Top 5 Things To Do For Every Bonus Promotion
In the bank bonus community, those who develop great habits will end up generating great results. Throughout the years, I’ve developed a few habits that have helped me successfully complete the bank bonus promotions that I’ve signed up for. This is a list of the five things that I do on every bonus promotion to ensure that I’m on track to receive my bonus.
1. Check "Cool-Off" Periods
If you’ve been in our Facebook group, Bank Bonus and Travel Points, you’ve seen it. Signing up for a new bonus promotion too early can be a bad ordeal. This will happen if you’ve completed the same bonus promotion in the past and have not met the time required to be eligible again. Not only will you not be eligible for the bonus, but you will most likely trigger a new cool-off period after you close the account. A quick account closure may also affect your chances of successfully opening the same account in the near future. To avoid this, I always check the bonus “cool-off” period in the promotion T&Cs (Terms & Conditions). When I’ve completed the same bonus in the past, I reference back to my notes to ensure that enough time has passed and I am eligible to enroll in the new promotion.
2. Review Data Points
Planning ahead of time will save you a few headaches. Before signing up for a new bonus promotion, I check the data points to see what the institution has accepted as a qualifying deposit for the bonus. Changing direct deposits in a timely manner may not be feasible when working on multiple promotions, and understanding alternate methods to successfully meet the promotion direct deposit requirements will be crucial to ensure your success. You can check DPs for 40 institutions on our Data Points page here:Â The Bonus Database – Data Points.
3. Keep Records Of Your Promo Codes
If you’ve been doing these promotions for a while, chances are you’ve had to call in at some point and inquire about a missing payment on a bonus promotion. The customer service reps will often ask for the promotion code that was applied during your offer enrollment. This actually happened to me recently, when I was not paid my First Horizon bonus. After calling, I was required to provide the promo code applied at offer enrollment, which eventually resulted in my bonus being paid out. Without this, the reps would not have been able to assist. This is how I keep track of my promo codes:
-If I opened the account online, I take a screenshot of the page that shows the promo code applied on my application.
-If the account is opened in branch, I ask the banker to provide me the promo code being applied to the account. I also ask them to email me the bonus enrollment confirmation. So far, they have done this for me every time I’ve asked. The bonus confirmation email saved me on a missing $450 bonus.
-If the account is opened over the phone, I also ask for the promo code applied and I request an email with the bonus enrollment confirmation.
I save all my promo code screenshots in a folder called “Bank Bonus Promo Codes”. This is a great habit to develop if you want to make sure you get paid.
4. Calendar Reminders
Promotional offers come with deadlines. If you miss the deadlines, you don’t get paid. When I sign up for a bonus that requires a deposit by a certain date, I go into my smart phone’s calendar and I setup a couple of reminders. Here is a specific example of how I use these calendar reminders.Â
For the Wells Fargo $525 savings bonus, I was required to deposit $25,000 within 30 days from account opening. On my calendar, I setup a reminder on day 20 and another one for day 25. The first reminder lets me know that a bonus deadline is approaching and I need to prepare to make the transfer. The second one lets me know it’s go time and I need to get the transfer completed. Two reminders is better than one, and this method has worked well for me.
5. Keep Track Of Relevant Dates
Keeping track of relevant dates will allow you to complete the same bonus promotions in the future. This is referred to as bank bonus “churning”. How you do this is up to you, depending on personal preference. Some like to use an Excel spreadsheet, others like to use smart notes. These are the relevant dates that I like to keep track of:
- Account opening date.
- Dates of direct deposits.
- Bonus posting date.
- Account closure date.
In Summary
I enjoy completing bank bonus promotions and it can be fun, as long as you stay organized. The five habits mentioned in this article will help you stay organized and keep you on the right track to successfully complete your bonus promotions. I hope that you find this article helpful. Please feel free to share this with others who may find it beneficial.Â
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