First Tech Federal Credit Union has a $200 + $150 checking bonus with promo code NEW2023. The promo is a little involved, requiring a decent-sized direct deposit for multiple months and specific debit card purchases, but the bonus size is not bad. Promo expiration is 12/31/2023. When I applied, they paid the $8 membership fee for the partner organization on my behalf so that I could join the credit union, although they mentioned it might be eventually be reported on 1099-INT. I did not experience a hard credit check, although they did a soft check on Experian.
New members can earn up to $350 in cash rewards for establishing direct deposit, and making card purchases on everyday items. Use promo code NEW2023 on your membership application to enroll today!
When you set up a qualified direct deposit, you’ll be on your way to earning $200. Earn up to $150 for making qualified card purchases on everyday items—like groceries, online subscriptions or food deliveries.
$200 Checking Bonus
- Must establish an initial direct deposit of $1,000 (total) per month within 60 calendar days of enrollment.
- During time period between enrollment and 120 calendar days after enrollment, must continue for at least one direct deposit transaction each calendar month for a minimum of three months.
- Example provided: If a member’s Enrollment is 01.01.23, first direct deposit transaction must occur by 03.02.23, with additional required direct deposits occurring at least once in each subsequent calendar month following the month in which the initial direct deposit is made. Last direct deposit must be received by 05.01.23.)
New Direct Deposit Offer: New direct deposit must occur at least once per calendar month from the Participant’s employer payroll into any account of which the Participant is the primary account owner. Direct deposits from a non-employer payroll source do not qualify. The monthly aggregate amount of all qualifying direct deposits must equal to at least $1,000 to earn the $200 bonus. Initial direct deposit transaction must take place within 60 calendar days of Enrollment. During the period of time commencing with Enrollment and ending 120 calendar days after Enrollment (“Enrollment Period”), at least one direct deposit transaction must occur each calendar month for a minimum of three months. (EX. If a member’s Enrollment is 01.01.23, first direct deposit transaction must occur by 03.02.23, with additional required direct deposits occurring at least once in each subsequent calendar month following the month in which the initial direct deposit is made. Last direct deposit must be received by 05.01.23.) Only the Participant will receive credit for the direct deposits. Any qualifying bonus will be deposited to the Participant’s Membership Savings account the first week following the Enrollment Period.
$150 Debit Card Spending bonus
- Can be done solely using the debit card (no credit card required).
- Spend up to $500 in each of the three eligible categories (groceries, online streaming subscriptions, and food delivery), and get 10% back for each ($50 max). That will get you the max $150 cashback bonus.
- Transactions must post to the account(s) within 60 calendar days of Enrollment.
New Member Spending Offer: Valid for new memberships with new checking accounts only (may be combined with a new credit card account). Spending must be completed on either a new debit card, new credit card account, or combination thereof. The spending bonus reward is 10% of qualified purchases within three categories: groceries, online streaming subscriptions, and food delivery. Each category has a maximum reward of $50 (based on a maximum spend of $500), up to a combined total reward payout of $150. The purchases must be made using a qualified First Tech debit or credit card linked to a new account. For purchases to qualify, transactions must post to the account(s) within 60 calendar days of Enrollment to receive a spending bonus. Any qualifying spending bonus earned will be deposited to the Participant’s Membership Savings account. If the maximum earned payout is reached during the first month, payout will be made the first week of the following calendar month; otherwise, any earned payout will be made at the end of the 60 day period. Spending bonus payouts for qualified purchases will be completed by 09.30.23. First Tech does not have the ability to control how a retailer chooses to classify their business and therefore reserves the right to determine which purchases qualify for promotional offer. Merchants who accept Mastercard® debit and credit cards are assigned a merchant code which is determined by the merchant or its processor in accordance with Mastercard® procedures based on the kinds of products and services they primarily sell. First Tech groups similar merchant codes into categories for purposes of making offers to you. Please note that First Tech makes every effort to include all relevant merchant codes in our categories. However, even though a merchant or some of the items that it sells may appear to fit within a category, the merchant may not have a merchant code in that category. Merchant category codes that qualify for this promotion include the following: Groceries: 5300 – Wholesale Clubs, 5411 – Grocery Stores, Supermarkets. Online Streaming Subscriptions: 4899 – Cable, Satellite, and Other Pay Television and Radio Services, 5735 – Record Shops, 5968 – Direct Marketing – Continuity/Subscription Merchants. Food Delivery: 5812 – Eating Places, Restaurants.
Looking at the eligible MCCs above, the 5300 code includes includes wholesale clubs like Sam’s Club (and perhaps Costco if you buya gift card?). 5812 includes restaurants (although different than code for Fast Food). If you have a big cable bill, you may be close to maxing out the online subscriptions category. I probably won’t be able to max that one out.