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I opened reward checking to take advantage of the high rate of consumer credit union checking account. However, it does have tough requirements to get to highest rate. I remember long ago there was opportunities to do automatic donation, say $1/week. Can I still find that? Any other ideas to help satisfy the requirements? Thanks a lot!

  • =inheritComplete at least 12 Debit/Check Card point-of-sale purchases (transactions must be made without using your personal identification number (PIN) to count toward the minimum of 12 and must post and clear your account as a credit transaction on or before the last day of the calendar month)
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Their 4.59% requirements are much tougher ($1000 spent), I don't know if I can do that (unless it lets me to pay tuition) Thank you all FWers for your great ideas!

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Pre pay utilities? Cell phone? Church tithe?

Amazon e-GC of the lowest possible amount.
Times 12
 

Buy things. Gift cards if you have to.

I personally decided the 5% rate wasn't worth the trouble of giving them my actual banking business. You're essentially making $6/swipe in additional interest for the ten monthly swipes to qualify. Less your opportunity cost at another bank, of course.

TravelerMSY said:   Buy things. Gift cards if you have to.

I personally decided the 5% rate wasn't worth the trouble of giving them my actual banking business. You're essentially making $6/swipe in additional interest for the ten monthly swipes to qualify. Less your opportunity cost at another bank, of course.

  You are totally right. I did not realize how tough the rule is, and in addition, a hard pull! But they already did the hard pull, that's what hurts me the most. so I am thinking of just make it work given the sunk cost (i know that's not rational......)

Just make 12 $1 payments to your cell bill

InsuranceGuy said:   Just make 12 $1 payments to your cell bill
  Add money to your Amazon balance* 12 times**.  It can then be applied towards your next purchase.

*Amazon defaults to running debit cards as debit; not sure if it matters with Consumers, but some rewards checking accounts exclude debit purchases so you need to tell Amazon to process it as credit (rather, un-select the "run as debit" option).

**Doing the bare minimum to qualify each month is never the best strategy; always do a couple extra purchases, even if just for a dollar each.  It may or may not help preserve the benefits, but it definitely doesn't hurt any.

To meet the 12 transaction requirement I just carry my debit card with me. Every time I make a purchase of less than 4 bucks, I use the debit card instead of my credit card. This typically works out to 15-20 transactions a month. Basically I am losing somewhere between $1-4 in value from not using my credit card to make these purchases, but I gain much more than that in interest.

Cell phone, cable, or other utilities for $1.01 x 12. I don't like charging less than $1.01 because the charges look fake for exactly $1.00 (like test authorizations that shouldn't really post) and a lot of places don't accept charges for less than $1.

daw4888 also has a good system that may work better for some people.

double post

Love the credit card vending machine at work. Well, maybe my heart and waistline doesn't.

Just to clarify, the 5% rate require the swipes plus a total spend of $1000, so a bunch of little stuff won't work.

Yes, the 5% rate requirements really tough. I was stupid to think $1000 was a requirement for 12 month...... en........ what's done is done

It's not a bad deal if you actually bank there. But a pita just to try to game. They were pretty smart about the requirements,

Really anti-consumers credit union. Gave it up a long time ago when threatened with highest unsecured loan rate on car loan advertised as 2.5%. Debit card usage was working for third world hourly wages.

TravelerMSY said:   Just to clarify, the 5% rate require the swipes plus a total spend of $1000, so a bunch of little stuff won't work.
  Requires the swipes on the debit card, plus $1k spending on the credit card.  So a bunch of little stuff will work for the debit swipes, but you also need a separate $1k.

Glitch99 said:   
TravelerMSY said:   Just to clarify, the 5% rate require the swipes plus a total spend of $1000, so a bunch of little stuff won't work.
  Requires the swipes on the debit card, plus $1k spending on the credit card.  So a bunch of little stuff will work for the debit swipes, but you also need a separate $1k.

$1000/month in spend is easy if you're willing to pay $11.50 for it.  ($4.95 x 2) + $1.60.



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