The $10k threshold is a total for all rewards, not strictly bonuses, but does exclude any interest payments. It's a one-person operation. DW would rather see a dentist than open a bank account or credit card even if it pays her. And I don't include any DW cc cash back rewards in my calculations (she uses a 1.5% cash back card). With her help, we could easily add another $3-$4k/yr not including brokerage bonuses but there's no interest so I don't pursue it. The extra income is not important to her.How are you finding $10k worth of bonuses? Is this a two-person operation?$10,000/yr is my threshold. I'm retired so have plenty of time. When rewards drop below that amount or I get tired of the chase, I'll probably just focus on cash back only. I'm projecting I have at least a couple years left of bonus chasing. Less time on Bogleheads helps with time allocation for chasing. NW = mid-7 figures.
Most bonus amounts this year are related to national and local bank business checking accounts ($500 to $2000 each) combined with a couple of business credit cards ($500 to $750 each). I operate a long-term home-based business (a real one, not a "business" just for bonus chasing). For brokerages, I've done Merrill Edge and Wells Fargo this year, and only Wells Fargo last year. Clearly, I'm behind the curve when it comes to brokerage bonuses but I'm learning! I've focused some attention on improving cc cash back by migrating to 5% cash back non-rotating category cards (BofA, Citi, US Bank Cash+, Redstone, and UICCU) with some redundancy built in. Generally, I do very little bank churning - mostly it's one and done with banks (and products) I like retained for the long term. I don't do manufactured spending, 0% APR deals, sell tradelines, put personal spending on business cc cards, usually don't bother with bonuses less than $400, or pursue travel points cc cards. This year, projected income from bank rewards/chasing should amount to between $14k to $15k. I'm certain I could do better, especially with regard to brokerage bonuses, but that hasn't been my focus and I'm not interested in pursuing long-term relationships with firms like Robinhood or Webull. Maybe next year!
As you know bonus chasing is not effortless and requires organization and planning. Still, $10k+/yr is worth my time as I earmark the extra income for special purposes. I haven't picked up a penny off the sidewalk in a very long time but I am willing to pick up a 1/10 to 1/2 ounce gold coin which, essentially, is what these bonuses amount to.
Statistics: Posted by Pu239 — Tue Oct 29, 2024 1:31 am — Replies 105 — Views 6400