My 3 year-old post on how to meet $40,000 in spending requirements remains one of my most popular posts to date. Things have changed a great deal since then. At the time, there were several prepaid cards that made meeting credit card spending requirements cheap and convenient. With the Target prepaid REDcard out of the picture and the waves of Serve and Bluebird shutdowns, that limits us further. At the same time, banks have made credit card churning more difficult, which means meeting large spending requirements may not even be as big of an issue as it used to be. While options for meeting spending requirements are becoming limited, there are a few methods that have survived as well as others that are being explored by more and more people. Taking all of those things into account, here are ways to meet $40,000+ worth of credit card spending requirements in 2016:
Meeting Credit Card Spending Requirements via Household Spending
It still surprises me how many people don’t charge their household bills and everyday spending to a mile-earning credit card. For many people, it’s easier to just set up auto-pay but they’re also missing out on rewards. Simply charging household spending to a credit card can go a long way in meeting spending requirements. Some people even overpay recurring bills – obviously, I wouldn’t recommend doing this unless you can pay off the balance at the end of the month, but it’s an option.
Meeting Credit Card Spending Requirements With Plastiq
Making payments through Plastiq falls under household spending, with the difference being that Plastiq is for bills that can’t be paid directly with a credit card: Student loan payments, rent/mortgage, taxes, individuals, etc. Plastiq does charge a credit card processing fee, which can be between 1.99 – 2.5%, depending on whether they’re running a promotion or not. At those rates, I would still only use Plastiq to meet credit card spending requirements, since 2% is way more than I’m otherwise willing to pay for frequent flyer miles. Note, if you use my Plastiq referral link to sign up and make a payment of at least $20, you’ll get 200 Fee-Free Dollars (FFD’s) while I’ll receive 400.
Meeting Credit Card Spending Requirements via Gift Card Churning (~ $10,000 per day)
The number of miles that can be earned through this method depends entirely on the amount of time you’re willing to devote to churning PIN-enabled gift cards via money orders. There are lots of places that accept PIN-enabled gift cards for money order purchases, and the cost of buying them ranges from $0.55 to $2.50 per $1,000. Most people can buy up to $10,000 worth of gift cards per day (which carry a $3.95 fee per $500 card) at their local mall and while there are certainly ways to buy more, who really needs that many miles or that big of a spending requirement to complete in a short period of time?
Meeting Credit Card Spending Requirements With Paypal My Cash Card ($4,000 per month)
I’ve said it before: Paypal isn’t a long-term solution since they tend to shut people down pretty quickly. The $4,000 monthly load limit goes along way and the fact that Paypal My Cash Cards are the reasonable at $3.95 per $500. Again, this isn’t a long-term option and comes with its own risk and hassle, should your account get shut down before you get a chance to withdraw the funds.
Reselling for Miles
I’ve given reselling more than a fair chance and I’m officially over it. Unless I come across an especially lucrative reselling opportunity (i.e. Kate Middleton starts wearing clothes from Zara again or Jason Wu puts out another Target collection that sells out immediately, increasing demand), I’m going to sit it out. Lots of people are reselling successfully and my friend Kendra threw some impressive numbers at me based on people she met at a Reselling DO, but it’s too much work for me. Just last week I got embroiled in some drama over an item I sold on eBay: The seller closed his account after winning the auction, didn’t pay for it, leaving me on the hook with seller fees, which has been way too much trouble to solve. I’ll stick to my tried and true gift card churning routine.
Meeting Credit Card Spending Requirements With Kiva
An oldie but a goodie, Kiva offers a great opportunity to help aspiring business owners around the world with a micro loan that can be charged to your credit card. Kiva currently boasts a 98.34% repayment rate on over $855,000,000 worth of loans! Keep in mind, repayment may take a while and isn’t guaranteed, so don’t spend more than you’re willing to part with (permanently) in case the loan isn’t repaid.
Meeting Credit Card Spending Requirements With Kickfurther
Kickfurther is a crowdfunding site, similar to Kickstarter except instead of receiving thank-you notes and product samples, investors get a cut of the action. While Kickfurther accepts credit cards for investments without fees, you will incur a 1.5% fee when withdrawing funds. Considering many investments are repaid within 6 months period and yield a 10% return, that 1.5% fee still leaves you with a profit. Investing is always risky, so do your research and decide whether meeting minimum spending requirements is worth it (and whether you can float the money for however long the repayment schedule is). New members who sign-up with a Kickfurther referral link receive a $5 credit.
There are other ways to meet spending requirements these days – some of them more dodgy than others. Some of these methods aren’t discussed publicly because overexposure could cause a shutdown. I had someone share a tip with me a while ago but because of where I live, I can’t take advantage of it and since I promised not to share it with others, I’ll have to keep it quiet. But I highly recommend you look around and see what unique manufactured spending opportunities you might have available to you.
On that note, I’d love to know how you’re meeting credit card spending requirements these days.
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