maggersmagoo

I just received a $50,000 loan which I need to turn over to my ex for a divorce settlement. I have the cash now, but I don't have to turn it over for another 7 weeks. I got an email today about the Fidelity investment offer, and thought that would have been a great way to squeeze some miles out of that money, but I see that the money has to remain in the account for 6 months.

So I was just wondering if anyone has any other ideas as to how I could use some rare (for me) capital to get a few miles as consolation for the whole divorce mess.

Thanks!

sj22

Check out bankdirect for some AA miles. They give 10% on your balance, so you can earn 5-8k AA miles on your $$.

BankerManUSA

Check with Chase. I just got a targeted offer for $200 to open a savings account with minimum of $15k opening balance. The money doesn't have to stay there after they pay you (after first 10 days). Then, just keep account open with minimum of $300 or monthly transfer from checking for $25 for six months. No fees.

Additionally, TD Ameritrade has a good deal for up to $600 when you open new brokerage accounts with them. No trading is required and you get free UA points too if you take the leap from .bomb. Not sure what the $$ requirement is for the $600 but they've been doing it for a while now. Also not sure of the timeframe...

Good luck!

swag

My first thought was also BankDirect, but given the short time frame, it's not worth it. $50K earns 5K miles/month, but it can take a couple of weeks to get the account set up, so he might only get it for one month. Add 1K miles for acct open, 1K for referral, and it's 7K miles total. But there's one or 2 monthly fees of $12, plus $15 fee if the account is closed within 90 days of opening. And a whole bunch of hassle.

mileshound

It takes at least a week to establish the bank direct account so that will eat into your timeframe.

luv2ctheworld

I think the 7 weeks may impact your ability to collect the miles. Quite a few of these bonus miles promotion require a minimum amount of time the money has to be in the account and depending on the T&C's, it may prevent you from successfully getting it.

Stubtify

1) Buy $50,000 worth of Visa Gift cards on credit from any/all possible sources. Even worse: Buy Amex Gift cards which would be especially tough to cash out.

2) Pay CC bill with $50k cash

3) In 7 weeks give $50K in gift cards as final payment in the divorce settlement.


worth the cost I'm sure.

maggersmagoo

This would be great, especially if I bought them in like $20 increments. Like the suggestion someone made to pay her with $50,000 in pennies, haha! Unfortunately, I have to make the check out to her lawyer. Maybe they set the law up that way because people complained about getting truckloads of pennies.

Anyway, I think the timeline is going to be too tight to make good use of the money. I think I'll have to settle for just forking it over. Such is life!

Happy

You sure about the fine print of the Chase bonus?

AFAIK, all such promotions Chase has offered, requires the money sits there for 6 months. I got this type of offers quite often but unfortunately one can only have a single bonus per calendar year.

Happy

Exactly. He would be lucky to get his account set up in 2 weeks. He would definitely be hit with the early account close fee on top of the $12 per month fee...

Totally not worth the hassle.

In fact, with only 7 weeks time frame, the simpler the better if he tries to make something out of the $50K that does not belong to him (and a loan to begin with.)

Any mishap could cost him some dough that would be far more than whatever miles he could get. just sayin.

Stubtify

For the chase bonus the account must stay open for 6 months. That means tying up $1500 for a checking account and $300 for a savings account to avoid a monthly fee on either. However the fund do not need to sit in the account anymore than the 10 days or so the bonus takes to hit.

Also for reference the bonus is usually $150-$200 for opening a checking account, and another $125-$150 for opening a savings account and funding it with $10k or more of new, non chase, money. If you have access to family members you could do this a few times (buy the coupons on ebay) and make $1k or so off the $50,000 you have sitting around.

Source: I have done this, as recently as this year, and have pulled all excess money out except the $1500/$300 minimum daily limits.

mia

Please do not solicit referrals in FlyerTalk posts. If your account is eligible for a Signature you are permitted to mention referrals there, but not in the body of a post.

farwest101

Do you have (or can you quickly get?) a miles earning debit like Suntrust Delta or BoA Alaska? Then go buy $50K of money orders and tell your ex to go cash em. Get 50K Delta or 25K Alaska miles.

Warp

Oh how it would be nice if the mint was still around, roll up to her front door with a dolly of dollar coins

ChaseTheMiles

This might not be possible, but can the OP reach an agreement to pay the ex on a payment plan and it will buy some time?