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Speaking of mortgage chips...

May 17th, 2011 at 08:42 am

Thanks to MyMoneyBlog - I just found an easy way to make $500.

http://www.mymoneyblog.com/chase-sapphire-preferred-card-new...

I haven't seen an offer this enticing... Ever???

Dh signed up for an AmEx last year and got a free kindle and a $100+ Amazon gift certificate.

I'd probably put this $500 cash to the mortgage. I was about $1,000 short of my goal, and this is an easy way to make up the difference. All I have to do is sign up for a credit card, and charge everything for 3 months. Our health insurance alone will get us 70% of the way there. (Spend $3k in 3 months).

There is a high annual fee. Will close the card the second the reward check clears. That's how we do it!

This may turn out to be a lucrative credit card reward year. I expected $600 in ROTH deposits with our Fidelity card. This may lower the Fidelity amount to $500-ish (if we don't use it for 3 months). Add $500 cash, and we will hit $1,000 in cash rewards this year. I'll apply since I think dh already has several Chase cards and I haven't applied for a cc just for a one-time promotion in at least 1 year - maybe 2 years. I haven't seen anything very enticing in a while.

Woohoo!

11 Responses to “Speaking of mortgage chips...”

  1. creditcardfree Says:

    That is a tempting offer. Any extra cash for us this year would be welcome.

  2. dmontngrey Says:

    Whoa... that's tempting. TOO tempting! Big Grin

  3. Petunia 100 Says:

    Wow, $500! That's quite a nice reward.

  4. MonkeyMama Says:

    Since I already have a Chase card, that application took less than a minute.

    I don't like spending a lot of effort to earn very little money, but I always find these type rewards to be SO EASY!

  5. ceejay74 Says:

    Wow! Hmm...I wonder if it's kosher to have AS apply for one separately in addition to me? (I'd also have to look over our upcoming budget and see if it's even likely that we'd be spending $6000 in 3 months, to make that bit of chicanery worth it.)

    I didn't see anything in the T&Cs about people with the same address not being able to apply separately. I did see stuff about current Chase cardmembers maybe being rejected. I have two Chase cards, so I wonder if I would even qualify...

  6. MonkeyMama Says:

    @Ceejay - I am sure it's fine - to get 2 cards with same address. If it doesn't say otherwise in the fine print.

    I don't expect to be declined since my current Chase card is unused. (I just haven't gotten around to closing it yet - the good rewards dried up). So, I have the feeling they want to win my business back. But, will see!

  7. Petunia 100 Says:

    I am trying to calculate how I could spend 3k in 3 months, I don't think I can do it right now. Hmmm.

    Having another Chase card didn't disqualify you? That's great.

    Congrats on the nice reward, and thanks so much for the tip!

  8. dmontngrey Says:

    Consider it done. DH applied since I already have 4 Chase cards. $3K would have been a breeze a couple months ago, but we're still confident we can do it.

  9. MonkeyMama Says:

    @Petunia - I don't know for sure yet. I have a fraud alert on my credit report, so they are usually slow to approve me for these things. Will let you all know if I get approved or declined. My understanding was they were more weeding out people who already had that particular card before, and who had a history of signing up for one-time bonuses. I have signed up for a few with Citi, but not which Chase. BUT, I will be bummed if they decline me for my one existing account that I don't use. Just crossing my fingers for now.

  10. debtfreeme Says:

    I applied, too, thanks for sharing about this card. I totaled up all of my expenses that I usually just put on the debit card and if I transfer to this card each month I can earn points and the cash will be nice.

    My expenses per month come to about $1100-1200 so I just made the cut off but paying all to one cc, never carrying a balance, paying off at one time after pay day (only one payday a month) yeah, I went for it.

    I will be shocked if I am turned down with a fico score over 780 and cc debt totally less than 5k.

    The no extra fees when traveling internationally is great, too!

  11. MonkeyMama Says:

    I just saw a $250 bonus for a similar card on the same blog. Same $3k purchase rules, so hoping it will still be around later. Maybe have dh apply for it once we get $3k on this card...

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