10% Return on $1000

[Senator]

There was a recent post about earning 5% on a 20K amount.


US bank has a deal to get 10%.

Here is what I did. Deposit $1000 right up front. Get a $50 gift card.

Set up a auto transfer, for $1 a month, for 12 months. After a year, get another $50 gift card. That's $100 on a $1000 deposit. Plus you get minimal interest on the $1,000.

You can only do it once.

Per the site
Get rewarded!
When you save $1,000 you’ll earn a $50 U.S. Bank Rewards Visa® Card.
Keep that $1,000 or more for a year and earn another $50 Rewards Card.

 

[soupcxan]

I bet they send you a 1099-INT for that $100.

 

[Rustward]

I bet they send you a 1099-INT for that $100.

. . . and if they did, would that make it a bad deal?

 

[Senator]

I bet they send you a 1099-INT for that $100.

I can't remember if they did or not. But a 'free' hundred is not bad. Too bad you can't put a 1MM into it.

 

[soupcxan]

. . . and if they did, would that make it a bad deal?

For me, the time required to get $100 out of this is already a bad deal, and when it's only $65 after tax, it's an even worse deal. If your free time is worthless, then perhaps its a good deal.

 

[daylatedollarshort]

I love these little deals! Please keep posting them for us plebians.

 

[Running_Man]

You have to keep a balance of $1500 or else a $6.95 a month service fee is charged, either that or $1,000 a month transfers.

 

[jetpack]

You'd get the interest on that as well, checking their rates... 0.01%.. Is that a joke? No wonder they need promotions like this.


Sent from my iPhone using Early Retirement Forum

 

[marko]

There was a recent post about earning 5% on a 20K amount.


US bank has a deal to get 10%.

Here is what I did. Deposit $1000 right up front. Get a $50 gift card.

Set up a auto transfer, for $1 a month, for 12 months. After a year, get another $50 gift card. That's $100 on a $1000 deposit. Plus you get minimal interest on the $1,000.

You can only do it once.

Per the site
Get rewarded!
When you save $1,000 you’ll earn a $50 U.S. Bank Rewards Visa® Card.
Keep that $1,000 or more for a year and earn another $50 Rewards Card.

10% sounds good but if you can only do it once, it sounds like a lot of jumping around for $100 bucks!

 

[Senator]

You'd get the interest on that as well, checking their rates... 0.01%.. Is that a joke? No wonder they need promotions like this.

I had over $150K at Fidelity in their 'FIDELITY MUNICIPAL MONEY MARKET' position, an that is all they pay even on a large balance. It's liquid, and it only pays 0.01%. No fees monthly though.

I don't pay fees, as I have a platinum checking account. If there is a 6.95 fee, it's probably not worth it. But even if you have to have $1500 in balances, it's a decent return for 12 months.

 

[Rustward]

For me, the time required to get $100 out of this is already a bad deal, and when it's only $65 after tax, it's an even worse deal. If your free time is worthless, then perhaps its a good deal.

Then I suggest you do not do the deal.

I humbly apologize for wasting your time with that post.

Curious: You mentioned the 1099-INT.
If you didn't get the 1099-INT but you got the gift cards, would it be worth it to you?

 

[daylatedollarshort]

I haven't read the fine print within the fine print on this yet, but lots of little money making ideas like this pop up on the fatwallet and slickdeal forums, and added up can mean enough extra money for a free trip to Hawaii or something big each year that doesn't draw down portfolio income.

Some day I would like to try a project just for fun to see if I could actually make a living wage just doing little money making online hacks like this.

 

[Tom52]

I did this deal last year with US Bank. You do get a 1099-INT for the gift cards.