How to make $500 per year from your credit cards and checking and savings accounts

Zaphnath-paaneah By Zaphnath-paaneah, 5th Feb 2011 | Follow this author | RSS Feed | Short URL
Posted in Wikinut>Money>Money Saving Tips

How I use a combination of ing direct checking and savings accounts with a costco american express card to make $500 per year.


We all want to save and make money. In the case of making money, we usually have to work fairly hard. In the case of saving money, we feel like we have to sacrifice something we want and that is not always appealing or easy to do. In the following article I am going to detail how I make $500 a year through the way I bank online and use my credit card without sacrifice and minimal extra work.

Ing Direct Checking and Savings Accounts

About three years ago I stumbled upon Ing. I was tired of getting charged goofy fees by my bank and wanted to find a better way to stash my money. I was immediately impressed by ing's security and user friendly layout. With a little bit of curious navigating of the website any user will find it easy to understand and actually quite interactive. One of my favorite features is that up at the top of your account page it tells you have much interest you have earned that month and for the full year.
With an account through Ing you are able to do online bill pay, account transfers, and even mail paper checks free of charge. While I realize much of this can be done with other banking services as well, I have found Ing to have great customer service (when needed) and have an extremely user friendly website that is all free of charge. As I mentioned earlier, my favorite part about Ing is that you can earn interest income while you park your money. Also, when you open an account with Ing you are issued an Ing debit card that can be used for any debit purchases that you want to make. For 2010, I made about $100 in interest and never had an overly large account balance.

American Express Costco Card

I make the majority of the $500 a year that I mentioned above through the use of my American Express Costco card. A Costco executive member can apply for this card without any yearly fees. With this card American Express gives you a year end cash rebate, through Costco of course. By using this card the cardmember receives 3% cash back for all gas purchases, 2% for travel and restaurant, and 1% everywhere else. I use my AMEX Costco card for just about everyting that I can use American Express for, thereby generating the most year end cash rebate. This year I will receive about $400.

In summary

In summary, I use Ing for my checking and savings accounts. I find Ing to be very easy to use as well as giving me a competitive interest rate on my money. I use my American Express Costco card wherever American Express is accepted. If I am making a purchase from a vendor that does not take American Express I simply use my Ing debit card. As I stated in the summary, I made $500 this year in rebates and found it to be one of the easiest ways to make money without sacrifice and without extra burdensome or time consuming work.

Thanks for reading. Comments and suggestions are always appreciated.


American Express, Checking Account, Costco, Credit Cards, Electric Orange, Ing, Interest Income, Money, Save Money, Wise

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author avatar Zaphnath-paaneah
If it involves learning new things and sharing them with others, I love it.

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author avatar mountainside
5th Feb 2011 (#)

Hi there, Thanks for the excellent information. Take care.

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author avatar D in The Darling
8th Feb 2011 (#)

Great stuff. What we need to hear and share. Thanks. From this day on, I'm your follower!

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