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Debit and Credit Card Bonuses

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Member

Debit and Credit Card Bonuses

I have taken advantage of several credit card bonus offers.  I have recently applied for and was approved for the Discover it Cash Back card.  They offered me an initial credit limit of 12k.  I also applied for a Chase Saphire Preferred card with a 10k limit.  Both have great bonus offers or 0% introductory apr.

 

I was looking at other offers but do not want to add another credit card so soon.  That said I found a Wells Fargo checking account bonus offer of $400.  It requires a 4k in total direct deposits within the first 90 days.  I cannot switch my direct deposit from work.  I withdraw about 2k a month from my TD Ameritrade (stock) account.  I am curious if anyone knows if this would qualify as a direct deposit.  I understand this is not credit card related but hoping someone might have some input.

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Super Contributor

Re: Debit and Credit Card Bonuses


@Skinnersone wrote:

I have taken advantage of several credit card bonus offers.  I have recently applied for and was approved for the Discover it Cash Back card.  They offered me an initial credit limit of 12k.  I also applied for a Chase Saphire Preferred card with a 10k limit.  Both have great bonus offers or 0% introductory apr.

 

I was looking at other offers but do not want to add another credit card so soon.  That said I found a Wells Fargo checking account bonus offer of $400.  It requires a 4k in total direct deposits within the first 90 days.  I cannot switch my direct deposit from work.  I withdraw about 2k a month from my TD Ameritrade (stock) account.  I am curious if anyone knows if this would qualify as a direct deposit.  I understand this is not credit card related but hoping someone might have some input.


@Skinnersone See DOC for data points on what counts as DD. Scroll down to read comments.

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Member

Re: Debit and Credit Card Bonuses

Thank you very much for that link.  It was very helpful.  I had looked at my chase account and direct deposits from my employer say dd in the heading however my Ameritrade transfers say ach.  The comments in your link suggested to click on the heading and voila it says direct deposit.  I had done a search but just confused myself more. Thanks again for taking the time to reply.  This site and the members here have helped me turn my life around.  Most grateful.

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Super Contributor

Re: Debit and Credit Card Bonuses


@Skinnersone wrote:

Thank you very much for that link.  It was very helpful.  I had looked at my chase account and direct deposits from my employer say dd in the heading however my Ameritrade transfers say ach.  The comments in your link suggested to click on the heading and voila it says direct deposit.  I had done a search but just confused myself more. Thanks again for taking the time to reply.  This site and the members here have helped me turn my life around.  Most grateful.


Glad to help. Enjoy your sign up bonus!

Message 4 of 5
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Senior Contributor

Re: Debit and Credit Card Bonuses

Chase and Bank of America are known "sticklers" for direct deposits having to be real payroll or government benefit (such as Social Security), others such as Wells Fargo & US Bank are known for pretty much counting any electronic deposit as a "direct deposit".

 

And on the topic of bonuses, credit card bonuses are not taxable, the IRS considers them a discount on purchases. I think debit card bonuses are also considered as a purchase discount, I've never done a debit card bonus but I'm trying my first one so I'll find out.

But bank account bonuses are always considered as taxable income, the banks send you a 1099-INT form, taxable interest income.


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