Discover Miles Card: Rewards / Travel Credit Redemption Info

Posted on June 25, 2009 // 8 Comments

Well, looks like I’ve squeezed all the free money out of another credit card offer. This time it is the Miles Card by Discover. It used to have a good 12-month no-fee 0% balance transfer offer, but has recently added a balance transfer fee. However, it does offer 0% on purchases for 6 months.

In addition, this card still offers a sign-up bonus of 12,000 Miles. You get 1,000 Miles each month you make a purchase for 12 months. A mindless way to get the points is to sign the card up for automatic billing of your cell phone bill (or similar bill).

Discover Miles Redemption Options

However, the Miles you earn with this card are not affiliated with any airline. So what’s one of these special Miles worth? The wording is very vague, and not until you already have the card do you get the details. So here they are…

The most efficient way to redeem is for travel credit. You can redeem 10,000 Miles for a $100 cash credit towards any travel purchase (airfare, hotel, car rental, cruise) from any vendor or website. Now that I’ve actually done the redemption with my Hotwire purchase, I am happy to report that it was hassle-free.

You simply charge the purchase to your card, and request the credit online. The system automatically checks that you have a travel purchase, and approves the request. In a few business days the $100 shows up in your account:

Other redemption options
The alternatives are not that great. If you travel at all, I would wait and go with the travel credit.

  • Gift cards. 7,000 Miles gets you $50 gift card at stores such as Macy’s, Gap, or Shell gas stations. You can also redeem 4,000 miles for a $25 gift card.
  • Cash. 5,000 Miles gets you $25 deposited into your bank account.

Double Miles & Other Promos
For most purchases, you get 1 Mile per dollar spent. The default feature of the card is that you get 2 Miles per dollar on the first $3,000 in travel and restaurant purchases each year. There is also a rotating category each month. For example, you get double miles on up to $500 in purchases at gas stations throughout June and July.

Even with the double miles here and there, this is not a top rewards card. However, you can still extract $100+ out of it with no annual fee, plus you get 0% interest for 6 months.

Here are additional credit cards with sign-up bonuses of $100 or more.

Filed Under: Credit Cards, Deals & Offers //

Does My Car Qualify For The Cash For Clunkers Program?

Posted on June 15, 2009 // 73 Comments

You’ve probably heard about the new “Cash for Clunkers” bill that is offering up to $4,500 towards the purchase of a new car. The idea is to stimulate demand for new cars as well as raise overall fuel efficiency by promoting the trade-in of “clunkers” for new and more efficient vehicles. It is officially part of the Consumer Assistance to Recycle and Save (CARS) Act, which recently passed the House and is currently in the Senate.

It’s not finalized or sent to the President yet (don’t buy anything yet!), so there is still room for changes. However, here are the requirements in the House Bill:

Old Trade-In Vehicle Requirements

  • Must be in drivable condition.
  • Have been continuously insured to the same owner for at least one year immediately prior to trade-in. (You can’t just buy a $500 beater for the $4,500 voucher)
  • Manufactured in model year 1984 or later. (mostly due to EPA mpg data not going back that far), and
  • Have a combined fuel economy of 18 mpg or less. You can find your car’s combined EPA fuel economy at FuelEconomy.gov.

If you are trading in a “Work Truck”, defined as having a 8,500-10,000 pounds GVWR (gross vehicle weight rating), then your vehicle must be from model year 2001 or older.

Obviously, another common sense requirement would be that your car should be worth less than the $3,500 or $4,500 you qualify for, or else you could simply sell it yourself instead of going for the voucher.

Let’s check out our cars:

1995 Nissan Maxima
The first car I ever owned, which came to me in excellent condition in 2000. Besides the usual oil changes and stuff, I’ve replaced the starter and 3 out of the 4 power windows motors (annoying common flaw in this model). It is nearly 15 years old now and runs great. Edmunds says my car is worth about $2,500 (sold to a private party). $4,500 for it might tempt me.

My combined fuel economy is 21 mpg. Not quite gas-guzzly enough.

2002 Pontiac Grand Prix
Yes, I have a sad little orphan Pontiac. But I took advantage of its horrendous resale value and picked it up when it came off-lease at 3 years old at my workplace for cheap. The interior is really cheap-feeling, but you know what, it hasn’t run into any mechanical problems at all. The only thing that broke so far was a plastic air conditioner knob.

Edmunds says it is now worth about $5,000 Private Party, which means has depreciated less than $1,000 per year since purchase. My combined fuel economy is 21 mpg.

So I guess neither of our cars qualify, which makes me think that most “beater” cars won’t either. Think of the VWs, Hondas, and Toyotas out there. A 1985 Honda Civic gets over 30 miles per gallon! This law is mostly for SUV and truck owners, and you can qualify for a voucher with as little as 1 mpg improvement (for large trucks) to 4 mpg (for passenger cars). I don’t quite get it.

Indeed, just because you qualify, doesn’t mean you should necessarily go for it. You’ll get some fuel cost savings, but unless you pay cash you’ll also have a monthly auto loan payment. A new car also has higher insurance rates, and you’ll have to carry collision/comprehensive coverage.

Filed Under: Deals & Offers, Frugal Living //

Chase Business Checking: $100 Bonus Coupon Codes

Posted on June 12, 2009 // 12 Comments

Chase Bank is offering $100 Bonus coupons for opening a qualifying business checking account with at least $500. You must print out a unique coupon code and bring it in to a local branch.

First link is good for the following states: IL, WI, MI, IN, NY, CT, NJ, OH, WV, KY, FL, LA, OK, TX, CO, AZ, WA, ID, OR and UT. There is a separate link for California accounts. Limit one business checking account-related premium per customer per calendar year. Cash premium will be deposited automatically into your checking account within 10 business days after the minimum deposit requirement is met. Not a bad deal, you don’t even have to mess with direct deposit for the bonus (though each checking account type has their own fee rules). Expires 7/24/09.

If you are starting a side business or freelancing, it can be a good idea to separate your finances with a business checking account. You can simply open one up with your Social Security Number as a sole proprietorship if you’re happy that way, or you can apply for a free Employer Identification Number (EIN) from the IRS. Obviously, other types like LLCs and Corporations are also valid.

Filed Under: Deals & Offers //

PNC Bank Virtual Wallet, $75 New Account Bonus

Posted on June 12, 2009 // 8 Comments

PNC Bank has a new online banking product called Virtual Wallet which combines multiple bank accounts and online money management tools into one site.

Virtual Wallet is comprised of 3 accounts working together:
• Your SPEND account is a non-interest-bearing checking account.
• Your RESERVE account is an interest-bearing checking account used for short-term savings goals. [currently 0.10% APY]
• Your GROWTH account is a savings account which earns interest and can be used for longer-term savings goals. [currently 2% APY up to $25k]

The SPEND account has a $25 minimum to open, while the other two have no minimum opening requirement. None of them have minimum monthly balances or monthly fees. Online statements are required, and you only get 3 free checks per month. ATM fee reimbursements are available if you keep $2,000 combined in the SPEND and RESERVE accounts. Looks to be available online to any state.

I see the motivation, but couldn’t this just be done with two accounts? The SPEND and RESERVE are basically the same… 0.10% APY difference?

If you open an account by 7/4 and initiate a direct deposit of at least $400 by 8/31/09, you can get a $75 bonus. Early closure fee of $25 if you close within 180 days. $75 also available with other PNC checking account types, but you can only get one bonus.

Filed Under: Banking, Deals & Offers //

WT Direct Savings: $75 Bonus For Direct Deposit

Posted on June 6, 2009 // 6 Comments

WT Direct is running a new “Stay Financially Fit!” promotion for their savings account. Ostensibly it’s to help you build your emergency fund with regular savings deposits, but of course you have to do it with WT Direct. 😉 To participate, you must open a new account first or log into your existing account and look for this banner on the Account Summary page.

Now WTDirect can help you stick to your savings plan and bulk up your savings account. Simply take a few minutes to set up Direct Deposit from your earnings to your WTDirect account.

Act now and receive a $75 BONUS*. All you have to do is maintain a balance of at least $10,000 on July 31 and make direct deposits of at least $300 each month between 7/1/09 – 9/30/09.

Equivalent APY?
Finding out exactly how good this promotion is tricky, but I’ll make some simple assumptions. Let’s say you put $10,000 in on 7/31, the interest rate stays at the current 1.76% APY, and take everything out on 10/15. Then you take out everything including the three $300 direct deposits. This roughly equates to 4% APY during that 3.5 month period. Not bad if you can change or split your direct deposits. It seems questionable if other electronic transfers will count as direct deposit:

Bonus will be credited to your account on or about October 15, 2009. A direct deposit is defined as a recurring and automatic electronic deposit transaction of at least $300 per month initiated by a third party source of income, such as employment, pension or social security income. Direct deposit must be from a source not already being direct deposited into any existing account with Wilmington Trust or its affiliates.

Filed Under: Banking, Deals & Offers //

Free Krispy Kreme Doughnut on June 5th

Posted on June 4, 2009 // 3 Comments

Get a free yeasty donut from Krispy Kreme on Friday, June 5th. Apparently it’s National Doughnut Day… who knew? I love how my friends always know where the nearest KK is, even if its an hour or more away.

No purchase is necessary to receive a free doughnut on National Doughnut Day, June 5. The offer is good for one doughnut per customer.

Here is the official press release and a store locator.

Update: Dunkin’ Donuts will also give every customer a free donut of their choice on June 5th, with the purchase of any beverage, limit one per customer. Confirmed on their website, thanks to reader RK.

Filed Under: Deals & Offers //

Ally Bank Review: Online Savings, 9-month, and 12-month CDs

Posted on May 30, 2009 // 42 Comments

You may have been seeing a bunch of purple ads for something called Ally Bank recently. Actually, this “new” bank used to be GMAC Bank. But besides a cosmetic name change, they have revamped the website and tweaked their product offerings. Their pitch: “No minimum deposits. No monthly fees. No minimum balance. No sneaky disclaimers.”

Here are the products that are most compelling, with interest rates:

12-month CD – An Ally Bank 12-month CD has a top rate available for a 12-month CD with no minimum deposit restrictions. Interest is compounded daily.

No-Penalty 11-month CD – No early withdrawal penalty, daily compounded interest. With an uncertain future rate outlook, this seems like a good compromise between a savings account and a CD. If rates stay low (or get lower?!) you can stay in the CD and get a great return. If rates start rising, you can keep earning the higher rate up until you withdraw without penalty.

APY Online Savings Account – A competitive rate for an online savings account, a la Capital One 360 and such. No minimum balance, no fees, as you’d expect. Daily compounded interest. A differentiating factor to this account is their fast and easy transfers between Ally and your other banks.

FDIC Coverage & More
I noticed that they now also offer 24/7 telephone customer service and even share the current wait time online. Neat idea, I wish more sites did this:

Ally Bank is FDIC-insured, which means accounts are insured at least to $250,000. The new $250,000 limit was recently extended to at least the end of 2013, after which it is still $100,000.

Filed Under: Banking, Deals & Offers //

CollegeAdvantage Refer a Friend Program Expires Soon

Posted on May 30, 2009 // 1 Comment

A quick reminder that the deadline for getting $25 for each of your kids from the Ohio CollegeAdvantage 529 program is May 31st, 2009. I contacted them about the referral program, and they said that just the application must be submitted by Sunday, May 31st. The opening deposits don’t have to post by then, but they will have to post eventually in order to get the bonus. This agrees with the fine print below. When you fill out your application, you immediately get an account number.

A new account with a valid referral code provided in the application must be established by May 31, 2009 in order for both the referring Account Owner and new Account Owner to be eligible for the $25 bonus.

Filed Under: Deals & Offers //

Transfer Between Delta and Northwest Frequent Flier Miles

Posted on May 27, 2009 // 10 Comments

Delta and Northwest Airlines are merging, and right now you can go ahead and transfer frequent flier miles between the Northwest WorldPerks and Delta SkyMiles programs with no fees. You can even move them back and forth as you like. This is nice if you don’t have enough of either individually to get an award, but after combining you do. Also, if you link your Northwest and Delta accounts by May 31st, you’ll get 500 bonus miles.

According to this timeline, they will eventually all be merged into SkyMiles anyway in December 2009.

Filed Under: Deals & Offers, Travel //

5/25 Only: Old Navy Flag T-Shirts 2 for $5

Posted on May 25, 2009 // Leave a Comment

As you celebrate and observe this Memorial Day, here is a quick deal. Old Navy’s popular Flag t-shirts are Buy 1 Get 1 Free today, May 25th, making then 2 for $5. Only in stores. All colors, all sizes. Outfit the family for cheap? More Old Navy coupons here.

Filed Under: Deals & Offers //

Chase Checking Account $100 Bonus Coupon Code

Posted on May 20, 2009 // 44 Comments

Chase Bank is offering a $100 bonus if you open a new Chase Checking(sm) account with $100 and either set up direct deposit or make five debit card purchases. Through the link, they will e-mail you a coupon with a unique code that you must print out and physically bring into a local Chase branch. Selected fine print:

Bonus/Account Information — To qualify for the cash bonus you must open a new Chase CheckingSM account with a $100 minimum opening deposit of new money (money not currently held by Chase or its affiliates). Also, within 60 calendar days of account opening, you must initiate a monthly direct deposit such as payroll, pension or Social Security, or have at least five debit card purchases using your PIN or signature posted to your account. The cash bonus will be deposited into your new account within 10 business days after the initial direct deposit or the five debit card purchases have posted to your account. Limit one personal checking account-related cash bonus/premium per customer, per calendar year.

Offer available only at Chase branded branches, excluding branches in California. Expires 6/23/09. One thing I noticed is that the “Chase Checking” account requires either direct deposit or 5+ debit card purchases each month to waive the monthly fee, something not required by the similar WaMu Free Checking bonus.

Filed Under: Deals & Offers //

WaMu (not Chase yet) Free Checking $100 Bonus

Posted on May 20, 2009 // 29 Comments

WaMu is offering a $100 bonus (Update 2: Found new link, thanks to reader Matt) if you open a WaMu Free Checking account and set up direct deposit or make five debit card purchases. Selected fine print:

Bonus/Account Information — To qualify for the reward, you must open a new checking account with a $100 minimum opening deposit of new money (money not currently held by this bank). Also, within 60 calendar days of account opening, you must initiate a monthly direct deposit such as payroll, pension or Social Security, or have at least five debit card purchases (using your PIN or signature) posted to your account. The reward will be deposited into your new account within 2 weeks after the initial direct deposit or the five debit card purchases have posted to your account. Limit one personal checking account-related reward/premium per customer, per calendar year.

Based on this text, it would appear that this promotion would be available to existing customers opening an additional new checking account, as long as you haven’t had a bonus within this calendar year. Offer expires 6/16/09.

Although WaMu is to become Chase, these “WaMu branded products are only available at WaMu branded branches. In CA only, WaMu branded products available at Chase branded branches.” Sooner or later, your account will be converted to the Chase Free Extra Checking account.

Filed Under: Deals & Offers //
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