Free money experiment - update
I started writing about and planning this in November. To see my original plans, go here. Other posts about this are here and here.
This has been a long process, so I'm really still only at the beginning. I didn't think it would take this long at all. I've also decided that my little deal with Sharebuilder won't count. Although it was $50 free, I did it so long ago that I'm just ignoring it.
Anyway, I applied and received my Citi card after I had to jump through hoops. I made my purchase so I would get my free 10,000 points, then paid off that small amount. I then did a balance transfer for the full credit limit. Unfortunately, they gave me a low limit and I didn't even think about calling and asking for a higher limit. Samerwriter did this, and I should have thought of it. Anyway, I received the check for $4300 and deposited it. I opened an HSBC account yesterday and put the money in there. The process was a lot easier than I thought it would be, although I still have to wait a week for my password to actually access the account.
I also had my wife apply for a transfer from AmEx. We did this through her Capital One card (the only other card she has), but they take forever. They keep the money for 30 days and then it takes another 7-10 days to send out a check. We finally received it two days ago, and it has been sent to the bank. Since it took so long we already had to make one payment, so I'm only transferring $7840 into the HSBC account.
Since then I've applied for another account through Discover. Hopefully they give me a better limit. I'm just waiting for the card to come in the mail.
I'm still thinking about using some of the money in a brokerage account. To make money, you do need to take risks. Although the interest from HSBC will be nice, I think I can get more. A little risky, but I think it will pay off.
This has been a long process, so I'm really still only at the beginning. I didn't think it would take this long at all. I've also decided that my little deal with Sharebuilder won't count. Although it was $50 free, I did it so long ago that I'm just ignoring it.
Anyway, I applied and received my Citi card after I had to jump through hoops. I made my purchase so I would get my free 10,000 points, then paid off that small amount. I then did a balance transfer for the full credit limit. Unfortunately, they gave me a low limit and I didn't even think about calling and asking for a higher limit. Samerwriter did this, and I should have thought of it. Anyway, I received the check for $4300 and deposited it. I opened an HSBC account yesterday and put the money in there. The process was a lot easier than I thought it would be, although I still have to wait a week for my password to actually access the account.
I also had my wife apply for a transfer from AmEx. We did this through her Capital One card (the only other card she has), but they take forever. They keep the money for 30 days and then it takes another 7-10 days to send out a check. We finally received it two days ago, and it has been sent to the bank. Since it took so long we already had to make one payment, so I'm only transferring $7840 into the HSBC account.
Since then I've applied for another account through Discover. Hopefully they give me a better limit. I'm just waiting for the card to come in the mail.
I'm still thinking about using some of the money in a brokerage account. To make money, you do need to take risks. Although the interest from HSBC will be nice, I think I can get more. A little risky, but I think it will pay off.
posted by MoneyFwd @ 12:57 PM
2 Comments:
At 3:05 PM,
Anonymous said…
Sounds like you're off to a great start, I'm still waiting to get checks. I'm mildly nervous, but it's been less than a week so I shouldn't be.
I also just applied for three more cards (VW rewards card, GM rewards card, and an Advanta business card), so assuming those come through with a decent limit, I'll hopefully be adding them to the stable.
At 8:56 AM,
MoneyFwd said…
It's just a slow start unfortunately. It does take time for the companies to figure things out and send the money though.
Wow, three more cards. And considering what you already are getting, that's a chunk of change. I think I'd be less likely to go for risky investments if I had a huge amount (like $75-100k) from these things.
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