Apr 26, 2009

Don't Loose That Free Money

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.


  1. AG,

    Thats 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.

  2. Jay: Thanks for taking the time to post your views.

    You 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 :)

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