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Update on Statement Credits

Okay, so I have to say this really takes a lot of juggling to get these statement credits! It is definitely simpler to buy groceries, gasoline, etc. with the appropriate debit cards and be done with it.

I have my paycheck direct depositing into three checking accounts. One portion is my car payment, another portion goes to Wells Fargo for groceries and my husband’s gasoline and mad money, and the remainder goes to another checking account from where I buy my gasoline and pay the bills. This is working out remarkably well. The nicest thing about it is when the grocery money is gone from Wells Fargo, that’s it. No more buying groceries until I get paid again. In the past I’ve had trouble saying “We’re out of money” if there was still any money left in the account. I would cave in and spend money that was earmarked for bills. That was when I put my whole paycheck into Wells Fargo. Earlier this year my employer approved direct deposit and I spearheaded the process to get it set up.

But back to the credit card… using one just complicates things. If I’m not careful, I can overspend, so I have to pay careful attention to how much money I’ve spent on groceries and make sure to send that amount to the credit card. One other little niggling problem is using Bill Pay with Wells Fargo. The bill pay amount doesn’t deduct from the account for 2-3 days. So I have to then keep in mind that I have sent a payment!

So the first card I worked on (to get the $300 statement credit) using was the AMEX “Wife” card. In less than one month I charged the required amount and also paid the card in full. I was surprised to see this card has already been issued the $300 credit statement! I began using the card on 10/17 and received the statement credit on 11/16.

If I had known the credit would appear this soon I would have left $300 on the card, and then used that money to pay toward my smallest credit card which is $578.

So I currently have a $300 credit on the card! In order to use this money, I’ll need to charge normal expenses, then I’ll take the money from the bank and pay toward the smallest credit card – more shuffling.

Oh, and one little funny thing you’ll love… I hid the card from myself so I wouldn’t use it again… so I had to order a new card just so I can use the $300 credit!

In the meantime, I’m working on the statement credit for the AMEX “Husband” card. So far I’ve charged $261. I’ll need to charge another $739. I do have until January 31st but the sooner I charge the required amount, the sooner I’ll see the statement credit. I’m really amazed to see the statement credit on the other card so soon. I am sure I read that it would take 8-10 weeks to appear!

The Capital One card required that I spend $500 in 90 days to earn a $100 statement credit. I have completed that, and the card is paid in full. AND the statement credit has already arrived!  This coming weekend I’ll begin the balance transfer (of the balance on Chase I) and the $100 statement credit will lower the debt on that card.

There is a LOT of thinking that has to be done to juggle my finances around to work all this out, but I just can’t say no to the statement credit offers!

Have you had any statement credit offers? Did you take advantage of them?

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5 thoughts on “Update on Statement Credits

  1. 🙂 You’re doing exactly the same thing I used to do: using checking accounts as electronic “envelopes.”

    Riding herd on a flock of accounts got to be a pain in the neck. So I tried using cash only. Nope…not compatible with my set of neuroses. Now I just have one checking account and one short-term emergency savings account, and keep track of things in Quickbooks and (sometimes, if it’s something that I really want to see in detail) in Excel.
    Funny about Money recently posted..Dollar$ and ¢ents, 2014My Profile


  2. I bet you can’t wait to reap the benefits of the card statements and then let the accounts accrue dust! You’ll have to update us about how the drop in gas prices will impact your budgets over the next couple months. I bet you’ll be able to make some headway on small balances! Also, did all of your balance transfers go through as planned? Wishing your family the best in 2015.


  3. Tried to do this with several Capital One reward accounts – was unable to take advantage of the checking reward because the debit card they sent me was defective, and customer service was not able to fix the problem before the reward date expiration had passed. 🙁

    I’ll definitely keep an eye out for deals like the one in the article though.. does anyone have a list of the best rewards cards or something similar?


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