Collecting free money

Collecting free money is great.

Today, banks and credit card companies are getting super competitive. So much so that they offer free money in promotions just for opening accounts.

Since November of last year, I've collected $600 in free money just buy opening up bank accounts and credit cards. After searching around, I've found at least $450 more in promotions I could easily get.

Sometimes, these promotions get sent to you by mail. Other times, you have to look for these online. My favorite place to check online is http://www.hustlermoneyblog.com/best-bank-bonuses-deals/.

The best promotions you want to find are the ones that you get free money just by opening a checking or savings account. The money usually gets credited after having the account open for a certain amount of time.

Please keep in mind that bank accounts usually have a monthly fee. These can be waived usually by having a direct deposit linked to your account or maintaining a minimum monthly average in the account. This minimum amount will probably be anywhere from $500 to $1500. There may also be fees if you close your account to quickly after opening it. Make sure you know all the fees before opening an account.

The other promotions I would recommend are credit cards. These promotions usually work if you open up a new credit card and spend a certain amount within a certain time. The most common promotion I've seen is spend $500 within 3 months and get a free $100. They will either send you a check or credit the amount to your credit card.

Most people spend at least $500 in a month. This promotion rewards you for something you would do anyway, spend money. If you spend only $500 with the credit card to get the $100, you pretty much get $100 worth of stuff for free. It is like getting a 20% discount on whatever you buy (for the first $500). Just make sure that you don't buy anything you would not have bought otherwise.

Please keep in mind that opening up several credit cards and bank accounts will have an adverse effect on your credit score. The adverse effect will fade away after holding those accounts for a longer period of time though. Also, try not to close several accounts at the same time. That can lower scores as well.

But if you never plan on borrowing any money (loans, mortgages, notes, etc) and don't care about you're credit score, go right ahead. Open up as much accounts and collect as much free money as possible.