Yeah it's hard to believe but we do not usually pay attention to the ways we can get that Free Money to our pockets. Especially in this time of financial turmoil many of the financial institutions are trying to lure customers by giving away free cash rewards, mostly what they are asking for is to just open an account with them.
Recently I got a promotional letter from my credit union about the money rewards they are offering. Open a checking account with direct deposit (I earn $55), get a VISA credit card with them (I earn $20) and transfer a balance on this credit card (I earn $20). Hey that's a total of $95 (don't you call that free money?) and I got it today, and guess what, now I do not have to worry about my cell phone bills for 2 months :)
Now I understand the worries of having to handle few more accounts but at the end of the day you have received some free cash and you can always close the accounts once you have found your purpose.
I regularly follow a nice blog that wonderfully gathers and systematically presents interest rates for savings, checking and CD accounts. Click here to find out several available offers. Also you may want to see the best savings, checking, money-market account and CD rates. Also make sure to keep checking your credit union rates and offers. Find a credit union nearest to you using this Credit Union Locator.
Recently I got a promotional letter from my credit union about the money rewards they are offering. Open a checking account with direct deposit (I earn $55), get a VISA credit card with them (I earn $20) and transfer a balance on this credit card (I earn $20). Hey that's a total of $95 (don't you call that free money?) and I got it today, and guess what, now I do not have to worry about my cell phone bills for 2 months :)
Now I understand the worries of having to handle few more accounts but at the end of the day you have received some free cash and you can always close the accounts once you have found your purpose.
I regularly follow a nice blog that wonderfully gathers and systematically presents interest rates for savings, checking and CD accounts. Click here to find out several available offers. Also you may want to see the best savings, checking, money-market account and CD rates. Also make sure to keep checking your credit union rates and offers. Find a credit union nearest to you using this Credit Union Locator.
AG,
ReplyDeleteThats not a bad idea. But I would do that with caution. As you pointed out, it is not fun to maintain more accounts than you are comfortable with. Opening an account involves credit check. To the my knowledge there are 2 types of credit checks. Soft credit check and Hard credit check. Hard credit check hurts your credit score. Soft credit check won't affect your credit score. I would try to find out what kind of credit check would be performed if I open account or buy any product (credit card etc). Also banks keep record of opening and closing bank accounts. Too many accounts may lead to fraud and bank sees that as a risk which is not good.
To summarize, I would only open/clse accounts to get this "free money" if their credit check does not affect my credit score in any way. I am sure you know that we should give priority to credit score over few hundred bucks.
Jay: Thanks for taking the time to post your views.
ReplyDeleteYou are absolutely correct about hard and soft credit checks, moreover, you MUST attempt to minimize credit checks as they take away a few of your credit points each time.
Well I am not into the business of banking but from my experience I know that whenever you open a normal (savings/checking/MMA) account with a bank, you are verified in "atleast" two ways: (1) identity based on the documents you submit as proof of your identity (2) your past banking history available to the banks through ChexSystems Inc. (a FCRA agency).
ChexSystems only hold your records of any check or account frauds history. Thus there is no credit check involved to the best of my knowledge. You can also get your ChexSystems report for free at https://www.consumerdebit.com/consumerinfo/us/en/chexsystems/report/index.htm
When it comes to Credit Cards, definitely your credit records will take a hit and that's obvious b'cuz your CCs make up a major portion of your credit report.
Being cautious is always a good idea and it won't hurt to confirm with your bank what kinds of checks will they initiate on your application. I completely conform with your preference to Credit Score and hope you get all the "Free Money" possible without hurting your credit :)
Please keep reading the posts and feel free to share will all any useful stuff .... Let's Be Curious :)
Hi therе, I belieνe your blog cоulԁ ρоѕsibly be having wеb brоwser
ReplyDeleteсompatibility issuеs. When I takе a look at
youг wеbsite in Fіrefox,
іt lookѕ spot οn but when opеning in I.
E., it hаѕ some οѵerlарping
issues. I meгelу wаnteԁ to give you a quiсk heads uρ!
Aѕide from thаt, excellent blog!
my web-sіte; bad credit secured loans
You cаn defіnitеly see your еxpertise іn the ωοrk you write.
ReplyDeleteΤhe world hoрes for even moгe passionаte wгіters such аs you
who arе not afraid to ѕау hoω they
beliеve. At аll tіmes folloω your hеаrt.
Alsο visit my website; fast cash loans in 1 hour
Hi! ӏ juѕt would like to givе
ReplyDeleteyou a huge thumbs up foг the great information
уou have got here on thiѕ post. ӏ will be coming bаck to your site for more soon.
Revіew my ωebsіte - instant fast cash loans
I am truly thаnkful tο the holder of this
ReplyDeletesite who has shаred this great entry at at this time.
my web site; online fast cash loans
Ι loved аѕ much as уou will rесeivе сarгieԁ out rіght herе.
ReplyDeleteΤhe ѕketch is tasteful, your authored subјеct mаtteг stylish.
nonethelesѕ, you сommand get gοt аn edginess over that уou
wiѕh bе ԁelivеrіng
the following. unwеll unquestionably come more
formeгly аgaіn since еxасtly the samе nearly a
lot often inѕіde case you ѕhіеld
thiѕ hiκe.
mу weblog: best personal loan