the $300 deal now and wait 2 years for another $900 deal to come by, or should I just wait, save up the $15k and grab the next $900 deal? I don't know how often the $900 deals are.


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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1105 on: March 06, 2023, 09:26:26 PM »
I just got a piece of mail today from Chase, offering me $300 to open a Total Checking Account.  They also are offering another $200 + $100  if I also put $15k into a savings account which yields 0.01%.  So $600 total.

Very recently it was $900 for the combo deal with same $15k requirement.

I dont' have $15k right now anyways, it's tied up in i-bonds.  I did the math as well and well $15k tied up for like 100 days in a 0 interest account isn't worth it.  I'd probably only make $100 extra bucks compared to $15k in the money market.

Should I just go for the $300 deal now and wait 2 years for another $900 deal to come by, or should I just wait, save up the $15k and grab the next $900 deal? I don't know how often the $900 deals are.
$15,000 at 5% is $750 a year.  100 days is 27.4% of a year.  You will lose $205 interest in 100 days.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1106 on: March 06, 2023, 11:12:27 PM »
I just got a piece of mail today from Chase, offering me $300 to open a Total Checking Account.  They also are offering another $200 + $100  if I also put $15k into a savings account which yields 0.01%.  So $600 total.

Very recently it was $900 for the combo deal with same $15k requirement.

I dont' have $15k right now anyways, it's tied up in i-bonds.  I did the math as well and well $15k tied up for like 100 days in a 0 interest account isn't worth it.  I'd probably only make $100 extra bucks compared to $15k in the money market.

Should I just go for the $300 deal now and wait 2 years for another $900 deal to come by, or should I just wait, save up the $15k and grab the next $900 deal? I don't know how often the $900 deals are.
$15,000 at 5% is $750 a year.  100 days is 27.4% of a year.  You will lose $205 interest in 100 days.

Yeah I realize that, and I'd only profit $100 on the $300 savings bonus, if i did it now. But a month ago I would of profited much more.  It's only $600 now vs. $900 for the whole package deal.  I don't have $15k anyways, so should I wait for another $900 deal or just get my $300 from the Total Checking .. and wait 2 more years after that to try and snag another $900 deal.  (I'll have $15k saved up by the fall for sure.. so I am wondering if they might do this $900 deal again later this year perhaps.. or early next year.  Maybe I shoud ignore the $300 checking sign up bonus.)
« Last Edit: March 06, 2023, 11:17:22 PM by JenniferW »

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1107 on: March 12, 2023, 06:55:50 AM »
FYI, Chase Ink 90K offer ends soon for anyone holding out. Only 75K using a referral but reports of folks being successful getting matched up to 90K after contacting Chase.

sonofsven

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1108 on: March 12, 2023, 12:59:54 PM »
The Divvy bonus referenced above finally paid off. I made two phone calls two weeks apart to keep them on notice.
$500 bonus on $500 spend ($503.42 to be exact).
Free money.

bacchi

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1109 on: March 15, 2023, 12:58:08 PM »
I received a $325 for $1000 WF checking account flyer. The promo code was validated with email and zip but I was redirected to an error page telling me that I had to visit a branch. Meh, given the state of WF's systems, it needs to be $500 for me to visit a branch.

Has anyone had the recent WF promo codes work for them online?

Michael in ABQ

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1110 on: March 15, 2023, 03:44:32 PM »
I received a $325 for $1000 WF checking account flyer. The promo code was validated with email and zip but I was redirected to an error page telling me that I had to visit a branch. Meh, given the state of WF's systems, it needs to be $500 for me to visit a branch.

Has anyone had the recent WF promo codes work for them online?

I opened an account with WF a few months ago and met the requirements but haven't received the bonus yet.

sonofsven

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1111 on: March 15, 2023, 08:54:42 PM »
I received a $325 for $1000 WF checking account flyer. The promo code was validated with email and zip but I was redirected to an error page telling me that I had to visit a branch. Meh, given the state of WF's systems, it needs to be $500 for me to visit a branch.

Has anyone had the recent WF promo codes work for them online?

It's a public bonus, not targeted. I signed up through the doctor of credit link and it seemed to work.

bacchi

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1112 on: March 16, 2023, 09:38:38 AM »
I received a $325 for $1000 WF checking account flyer. The promo code was validated with email and zip but I was redirected to an error page telling me that I had to visit a branch. Meh, given the state of WF's systems, it needs to be $500 for me to visit a branch.

Has anyone had the recent WF promo codes work for them online?

It's a public bonus, not targeted. I signed up through the doctor of credit link and it seemed to work.

Oh, it is! The doctor link is different from the one in the mailer but it actually works. Their IT and marketing staff need to meet more.

Thanks.

sonofsven

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1113 on: March 16, 2023, 10:09:47 AM »
I received a $325 for $1000 WF checking account flyer. The promo code was validated with email and zip but I was redirected to an error page telling me that I had to visit a branch. Meh, given the state of WF's systems, it needs to be $500 for me to visit a branch.

Has anyone had the recent WF promo codes work for them online?

It's a public bonus, not targeted. I signed up through the doctor of credit link and it seemed to work.

Oh, it is! The doctor link is different from the one in the mailer but it actually works. Their IT and marketing staff need to meet more.

Thanks.

I think multiple accounts is part of their mission statement.
Glad it worked!

Zamboni

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1114 on: March 16, 2023, 10:51:35 AM »
^That right there is funny.

elysianfields

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1115 on: March 18, 2023, 01:21:33 AM »
I think multiple accounts is part of their mission statement.
Glad it worked!

Ah but do they pay bonuses on all the multiple accounts that they open for you without telling you?

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1116 on: March 18, 2023, 10:23:31 PM »
What do you all think about Groundfloor short term real estate investing?  They have a $50 bonus if you invest $100.   I learned about it from this guy on youtube:

https://www.youtube.com/watch?v=n2nc2ykPrIM

Thinking about trying it out with $100.

EDIT: I went ahead and setup an account and will fund with $100 for the $50 credit.  I guess I'll stick tot he B rated loans to try and preserve as much of my principle as possible.   I used the youtube guy's referral so i made him a $50 as well.  Not sure if there was a way for me to get the entire $100 myself :)
« Last Edit: March 19, 2023, 08:23:16 AM by JenniferW »

sonofsven

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1117 on: March 19, 2023, 12:40:31 PM »
What do you all think about Groundfloor short term real estate investing?  They have a $50 bonus if you invest $100.   I learned about it from this guy on youtube:

https://www.youtube.com/watch?v=n2nc2ykPrIM

Thinking about trying it out with $100.

EDIT: I went ahead and setup an account and will fund with $100 for the $50 credit.  I guess I'll stick tot he B rated loans to try and preserve as much of my principle as possible.   I used the youtube guy's referral so i made him a $50 as well.  Not sure if there was a way for me to get the entire $100 myself :)

I wouldn't do that one. I've only done similar investment bonuses when I didn't have to actually invest anything, just put money into the investment account for the bonus.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1118 on: March 19, 2023, 01:48:54 PM »
What do you all think about Groundfloor short term real estate investing?  They have a $50 bonus if you invest $100.   I learned about it from this guy on youtube:

https://www.youtube.com/watch?v=n2nc2ykPrIM

Thinking about trying it out with $100.

EDIT: I went ahead and setup an account and will fund with $100 for the $50 credit.  I guess I'll stick tot he B rated loans to try and preserve as much of my principle as possible.   I used the youtube guy's referral so i made him a $50 as well.  Not sure if there was a way for me to get the entire $100 myself :)

I did groundfloor years ago. 2 of my 5 loans defaulted and took years to get partial principal back on one of them. $50 for $100 seems pretty low risk though.

ender

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1119 on: March 20, 2023, 08:11:16 AM »
I've been wondering if any of these are really worth doing anymore with the high HYSA/CD/MMF rates.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1120 on: March 20, 2023, 09:54:47 AM »
I've been wondering if any of these are really worth doing anymore with the high HYSA/CD/MMF rates.

The ones that are just DD's probably would be, but moving a large sum of money, probably not, you'd have to do the math.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1121 on: March 22, 2023, 07:25:59 AM »
Just learned about M1 Finance investment account from somene called Cherry Tung on youtube.  She has a referal link there and I click on it and M1 Finance is offering me $100 to sign up.  Has anyone else done this and received $100 bonus? Is it worth the effort? I haven't signed up yet. I checked on Doctor of Credit and don't really see any info on it. I might of missed it in the search results.

Also, I just learned about Axos. A $250 bonus if you transfer $2000 into investment account and make two trades I believe.  Can the trades be a purchase of VUSXX or the like?  Are the brokerage fees reasonable?  Is this worth it?  12.5% instant return on th $2000 deposit. If I can earn a 3.5% APR or better -- in addition to the $250 sign up bonus -- on the $2000 deposit (money market or t-bill) it'd be worth it to me I think.  Assuming I could take all the cash out within 6 months.

« Last Edit: March 22, 2023, 07:35:57 AM by JenniferW »

chasesfish

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1122 on: March 22, 2023, 08:01:34 AM »
@JenniferW Usually I find the brokerage accounts too small to be worth it.   They pay less than 1% of the amount deposited, which is my threashold.

M1 finance is okay if you need a brokerage account.  There's a Fidelity link that'll be floating around that is also offering $100.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1123 on: March 22, 2023, 08:11:58 AM »
@JenniferW Usually I find the brokerage accounts too small to be worth it.   They pay less than 1% of the amount deposited, which is my threashold.

M1 finance is okay if you need a brokerage account.  There's a Fidelity link that'll be floating around that is also offering $100.

I've done Schwab and Fidelity, got $101 and $100 respectively.   Just haven't done M1 Finance nor Axos yet.   Axos seems like a really good deal , $250 bonus for depositing only $2000 -- 12.5% instant return.
« Last Edit: March 22, 2023, 08:13:41 AM by JenniferW »

sonofsven

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1124 on: March 22, 2023, 09:55:23 AM »
Just learned about M1 Finance investment account from somene called Cherry Tung on youtube.  She has a referal link there and I click on it and M1 Finance is offering me $100 to sign up.  Has anyone else done this and received $100 bonus? Is it worth the effort? I haven't signed up yet. I checked on Doctor of Credit and don't really see any info on it. I might of missed it in the search results.

Also, I just learned about Axos. A $250 bonus if you transfer $2000 into investment account and make two trades I believe.  Can the trades be a purchase of VUSXX or the like?  Are the brokerage fees reasonable?  Is this worth it?  12.5% instant return on th $2000 deposit. If I can earn a 3.5% APR or better -- in addition to the $250 sign up bonus -- on the $2000 deposit (money market or t-bill) it'd be worth it to me I think.  Assuming I could take all the cash out within 6 months.
I'm doing the Axos one now. I did two trades on an ETF that was selling for slightly more than the $25 min, and sold them the next day for a small profit (pennies). Waiting for the bonus.
I like these bonuses for my e fund money. In an emergency I could get the money transferred back to my checking account in days, I would possibly forfeit the bonus however.
Do you do the Swagbucks bonuses? They're pretty simple, usually sign up and transfer in small amounts of $ to a bank or brokerage account and you receive "Swagbucks" (150,000 Swagbucks equals $150 cash). I just use the Swagbucks to buy Amazon gift cards.
The tricky part is signing up properly so they track.
Doctor Of Credit comments are illuminating.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1125 on: March 22, 2023, 12:53:52 PM »
I've been wondering if any of these are really worth doing anymore with the high HYSA/CD/MMF rates.

The ones that are just DD's probably would be, but moving a large sum of money, probably not, you'd have to do the math.

Agreed. I'm new to bank bonuses, but have been churning credit cards a long time. I find the DD accounts (e.g., deposit $500 for $200-325) to be quite easy as my DD is very easy to change and you don't have to park a lot of money to avoid fees. I did the Chase savings + checking as the savings piece is 16% APY ($15k for 90 days for $600), but the 0% interest has opportunity cost. I don't expect to do any more savings bonuses unless they are joint bonuses like Chase. I'm set up for $2,600 so far since starting two months ago and haven't been maximizing Player 2 yet. I expect to do $200/month x2 for DD bonuses every month going forward.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1126 on: March 22, 2023, 01:55:48 PM »
Do you do the Swagbucks bonuses? They're pretty simple, usually sign up and transfer in small amounts of $ to a bank or brokerage account and you receive "Swagbucks" (150,000 Swagbucks equals $150 cash). I just use the Swagbucks to buy Amazon gift cards.
The tricky part is signing up properly so they track.
Doctor Of Credit comments are illuminating.

Thanks, I'll have to look into this.  I tried the swagbucks thing once before and it seemed like a real waste of time.  They don't pay much for the surveys and was wasting time with it.  Most often I get disqualified from even doing the survey.   It seemed like a gimmick so I've just ignored everything swagbucks on doctor of credit for the past year or two.

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1127 on: March 22, 2023, 05:09:33 PM »
The Swagbucks surveys are definitely a waste of time.  But there are bank account bonuses that pay a bunch of Swagbucks on top of whatever the normal checking bonus pays.

Right now US bank has a checking bonus that pays up to $600 and you can get an additional $35 if you click through Swagbucks first.
« Last Edit: March 22, 2023, 05:11:39 PM by kpd905 »

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1128 on: March 22, 2023, 05:51:56 PM »
The Swagbucks surveys are definitely a waste of time.  But there are bank account bonuses that pay a bunch of Swagbucks on top of whatever the normal checking bonus pays.

Right now US bank has a checking bonus that pays up to $600 and you can get an additional $35 if you click through Swagbucks first.

Swagbucks also pays you $250 if you drive for Uber once, which seems crazy.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1129 on: March 22, 2023, 05:56:27 PM »
Swagbucks also pays you $250 if you drive for Uber once, which seems crazy.

I'd take advantage of that deal but my car is over 20 years old :)  Still a sweet comfy roomy 4 door sedan ride, don't know why they discriminate lol.  It's still got very nice paint since it has been garaged its entire life.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1130 on: March 22, 2023, 09:43:04 PM »
Just signed up for the Plynk brokerage account.  Looks like an easy $160.  I am bypassing the Swagbucks sign up which only offers me an extra $25.  It was supposed to be an extra $100 swag bucks according to doctofcredit, but only offering me $25, so I am not bothering with Swag and just dealing with Plynk directly -- just in case the measly $25 swag bonus messes up any of the other $160 in Plynk bonuses.

https://www.plynkinvest.com/disclosures/promotions/

I am planning on initially funding it with $100 (instead of the minimum of $25).  And then setting up auto deposit of $100 per month.  Will let the auto deposit run two or three months.  Altogether there should only be about $300-400 transferred to that account.  Will probably keep the investments in that account for like 6 months or whatever the minimum timeframe is to keep the bonuses.   Will buy VTI, VUSXX or the like in that account.   I might just keep the account open a year I dunno; just to be nice.
« Last Edit: March 22, 2023, 09:54:09 PM by JenniferW »

MasterStache

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1131 on: March 23, 2023, 06:06:52 AM »
Just signed up for the Plynk brokerage account.  Looks like an easy $160.  I am bypassing the Swagbucks sign up which only offers me an extra $25.  It was supposed to be an extra $100 swag bucks according to doctofcredit, but only offering me $25, so I am not bothering with Swag and just dealing with Plynk directly -- just in case the measly $25 swag bonus messes up any of the other $160 in Plynk bonuses.

https://www.plynkinvest.com/disclosures/promotions/

I am planning on initially funding it with $100 (instead of the minimum of $25).  And then setting up auto deposit of $100 per month.  Will let the auto deposit run two or three months.  Altogether there should only be about $300-400 transferred to that account.  Will probably keep the investments in that account for like 6 months or whatever the minimum timeframe is to keep the bonuses.   Will buy VTI, VUSXX or the like in that account.   I might just keep the account open a year I dunno; just to be nice.

I just signed up for Plynk as well. Had a $100 SB offer +$25 for making a deposit. $25 posted right away so hoping the other $100 post at some point as well. Took screenshots along the way.

Swagbucks has been very slow for me. I have typically cashed out over a grand every year but the deals just don't seem to be as good these days. I miss the Vuse deals.

kpd905

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1132 on: March 23, 2023, 12:52:27 PM »
I just signed up for Plynk and lucked out, I already have $100 of Swagbucks pending.  Seems like a lot of people are getting $25 of Swagbucks, but if you have a screenshot showing the higher amount you should be able to get it fixed.  So should hopefully end up with $260 total from this one after my two $100 recurring deposits go through.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1133 on: March 24, 2023, 08:45:13 AM »
I've been wondering if any of these are really worth doing anymore with the high HYSA/CD/MMF rates.

The ones that are just DD's probably would be, but moving a large sum of money, probably not, you'd have to do the math.

Agreed. I'm new to bank bonuses, but have been churning credit cards a long time. I find the DD accounts (e.g., deposit $500 for $200-325) to be quite easy as my DD is very easy to change and you don't have to park a lot of money to avoid fees. I did the Chase savings + checking as the savings piece is 16% APY ($15k for 90 days for $600), but the 0% interest has opportunity cost. I don't expect to do any more savings bonuses unless they are joint bonuses like Chase. I'm set up for $2,600 so far since starting two months ago and haven't been maximizing Player 2 yet. I expect to do $200/month x2 for DD bonuses every month going forward.

The Alliant $100 savings bonus is worthwhile.  Only need to put $1000 in there for short time period and it pays around 3.1% APR as well.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1134 on: March 24, 2023, 10:22:29 PM »
I've been wondering if any of these are really worth doing anymore with the high HYSA/CD/MMF rates.

The ones that are just DD's probably would be, but moving a large sum of money, probably not, you'd have to do the math.

Agreed. I'm new to bank bonuses, but have been churning credit cards a long time. I find the DD accounts (e.g., deposit $500 for $200-325) to be quite easy as my DD is very easy to change and you don't have to park a lot of money to avoid fees. I did the Chase savings + checking as the savings piece is 16% APY ($15k for 90 days for $600), but the 0% interest has opportunity cost. I don't expect to do any more savings bonuses unless they are joint bonuses like Chase. I'm set up for $2,600 so far since starting two months ago and haven't been maximizing Player 2 yet. I expect to do $200/month x2 for DD bonuses every month going forward.

The Alliant $100 savings bonus is worthwhile.  Only need to put $1000 in there for short time period and it pays around 3.1% APR as well.

I've had my Alliant accounts for like 13 years. I'm not eligible for that.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1135 on: March 26, 2023, 12:42:47 PM »
So these are the bank/brokerage accounts I have signed up for in the past month or so.

I wonder if I can make $5000 this year going after every bank /brokerage type sign up bonus I can.  Would be awesome lol.  I figure I'll be getting around $1200 or so between credit card bonuses & cashback.

« Last Edit: March 26, 2023, 03:45:54 PM by JenniferW »

chasesfish

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1136 on: March 27, 2023, 04:11:06 AM »
@JenniferW

I filed for a corporation for the state for some little side income I had a couple of years ago.  Now I realize that's the best $100 expense I could possibly have for bank and credit card bonuses.   The business side of this is much more lucrative.

Easy to get to $5,000

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1137 on: March 27, 2023, 09:07:53 AM »
@JenniferW

I filed for a corporation for the state for some little side income I had a couple of years ago.  Now I realize that's the best $100 expense I could possibly have for bank and credit card bonuses.   The business side of this is much more lucrative.

Easy to get to $5,000

Do you really need to be incorporated or llc to get the bank & credit bonuses for business?  I thought sole proprietorships worked as well? I did get a business credit card sign up bonus with chase a few years back, using my SSN for a schedule C business I was doing:  was flipping certain flea market items on ebay for some decent extra income.  I got the ink card if I recall.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1138 on: March 27, 2023, 10:33:08 AM »
@JenniferW

I filed for a corporation for the state for some little side income I had a couple of years ago.  Now I realize that's the best $100 expense I could possibly have for bank and credit card bonuses.   The business side of this is much more lucrative.

Easy to get to $5,000

Do you really need to be incorporated or llc to get the bank & credit bonuses for business?  I thought sole proprietorships worked as well? I did get a business credit card sign up bonus with chase a few years back, using my SSN for a schedule C business I was doing:  was flipping certain flea market items on ebay for some decent extra income.  I got the ink card if I recall.

No, you don't need a business to apply for business accounts in general. Some issuers might care though.

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1139 on: March 27, 2023, 10:33:32 AM »
So these are the bank/brokerage accounts I have signed up for in the past month or so.

I wonder if I can make $5000 this year going after every bank /brokerage type sign up bonus I can.  Would be awesome lol.  I figure I'll be getting around $1200 or so between credit card bonuses & cashback.



A lot of people have had issues with Axos paying out according to the DoC thread.

chasesfish

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1140 on: March 27, 2023, 12:12:33 PM »
I never had success as an individual, others have. 

I found once I got through due diligence with one to two card issuers on my business EIN, approvals have been *easy*

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1141 on: March 27, 2023, 12:50:14 PM »
I never had success as an individual, others have. 

I found once I got through due diligence with one to two card issuers on my business EIN, approvals have been *easy*

I do have an EIN as sole proprietorship -- anyone can request an EIN from IRS.  Maybe this would work.  I got it because Vanguard required  it for the Roth Solo 401K application.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1142 on: March 28, 2023, 04:41:07 PM »
Should I just keep applying for bank sign up bonuses without worry of Chex Systems?   Like not worry about it until I get my first denial due to too many recently opened accounts?

I've heard business checking doesn't report to chex systems is that true?   Maybe I should focos on those sign up bonuses more.

I want to sign up for as many as possible. Goal this year is $5000 from sign up bonuses & cash back between credit cards, bank accounts, brokerages and any small misc sign up bonuses not related to banks.

EDIT: I only opened two new checking+savings account (combos) last year.  And the few I mentioned above in previous post in the past month or so.
« Last Edit: March 28, 2023, 06:17:10 PM by JenniferW »

tj

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1143 on: March 28, 2023, 10:09:25 PM »
Should I just keep applying for bank sign up bonuses without worry of Chex Systems?   Like not worry about it until I get my first denial due to too many recently opened accounts?

I've heard business checking doesn't report to chex systems is that true?   Maybe I should focos on those sign up bonuses more.

I want to sign up for as many as possible. Goal this year is $5000 from sign up bonuses & cash back between credit cards, bank accounts, brokerages and any small misc sign up bonuses not related to banks.

EDIT: I only opened two new checking+savings account (combos) last year.  And the few I mentioned above in previous post in the past month or so.

The ones who care will reject you. I wouldn't worry about it too much.

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1144 on: March 28, 2023, 11:46:37 PM »
Oh wow, this is really cool. I just deposited my first amount of cash into Plynk brokerage, $100 (instead of the minimum of $25 for the $50 bonus), and I got an email from them giving me a prospectus for SPAXX (Fidelity's Federal Money Market), so their cash settlement account is SPAXX.  This is really nice because it is exactly where I would of put the money.  I see no reason not to leave the Plynk account open for over a year because I'd just keep it in Vanguard otherwise.

Plynk, this tiny operation, is actually better than Schwab in this regard. Schwab settlement account pays 0.5% and you have to buy a federal money market fund instead of just letting it sit in the settlement account.

EDIT: Next is to setup a recurring $100 monthly deposit into Plynk and I think I will let it run for at least a full year.  I would put money into the federal money market anyways.
« Last Edit: March 28, 2023, 11:51:58 PM by JenniferW »

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1145 on: March 29, 2023, 06:20:38 AM »
So these are the bank/brokerage accounts I have signed up for in the past month or so.

I wonder if I can make $5000 this year going after every bank /brokerage type sign up bonus I can.  Would be awesome lol.  I figure I'll be getting around $1200 or so between credit card bonuses & cashback.



You certainly could. Last year I made roughly 15K on bank bonuses in 2 player mode. Over 20K factoring in CC bonuses, all of which were business cards so no impact to personal credit. Now that is certainly not what I expect to make this year or any other year. It varies from year to year. My goal this year is simply make enough to fill up our Roth accounts.   

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1146 on: March 29, 2023, 09:00:51 AM »
You certainly could. Last year I made roughly 15K on bank bonuses in 2 player mode. Over 20K factoring in CC bonuses, all of which were business cards so no impact to personal credit. Now that is certainly not what I expect to make this year or any other year. It varies from year to year. My goal this year is simply make enough to fill up our Roth accounts.

Thanks for sharing that; it's encouraging.  Just wondering how the business cards do not impact personal credit other than the utilization?   Aren't there still hard inquiries on your personal credit report for getting these cards?  Do they show up in credit history or change the credit age?  I need to learn more about business credit cards.  Side question: Are business checking accounts reported to Chex Systems?

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1147 on: March 30, 2023, 06:12:02 AM »
You certainly could. Last year I made roughly 15K on bank bonuses in 2 player mode. Over 20K factoring in CC bonuses, all of which were business cards so no impact to personal credit. Now that is certainly not what I expect to make this year or any other year. It varies from year to year. My goal this year is simply make enough to fill up our Roth accounts.

Thanks for sharing that; it's encouraging.  Just wondering how the business cards do not impact personal credit other than the utilization?   Aren't there still hard inquiries on your personal credit report for getting these cards?  Do they show up in credit history or change the credit age?  I need to learn more about business credit cards.  Side question: Are business checking accounts reported to Chex Systems?

They only impact in terms of taking an inquiry hit. I don't think business checking accounts show up on chex but I'm not 100% sure, so don't quote me on that, ha!

Michael in ABQ

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1148 on: March 30, 2023, 11:13:00 AM »
You certainly could. Last year I made roughly 15K on bank bonuses in 2 player mode. Over 20K factoring in CC bonuses, all of which were business cards so no impact to personal credit. Now that is certainly not what I expect to make this year or any other year. It varies from year to year. My goal this year is simply make enough to fill up our Roth accounts.

Thanks for sharing that; it's encouraging.  Just wondering how the business cards do not impact personal credit other than the utilization?   Aren't there still hard inquiries on your personal credit report for getting these cards?  Do they show up in credit history or change the credit age?  I need to learn more about business credit cards.  Side question: Are business checking accounts reported to Chex Systems?

My business credit cards don't show up on my credit report. I know they've needed to pull my personal credit for approval but I'm not sure those were even hard inquiries that stayed on my credit report. I just checked on Credit Karma and the only hard inquiry was for a business line of credit from my bank. My Capital One and American Express business cards are nowhere to be seen - though like almost all business credit cards they are still personally guaranteed.

jnw

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Re: Bank account churning: how to make $1600 in a year by being organized
« Reply #1149 on: March 30, 2023, 06:38:14 PM »
I now have the following on my radar.   Can anyone give any feedback for any of these? Like what you experienced with them?

I just signed up for a bunch of personal accounts in the past 45 days mentioned above.  These accounts below are more personal accounts.  Should I perhaps instead switch up and focus on business accounts instead to help relax chex systems inquiries?

Credit Union 1 -- Checking (Hard pull?)
$500 - $15 = $485
https://www.maximizingmoney.com/banking-bonuses/credit-union-1/

Chime -- Bank Account
$170
https://www.maximizingmoney.com/banking-bonuses/chime/

Jovia -- Checking
$235
https://www.maximizingmoney.com/banking-bonuses/jovia-financial-credit-union/

Fundrise -- Brokerage
$100
https://www.maximizingmoney.com/investing-promotions/fundrise/

M1 Finance -- Brokerage
$100
https://www.maximizingmoney.com/investing-promotions/m1-finance/

Thrivent Checking -- Bank Account
https://youtu.be/LHkZPZwuawg?t=215

Amerant -- Checking & Savings Accounts
$100 ($50 checking $50 money market)
https://www.youtube.com/watch?v=wcY6KCyMWUg

A lot of the above accounts I found from the "Top Deals" (75 Best) link at Maximizing Money web site -- I am going to keep an eye on this site as well as Doctor of Credit.  (Iím mostly ignoring the under $50 sign up bonuses especially bank accounts which connect to Chex Systems.)
https://www.maximizingmoney.com
« Last Edit: March 31, 2023, 02:33:31 AM by JenniferW »