I’m always looking for easy ways to save money or make money. Basically anything that will put more money in my pocket without much work is something I like. I get a lot of my ideas from browsing deal forums like Slickdeals or travel forums like Flyertalk but occasionally I’ll come up with a good idea on my own and share it here.
One of my favorite cards is the Chase Ink Bold Business card that I signed up for a few months ago. I like this card because it gave me a 50,000 point sign-up bonus, has no foreign transaction fee and it gets me 5x points back on office supplies and utilities like phone, internet and tv services. The Chase Ultimate Rewards points are very valuable too since you can transfer your points 1:1 to airlines like Southwest and United and hotel chains like Hyatt. Or you can redeem your points for 20% off travel, so for example a $625 flight on any airline would only require 50,000 points.
Racking up the Points
The only problem is that I don’t spend much on my utilities every month so I don’t get the 5x back on much money. I pay about $70/month for Directv and $40/month for high speed internet. I’m still on my mom’s family plan so even my smart phone only costs $50/month(although my mom pays the bill).
When we moved a couple months ago, I decided to switch from ATT Uverse to Time Warner since the former only offered internet in my new area. Before I canceled my U-Verse though, I did an experiment to see if I could overpay my bill and still get 5x the rewards points. On my last statement, I overpaid by $300(that was as much as they would let me) and waited. The payment worked and about 2 months later, I received a check in the mail for just under $300.
So I essentially got 5x back on $300 2 months after I cancelled my service. I had to call AT&T once to make sure everything was going to get refunded but I guess they’re just really slow to process refund payments. On my $300 purchase, I got 1,500 Chase UR points back. Assuming a conservative 1.5 cents to 1 point ratio, these points are worth about $22.50. Not bad for a few minutes of my time.
Readers, what do you think about my strategy to overpay utilities and get 5x cash back? Is it worth it for $22.50?
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-Harry @ PF Pro