Miles for CD's
Sep 13, 2000 | 12:31 pm
#1
Original Poster
Join Date: May 2000
Programs: Ozark Airlines--Lifetime Platinum, Braniff---Diamond, Eastern--Plutonium Motel 6--Guest of the Month
Posts: 853
Miles for CD's
Not sure if this is correct spot to post, but here goes.
My mother has several CD's coming due and she is going to purchase more of them, don't bring up investing them in something else unless you want to get whacked across the forehead by her,
and I was wondering if there was a place to get miles for a Certificate of Deposit like there is for the TD Waterhouse/AA money market, or opening an account at E*Trade, which I did, and dealt with 9 months of trying to get my United mileage credit. 
I thought I heard of something a while back with Citi- offering this, but cannot find anything doing a search on it. Any help is appreciated.
Or how about this, If she wants to wait a year to buy more cd's, what is the best way for her to maximize her mileage if she has $50k that she can try to get mileage with, without losing or using any of it?
Using different credit cards somehow--balance transfers, etc..
[This message has been edited by zipual (edited 09-13-2000).]
[This message has been edited by zipual (edited 09-13-2000).]
My mother has several CD's coming due and she is going to purchase more of them, don't bring up investing them in something else unless you want to get whacked across the forehead by her,
and I was wondering if there was a place to get miles for a Certificate of Deposit like there is for the TD Waterhouse/AA money market, or opening an account at E*Trade, which I did, and dealt with 9 months of trying to get my United mileage credit. I thought I heard of something a while back with Citi- offering this, but cannot find anything doing a search on it. Any help is appreciated.Or how about this, If she wants to wait a year to buy more cd's, what is the best way for her to maximize her mileage if she has $50k that she can try to get mileage with, without losing or using any of it?
Using different credit cards somehow--balance transfers, etc..
[This message has been edited by zipual (edited 09-13-2000).]
[This message has been edited by zipual (edited 09-13-2000).]
Sep 13, 2000 | 2:27 pm
#2
Join Date: Jan 2000
Location: Grand Rapids, MI, USA
Programs: Delta DM 1MM, Hyatt Globalist, HH Diamond, Marriott Gold
Posts: 315
zipaul,
Well a more appropraite spot might be the SPAM forum, but this is fine too.
There are a number of banks that give out miles, I think e-trade does have an affiliated bank that may offer the e-trade deal, if the account you mentioned was not for your mother, and you feel like dealing with them again.
Otherwise I would check http://www.valueconsumer.com/creditcards/finance.htm
they have quite a number of different deals, I have not tried any but there are a lot of links to check. Looks like Capital One offers 10K clickmiles for a 50K investment.
If you do check this out post back and let us know where you found the best deal/rates/etc. I (and I suspect others) would love to know.
Well a more appropraite spot might be the SPAM forum, but this is fine too.
There are a number of banks that give out miles, I think e-trade does have an affiliated bank that may offer the e-trade deal, if the account you mentioned was not for your mother, and you feel like dealing with them again.
Otherwise I would check http://www.valueconsumer.com/creditcards/finance.htm
they have quite a number of different deals, I have not tried any but there are a lot of links to check. Looks like Capital One offers 10K clickmiles for a 50K investment.
If you do check this out post back and let us know where you found the best deal/rates/etc. I (and I suspect others) would love to know.
Sep 13, 2000 | 2:39 pm
#3
Original Poster
Join Date: May 2000
Programs: Ozark Airlines--Lifetime Platinum, Braniff---Diamond, Eastern--Plutonium Motel 6--Guest of the Month
Posts: 853
I did find this site for BankDirect, who will give you miles for CD's. However, the rates are 1% lower if you go for the AmericanAdvantage CD vs. their other CD. Thus if you invest $50k, you do get the 25k miles for a 1 year CD, however, you get about $500 less interest which works out to the norm of .02/mile.
www.bankdirect.com/learn/aadvantage.htm
The Capitol One CD from the valueconsumer.com site also looks good as you can transfer the ClickRewards to Starwood!
[This message has been edited by zipual (edited 09-13-2000).]
www.bankdirect.com/learn/aadvantage.htm
The Capitol One CD from the valueconsumer.com site also looks good as you can transfer the ClickRewards to Starwood!
[This message has been edited by zipual (edited 09-13-2000).]
Sep 14, 2000 | 7:59 pm
#4
Join Date: Jan 2000
Location: Grand Rapids, MI, USA
Programs: Delta DM 1MM, Hyatt Globalist, HH Diamond, Marriott Gold
Posts: 315
Yes, I suspect that may be a problem finding competitive rates. Yes clickrewards transfer to Starwood as well as many other FF and hotel programs, great for "topping off" accounts. I have not done a lot with them, but they seem to be one of the most respected reward type companies on this board.
Re the $.02 cost for the miles, I wonder how the IRS treats the miles. If you would not have to pay income taxes on the reward, it could cost 30-50% less in after tax $.
Also re: the CD you may want to check www.bankrate.com for rates to compare against.
[This message has been edited by The Mile Dog (edited 09-14-2000).]
Re the $.02 cost for the miles, I wonder how the IRS treats the miles. If you would not have to pay income taxes on the reward, it could cost 30-50% less in after tax $.
Also re: the CD you may want to check www.bankrate.com for rates to compare against.
[This message has been edited by The Mile Dog (edited 09-14-2000).]