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New Earnings Update

May 31st, 2013 at 01:04 pm

As I mentioned in my previous post, I am applying for credit cards to take advantage of the bonus offers available. This will help earn some income, since these crazy low interest rates don't offer much.

I was approved for Citi Thank You Preferred where I will spend $1000 in 3 months and earn $250 in gift cards. This offer arrived in the mail.

American Express approved me for the Blue Cash Everyday card. I will need to spend $500 in three months and will receive $150 in statement credits.

And finally, I was approved for the Capital One Cash Rewards card. I also need to spend $500 in three months to earn $100 cash.

I attempted to apply for the Citi Dividend Platinum Select card right after I was approved for the City Thank You card, but was denied. I'm sure it is because it is the same company and they just extended me credit. That is fine.

I went looking for another card, and was thinking about applying for the NFL card that offers $200 in statement credits after one purchase...but unfortunately it is not available in my state. Darn. There are other offers out there that I may consider at another time, but for now, this is enough.

If you totaled up the rewards that brings me to $500 in cash rewards for these three credit cards and only need to spend $2000 in the next three months. Once I see we will achieve these, I will have my husband apply for the same cards and start the cycle over again.

Originally, I thought I could get $700 in rewards, instead of the $500. I lost out on $100 because I was denied for the one Citi Card. I also 'lost' another $100 because I opted to apply for the Blue Cash Everyday card, instead of the Blue Cash Preferred card which had a $75 annual fee.

Anyone else applying for credit to obtain rewards? What do you do with the cash rewards you earn?

3 Responses to “New Earnings Update”

  1. Esozh Says:

    I'm in the Dave Ramsey boat, so I don't use plastic... I keep a some hundreds in cash in a zippered part of my wallet with my hunting and fishing licenses as just in case money, and then I keep cash if I need to do anything. It makes sense to do what you're doing, but I don't think many people have the discipline to take advantage of the offers without losing it back on the interest payments later on...

  2. creditcardfree Says:

    I definitely don't recommend getting into cash rewards if one were not able to pay off the balances each month in full. I NEVER pay interest on credit cards. It's too big of a rip off. I like money too much to give away to a credit card company.

  3. TexasDisneyGirl Says:

    You can call the Citi reconsideration phone number to see if you can get approved for that 2nd Citi credit card...I had to do that when I applied for 2 Chase cards on one day. You might need to explain why you want a 2nd card (don't just say it's for the rewards), and ask if you could have some of the credit from your first card (or any other Citi card) applied to your 2nd new card.

    (from the Million Mile Secrets website)
    Citibank Credit Card Reconsideration

    800-695-5171/800-763-9795 credit department
    866-606-2787 application status
    888-201-4523 application status

    You are usually more successful when you write to: CitiBank Executive Review Department, P.O. Box 6000, Sioux Falls, SD 57117.

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