This is a little known trick with Current by Discover whereas you can deposit money into your “teen card” using your chase credit card. This count as a purchase and you can withdraw money from your “teen card” via ATM machine. Since you are funding with a cash back credit card, you make money say 2% cash back with the Charles Schwab credit card.
Few important facts must know:
- Best to use it with Schwab 2% cash back to maximize profit.
- Teen Card can be loaded up to $2500 each time. But do so only once per month in order to avoid audit.
- Withdrawal can only be at $500 maximum per day, but only do it once a week. Again, avoid fraud audit by minimizing abuses. No ATM fee if you can find one through the Pulse Network.
- $5 monthly fee to keep the card open, but free first month with offer code “DM110806“
- Get up to 3 cards, so in theory, credit up to $7500.
- Also, try to use the teen cards for small purchases every now and then so they won’t be so suspicious. Again, try to follow my directions if you do not want the cards to be closed down.
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{ 18 comments… read them below or add one }
How did u get this number “If you withdraw everyday with the 3 cards, you can make over $300 each month via cash back with your e.g. Chase Freedom card ” ?
Well..i’m lowballing here.
Chase freedom is 1.25% cash back on purchases. So here’s the math
1.25% x $1500 x 30 days = $562 minus ATM fees = ??
I think the Chase Freedom card would only provide 1% back for this type of purchase. I have a Schwab card that gives me 2% back on all purchases with no limit. I’m wondering if Schwab would treat it like a normal purchase. That would be great. Thanks for posting this.
For those with an old chase freedom, you get an extra $50 for cashing in $200. Essentially, making this 1.25%.
Again, it has only been reported to work with Chase. I’m not sure about Schwab or other CC.
Also, i don’t suggest people go crazy with this. They can easily stop this once they see what is happening.
You might want to do a few dollars purchases here and there using your Teen card to make them happy.
you’re crazy. But I like it. Will they consider my six year old to be a teen?
Thanks but that seems too much of a work. Besides, I think Chase will be not too happy and may cancel my very sweet Chase Rewards card…
So do you have to have a teen at home or can anyone over the age of 19 apply for it?
I entered the promo code DM110806 on the page for funding where it asks for one. Is that the right place? It replied with: Invalid promo code.
Has the code expired? Do you have another promo code?
Since it is issued in the name of a teen you cannot use this scheme if you do not have a teen,
From the registration page of Discover:
“I am the Card Holder
The person using the card itself, usually a teenager.”
Interpret Usually however you feel like it. FYI, I have no kids.
Another Promo code for THE first month free: CP509
I have no qualms about interpreting ‘usually’ but what is the date of birth of your teen did you print on the application?
I don’t have kids, but I have brothers and sisters.
They changed the rules on ATM withdraws. $2.50 per transaction on Current’s side, and possibly more from the ATM vendor. $1000 max per month ATM withdraw. Any ideas how to counter this?
no fee for cashback at point of transaction.
ex. buy ‘a carrot’ – cashier asks if you want cashback…. up to $100 at local walmart.
works best is at those self check-out.
not sure how many times it can be done? _(IMO – no limit)
anyone have comments on this?
changes apply on oct -18th 2009.
until then 4 free atm transaction per month (does not include bank (atm owner) surcharge)
Thanks for the great advice, Beavis
Using the Current card at US Bank ATMs has no ATM owner surcharges, right?
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