$200 Cash Back after spending $500

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$200 Cash Back after spending $500

Post by midareff » Thu Sep 22, 2016 10:56 am

Received a Barclaybank promo offer in the mail. $200 cash back after spending $500 in the first 90 days. Move the cash to any bank you like. I asked the application clerk what would stop someone from cancelling the card after getting the $200 back and they would not answer.

Anyone familiar with this promo?

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Re: $200 Cash Back after spending $500

Post by ianferrel » Thu Sep 22, 2016 10:58 am

Not this particular one, but these kinds of promos are common.

And what stops people from canceling the card is mostly forgetfulness or inertia. Enough people will keep the card that it's worth it to them in the long run (or they think it is).

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Re: $200 Cash Back after spending $500

Post by nisiprius » Thu Sep 22, 2016 11:20 am

Yes, you can get away with things like that. While booking a vacation at a well-known resort, my checkout process was interrupted by a credit card offer for a Chase credit card with pictures of the resort's mascots on it and an offer to send me spam for great vacation deals. In brief, the card had a $50 annual fee, payable in advance (i.e. your card came with $50 already charged on it), plus a promised $200 "statement credit" the instant I made the first purchase on it. So: in effect, the first $150 charged on the card would be free. Since I'd already decided to book the vacation and knew the total costs would far exceed $150 it seemed like a no-brainer. It all worked perfectly smoothly.

The "catch" is simply that, yes, it is worth a couple of hundred dollars to various financial firms to get you to open an account with them. They are taking the risk that they will make more from the people who stay on than they will lose from the cold-hearted, cold-headed types who take the money and run.

In my case, I had absolutely no intention of keeping the card, and I was very surprised, psychologically, by how difficult it was to cancel it. I kept finding excuses to hold onto it. I liked the cute cartoon pictures on the card--made me feel cheerful about spending money with it. I'd say maybe someday I'd actually take advantage of the great deals they keep offering me. I'd say it would ding my credit score to cancel it (silly since a) my credit score is good enough to take a ding, and b) I have no plans to need credit). I'd say what if both of our other credit cards and our debit card were all declined at the same time, etc. etc.

But anyway, from a strictly mechanical point of view, yeah, it's real, you can get a couple of hundred dollars that way. It's not like a carnival game where you can't really get the prize.

In general, as a life thing, I think it's unwise to steal bait off fishhooks, and I think it's unwise to get in the habit of accepting that kind of freebie. If you keep doing it, sooner or later there's a real risk of getting hooked.
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Re: $200 Cash Back after spending $500

Post by am » Thu Sep 22, 2016 4:21 pm

There are blogs and websites such as doctor of credit dedicated to deals, bonuses, high yield accounts, etc. If your aggressive, don't mind a little work, have good credit and liquid funds, you can be paid well for your efforts. This offer is nothing special compared to some previous ones I have seen out there,

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