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Did you know there’s a way to earn $435 by opening 3 no-annual-fee cards and spending just ~$1,000?
This is a terrific deal if you like cash back. I’ll show you how to do it!
What’s the Deal?
Here’s how it works:
|Chase Freedom||Discover it||US Bank Business Edge Cash Rewards|
|Sign-Up Bonus||$150 (15,000 Chase Ultimate Rewards points)||$50||$150|
|Minimum Spending||$500 on purchases in the 1st 3 months of opening your account||First purchase (could be $1!) in the 1st 3 months of opening your account||$500 on purchases in the 1st 90 days of opening your account|
|Additional Bonus||$25 (2,500 Chase Ultimate Rewards points) when you add an authorized user who makes a purchase in the 1st 3 months||$50 (cash back doubled after your 1st 12 billing cycles)||Bonus 25% of the cash back you've earned each cardholder year (maximum $250)|
|Cash Back From Minimum Spending Purchases||At least $5 (1% of $500) or more if you spend in 5% cash back categories||1% back (doubled at the end of 1st 12 billing cycles)||At least $5 (1% of $500) or more if you spend in 3% cash back categories|
|Total Cash Back Earned||$180||$100||$155|
|Grand Total Cash Back = $435|
Spending $1,000 in ~3 months is easy to do for most folks. And because these cards are issued by 3 different banks, you can apply for them at the same time!
These are good cards to keep forever, because they don’t have an annual fee. And keeping your cards open for a long time can increase the average age of your accounts and potentially improve your credit score.
These Cards Are Useful Beyond the Bonus
These cards are good for ongoing spending, too. Each has terrific bonus categories and opportunities to earn even more cash back!
1. Chase Freedom
Link: Chase Freedom
You’ll earn 15,000 Chase Ultimate Rewards points ($150) when you sign-up for the Chase Freedom card and spend $500 on purchases within the 1st 3 months of opening your account.
And you’ll also get:
- 2,500 Chase Ultimate Rewards bonus points ($25) when you add an authorized user who makes a purchase in the 1st 3 months of opening your account
- 5X Chase Ultimate Rewards points (5% cash back) on up to $1,500 in spending in rotating categories each quarter when you activate the bonus!
- 1X Chase Ultimate Rewards points (1% cash back) on all other purchases
This isn’t a good card to use overseas, because it adds 3% in foreign transaction fees.
I like this card for earning lots of Chase Ultimate Rewards points each quarter in rotating 5X points (5% cash back) bonus categories. If you spend the $1,500 maximum each quarter, you’ll earn an extra $300 per year ($1,500 x 5% x 4 quarters).
Remember, Chase has become strict with approving applications from folks who’ve opened ~5 or more credit cards in the past 24 months.
2. Discover it
Link: Discover it
You’ll earn $50 when you sign-up for the Discover it card and make your 1st purchase in the 1st 3 months of opening your account. It could even be a pack of gum!
And you’ll earn:
- 5% cash back in rotating categories (on up to $1,500 in spending) each quarter when you activate the bonus
- 1% cash back on all other spending
But after your 1st 12 billing cycles (or if you previously registered), Discover will MATCH the cash back you’ve earned for the year. So your $50 sign-up bonus will be doubled for a total of $100 cash back!
So with this card, you can effectively earn 10% cash back in rotating bonus categories on up to $1,500 in spending each quarter.
If you spend the maximum each quarter, you’ll earn an extra $600 per year ($1,500 X 5% X 4 quarters X 2). That’s a super deal!
Plus, you can use this card overseas without paying extra because it does NOT add foreign transaction fees.
3. US Bank Business Edge Cash Rewards
This is a small business card, but it may be easier to qualify than you think! For instance, your for-profit selling on eBay, tutoring, or blog may count.
Don’t use this card when you travel abroad, because it adds 2% in foreign transaction fees.
I like that this card earns 3% back with no spending cap at office supply stores, gas stations, and on cellular phone service.
Plus, you’ll earn an annual bonus of 25% of the cash back you’ve earned in the previous year (maximum $250 cash back). So that’s like getting 3.75% cash back in bonus categories (and 1.25% on everything else).
That said, there are small business cards that earn more at office supply stores and on cellular service, like the Chase Ink Business Cash Credit Card and SimplyCash® Plus Business Credit Card from American Express. But the spending requirements to earn the sign-up bonus on those are much higher.
By signing-up for 3 cards and spending ~$1,000 to meet minimum spending requirements, you can earn $435 (or more!) in cash back!
This is a terrific way to earn ~44% back on $1,000 in spending you’d likely do anyway. And because these cards don’t have annual fees, they’re good to keep for the long-term and potentially boost your credit score.
Plus, each card offers opportunities to earn bonus cash back in certain categories. So they’re great cards to use for regular spending, too.