A couple of weeks ago we talked about what your minimum earnings per hour must be to get you out manufactured spending. Or to put your PJ’s on and manufacture spend from the couch. I’ve now confirmed, if I’m not earning at least $40 per hour, I’m not motivated to move very fast and fight the crowds and congestion.
I thought it would be interesting to hear what it takes in a credit card sign-up bonus to get you to give up that oh so valuable credit inquiry?
Points and miles
As far and miles and points, I need to earn at least a free domestic round trip flight or, better, two flights. Hotel bonuses, I’m looking for at least a couple nights rewards to move me into action.
Those low numbers, of course, do not take into effect the cost of the application. I can’t see spending more than a $95 fee for either of those rewards. So I guess I’m looking at a net value of about $300 to $400 minimum net when it comes to miles and points.
Cash back
On the cash back side, I’m a little more forgiving. In the last month, I had the opportunity to get a $200 sign-up bonus with no annual fee and $2,000 or $3,000 minimum spending requirement. I found myself passing on that opportunity. But when the sign-up bonus was recently increased to $250 with no annual fee from a bank that I can easily cancel with, I jumped on the opportunity.
If I can manufacture spend the minimum spending requirement without worry, that’s a plus. I like to get them all done in the first billing cycle so I can move on to the next card. Shopping portal payouts make the cost of manufactured spending so minimal, as does Staples Fee-Free Weekends.
Minimum return on a credit inquiry
I look for cash back cards now, primarily with no annual fee, as our miles pile is pretty good sized. I just picked up a $250 sign-up bonus from Suntrust with no fee the first year. But I’m always looking for more.
Maybe some of you will share the oddball cash back cards you’ve found with at least a $250 statement credit or cash back? I’m sure others in the group with loads of cards and/or miles in their pockets would like to hear about that unknown card you found. I know I would.
And don’t forget to share what your minimums are for using that elusive credit inquiry. I’m so far past 5/24 I think of myself as “never again under 5/24”. Personally, I think it is a big mistake to wait around to get under the magic number set by Chase. You either got the right Chase cards early on, or you didn’t.
Life goes on when over 5/24. Amex offers great combos, and now so does Citi with the Double Cash now paying in Thank You points.
I like to look at this hobby as a team effort. And here at Pointchaser, we’ve got some real team players.
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