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Last month I signed up for my first cash-back credit card, the Capital One® Savor® Cash Rewards Credit Card. I was drawn to this card for two reasons. First, there is a generous $300 bonus when you spend at least $3,000 within the first three months of opening this card. Also, you’ll get cash back on every purchase you make, which sounded really appealing. Since there is no annual fee for the first year it felt like there was little risk in trying out this card.
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How I qualified for the $300 bonus
Before I signed up for this card, I had a plan. I knew I would need to spend at least $3,000 within three months. That wouldn’t be too difficult, but I also wanted to receive my bonus as quickly as possible — it’s tough to wait on $300. So I coordinated the timing of when I opened this card to when I would be booking travel for a business trip, knowing that I would be reimbursed by my company. Then I offered to book everyone’s flights, rental car, and lodging.
Between that and picking up the tab on every meal (also all reimbursable) I was able to charge $3,000 to my card within just two weeks. When I received the reimbursement check a week later I immediately used it to pay off the balance on the card. And — voilà! — when the $3,000 balance was paid off I saw $300 show up in my account just one day later. The entire process of opening the card and receiving my bonus took just three weeks.
How I used my $300 Capital One Savor bonus
I could have used my bonus on anything, but I wanted to spend it on an item or experience that I wouldn’t be able to purchase with rewards points. There was one item that I’d had my eye on for a week and didn’t want to wait any longer to make the purchase. So I used my $300 for …
My husband and I had been thinking about adopting a senior dog for a few weeks, and when we saw Lolo at the Boulder Humane Society, we were totally smitten right away. After learning that she’d been there for several months and that no one had expressed interest we were heartbroken for her, which made our decision so much easier.
I knew that receiving $300 for free was a great opportunity to pay it forward and use the money for something that would really mean something to both us and her. So we pulled the trigger and adopted our pup. Between the adoption fees, medicine, food, pet bed, leash, collar and a few toys we were right at $300. It was the perfect way to spend our bonus and ensure that the money spent would give us (and her!) years of happiness. The timing was perfect, and I’ve never been so happy to spend $300 before!
What would you do with a $300 bonus? It’s a nice problem to have, isn’t it? Would you spend it on a flight and save your miles? Would you book a hotel and save your points? Or would you spend it on something that rewards typically can’t buy? Let me know your thoughts in the comments section below.
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