If you have a lot of money sitting around, or investment assets, you can earn miles. Basically just about anyone will reward you with miles for your business and when a lot of money involved so are a lot of miles.
Here are three ways your money can work for your mileage balances.
Up to 100,000 Miles in Each of 3 Different Programs for Fidelity Investments
I used to use Sharebuilder for opening account bonuses, but in recent times the biggest miles have come from Fidelity. Like 50,000 miles for a $100,000 deposit.
Plenty of folks have earned more than one bonus from Fidelity for opening and funding an account — miles with American, United, and Delta. In fact you can earn one bonus per 12 months.
You used to be able to game Fidelity’s deposit requirements but they’ve since closed that loophole.
Still, if you need an investment account anyway and have cash or investments in your portfolio, you can pocket plenty of miles for letting them sit in a Fidelity account.
Here’s the earning table:
Miles Every Month for Your Checking Account
I’ve used Bankdirect as my primary checking account since July 2003. They give me 100 miles for each $1000 of average balance each and every month, and there are signup bonuses as well.
In a low interest rate environment this is a pretty good return, especially since there’s no tax reporting on the miles but you’d pay tax on interest earned (such as it is these days, on a checking account).
Copyright: micchaelpuche / 123RF Stock Photo
They now cap mileage-earning based on a $50,000 balance, but that’s still 5000 miles per month if you max out (at a monthly fee for the checking account of $12). And you can earn up to 21,000 bonus American AAdvantage miles for a new account.
Now Earn Up to 100,000 United Miles for Investing Through Lending Club
Lending Club has given United miles, American miles, and US Airways miles for borrowing money.
They now have a big offer for investing your money.
It’s one mile per $2 invested by new customers. You earn better yields than a bank, but there’s some risk. (They claim ‘low risk’ and 5% – 8% returns.) Diversify your portfolio with them and reduce risk, but if the company itself doesn’t make it these aren’t insured investment accounts the way your brokerage account would be. I think a good short summary comes from Centurion on Flyertalk.