Author Topic: Fidelity - 50k UA and 50K Delta and Apple GC (Read 158875 times)

Drago · « **on:** February 07, 2012, 04:16:46 PM »

(Below is a copy of a post I made somewhere else on the forum. It was advised I start one from scratch)
First see this post on FT. http://www.flyertalk.com/forum/16588684-post929.html
If you have time, you can go through the recent posts to see ppl's updated experience doing this deal.

Below is my short summary:
Fidelity has a few stackable promotions (unless they catch on and stop allowing the ppl to churn the money).
For opening a first time account, receive 50k miles on either AA or UA (and perhaps others) for depositing 100k. (They have other levels as well if you can't reach 100k of deposits during 90 days)
Then, you can add on a Delta offer for existing accounts with the same rewards, so another potential 50k miles.
Then, there's another stackable offer of an Apple gc, which maxes out at $500 after depositing 300k. I think the lowest level is $100 after 75k deposit.

I've been transferring in and out around 25k for the last few weeks (it takes around a week to 10 days for the money to post) and will soon be reaching 100k in deposits.
So far, I have received 30k UA, and 25k Delta, and I hope it'll all be given soon after reaching the 100k in deposits. I may try to deposit a bit more to reach a higher Apple gc, but 300k is too much since it has to be done in 90 days I think.

After I finish mine, I'll do the same for my wife, and then I'll do a joint account. Hopefully, they'll all work.

Let me know what you do, and I'll update my experiences.

WhyAich · « **Reply #1 on:** February 07, 2012, 04:19:26 PM »

100k? I'm still saving

Drago · « **Reply #2 on:** February 07, 2012, 04:41:31 PM »

Quote from: WhyAich on February 07, 2012, 04:19:26 PM

100k? I'm still saving

True, but if you have 10k to play with, you can do that in less than 90 days, and hopefully still get the miles. The more $$ you have, the quicker you'll reach the 100k

joeb1 · « **Reply #3 on:** February 07, 2012, 05:44:49 PM »

do u have to keep the money in there or can u pull out as soon as u get the miles?

HelpMe · « **Reply #4 on:** February 07, 2012, 05:49:18 PM »

Quote from: joeb1 on February 07, 2012, 05:44:49 PM

do u have to keep the money in there or can u pull out as soon as u get the miles?

No need to leave it in the account.

joeb1 · « **Reply #5 on:** February 07, 2012, 05:55:26 PM »

they told me that u must keep the funds in for 6 months..is that an incorrect statement?

HelpMe · « **Reply #6 on:** February 07, 2012, 06:13:43 PM »

Quote from: joeb1 on February 07, 2012, 05:55:26 PM

they told me that u must keep the funds in for 6 months..is that an incorrect statement?

The statement is correct but so far it is not being enforced.

joeb1 · « **Reply #7 on:** February 07, 2012, 06:16:23 PM »

thank you,,is what youre saying personally confirmed recently?

HelpMe · « **Reply #8 on:** February 07, 2012, 06:23:54 PM »

Quote from: joeb1 on February 07, 2012, 06:16:23 PM

thank you,,is what youre saying personally confirmed recently?

As early as last month from a trusted member.

joeb1 · « **Reply #9 on:** February 07, 2012, 07:57:26 PM »

thankx

Yeki89 · « **Reply #10 on:** February 07, 2012, 10:56:03 PM »

so let me get this straight i open an account and setup the promos depoit 30k, withdraw it all, deposit it again, repeat, repeat... i will get these 50k... do u need to worry about the irs as its more then 10k?

APoshiterYid · « **Reply #11 on:** February 07, 2012, 11:12:47 PM »

Quote from: Reuven on February 07, 2012, 04:16:46 PM

I've been transferring in and out around 25k for the last few weeks (it takes around a week to 10 days for the money to post) and will soon be reaching 100k in deposits.

Enjoy your audit!

HelpMe · « **Reply #12 on:** February 08, 2012, 12:20:45 AM »

Quote from: yeki89 on February 07, 2012, 10:56:03 PM

so let me get this straight i open an account and setup the promos depoit 30k, withdraw it all, deposit it again, repeat, repeat... i will get these 50k... do u need to worry about the irs as its more then 10k?

We are not talking cash here. Don't worry, be happy!

Saver2000 · « **Reply #13 on:** February 08, 2012, 12:37:46 AM »

Quote from: HelpMe on February 08, 2012, 12:20:45 AM

We are not talking cash here. Don't worry, be happy!

Are you sure its considered a rebate and not a gift?
In previous instances, checking account bonuses were taxable - cc bonuses usually aren't.

HelpMe · « **Reply #14 on:** February 08, 2012, 12:57:15 AM »

Quote from: Saver2000 on February 08, 2012, 12:37:46 AM

Are you sure its considered a rebate and not a gift?
In previous instances, checking account bonuses were taxable - cc bonuses usually aren't.

My response was in reference to depositing and taking out 30k not if you are going to receive a 1099.

BrooklynCPA · « **Reply #15 on:** February 08, 2012, 09:53:40 AM »

@ Reuven: Are you sure it will work for a 3rd Joint account? Have people reported success doing that?

Drago · « **Reply #16 on:** February 08, 2012, 01:26:22 PM »

Quote from: BrooklynCPA on February 08, 2012, 09:53:40 AM

@ Reuven: Are you sure it will work for a 3rd Joint account? Have people reported success doing that?

I think I saw comments about ppl doing this, but I haven't followed most of the thread so I don't know what their experience.
With regards to the 1099, my only prior experience with this was TD Ameritrade, 20K SPG, 2 years ago, and I didn't receive anything.

If anyone takes the time to read the FT thread, let us know what you see.

Ergel · « **Reply #17 on:** February 08, 2012, 01:56:42 PM »

While a1099 would dampen the whole deal, based on my calculations it would still be worth it

Yeki89 · « **Reply #18 on:** February 08, 2012, 02:10:27 PM »

what about a loan of 100k for a week?

AsherO · « **Reply #19 on:** February 08, 2012, 02:27:26 PM »

Quote from: yeki89 on February 08, 2012, 02:10:27 PM

what about a loan of 100k for a week?

1. Who's lending you 100k for a week?
2. It'll probably take more than a week to deposit 100k then withdraw it, more like 2-3 weeks.