Anybody Else Try To Collect Bank Bonuses?

[Diggin It]

Quite a few banks nationwide offer sign up bonuses to attract new customers. Several money/consumer websites aggregate them and detail the requirements (search for bank bonuses). I've seen anywhere from $50 to $500 or $600, sometimes higher for special conditions. They're usually pretty simple, make a qualifying deposit of $X and leave for a minimum X days. Sometimes they make them more complicated by requiring monthly recurring Direct Deposits, or a certain number of Debit Card purchases each month. Some are limited to their own states/service areas, others are open nationwide. Most only require small balances initially, usually less than $1,000, but some go much higher for the bigger bonuses.

You also have to watch for 'gotchas' like monthly service fees, but there are almost always ways to avoid those.

I've picked up close to $1,000 of 'free' money in bonuses in the last year, but they will trigger a 1099INT next year.

 

[Streetcar]

Yes to 1099, it is income

 

[RickB]

I stay with credit cards that watch for fraud and back me up if I need to dispute a charge. I keep my bank accounts with bankers that limit the use of smoke and mirrors while meeting my needs without monthly fees.
The come-ones, gimmicks and freebies are for somebody else. I don’t have any balances to transfer so that game is a non-starter.

 

[TnAndy]

Our credit union does profit sharing every year, something no bank I've ever dealt with does.....it's averaged about 200 bucks/yr for us. AND their savings interest, while still pitiful, is several times more than any of the banks.

 

[fried1765]

I stay with credit cards that watch for fraud and back me up if I need to dispute a charge. I keep my bank accounts with bankers that limit the use of smoke and mirrors while meeting my needs without monthly fees.
The come-ones, gimmicks and freebies are for somebody else. I don稚 have any balances to transfer so that game is a non-starter.

I look for credit cards that offer a sign up bonus.
Usually $200 bonus if you charge $1000 in the first 3 months or so.
Open the account, charge $1000, pay off before interest due.

Then charge items totaling a bit more than the $200 bonus + points accrued, pay balance difference, and close the account.
Card open/close issue might affect credit score, but might not.
Why would I even give a hoot about credit score?
I'll be 80 this year. I ain't gonna borrow no money from nobody!

I put EVERYTHING that I can on one of 3 credit cards ( no annual fees), and pay off monthly.
Gas/groceries/ drug stores = 5%
All Internet purchases = 3%
Everything else = 2%

I collected $1300+ last year!

 

[drssg]

I was at the self checkout at Home Depot a while back, and there was one attendant for half a dozen checkout stations. She called out that we can get $50 off our purchase by signing up for a Home Depot credit card.

An older gentleman, who was paying with cash, called back, "I'll take four of 'em!"

 

[TnAndy]

An older gentleman, who was paying with cash, called back, "I'll take four of 'em!"

Probably my uncle. Has a real sense of humor !!

 

[BoylermanCT]

I was at the self checkout at Home Depot a while back, and there was one attendant for half a dozen checkout stations. She called out that we can get $50 off our purchase by signing up for a Home Depot credit card.

An older gentleman, who was paying with cash, called back, "I'll take four of 'em!"

Home Depot lets you have multiple cards. I was there in Dec buying a cordless drill for a present, and she offered me $50 to open a credit card. I said no thanks I already had one. She said that did not matter, so I opened a 2nd account and took $50 off the purchase.

 

[drssg]

Home Depot lets you have multiple cards. I was there in Dec buying a cordless drill for a present, and she offered me $50 to open a credit card. I said no thanks I already had one. She said that did not matter, so I opened a 2nd account and took $50 off the purchase.

That's surprising to me. I'll bet they at least limit you to one card per purchase.

 

[Jstpssng]

I tried last summer on my AMEX card. "Spend $1000 in 90 days and we'll give a $200 bonus."
Between gas and motel rooms I was able to spend/pay it off, but miscalculated and hit that mark in 91 days.
It's all gimmicks, smoke and mirrors anyways, trying to get you to use your card at somebody else's expense. (AKA "The vendor.")

I do find myself using plastic more and more lately; at least I know where my card has been and am getting good at punching numbers into their machine with a pen.