Day 26: Credit Card or Bank Churning Hustle
Greetings Everyone!
Today's post is not going to be for everyone.
This topic is for someone that is well organized and have certain things in place to be successful.
Churning is a Slang term for utilizing one thing to get another.
Meaning that you already have something, but you get another and cover it with what you all ready have to get more. So in essence, you already have a Credit Card or Bank account. A bank decides to offer you a Bonus for signing up for their Bank account or Credit card; You read the offer and you have the things that they require to get a bonus; you sign up and do those thing; you get the bonus.
(Example) Chase Bank offers $600 to sign up for their Checking and Savings account.
$300 for Checking account if you Direct Deposit into the account of $1500 or more in the next 90 days.
$300 for Savings if you deposit X amount of dollars, and keep a daily average of X amount to cover the maintenance fees. You have $1500 (Or whatever amount) in the bank, you transfer it into the account and let it sit. Once you receive the bonus, you pull it out and keep the account open for 6 months.
(Example) Chase Bank offers a Credit card with X amount and 75,000 bonus Miles. All you have to do is spend $3000 in 60 days. You pay all your bills using the card, and make some purchases with the card and you hit the quota.
Rinse and repeat...
These are just some of the various ideas on Churning. Many banks offer bonuses for signing up for accounts, but you must read the qualifications. The main idea for banks are to draw you in and hope that you "DONT" follow the rules. If you are not an organized person, you can easily forget or not follow the rules, and don't qualify for the bonus. Now you have an account that you must maintain for about 6 months, or if you close it, you will be penalized. You can do this as many times as you like, long as you are detailed oriented.
This is a great website to get a better understanding of Churning, as well as a daily list of Banks that offer bonuses, as well as great financial offers period!
Today's post is not going to be for everyone.
This topic is for someone that is well organized and have certain things in place to be successful.
Churning is a Slang term for utilizing one thing to get another.
Meaning that you already have something, but you get another and cover it with what you all ready have to get more. So in essence, you already have a Credit Card or Bank account. A bank decides to offer you a Bonus for signing up for their Bank account or Credit card; You read the offer and you have the things that they require to get a bonus; you sign up and do those thing; you get the bonus.
(Example) Chase Bank offers $600 to sign up for their Checking and Savings account.
$300 for Checking account if you Direct Deposit into the account of $1500 or more in the next 90 days.
$300 for Savings if you deposit X amount of dollars, and keep a daily average of X amount to cover the maintenance fees. You have $1500 (Or whatever amount) in the bank, you transfer it into the account and let it sit. Once you receive the bonus, you pull it out and keep the account open for 6 months.
(Example) Chase Bank offers a Credit card with X amount and 75,000 bonus Miles. All you have to do is spend $3000 in 60 days. You pay all your bills using the card, and make some purchases with the card and you hit the quota.
Rinse and repeat...
These are just some of the various ideas on Churning. Many banks offer bonuses for signing up for accounts, but you must read the qualifications. The main idea for banks are to draw you in and hope that you "DONT" follow the rules. If you are not an organized person, you can easily forget or not follow the rules, and don't qualify for the bonus. Now you have an account that you must maintain for about 6 months, or if you close it, you will be penalized. You can do this as many times as you like, long as you are detailed oriented.
This is a great website to get a better understanding of Churning, as well as a daily list of Banks that offer bonuses, as well as great financial offers period!
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