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Doctor of Credit May 26, 14 7:02 pm


Originally Posted by raccah (Post 22928674)
Hye DOC - please do not blog this - give us FTers a chance to use it before the whole thing dies!!! I have a few new cards in transit!! Can you hold off for two weeks!!! Please

You know that there are places you can do initial funding which are 10k in CC without a hard pull right and come with a bank bonus? FT gets a lot more traffic that I do.

This deal is pretty average due to the HP, even without the HP it'd only really be worth it if the CD terms were shorter or had better interest rates.

Edited to add: Looks like it's an Equifax pull and it's for membership rather than account opening which leads me to believe you can open multiple CDs without worrying about chex system inquiries or HPs.

CD rate is 0.10% for a 6 month term, 0.35% if you get the member advantage rate. You're basically going to be forgoing 0.9% interest for six months, so remember to take that into account in your calculations.

carpentry4thought May 26, 14 7:43 pm

Amex gift carding is more profitable and easier than this if you have access to a Walmart or a grocery that will convert debits for you. I don't understand the desire to fund an account with a CC unless you can scale it way up?

josephstern May 26, 14 10:45 pm


Originally Posted by Doctor of Credit (Post 22929117)
You know that there are places you can do initial funding which are 10k in CC without a hard pull right and come with a bank bonus? FT gets a lot more traffic that I do.

This deal is pretty average due to the HP, even without the HP it'd only really be worth it if the CD terms were shorter or had better interest rates.

Edited to add: Looks like it's an Equifax pull and it's for membership rather than account opening which leads me to believe you can open multiple CDs without worrying about chex system inquiries or HPs.

CD rate is 0.10% for a 6 month term, 0.35% if you get the member advantage rate. You're basically going to be forgoing 0.9% interest for six months, so remember to take that into account in your calculations.

On your blog I see that you do have this bank listed, but I don't see any at $10K with or without a hard pull.

Care to post a hint?

skibum7732 May 26, 14 11:11 pm

HP is definitely a deal killer for me...I have to get way more than 5k miles for a HP

Lobachevsky May 26, 14 11:49 pm

Don't get too excited. Last year I opened an account, did one billpay, one ACH transfer, and bought 4 GCs. My account was restricted and then, after a conversation with an unpleasant fellow named Robert, was closed because my "unusual" activity was regarded as risky. Huh? I kept asking what was risky about one billpay, one transfer of funds INTO the bank (which I didn't draw upon for weeks), and spending $2K one day at a RiteAid store from funds that had cleared weeks ago. Never got a sensible answer.

GTE Financial is not likely to allow any games. But have at it and give it a try. Maybe my experience won't be yours.

carpentry4thought May 26, 14 11:54 pm


Originally Posted by carpentry4thought (Post 22929279)
Amex gift carding is more profitable and easier than this if you have access to a Walmart or a grocery that will convert debits for you. I don't understand the desire to fund an account with a CC unless you can scale it way up?

You guys can get 15k AlaskaAir miles and whatever your credit card gives for converting just $5k in Amex gift cards. Why are you guys messing with opening bank accounts???

Doctor of Credit May 27, 14 5:52 am


Originally Posted by josephstern (Post 22929890)
On your blog I see that you do have this bank listed, but I don't see any at $10K with or without a hard pull.

Care to post a hint?

I know of two banks that allow 10k CC funding currently, both should be available on my site. I don't want to link here as it means I need to cross post all the information under the new rules, but you shouldn't have any issues finding it.

Both are credit unions and region specific, so YMMV.


Originally Posted by carpentry4thought (Post 22930074)
You guys can get 15k AlaskaAir miles and whatever your credit card gives for converting just $5k in Amex gift cards. Why are you guys messing with opening bank accounts???

Because not everybody is trying to MS mass amounts, a lot of people just want to reach minimum spend requirements. Also bank accounts often come with their own bonuses as well which means you can double dip.

PHLisa May 27, 14 10:12 am


Originally Posted by Lobachevsky (Post 22930057)
Don't get too excited. Last year I opened an account, did one billpay, one ACH transfer, and bought 4 GCs. My account was restricted and then, after a conversation with an unpleasant fellow named Robert, was closed because my "unusual" activity was regarded as risky. Huh? I kept asking what was risky about one billpay, one transfer of funds INTO the bank (which I didn't draw upon for weeks), and spending $2K one day at a RiteAid store from funds that had cleared weeks ago. Never got a sensible answer.

GTE Financial is not likely to allow any games. But have at it and give it a try. Maybe my experience won't be yours.

This was actually my main CU for a long time when I lived in Florida. They are very conservative, so I'm not surprised to see that you had trouble.

raccah May 27, 14 4:36 pm

Called them, the limit is 5K per account with CC (to do initial load) and there is ONE HP for all accounts you open within 30 days.

carpentry4thought May 27, 14 4:47 pm


Originally Posted by Doctor of Credit (Post 22931023)
Because not everybody is trying to MS mass amounts, a lot of people just want to reach minimum spend requirements. Also bank accounts often come with their own bonuses as well which means you can double dip.

I believe you can cycle anywhere from $100 to $5000 or more per order with Amex gift cards, and the purchases will meet minimum spends on most cards (one can do some checking on this forum for details). Also, being able to double or triple dip in the Amex gift card cycle is what makes it valuable.

josephstern May 27, 14 8:06 pm


Originally Posted by Doctor of Credit (Post 22929117)
You know that there are places you can do initial funding which are 10k in CC without a hard pull right and come with a bank bonus? FT gets a lot more traffic that I do.

This deal is pretty average due to the HP, even without the HP it'd only really be worth it if the CD terms were shorter or had better interest rates.

Edited to add: Looks like it's an Equifax pull and it's for membership rather than account opening which leads me to believe you can open multiple CDs without worrying about chex system inquiries or HPs.

CD rate is 0.10% for a 6 month term, 0.35% if you get the member advantage rate. You're basically going to be forgoing 0.9% interest for six months, so remember to take that into account in your calculations.


Originally Posted by Doctor of Credit (Post 22931023)
I know of two banks that allow 10k CC funding currently, both should be available on my site. I don't want to link here as it means I need to cross post all the information under the new rules, but you shouldn't have any issues finding it.

Both are credit unions and region specific, so YMMV.



Because not everybody is trying to MS mass amounts, a lot of people just want to reach minimum spend requirements. Also bank accounts often come with their own bonuses as well which means you can double dip.

That's a pretty significant side-note to leave until the next post.

jan_believes May 27, 14 8:36 pm

Sounds good. Will be in that area soon....thanks for posting!:)

Doctor of Credit May 27, 14 10:32 pm


Originally Posted by josephstern (Post 22935620)
That's a pretty significant side-note to leave until the next post.

Wasn't something I was expecting to get 100's of PMs about to be honest, was just showing that there are alternatives out there that haven't been killed before due to me talking about them.


Originally Posted by carpentry4thought (Post 22934730)
I believe you can cycle anywhere from $100 to $5000 or more per order with Amex gift cards, and the purchases will meet minimum spends on most cards (one can do some checking on this forum for details). Also, being able to double or triple dip in the Amex gift card cycle is what makes it valuable.

The ROI on bank bonuses is much higher than that of Amex gift cards, just not as scale-able. If you're happy with amex GCs, great. A lot of people are looking for other methods that don't require multiple steps to unload and can be done from home/internationally which isn't possible (or at least easy/profitable) to do so with AGCs.

It's always nice to have back up methods for when AGCs/other tactics dry up and you should always have exit plans.

f0xx May 27, 14 10:38 pm


Originally Posted by Doctor of Credit (Post 22936181)
The ROI on bank bonuses is much higher than that of Amex gift cards, just not as scale-able. If you're happy with amex GCs, great. A lot of people are looking for other methods that don't require multiple steps to unload and can be done from home/internationally which isn't possible (or at least easy/profitable) to do so with AGCs.

It's always nice to have back up methods for when AGCs/other tactics dry up and you should always have exit plans.

All those Chex pulls really add up.

carpentry4thought May 28, 14 12:27 am


Originally Posted by Doctor of Credit (Post 22936181)
The ROI on bank bonuses is much higher than that of Amex gift cards, just not as scale-able. If you're happy with amex GCs, great. A lot of people are looking for other methods that don't require multiple steps to unload and can be done from home/internationally which isn't possible (or at least easy/profitable) to do so with AGCs.

I'd love for you guys to find something (and share it with me) that can be done from home and internationally. However, comparing the ROI on this bank account stuff to Amex gift carding is proportionate to comparing the ROI of selling a couple of cars in front of your house to owning a dealership.


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