CC Churning, Points Earning, The Financial Thread

Re: CC Churning, Points Earning, The Financial Thread

Postby Uncle Milty » Fri Jan 19, 2018 10:18 am

Grotewold wrote:$200 for opening this bank account by March 31 and depositing $1,000 within 60 days.

Opened it in my and my wife's names last week, shifted the money over, got the $400 a few days later, and downgraded to free accounts.

Too lazy to read the fine print, does any deposit work? Like a transfer from another checking/savings?
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Re: CC Churning, Points Earning, The Financial Thread

Postby Grotewold » Fri Jan 19, 2018 10:22 am

Uncle Milty wrote:
Grotewold wrote:$200 for opening this bank account by March 31 and depositing $1,000 within 60 days.

Opened it in my and my wife's names last week, shifted the money over, got the $400 a few days later, and downgraded to free accounts.

Too lazy to read the fine print, does any deposit work? Like a transfer from another checking/savings?


Yep

For most of the others you can transfer from at least one other big-name bank, so it gets easier and easier. Some require actual direct deposits from your employer, so it helps if you can make changes to that

I follow r/churning and Doctor of Credit for offers, which help with any finer points

Keep a simple spreadsheet to keep track of dates and your methods. Most of them can be re-gotten a year (or even a few months) later

These will be taxed at the "interest" rate but that's just a small percentage of your profit
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Re: CC Churning, Points Earning, The Financial Thread

Postby Uncle Milty » Fri Jan 19, 2018 10:40 am

Thanks. I've held off on new credit card offers in case I need to move/get a new mortgage. But I can't see any credit impact from an additional deposit account.
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Re: CC Churning, Points Earning, The Financial Thread

Postby Grotewold » Fri Jan 19, 2018 10:56 am

Uncle Milty wrote:Thanks. I've held off on new credit card offers in case I need to move/get a new mortgage.


yep that's why I'm back to teh banks
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Re: CC Churning, Points Earning, The Financial Thread

Postby heyeaglefn » Fri Jul 13, 2018 8:38 am

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Re: CC Churning, Points Earning, The Financial Thread

Postby jamiethekiller » Fri Jul 13, 2018 8:54 am

heyeaglefn wrote:https://www.doctorofcredit.com/pa-citadel-bank-300-checking-bonus-100-savings/


thanks for this. the DD kinda sucks(i only get paid once a month) but i'll try to make this work. I have a bunch of cash that was looking for a high yield savings account and this might be good enough for now, as well.
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Re: CC Churning, Points Earning, The Financial Thread

Postby Grotewold » Fri Jul 13, 2018 8:55 am

I do these a lot but wish I could arrange my own work direct deposits. The HR lady seems to regard me as some sort of shadow despot
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Re: CC Churning, Points Earning, The Financial Thread

Postby jamiethekiller » Fri Jul 13, 2018 8:57 am

Grotewold wrote:I do these a lot but wish I could arrange my own work direct deposits. The HR lady seems to regard me as some sort of shadow despot


i have direct access to my DD(i can set up 3 DD accounts as well.) i'm just never sure when things get processed. I can set it by percentage or an exact amount as well.
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Re: CC Churning, Points Earning, The Financial Thread

Postby Grotewold » Fri Jul 13, 2018 8:58 am

jamiethekiller wrote:
Grotewold wrote:I do these a lot but wish I could arrange my own work direct deposits. The HR lady seems to regard me as some sort of shadow despot


i have direct access to my DD(i can set up 3 DD accounts as well.) i'm just never sure when things get processed. I can set it by percentage or an exact amount as well.


damn dude you could run wild
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Re: CC Churning, Points Earning, The Financial Thread

Postby jamiethekiller » Fri Jul 13, 2018 8:59 am

i know i could. just gives me anxiety to move that much money around all the time.
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Re: CC Churning, Points Earning, The Financial Thread

Postby heyeaglefn » Fri Jul 13, 2018 9:59 am

Paypal works for Direct Deposit in a lot of cases. Transfers from other bank accounts often work too.
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Re: CC Churning, Points Earning, The Financial Thread

Postby Uncle Milty » Sun Dec 30, 2018 12:21 pm

Any downside (credit impact, etc.) to transferring balances between existing credit cards?

Received a 0% offer from my oldest card just as the 0% offer from my newest card is about to expire. 1% transfer fee this time but I'll make up for that by paying off the car instead of the CC balance.
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Re: CC Churning, Points Earning, The Financial Thread

Postby Bucky » Sun Dec 30, 2018 12:31 pm

it's called 'card hopping', and although there can be downsides, the upside usually outweighs it greatly. I employed this strategy a lot over the years. The key thing to look for (as you already have) is the transfer fee. Many people don't bother the look for that and get socked for up to 5%. So in essence it's really cheap money if you're sure you can pay off within the period for the reduced rate.

There's always slight negative connotations to opening and closing too many accounts, but depending on your current credit rating (and immediate future plans, like maybe buying a house) the implications may not even be noticeable.
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Re: CC Churning, Points Earning, The Financial Thread

Postby Uncle Milty » Sun Dec 30, 2018 10:19 pm

Potential need to buy a different house is the reason I'm being cautious.

If the cardiologist clears me I found a surgeon I'm comfortable with for the next neck surgery. If all goes according to plan I'll be back on my feet by summer. From projected salaries for job postings a move may be necessary to get close to my previous salary.
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Re: CC Churning, Points Earning, The Financial Thread

Postby Grotewold » Fri Jan 04, 2019 1:17 pm

Had an hour to kill at work and set myself up for $600 in bank account bonuses

h/t HEF and DOC
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Re: CC Churning, Points Earning, The Financial Thread

Postby heyeaglefn » Mon Jan 28, 2019 11:23 am

3% Debit card, could be useful for Money Orders since many places require debit card.

Here is my referral link if you want to get on the waiting list.

https://www.exseed.io?kid=VYZ6J
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Re: CC Churning, Points Earning, The Financial Thread

Postby Uncle Milty » Fri Feb 08, 2019 10:08 am

Not sure if it's for all their reward cards or just the MLB ones. BOAs option to change your top reward category on a monthly basis makes it a more attractive card.
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Re: CC Churning, Points Earning, The Financial Thread

Postby Uncle Milty » Mon Feb 11, 2019 9:47 am

Searching hasn't provided the answer so I'll ask y'all. Especially since Robin Hood's 3% thing seems dead.

Do any brokers pay decent interest on cash? Or is something like Ally's 2.2 APY on savings and a transfer to a brokerage account when needed the best option?
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Re: CC Churning, Points Earning, The Financial Thread

Postby heyeaglefn » Mon Feb 11, 2019 9:51 am

Uncle Milty wrote:Searching hasn't provided the answer so I'll ask y'all. Especially since Robin Hood's 3% thing seems dead.

Do any brokers pay decent interest on cash? Or is something like Ally's 2.2 APY on savings and a transfer to a brokerage account when needed the best option?

I know Vanguard has one, I saw some talk about it on Bogleheads and I have some funds in it, I'll have to log on to find the ticker name. I think it is like 2.2%
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Re: CC Churning, Points Earning, The Financial Thread

Postby Grotewold » Mon Feb 11, 2019 10:40 am

LMCU pays 3 percent, on up to a 15K balance. You just need to have a direct deposit (of any amount), log into your account four times, and make 10 debit purchases every month. For the latter I just do ten loads of $0.50 to my Amazon account.
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