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Is this Capital One bonus a good deal?

38 10 June 18, 2020 at 06:54 AM
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Earn a $450 bonus when I deposit $50,000 into my MMA currently earning 1.00% and keep it there 3 months. The money would be coming from an account earning 1.35% currently. If my math is correct, $450 on $50,000 is like 0.90% a year or 3.60% for 3 months on top of the 1% it's already earning, or 4.60% total. Does this seem right and is it then a no-brainer to do?

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In my opinion, locking up $50K for a $450 is not the BEST deal RIGHT NOW as of this post. You can get $600 from Chase by opening a Savings and Checking account and depositing $15K for 90 days and getting a direct deposit. Citi is also offering $400 for a checking plus saving account after a $15K deposit and holding for 60 days. [Expired]Capital One 360 is offering $200 when you deposit $20K into a saving account and holding it for 60 days.

EDIT: The Capital One offer expired last week, edited my post. In any case, there are plenty of better offers. I personally don't consider anything below $250-300 for every $15k

So for the same $50k and 90 days you could make $1000 instead.
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Last edited by edxmon June 18, 2020 at 10:20 AM.
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Reading the Chase offer,

To receive the $300 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposit made to this account within 90 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Chase Quickpay® with Zelle®) are not considered a direct deposit.

It requires a direct deposit which I don't have. Is there some workaround? Like an electronic transfer from my other bank?
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Quote from atikovi
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Reading the Chase offer,

To receive the $300 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposit made to this account within 90 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Chase Quickpay® with Zelle®) are not considered a direct deposit.

It requires a direct deposit which I don't have. Is there some workaround? Like an electronic transfer from my other bank?
Yes, there is. Banks are continuously updating their system to prevent other transfers from triggering the direct deposit requirement, so just because it has worked in the past doesn't guarantee it will work in the future:

https://www.hustlermoneyblog.com/...its/#Chase

That being said, while chase is giving a substantial bonus, there are other good but smaller bonuses. TastyWorks is offering 100 shares of a random stock valued at $1-6 when you deposit $2k into your brokerage accoun and keeping it for 60 days. Google "Doctor of Credit" and search for bonuses. You have enough money to get 3-5 bonuses in a 90 day period. You can do WAY better than $450 with $50k in liquid funds with other bonuses.
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Last edited by edxmon June 18, 2020 at 12:19 PM.
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Quote from atikovi
:
Reading the Chase offer,

To receive the $300 checking bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposit made to this account within 90 days of account opening. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Chase Quickpay® with Zelle®) are not considered a direct deposit.

It requires a direct deposit which I don't have. Is there some workaround? Like an electronic transfer from my other bank?

First off the Direct Deposit thing is a pita and not worth the trouble imo. There may be ways around it, but I would not want to experiment with it to see what does and does not qualify as such.

Second, Chase in particular is a notorious pita about bonuses and trying to make you jump through paperwork and other hoops to get them. I swore off them years ago as I was not going to deal with them and their hostile customer service people again, but that is me.

And they give ZERO interest so that money is effectively an interest free loan to them. While that may not be much in this 1% interest rate environment, it does reduces you net bonus.

So no interest, lousy service, lousy customer service in a bank you really will run to close the account as soon as the holding requirement is met...just not worth it imo, but again, that is me.
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Quote from YanksIn2009
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First off the Direct Deposit thing is a pita and not worth the trouble imo. There may be ways around it, but I would not want to experiment with it to see what does and does not qualify as such.

Second, Chase in particular is a notorious pita about bonuses and trying to make you jump through paperwork and other hoops to get them. I swore off them years ago as I was not going to deal with them and their hostile customer service people again, but that is me.

And they give ZERO interest so that money is effectively an interest free loan to them. While that may not be much in this 1% interest rate environment, it does reduces you net bonus.

So no interest, lousy service, lousy customer service in a bank you really will run to close the account as soon as the holding requirement is met...just not worth it imo, but again, that is me.
I understand your experience. Personally I have never failed to get a bonus from Chase (or any other, following DoC data points) and never had to do anything more than what is in the print. It takes work to know what counts and doesn't count, and it takes diligence. Free money does not mean easy money.

That being said your "interest free loan" statement is disingenuous. A return on $15k of $600 (Chase checking/saving bonus) is a profit of 4%. If you ONLY do this bonus, that's 4% APY. IF you could find a 4% APY savings account with zero hoops, for that same $15k you'd make $150 (instead of $600) in those same 90 days. "In this 1% interest rate environment", you'd only make $37.50 in those same 90 days with a 1% savings account. Even if you count that as a reduction of your net bonus, you're still $562.50 ahead, or at 3.75% APY, if that's the only bonus you receive with that $15k.

If there EVER was a time to do bonuses it's now. 1%APY being the most interest you are getting with a majority of banks means the opportunity cost (if you failed to get the bonus) is very small compared to the reward. Not to mention in most cases you are only parking you money for 90 days at a time, and then you get to try again with another bonus.
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Last edited by edxmon June 19, 2020 at 09:31 AM.
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