6 Non-sneaky Ways to Meet Minimum Spend
Some advanced "travel hackers" need to meet 15k in minimum spend to achieve their sign up points reserves every few months. For those people, these tips may not be enough. Those people may resort to some controversial tactics that the credit card companies are actively trying to shut down called "manufacture spending." For example, there used to be a way to buy a prepaid gift card and then transfer the gift card money back into cash effectively spending $0 and creating however much minimum spend you want. This method no longer works. Below I'll help you meet a more attainable minimum spend for an average person such as 3-6k in 3-months (1-2k/month).
1. Have an idea of your monthly spending habits. Between gas, groceries, online purchases, and monthly subscriptions, how much is your monthly credit card bill? If your average spend is less than what you'll need to achieve your minimum spend in 3 months, do not fret. No new spending! If you already spend more than what'll you'll need per month, make all purchases for those 3 months on your new card and you are done!
2. See which of your monthly expenses can be put on a credit card, such as TV, electric, phone bill, or even health insurance. Some places allow you to do this for a fee; these fees are generally not worth the sign-up bonus.
3. Foot the bill for the group meal or bar tab. Venmo is an excellent app in which people can pay you directly for their portion of the meal. Alternatively, if you are feeling super generous, you can pay and not ask anyone to pay you back. The Chase Sapphire Reserve credit card gives you 3x points on restaurant purchases. For the holidays I treated my family to multiple dinners out because not only was it generous when some family members are not as fortunate as me and get stressed out with the amount of spending that occurs at the holiday, but I also got many rewards points / frequent flyer miles.
4. Buy things for others. If a family member needs to make a large purchase, tell them you'll put it on your card if they will please venmo you or pay you cash.
5. Be the person to pay for the group gift. My mother, grandmother, and I bought my sister a Dyson vacuum for Christmas. I used my card and earned all the points, but only paid for 1/3 of the vacuum. My mother and grandmother paid me back on venmo just minutes after I checked out on the Dyson!
6. Get a credit card before you need to make a big purchase. Buying a new laptop, washing machine, oven? Apply for a new credit card right before, and earn 50k frequent flyer miles for your purchase. Buy appliances stinks, but getting a free round-trip ticket to Ireland and back makes it worth it!
7. Do not get a credit card with a minimum spend if you do not pay your credit card off in its entirety every single month. Contrary to popular belief, getting frequent credit cards can boost your credit score if you are responsible. Don't ruin your credit score or end up in more debt for a couple of thousand reward points.
Tell me, how have you met minimum spend requirements in the past?
See you next Wednesday,