Author Topic: Swingin for the fences; First at bat; Can you coach me? (learning to churn acct)  (Read 4291 times)

jc4

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TLDR: I want to try to fund a checking account with a credit card and get both bonuses.

The whole story:
I'm mid-20's (read: new to all this gimmicky financial stuff / never done this before). I wanna give it a shot.

Toolkit:
Barclaycard Cash Forward. Opened 2 wks. ago. 5k limit
     Bonus:$200
PNC Checking: Planning to open soon. $5k/mo direct deposit rqmt. 10 debit Purchases rqmt. Open for 90 day rqmt.
     Bonus: $200 + $30 cash back
Tradeline sale: Sell AU slots on Barclaycard after 1 yr. Hopefully also raise CL.
     Bonus: $50 / sale. Maybe more.
Betterment: I all ready have an account that I've been using.
     Bonus: Investment Returns

Here's the plan:
1) Open PNC bank acct. Hit bonus rqmts.
2) Fund PNC acct with Barclaycard at $2000. Get $30 (1.5%) back on barclaycard and hit min spend rqmt.
3) Take cash from PNC. Buy Betterment funds ($2000 worth). Hold for 15 mo. (0% interest period). Sell and pay off Barclaycard balance. (I may pay back early to lower credit utilization to 30%. advice?)
4) After 1 year start selling tradelines on credit card.

Sources below:
(1) PNC Bonus and requirments
https://www.pnc.com/en/personal-banking/banking/checking/campaigns/vw-tiered-offer-dot.html?WT.mc_id=LP16_PNC_0007&m=w

(2) PNC funding counts as purchase
https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/#PNC
http://www.moneysmylife.com/credit-card-funding-bank-accounts/#PNC

(3) Barclaycard benefits
https://home.barclaycardus.com/cards/barclaycard-cashforward.html
 
(4) Tradelines thread
https://forum.mrmoneymustache.com/share-your-badassity/selling-tradelines-piggybacking-part-ii-$1000hr-20-40kyr-side-gig/

Background Info:
I've also opened 2 other credit cards for current spend bonus, and future tradeline sales. I know how to manage credit cards (hit bonus / avoid interest). The checking and the tradeline parts are new to me. I have 2 other credit cards I've held for a couple years. My the bank churning will add bonuses, and allow me to hit min spend requirements faster, and therefore open more credit card accounts faster. The plan is to repeat this process to accelerate bonus accumulation, and tradeline accumulation. I'm hoping to get one attempt right though. Then I'm comfortable repeating.

Thanks a ton,
jc4
« Last Edit: January 22, 2018, 02:29:03 PM by jc4 »

slappy

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Looks like a solid plan to me and I just might copy you. Just be careful on the investing piece. If the funds are less than $2k in value when the 0% interest period is up, how will that affect you? I assume you already planned for that, just figured I would throw it out there.

slappy

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Also, the PNC bonus looks like it requires a direct deposit, not just a deposit.

jc4

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Looks like a solid plan to me and I just might copy you. Just be careful on the investing piece. If the funds are less than $2k in value when the 0% interest period is up, how will that affect you? I assume you already planned for that, just figured I would throw it out there.

Yep, I've already got way more than that in betterment. Hopefully won't be the case, but I can pay it for sure. I'd probably just pay it from a paycheck and not buy more funds instead.

Also, the PNC bonus looks like it requires a direct deposit, not just a deposit.

You're right. The inital deposit is to get the barclaycard spend bonus. I'll also switch my direct deposit from work over to PNC to avoid the fees.


slappy

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It looks like the initial funding will count as a cash advance on the card.

jc4

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It looks like the initial funding will count as a cash advance on the card.

Yea, I saw that. I actually saw the card listed both ways, but if I follow the data points, the individuals say it worked for them. I was kind of uncertain with that comment though.

slappy

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I guess you could set the cash advance limit to 0 and give it a shot.

kpd905

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Just so you know, you do not need $5k/month for the PNC requirement.  You need a total of $5k in direct deposits over the first 60 days.

jc4

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Just so you know, you do not need $5k/month for the PNC requirement.  You need a total of $5k in direct deposits over the first 60 days.

Yea. I wasn't clear on that one. It's both. $5 in 60 days for the signup bonus. But also $5k/mo. to avoid a monthly $25 service fee.

slappy

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I just double checked and I don't live in the one of the states that they have listed in the terms and conditions. I wonder how strict they are with that...

kpd905

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Just so you know, you do not need $5k/month for the PNC requirement.  You need a total of $5k in direct deposits over the first 60 days.

Yea. I wasn't clear on that one. It's both. $5 in 60 days for the signup bonus. But also $5k/mo. to avoid a monthly $25 service fee.

You can just keep a $5k balance to avoid the fee instead of having direct deposits every month.  And after they pay out the bonus, secure message them to downgrade you to the Virtual Wallet account.  That way you only need to keep $500 in for the rest of the 6 months that the account needs to stay open.

TomTX

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Please remove the name of the AU company from public posts. Private messages are fine.

Thanks.

 

Wow, a phone plan for fifteen bucks!