Kind of an interesting question, and it might be too broad to answer. But I assume someone may pick up on what I’m getting at.
Bank account sign up bonuses, perhaps.
Carmine said:
Bank account sign up bonuses, perhaps.
Chase has a really good one right now. $900 if you set up a direct deposit checking account and deposit $15k in a savings. Keep it in there for 90 days and you’ll get $900. Most others are $300 for setting up direct deposit if you’re lucky or you need a lot more than $15k for the savings account.
@Kale
Yeah I’ve got that one on my list, I can switch my direct deposit at will but I don’t have a spare $15k in a savings at the moment.
Citi checking stands out right now at $450 with not needing a balance or real direct deposits. You can Zelle yourself $3k twice.
Did or in process: BMO $350, Citi $300, Chime $410, SoFi $530. Looking to do: Old National $450, PNC $400, Associated $600, Chase $900. Obviously, I use the Doctor of Credit website for this info.
@Carmine
Add Laurel Road to your list. $300 sign-up + $240 in the first year if you keep the account for a bit.
Paden said:
@Carmine
Add Laurel Road to your list. $300 sign-up + $240 in the first year if you keep the account for a bit.
That’s a lot of direct deposits though right? One a month to get the $20/month. $45/DD is beat by a lot of other banks.
I feel like I could get other bonuses instead for better value. I guess when I work through more banks, it’ll make sense at some point.
@Carmine
I just route a portion of my paycheck through it and pay bills / transfer out to other banks. It’s a ‘pass through’ for the money. Definitely not a ton of dough for sure, but it’s legal, easy, and free. /shrug
Carmine said:
Bank account sign up bonuses, perhaps.
Yeah, if you have a decent chunk of savings, you can pull in a good bit of money from this.
Investing in cheap Vanguard mutual funds. Especially in tax-advantaged accounts like an IRA or Roth IRA. It’s maybe 10,000x more valuable than using a rewards credit card.
Josie said:
Investing in cheap Vanguard mutual funds. Especially in tax-advantaged accounts like an IRA or Roth IRA. It’s maybe 10,000x more valuable than using a rewards credit card.
That’s very true; credit cards are just a fun profitable game. Investing is what actually builds wealth.
Josie said:
Investing in cheap Vanguard mutual funds. Especially in tax-advantaged accounts like an IRA or Roth IRA. It’s maybe 10,000x more valuable than using a rewards credit card.
True. For me, the credit card game is just a fun thing. Index funds and ETFs are where one truly makes wealth.
The only somewhat similar thing that comes to mind as far as returns is:
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Putting your money in a HYSA/SPAXX/FDLXX and letting autopay stretch your payment dates out so you get maximum interest.
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Juggling CDs.
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I-bonds.
0% APR promotions. Instead of paying off your card each month, you only pay the minimum and put the rest of the money into a HYSA, then pay off the card when the period ends.
Kroger fuel points, maybe? Churn gift cards, get cheap gas.
Use coupons at the grocery store. Buy the generic versions of products.
Investing.
Debit card cashback? I make a game out of every ¢ getting cashback.
Churning checking account and credit card bonuses, paying minimum on 0% APY and switching to statement balance before interest kicks in, alongside a HYSA.
If it explicitly says it rewards you for ‘good habits’ or being ‘smart’, then most likely it’s a service profiting off people who don’t know better.
Financial institutions make more money when you’re not smart.
Investing > Saving > Spending (credit card rewards).
r/Bogleheads.