Banks offer incredibly lucrative bonuses for opening credit cards and meeting a spending threshold.
For example:
- Ending very soon, the Chase Ink Unlimited offers an unprecedented 90,000 points after spending $6,000 in 3 months, with no annual fee! Read more here.
- Ending very soon, the Chase Ink Cash offers an unprecedented 90,000 points after spending $6,000 in 3 months, with no annual fee! Read more here.
- Chase Ink Preferred offers a record 100,000 points after spending $15,000 in 3 months with a $95 annual fee. Read more here.
- Chase Ink Premier Card offers a record $1,000 cash back after spending $10,000 in 3 months with a $195 annual fee. Read more here.
- AMEX Business Platinum Card offers 120,000 points cash back after spending $15,000 in 3 months with a $695 annual fee. Read more here.
- Capital One Venture offers 75K points after spending $4,000 in 3 months with a $95 annual fee. Read more here.
- Capital One Venture X offers 75K points after spending $4,000 in 3 months with a $395 annual fee. Read more here.
Of course you put all your regular expenses on the new card, Amazon purchases, groceries, even try and get reimbursed for work related expenses if you can, but what happens if you’re still coming up short?
Pay your taxes
- You can pay your federal estimated or past balance due taxes for a lowest ever 1.85% fee. Note that you may need to pay via Paypal if your card type is rejected.
- If you make a $5,892 estimated federal tax payment you’ll pay a fee of about $109, but if you’re trying to complete the Ink Unlimited spend threshold you’ll also earn 99,000 Chase points (90K signup bonus+9K points for spending). Those will be worth at least $990 cash back, or they can be worth $1,485 or even $1,980 towards travel!
- If you overpaid your taxes, you can always request a refund when you file taxes.
Pay your tuition
- If you can pay your tuition without fees, this is a no brainer, but even if there is a fee, it can make sense to pay if you won’t otherwise hit the spend threshold on time.
Pay your utility bills and insurance
- My local natural gas company allows me to prepay up to $1,000 on a credit card for a $1.65 flat fee. That’s a great way to earn miles and help meet a spend threshold.
- My electricity supplier allows me to pay with a credit card for free as long as I am enrolled in autopay.
- You may be able to prepay other insurance and bills for several months in advance.
- You can also prepay your wireless bill, cable bill, E-Zpass, etc.
Pay your bills via Paypal
Pay your rent or mortgage
- With Plastiq, you can pay bills like rent or mortgage with a 2.9% fee. That’s pricier than paying your taxes, but it can still make sense if you don’t have taxes to pay.
- If you make $5,831 in rent/mortgage payments you’ll pay a fee of about $169, but if you’re trying to complete the Ink Unlimited spend threshold you’ll also earn 99,000 Chase points (90K signup bonus+9K points for spending). Those will be worth at least $990 cash back, or they can be worth $1,485 or even $1,980 towards travel!
Sent money for purchases via Paypal
- While sending money to friends and family via Paypal may not generate miles, you can mark payments as “goods” and earn miles, though the recipient will have to pay a fee of about 2.9%. If you make $5,831 in purchases of goods via Paypal the recipient will pay a fee of about $169, but if you’re trying to complete the Ink Unlimited spend threshold you’ll also earn 99,000 Chase points (90K signup bonus+9K points for spending). Those will be worth at least $990 cash back, or they can be worth $1,485 or even $1,980 towards travel!
Load up your Amazon account
- You can instantly load funds onto your Amazon account to help get your above a spend threshold. The funds will never expire.
- The Ink Cash card earns 5 points per dollar on Amazon gift cards sold from office supply stores. Open a new card and purchase $6,000 in gift card and you’ll have 120,000 points (90K signup bonus+30K points for spending). Those will be worth at least $1,200 cash back, or they can be worth $1,800 or even $2,400 towards travel! You can then save the Amazon gift cards to your Amazon.com account so that you don’t need to hang onto the physical gift card. Amazon Kindle and Fire gift cards can also be loaded to your Amazon account for use on anything sold on Amazon!
Buy gift cards for future use
- The Ink Cash card earns 5 points per dollar on hundreds of gift cards sold from office supply websites and stores. Open a new card and purchase $6,000 in gift card and you’ll have 120,000 points (90K signup bonus+30K points for spending). Those will be worth at least $1,200 cash back, or they can be worth $1,800 or even $2,400 towards travel!
- You can also buy Visa or Mastercard gift cards while also earning 5 points per dollar, that you can use anywhere in the future or gift as a present, while helping you meet a spend threshold.
- You can always buy gift cards at your favorite local stores to help meet a signup bonus deadline with money you’ll spend anyway in the coming months.
Negotiate to pay for part of a car with your card
- Don’t start off by asking to pay for a car on your card, but after you negotiate for a bottom line price, ask if you can put a few thousand dollars on your card without paying additional fees. It’s worked for me. 😀
Donate to charity
- Donate to your favorite charitable organization (or my local shul :D) and enjoy the bonus points for meeting the spend threshold. Donate via Paypal giving fund and the charity won’t have to pay any processing fees.
- If you have an Ink Cash card, purchase Mastercard or Visa gift cards from office supply stores to earn 5 points per dollar and donate those to charity to earn 5 points per dollar spent on top of the signup bonus!
How do you help meet spending thresholds?
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