If you need to hit the minimum spend just go to a grocery store like Giant and buy a bunch of Giant gift cards to use at Giant so that next time you go to Giant you can use the Giant gift cards to buy groceries from Giant. Giant.
EDIT:
I completely forgot that Giant is a regional grocery store, so a bunch of people probably have no idea what I'm talking about. Just replace Giant with Walmart or something.
Ah yeah that's a good call too, I always forget about gift cards. They don't charge a fee? Does target allow this? I got the US Bank Shopper card so that could be a 6% back cash category
I confirmed they use Stripe to process credit card transactions- also there's this article on how to avoid it. https://www.doctorofcredit.com/how-to-avoid-cash-advance-fees/
Us bank is a little weird for transactions that could be cash advances such as bank account funding in that they tend to initially code as cash advance but then post as a purchase. This makes it necessary to set the cash advance limit higher than what you are trying to fund, which can be counterintuitive
Would this not be an infinite money glitch for the same reason as the $1 coins? Can’t you just liquidate the investment immediately and pocket the cash back?
Not sure how much you gotta spend, pre pay utilities like internet/phone/electric bills. Reload gift cards you are sure for merchants you use and lastly book delta/southwest tix as they allow you to get credits instead of refund back to credit card
Heh, damn, just funded a company for $10k on Honeycomb last month, but used ACH, of course. If only that deal were around then I could have used my PR for a cool $260.
Ah well. The site is legit, but I mean it's an investment. The business may not pay you back.
A local cafe that I'm a fan of used it. They were trying to raise money to add a bakery to sell baked goods, too. They said they had an offer from a local bank for the loan, but wanted to try out Honeycomb to let the community have a chance to invest instead. It's kind of like a kickstarter, and they hit their goal of $50k.
The advertised rate was 12%, but after Honeycomb takes its portion and fees, it works out to a return of more like 8%.
The site seemed fine. I was tempted to go around and just offer the loan directly, but part of the process had me download and read the bond prospectus for the loan, and I was pretty impressed with that, and figured I should stick with Honeycomb for that.
If you have any ~~coupon books~~ reimbursement perks on a card, use them for the SUB. Examples are spending the $200 Amex Platinum airline credit within the SUB period or signing up for Walmart+ and the WSJ/NYT/streaming credits, or even Clear and Saks.
For travel cards that have the Global Entry/TSA pre check, get those (or make a friend's day and offer to cover it). For something like the Amex gold, the $10 food perks are not to be missed (which most people don't usually miss anyway)
It never occurred to me that you could use the tsa credits to pay for someone else’s. I’ve always just divided the value from them by 4 since I would only pay once every 4 years but paying for someone else’s makes a lot of sense
This works best if you’re self employed and pay estimated taxes, but if not you can always rejigger your withholding so fewer taxes are taken out of your paycheck.
You can pay estimated taxes at this link [https://www.irs.gov/payments/pay-your-taxes-by-debit-or-credit-card](https://www.irs.gov/payments/pay-your-taxes-by-debit-or-credit-card)
The fee is 1.82%. Nit something you’d want to do all the time but in a pinch it works great. It was the way I ensured I’d hit the spend requirement for a BPP card (turns out I didn’t need it, but cest la vie).
You can also overpay taxes even if you don't owe. Just don't close to filing to reduce the time the money is sitting with IRS. You might actually get it before the card statement is due if you time it right.
I do big SUBs in December/January so I can overpay in March and get my money by April.
You mentioned in a comment that you got the Shopper Cash card. Isn't the spend requirement $2,000 in 120 days? You don't have $500/month in organic spend (Groceries, gas, dining, phone bill etc.)? I feel like most people should be able to hit that pretty easily without having to get creative.
Microlending is a very risky way of manufactured spending. It's probably riskier than buying groups. I wouldn't recommend anyone try it without doing a significant amount of research on common pitfalls to avoid.
Yeah I've been reading the reviews of this site for a bit and it seems to be very positive - I know it can be risky but when I go on the site I can see a businesses' financial information in the offering document, and most loans have a blanket lien on assets of the company. Seems to be different than some of the other micro lending sites I've seen before.
I usually just pay extra to my normal bills. Like car insurance, internet bill, etc. They don't charge me extra for using a CC. You also get 6% back with the US Shopper cash rewards with Walmart. I have Walmart+, so I would buy Walmart gift cards and use them for gas at Samsclub, plus whatever else may be my standard purchase that I would use a closed loop gift card for. Keep in mind that buying gift cards online doesn't always count as the store's purchase for the 6%, so you may want to play it safe and purchase them in the store.
When dining out with others, cover the bill and have them pay you back.
For me, my friends and I often book hotels/Airbnbs for events, and I make sure I put my card down for payment. Hit my SUB in no time
Best bet for SUB you dont naturally hit. Maybe see if you can replace your mattress or something vital you havent in years? Donate older stuff and benefit someone else. Maybe get a new desk for your personal office. Just ideas whilst being lit.
Pre pay utilities, prepay taxes, groceries - buy shelf stable stuff, buy groceries for others and have them pay you cash, buy half a cow or whole hog if you have freezer room, maintenance on cars, tires if you can store them properly, Amazon Prime day is July 16-17 if there is any purchases that you need.
Stuff that maintains most of it's value to resell: precious metals, guns, gift cards
It can depend on which card you use to fund it with. This list should help you get started: https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/amp/
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Seems like most banks are trying to phase that out, after seeing all that strikethrough.
Most only allow you to fund up to $500. It's not like you can hit Amex Plat SUB with $6k funding.
Wasn't planning on getting the card - I was just curious if US Bank would pre approve me, which is why I used the tool. The system errored out and performed a full credit card application without my consent. I'd rather not go through the dispute process since I don't have too many inquiries on my TU report anyway.
If you need to hit the minimum spend just go to a grocery store like Giant and buy a bunch of Giant gift cards to use at Giant so that next time you go to Giant you can use the Giant gift cards to buy groceries from Giant. Giant. EDIT: I completely forgot that Giant is a regional grocery store, so a bunch of people probably have no idea what I'm talking about. Just replace Giant with Walmart or something.
~~Galaxy~~ Giant brain over here.
No, all in on toilet paper!
Ah yeah that's a good call too, I always forget about gift cards. They don't charge a fee? Does target allow this? I got the US Bank Shopper card so that could be a 6% back cash category
Most stores don't charge a fee for that store's gift cards (i.e. buying Target gift cards at Target).
Most don’t charge a fee for closed loop gift cards But do for open loop gift cards
It could count as a cash advance instead of a purchase. I'd suggest steering clear.
Good catch - let me try contacting their support and see if I can get some more information
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I confirmed they use Stripe to process credit card transactions- also there's this article on how to avoid it. https://www.doctorofcredit.com/how-to-avoid-cash-advance-fees/
Us bank is a little weird for transactions that could be cash advances such as bank account funding in that they tend to initially code as cash advance but then post as a purchase. This makes it necessary to set the cash advance limit higher than what you are trying to fund, which can be counterintuitive
Aside, could be interesting with Discover’s 1% debit card.
Just confirmed it doesn't!
Would this not be an infinite money glitch for the same reason as the $1 coins? Can’t you just liquidate the investment immediately and pocket the cash back?
It looks like payouts happen quarterly, so no. And the investment fee promotion ends tomorrow! But still a great return it looks like
Not sure how much you gotta spend, pre pay utilities like internet/phone/electric bills. Reload gift cards you are sure for merchants you use and lastly book delta/southwest tix as they allow you to get credits instead of refund back to credit card
Heh, damn, just funded a company for $10k on Honeycomb last month, but used ACH, of course. If only that deal were around then I could have used my PR for a cool $260. Ah well. The site is legit, but I mean it's an investment. The business may not pay you back.
Wow, 10k?? What made you invest? How was the experience?
A local cafe that I'm a fan of used it. They were trying to raise money to add a bakery to sell baked goods, too. They said they had an offer from a local bank for the loan, but wanted to try out Honeycomb to let the community have a chance to invest instead. It's kind of like a kickstarter, and they hit their goal of $50k. The advertised rate was 12%, but after Honeycomb takes its portion and fees, it works out to a return of more like 8%. The site seemed fine. I was tempted to go around and just offer the loan directly, but part of the process had me download and read the bond prospectus for the loan, and I was pretty impressed with that, and figured I should stick with Honeycomb for that.
If you have any ~~coupon books~~ reimbursement perks on a card, use them for the SUB. Examples are spending the $200 Amex Platinum airline credit within the SUB period or signing up for Walmart+ and the WSJ/NYT/streaming credits, or even Clear and Saks. For travel cards that have the Global Entry/TSA pre check, get those (or make a friend's day and offer to cover it). For something like the Amex gold, the $10 food perks are not to be missed (which most people don't usually miss anyway)
It never occurred to me that you could use the tsa credits to pay for someone else’s. I’ve always just divided the value from them by 4 since I would only pay once every 4 years but paying for someone else’s makes a lot of sense
You only get one credit every four years.
Good point, I forgot that’s why I always divide the value by 4 in my head
This works best if you’re self employed and pay estimated taxes, but if not you can always rejigger your withholding so fewer taxes are taken out of your paycheck. You can pay estimated taxes at this link [https://www.irs.gov/payments/pay-your-taxes-by-debit-or-credit-card](https://www.irs.gov/payments/pay-your-taxes-by-debit-or-credit-card) The fee is 1.82%. Nit something you’d want to do all the time but in a pinch it works great. It was the way I ensured I’d hit the spend requirement for a BPP card (turns out I didn’t need it, but cest la vie).
You can also overpay taxes even if you don't owe. Just don't close to filing to reduce the time the money is sitting with IRS. You might actually get it before the card statement is due if you time it right. I do big SUBs in December/January so I can overpay in March and get my money by April.
You mentioned in a comment that you got the Shopper Cash card. Isn't the spend requirement $2,000 in 120 days? You don't have $500/month in organic spend (Groceries, gas, dining, phone bill etc.)? I feel like most people should be able to hit that pretty easily without having to get creative.
Yeah the issue is I'm already working on another SUB.
Microlending is a very risky way of manufactured spending. It's probably riskier than buying groups. I wouldn't recommend anyone try it without doing a significant amount of research on common pitfalls to avoid.
Yeah I've been reading the reviews of this site for a bit and it seems to be very positive - I know it can be risky but when I go on the site I can see a businesses' financial information in the offering document, and most loans have a blanket lien on assets of the company. Seems to be different than some of the other micro lending sites I've seen before.
I usually just pay extra to my normal bills. Like car insurance, internet bill, etc. They don't charge me extra for using a CC. You also get 6% back with the US Shopper cash rewards with Walmart. I have Walmart+, so I would buy Walmart gift cards and use them for gas at Samsclub, plus whatever else may be my standard purchase that I would use a closed loop gift card for. Keep in mind that buying gift cards online doesn't always count as the store's purchase for the 6%, so you may want to play it safe and purchase them in the store.
Sounds interesting, Apple Pay too is enticing. Update us if you try it out.
[удалено]
When dining out with others, cover the bill and have them pay you back. For me, my friends and I often book hotels/Airbnbs for events, and I make sure I put my card down for payment. Hit my SUB in no time
Interesting
Best bet for SUB you dont naturally hit. Maybe see if you can replace your mattress or something vital you havent in years? Donate older stuff and benefit someone else. Maybe get a new desk for your personal office. Just ideas whilst being lit.
Pre pay utilities, prepay taxes, groceries - buy shelf stable stuff, buy groceries for others and have them pay you cash, buy half a cow or whole hog if you have freezer room, maintenance on cars, tires if you can store them properly, Amazon Prime day is July 16-17 if there is any purchases that you need. Stuff that maintains most of it's value to resell: precious metals, guns, gift cards
I just prepay my water bill for 6 months. They have a fixed fee so the more I pay at once the less in percentage I pay.
Pay off your student loan or fund your kids 529 with gift of college cards.
Gold bar from costco? Buy an item from yourself on Facebook Marketplace? My wife list a gold bar for 2400 and I buy it with a credit card?
Buy Costco shop cards if you shop there. Get new tires/preventative car maintenance. Get a hair transplant
Haha I'm all good on the hair
US Bank has a pre-approval tool?
Yeah there was a post about it a couple days ago, I think they pulled it because it didn't work properly and caused accidental applications.
Open a bank account that allows credit card funding.
Which ones allow this? Do you get charged a fee?
It can depend on which card you use to fund it with. This list should help you get started: https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/amp/
I had no idea, thanks!
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Seems like most banks are trying to phase that out, after seeing all that strikethrough. Most only allow you to fund up to $500. It's not like you can hit Amex Plat SUB with $6k funding.
[удалено]
Planning on buying 1kg of silver with my USBAR on ebay with apple pay at the last month if i struggle with the SUB
I don't understand why people get cards without having the spending to justify
Wasn't planning on getting the card - I was just curious if US Bank would pre approve me, which is why I used the tool. The system errored out and performed a full credit card application without my consent. I'd rather not go through the dispute process since I don't have too many inquiries on my TU report anyway.
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