Is it worth fighting for another USD 100 loan?

I have never been a cherry hitter. I didn’t go for every bank promotion to take advantage of a cash bonus or gadget (e.g. power bank or smartphone) and whenever possible, give up my credit card, close my account and look for another opportunity.

On the other hand, it is also difficult to include me among the bank customers who are loyal to one institution from the first job to the grave board. On the contrary, I have changed my personal accounts (and the banks that run them) several times.

Now I have decided once again that you need to change the account bank. As always, I started searching from comparison websites.

Checking dozens of accounts

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After some time (and checking dozens of accounts) I already had a shortlist of banks that particularly interest me. Looking more closely at them, I noticed that some of them are carrying out promotional campaigns in which people who set up a personal account offer a cash bonus.

Or maybe you could earn something more by changing your account? – I thought. Immediately, however, a second thought occurred to me: is it worth it?

One can say that of course, because USD 100 is not a road. The thing is not how much you can earn, but what you need to do to get the bonus. Why? For a simple reason: the bonus is paid out a few months after the account was created.

During this time, the account must not be fallow – the banks speak outright, reward those customers who either top up the account with a certain amount, make a debit card transaction for a certain amount, or meet another (usually easy) requirement. How does this work in practice? I will show on the example of two promotions:

Good Finance and Account Worth Recommending Honest Bank. The first will last for several months, and the second has just ended.

USD 100 for USD 1,000

USD 100 for USD 1,000

Persons who between July 2015 and November 2016 did not have or were not co-owners of any of the Direct, Comfort, Premium, Classic, Student personal accounts can participate in the promotion, under which the bank pays USD 100 bonus.

However, the stake is not paid immediately after opening the account (this is the first condition for receiving the prize).

The second condition is patience – the bonus will be paid until the end of July 2017, and the third – activity. Before the bonus payment date (specifically until the end of June 2017), you must use a debit card issued to a Direct Account or Comfort Account to make non-cash transactions for at least USD 1,000.

What do we get in return? Free (and unconditionally) account, with free internet transfers, the possibility of earning at tips, a good mobile banking application and a fairly decent interest-bearing savings account (2% per annum).

The bonus will be transferred to the savings account. Minuses? There are two. The first is the charge for a debit card, which is not charged if you use it to make monthly cashless transactions for at least USD 300 (otherwise the bank will charge USD 7). The second – slightly larger caliber – are the costs of withdrawals from ATMs.

We will withdraw cash for free from Good Finance and from Honest Bank network devices. For withdrawals from other devices, only the first transaction of the month is free, and each subsequent one costs USD 2.50.

Honest Bank, i.e. fund your account, and USD 100 will be given to you

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The promotion at Good Finance ended on November 30. There was also 100 USD to take. However, the conditions to be met were slightly different.

During the promotion period, it was necessary (obviously) to set up an account with Visa card and electronic banking services Cooperative Banking, and in December and January to provide income (at least USD 1,000 per month).

By February 20, you need to check that the bonus has been awarded to us, and by February 27, complete your account number in the space provided. The bonus will be paid out by March 10, 2017.

What in return? First of all, a free personal account with an interest rate (this is a rarity) of 4 percent. per year (it’s already a real white crow). Internet transfers and Visa cards are also free (also unconditionally).

A spoon of tar in a barrel of honey? Yes it is. It is a commission for withdrawals from ATMs other than those belonging to Honest Bank and Good Finance, it is 3 percent. transaction value, a minimum 5 USD.

Is it worth fighting for USD 100?

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As the examples above show, if you want to get a USD 100 bonus from a bank, you have to earn it. It is clear. After all, banks care about active clients who at least regularly fund their accounts with receipts and use the card.

It should also be remembered that by participating in the promotion, we agree to its terms. For example, a Visa card is assigned to a Promotional Account Worth Recommending.

Its advantage is that there is no charge for using it, and the disadvantage is that we will pay a commission for withdrawals from ATMs other than those belonging to the bank and Good Finance network. A Good Finance card is also offered for this account. It costs USD 7 a month, but withdrawals from all ATMs in Poland using it are free.

And we can’t always spend time finding a free ATM. Sometimes, we have to urgently withdraw, and there is no free ATM in the area. For example, paying out e.g. USD 300 with a Visa card once, we will pay up to USD 15 commission. You can find more examples like this.

Thus, the bank bonus should not be the most important factor on which we decide to make use of a given offer. We should treat USD 100 as a nice addition and something that will finally convince us to choose this particular account.

If, however, you plan to close the account after receiving the bonus and you do not want to use it actively, then you should consider whether the skin is worth the layette, or otherwise – whether the costs will be greater than profits. I changed my account. I hope it was a profitable decision.

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