We Just Earned $1,000 For A Few Hours of Work
My wife and I each recently cashed our $500+ cashback checks from Chase Sapphire for a total of just over $1,000 for opening 2 credit cards and just a few hours of work.
In January my wife and I each applied for a Chase Sapphire Credit Card with 50,000 Chase Ultimate Rewards bonus points promotion after you spent $3,000 on the card in 3 months. Chase Ultimate Rewards are worth $0.01 per point for cash rewards so 50,000 points are worth $500. It easy to request a rewards check via their web site or you can apply the points to travel purchases for further bonuses, but these days we are opting for cash as we don't have near term travel plans.(Note: The Chase Sapphire card is currently offering a 40,000 bonus promotion for new cardholders as of 4/1)
How to Increase Spend for Credit Card Offers
While our monthly expenses are a couple grand per month, its difficult for us to effectively target all our spend on the right credit cards to make sure we meet the spending requirements. We successfully used Amazon Payments to spend $1,000/mo on each credit card in round trip transactions. My wife would transfer $1,000 to me from her credit card and then I would do the same from my credit card. It worked out well with two of us doing it at the same time to effectively pass transfers back and forth. We also used Amazon Payments to help us earn 200,000 British Airways Miles on another credit card promotion for our transatlantic journey late last year.
Does It Damage Our Credit Score?
My wife was initially resistant to the idea as she was concerned about hurting her credit score. It took repeated attempts and a little negotiation on my part to convince her to try it with this rare opportunity. After all I have been taking advantage of credit card balance transfer and promotions for over a decade with no permanent impact to your credit score. Jonathan @ mymoneyblog had a nice summary of effects on credit score.
How Much Time Involved?
Here are some estimates of the time involved in this for each credit card promotion:
-20min to open the credit card online
-10min to perform two $500 transfers on Amazon Payments in Month 1
-10min to enroll account online and setup automatic payments
-10min to perform two $500 transfers on Amazon Payments in Month 2
-10min to perform two $500 transfers on Amazon Payments in Month 3
-30min to cancel the credit card before 1year anniversary to avoid annual fee
So it took about roughly 2 hours worth of work to earn each $500+ bonus, or effectively $250+/hr. I'm thinking this has to be close to some of the easiest money we have ever made or at least at a minimum one of the highest returns for time/life energy we've found.
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