If you frequently churn credit cards, you might run into an issue because you don’t typically spend enough to reach your minimum balance requirement. I’ve had a few people this week ask for suggestions on how to reach a minimum spend of $2,500 in 90 days for the British Airways 100,000 bonus miles credit card.
10 Ways to Reach a Credit Card Spending Requirement
1. Cycle everything through a credit card.
As a personal finance blogger, I wonder if this really is the best advice because some people say you spend more with credit cards than you do with cash. I actually think that is true, but in this case, you are also getting something in return for your spending (i.e. 100,000 BA miles).
Whenever you shop, if they accept credit cards, be sure to pay with your credit card.
2. Major bills and expenses.
Depending on your company, you may be able to pay auto insurance, health insurance, life insurance … on your credit card. Instead of writing a check or having it automatically deducted from your bank account, have it charged to your credit card.
You can send money to anyone (via a mobile number or email address) up to $1,000 per month. If you owe friends or family money, you can use a credit card to send them the funds necessary. There is no fee for using this service.
4. Buy dollar coins.
You can do this without fees. If you’ve never done this before, check out this thread at Flyer Talk. You can only buy 4 boxes ($250 each) of one dollar coins every 10 days. However, if you spend too much or use a high amount of your credit allowance on coins, it will raise a red flag with the credit card company. Since you’re just trying to reach your minimum spending requirement, why not just buy a box?
5. American Express Serve
This website functions much like PayPal, but you can load your account balance with your credit card. There is a fee of .30 per load and a 2.9% fee. While a $1,000 will cost you around $30, that is worth it if it helps you reach your minimum spending balance.
6. Make a donation.
Many charities allow you to make donations online using a credit card. The only disadvantage is that the charity won’t get the full amount as some fees will be paid by the charity for accepting credit cards.
7. Pay your taxes with a credit card.
Once again, this option will incur a fee. You can view your IRS credit card options, but fees will range between 1.9% and 2.35%.
8. Stock up on gift cards.
If you usually shop for groceries at Wal-Mart, why not buy $500 worth of Wal-Mart gift cards? When buying gift cards, you’ll want to shop around a little bit to be sure that you’re getting best deal because you can often buy gift cards for less than face value.
At Plastic Jungle you can get the following:
- Wal-Mart gift cards up to 3% off
- JC Penny gift cards up to 14% off
- Home Depot gift cards up to 7% off
- Target up to 5% off
- Best Buy up to 6% off
9. Pick up the bill.
If you’re going to lunch with some workmates, rush and offer to pay the bill. Have everyone pay you back in cash.
10. Do early Christmas shopping.
If you usually get gift cards for people at Christmas, why not go ahead and pick up those cards now?
Like everything in life, my advice is to use these strategies in moderation. Divide it up in as many methods as possible to avoid any red flags on your account. Just remember that even if you do pay a few fees in the process, it will be worth the 100,000 miles pay off.
What methods do you use for reaching your credit card minimum spend requirement?
Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author’s alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.