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  • skives
    started a topic Would you jump through hoops?

    Would you jump through hoops?

    Two local Credit Unions are offering 4% interest up to $15,000 balance on their checking account if you do four things each month. Would you jump through these four hoops to get 4% interest on a checking account? No interest on balances above $15,000 at either Credit Union.

    First Credit Union


    1. Deposit $500 into account (regular deposit or direct deposit)

    2. Login into online/mobile banking one times

    3. Make 15 debt card transactions

    4. Sign up for eStatements


    Second Credit Union


    1. Direct deposit $100 into account

    2. Login into online/mobile banking four times

    3. Make 10 debt card transactions

    4. Sign up for eStatements
    Last edited by skives; 10-04-2019, 02:36 PM.

  • skives
    replied
    Originally posted by scfr View Post
    Skives - I'm curious? Have you made a decision? What did you decide to do?
    Currently I can not do it because I have $15,000 tied up into a $500 bonus for a checking account. I do believe though I will not do it because I will just use the money for checking account bonuses. Simple Checking is offering a $500 bonus for keeping $20,000 in an account for 3 months.

    Leave a comment:


  • FrugalTexan75
    replied
    Well ... I currently do something similar to this deal.

    We have an account at a bank where we get 4% for up to $40k. I use it as our main account - weekly gas fill ups for me (esp. since I need to fill up more often now to account for a faulty fuel gauge) and multiple small grocery store trips for my DH ... make up the 12 transactions pretty quickly. I keep track, and once the number is met, I only use our rewards cards. It's worth it to me ... and hasn't been that much hassle (once I realized that Walmart did NOT work as a transaction.)

    I'm not really too worried about a debit card being associated with the account either. The money is protected, and if someone were to take the money out, we would get it back eventually. I have enough in a different account to pay our bills for a while until the money was back. (Though I'm really not too worried about it. Just like to be prepared.)

    Leave a comment:


  • scfr
    replied
    Skives - I'm curious? Have you made a decision? What did you decide to do?

    Leave a comment:


  • bjl584
    replied
    Originally posted by skives View Post
    Two local Credit Unions are offering 4% interest up to $15,000 balance on their checking account if you do four things each month. Would you jump through these four hoops to get 4% interest on a checking account? No interest on balances above $15,000 at either Credit Union.

    First Credit Union


    1. Deposit $500 into account (regular deposit or direct deposit)

    2. Login into online/mobile banking one times

    3. Make 15 debt card transactions

    4. Sign up for eStatements


    Second Credit Union


    1. Direct deposit $100 into account

    2. Login into online/mobile banking four times

    3. Make 10 debt card transactions

    4. Sign up for eStatements
    i would not.
    I'm turned off by anything that has stipulations like this.
    Unless of course you are going to use one of these banks as your primary bank anyway and you end up with the rewards by default.

    If someone approached me and said you can double your money in one year if you do A, B, and C, then sure. Sign me up.
    But chasing a few hundred bucks isn't going to change my life and is a waste of my time.

    Leave a comment:


  • mumof2
    replied
    Originally posted by Petunia 100 View Post

    I don't write checks, either. I use bill pay to pay bills. I use cash or credit card to buy things.

    You should be able to use a rewards credit card anyplace which accepts credit cards. Chase Freedom, Citi DoubleCash MasterCard, etc. Are these cards not issued to Australian customers?
    They do have some of those but most dont have the rewards like you guys do over there so not really worth it...and we use cash and bill pay to pay bills I don't like people touching my accounts LOL

    Leave a comment:


  • MonkeyMama
    replied
    Originally posted by MonkeyMama View Post

    Same. Don't use debit cards (& won't use debit cards)
    My original reply was more of a visceral reaction to using debit cards in general. But this is even moreseo with a savings account. I personally wouldn't tie a debit card to a savings account with large amounts of money. I think this is the biggest deal breaker for me, with these type deals. Just wasn't thinking about that part specifically when I first posted.

    Leave a comment:


  • Petunia 100
    replied
    Originally posted by Nutria View Post
    To get that 4%, I'd have to change banks, use a debit card (which I don't like doing), and break my 2.55% CDs, thereby losing all accrued interest.

    (Can you imagine the disaster if hackers cloned my card and drained $10K from my account?? Even if it did all eventually get put back? No thanks!)
    Right? I want to know that my emergency fund is there if I need it, not be pending due to some hacker problem.

    Leave a comment:


  • Petunia 100
    replied
    Originally posted by mumof2 View Post
    This is funny here in Australia we use debit card for everything...checks just arent a thing here and they take 3 days to clear in a bank..so not popular...paychecks just go into the bank and most people here don't use CC to buy everything as we dont get the discounts like you guys with CC...
    I don't write checks, either. I use bill pay to pay bills. I use cash or credit card to buy things.

    You should be able to use a rewards credit card anyplace which accepts credit cards. Chase Freedom, Citi DoubleCash MasterCard, etc. Are these cards not issued to Australian customers?

    Leave a comment:


  • Petunia 100
    replied
    No, because I do not use a debit card.

    Leave a comment:


  • Nutria
    replied
    To get that 4%, I'd have to change banks, use a debit card (which I don't like doing), and break my 2.55% CDs, thereby losing all accrued interest.

    (Can you imagine the disaster if hackers cloned my card and drained $10K from my account?? Even if it did all eventually get put back? No thanks!)

    Leave a comment:


  • disneysteve
    replied
    Originally posted by Nutria View Post

    But only on purchases.
    True so it only partially offsets things. As I said, it ultimately comes down to simplicity for me. Having to keep track of another account, another card, and how many times I've used that card each month just to make a very small amount over what I already earn isn't worth it personally.

    Leave a comment:


  • Nutria
    replied
    Originally posted by disneysteve View Post
    Plus you're losing the rewards from your credit card by using their debit card instead. That's at least 1% and often more. We routinely take advantage of the 5% deals on our Discover and Chase cards.
    But only on purchases.

    Leave a comment:


  • disneysteve
    replied
    Originally posted by skives View Post
    I should say this account will hold our emergency fund.
    If you consider it your EF, why would you be using it to put gas in your car? Or would you just replace the money since you need to deposit either $100 or $500 each month?

    You asked "Would you jump through hoops?" My answer remains no, I wouldn't. That doesn't mean you shouldn't. I just believe in keeping things simple and all of the rules and regulations here are unnecessarily complex for a very minimal gain. An extra $200 or $300/year would have absolutely zero impact on our finances. If I really needed a few extra dollars, I could easily pick up an extra 4-hour shift at work and make more than that and be done.

    Leave a comment:


  • kork13
    replied
    Originally posted by skives View Post
    I should say this account will hold our emergency fund.
    That immediately disqualifies the idea in my book... No way in the world that I would want to be making constant charges against my emergency fund. I'm off the mindset that an emergency fund should sit alone & almost ignored in the background, ready for use if needed, but generally untouched. Making 15 transactions a month against your EF is just asking for trouble.

    Leave a comment:

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