I stumbled on a post by Lisa Kulpa at Basic Travel Couple that I thought may be of interest for the bank bonus crowd. Lisa had written about the same HSBC bank bonus that we’ve discussed several times here (scheduled to end this weekend and since the “Premier Relationship Team” works Monday to Friday, I think that particular ship has sailed and either you got on board or missed it). But she added a nice twist in how she went about triggering two bonuses at once.
The key hurdle for most bank account bonuses is that they tend to require a minimum direct deposit for some length of time. Some bank bonuses only require very small deposits (like the NorthOne account we wrote about last year that very briefly had a $300 bonus and only required a $50 deposit), but others require direct deposits in the thousands per month. Doctor of Credit maintains an excellent resource of what works to trigger direct deposit requirements and it can often be easier than you might imagine to do just that (indeed, just check the comments to see that many Frequent Miler readers found themselves $600 richer or more with that pretty easy HSBC bonus).
However, Basic Travel Couple had a brilliant way to earn two bonuses at once by opening a personal loan with SoFi Money. I had previously heard about the fact that the SoFi personal loans have no early payoff penalty and there is bonus for each side if you use a referral link to open a loan. I hadn’t previously thought of using the loan to meet a direct deposit requirement, essentially earning both the bonus for the bank account that requires direct deposit and the SoFi loan bonus in one fell swoop. Granted, if you have the ability to meet the direct deposit requirements for your target bank account, there is no reason that the SoFi loan and bank account bonus need to be intertwined. Really, her move is more so something many in this game would appreciate for the artistic flair of it and/or something that may come in handy for those who don’t want to set up a traditional direct deposit or who don’t have the cash in reserve to push around to meet requirements.
Again, her specific $900 play on this is likely dead unless HSBC unexpectedly extends the bonus, but the same thing could potentially work for the $400 PNC bank bonus or the $400 Santander bonus, both of which are regional bonuses that we’ve earned in my household this month. I didn’t meet requirements for those bonuses with a short-term loan, but I could see the appeal for some.
Want to learn more about miles and points? Subscribe to email updates or check out our podcast on your favorite podcast platform.
I wonder if this would work to trigger the $400 capital one bonus. There are very few DPS about capital one and this sounds like it works more broadly than a regular ACH. Though I could be misunderstanding and so-fi it’s just one of the methods for HSBC in particular
I did something similar for the HSBC bonus. I didn’t have any accounts where transfers counted for the bonus so I opened a Chase checking and savings account for $500 total to help me earn the HSBC $600 bonus. Worked perfectly!
Interesting for sure. This might be a great way to hit some of those bonuses for banks with few “DD” options like BOA.
What are the credit score impacts of the loan? Imagine it would be greater than a CC in the short term bc it would show a large balance.
Exactly. I’m assuming there is a HP for the loan and then it’s a balance that will hurt your credit score. This might be helpful for some in the long run because some don’t have different types of credit but I already have installment loans (3 mortgages and a car payment). If this does t affect your credit at all then it is a great way to open an account and pay with someone else’s money.
I’m sure there is a hard pull, but there’s no penalty for early repayment.
I like it! Very creative and clever. My concern would be the dreaded slippery slope for some less disciplined people. It isn’t free money, after all, it’s a loan. This idea suggests that carrying a balance for a short time can be profitable, however, only if it is promptly repaid.
I don’t think she carried it.