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Discussion Just Earned Me 'Nother Quick $100

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Lost_in_the_HTTP

Lifer
Bank bonuses are cool.


Open an account, do a little dance, get free money.

Some are kind of involved with direct deposits, ATM/Debit transactions, high balances and so on. This one was simple. Open, fund with a minimum of $50 within a month, get $100 bonus soon after.

I was looking for a new account to work towards a savings goal, so this helped a lot.
 
And it essentially gets taxed like lotto winnings, iirc. The bank will likely send you the form for declaring that $100 around the time that W2s get mailed.

At least, I did when I received a similar deal for a new account "opening bonus" a number of years ago. The amount of tax isn't much obviously, but it IS kept track of...it's not exactly just a free gimme, heh.
 
The bank account ones always seem like more of a hassle than CC ones. Having to move money for a certain number of days and potentially updating my direct deposit. Just not worth the hassle. I only used one of those types of bonuses when I moved a few years ago and wanted an account with access to a lot of local atms.
 
Assuming that money is taxed at 22% plus some state amount, you're left with less $78 minus state taxes for your troubles.
 
pete6032 said:
Assuming that money is taxed at 22% plus some state amount, you're left with less $78 minus state taxes for your troubles.
Click to expand...
Some of us would lose half to taxes. Which is why I only do credit card rewards. Zero taxes for credit card stuff. I don't understand why one is taxed and not the other.
 
ponyo said:
Some of us would lose half to taxes. Which is why I only do credit card rewards. Zero taxes for credit card stuff. I don't understand why one is taxed and not the other.
Click to expand...
If I recall its because points and miles are not a formal currency and the issuing institution can inflate or deflate value substantially at their whim so a valuation for tax purposes would be more trouble than it's worth. Even the 'cash back' or 'statement credits' are not you being handed cash to do whatever you want with like a bank account bonus.
 
ChaChing!!!! 'Nother $400 due. Sign up, deposit $1000, get $400 free? YeahBuddy!!!!

Got a couple of more this year too, so on track for close to $2Gs this year.
 
I'm not doing nearly as well. I've gotten about $20 in Amazon digital credit for having some orders shipped to me on my Amazon day vs faster Prime shipping. I gotta get on some of this free dolla dolla bills yo!
 
Haven't played the opening new bank accounts game, but have gotten several hundred back with credit cards this year in cash back, targeted spend offers to places I was already going to buy from (like AmEx offers, Capital One's portal, etc), price protection benefits (Capital One has one of the few cards with this feature still, though MC limits it to 4 per calendar year), or one-off referral bonuses.
 
Stumbled into another $200 for a CC after a $1K purchases that I needed to make anyways. I'd been holding off and waiting for the right time. Got that one lined up at the end of September and it just paid off.

Still waiting on the $600 mentioned above, but confirmed the $400 will pay in early January.

Found another bank bonus for $500, but that one requires jumping though some hoops, so I have to get things ready first. Hoping to start that in the next 2-3 weeks and expecting payout in January.

On the direct deposit requirements, SOME, not all will take transfers from your other banks and end up coding them as direct deposits, so no need to do all that other work moving payroll or benefits.



 
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