Anybody Else Try To Collect Bank Bonuses?

[fried1765]

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... worrying about a virus which the OP says isn't a problem.

If I get a new card that has restrictions/limitations, I try to meet those requirements ASAP.
Spending $1,000 on a card in 90 days is rather easy to do.
Just charge everything that you can, as quickly as you can..... until you get to $1,000!
Spread it out over TWO months if need be.

 

[Diggin It]

ChaChing ... $300 just hit my 'new' account. I'll take it for doing next to nothing.

 

[fried1765]

ChaChing ... $300 just hit my 'new' account. I'll take it for doing next to nothing.

I do the same!
One time bank incentives are taxable.
You should expect to get a form 1099 for it, at the end of the year

 

[Diggin It]

Pricing out whole house generators. I see much better prices than I expected. I guess the demand has led to more companies offering smaller, residential based systems. I can get a 10% discount at a couple of places.

I see credit card offers of $200 or more in bonus rewards (on top of the normal rewards) if you make an $X purchase in X days and no interest if paid off in X months (varies from 12 to 18). That means I can get several hundred dollars off the purchase price AND take 18 months to pay it off while leaving the bulk in an interest bearing account. I don't believe the hit of an inquiry and new CC will matter much as long as I pay it off in that time. Makes a lot more sense (and dollars) than taking out a personal loan or opening an Equity line which would both incur origination fees.

 

[tallyho8]

I've taken them up on their bonuses a few times. Once we were on a cruise and they offered my wife and I $200 each to get one of their credit cards. No interest and all you had to do was use it once in 30 days. We both used ours once for very minor purchases, paid the bill in full the day we got it and never used it again. We received our $400 and cancelled the cards 6 months later.

We did the same thing with a bank that offered us $500 to open a checking account and spend $1000 in 90 days. Another easy $500 dollars. Cancelled account a few months later. The banks don't like me. They try to attract the gullible people who will get the card, use it a lot, run up bills and pay the high interest charges.

Does it hurt your credit rating? My rating has been in the high 700s for over 40 years. Last time I checked it was 801. As long as you don't overdo it and go applying for 10 credit cards a year I don't think it will significantly hurt your rating. By the way, your rating isn't just to borrow money. Your insurance premiums on your home, car and life will fluctuate with your credit rating.

Also, with our interest rates now days, you don't make anything putting your money in an interest bearing account. With the cost of living you actually lose money the longer it is in there as most banks are only paying 0.01% interest with top interest rates at 1%. People who don't know better think when they are getting 0.01% that they are getting 1% on their money but actually this is only 10 cents a year interest on $1000.00 in savings.