Getting Free Money to Help Pay for Bills

1. Get a Cash Bonus for Opening a New Bank Account

How Much You Can Make: Typically $100-$300 How You Can Make It: Signing up for a new checking account with a bank that’s offering a special promotion.

Banks are always looking for ways to compete with each other, and one common way to get new customers in the door is to offer upfront cash payments, simply for opening an account. There are some catches, though, for how to get money for free via this method:

Customers are usually required to sign up for services that save the bank money, such as direct deposit, online bill pay, or e-statements in order to qualify for the cash. Since direct deposit and online services reduce the amount of employees they need to hire, the bank saves money, and can afford to pay upfront customer bonuses. There is usually a time limit that the account needs to be opened for, and a minimum balance. For example, you may have to maintain a balance of $1,000 for one year before receiving all of the bonus. You may get the bonus in the form of a prepaid card instead of cash, but it is still money.

To find banks near you that are offering cash bonuses, pay attention to commercials and online advertisements, or do a simple internet search. Offers are typically temporary, so don’t panic if you missed one — there’s a good chance that it will roll back around within a year. Some companies run these types of promotions quite often, including the following:

Chase sometimes offers bonuses of up to $300 for opening a Premier Plus or Total Checking account TD Bank has run promotions for $150 or $300 signup bonuses for new checking customers BMO Harris has been known to offer up to $200 cash bonuses for customers who open a checking account Santander Bank sometimes offers up to $150 signup bonuses for several of its checking account options

2. Do Simple Credit Card Balance Transfers

How Much You Can Make: Depends on how much debt you have already. How You Can Make It: Move your balance on a high-interest credit card to a low - or no-interest card. You’ll still owe money, but you’ll owe less in interest payments over time.

Credit card companies are in the same boat as banks when it comes to competition for customers. Many offer balance transfer promotions, cash rewards, and even signup bonuses. While a high amount of debt isn’t ideal, it’s a good idea to get the best interest rate if you do have outstanding balances. With an introductory interest-free offer for balance transfers, you could save a lot of money by transferring your balance from a high-interest card to a new interest-free card. Here’s how to get free money today:

Check out CompareCards. com — it’s a site that allows you to compare current credit card offers, and find one that’s right for you. Be selective, and read the fine print. Always know what you’re getting into before you make a major financial decision. There may be fees associated with the balance transfer, but those fees can be minimal compared to the amount you can save on interest.

Once you apply for the new card and transfer the balance to the new card, that attractive $0 balance on the old card may look tempting. Don’t go racking up extra debt, or it will completely defeat the purpose.

3. Consider Credit Card Arbitrage

How Much You Can Make: Varies widely depending on how much debt you’re willing to incur. How You Can Make It: Get a cash advance from a credit card. Invest the cash into a high-yield account. Pay the outstanding balance back to the credit card company before the no-interest grace period ends. Pocket the interest from your investment.

This is a clever way to get free money today. Did you know that you could take a cash advance from a credit card company and put it into an account where it will earn interest? It’s called credit card arbitrage. You just have to make sure you repay the money to the credit card company before it starts to accrue interest (during the grace period).

To do this, you’ll need two things: a credit card that allows cash advances and has a 0% interest offer, and a place to put that cash where it can earn money. For the second part, go to your bank and ask about the rates for high-yield savings accounts. You can also ask if the bank has any CDs with the same maturity as the grace period of the credit card where you got the cash advance.

Once you’ve decided where your money is best invested and made the deposit, you just let it sit and accrue interest until the grace period on the cash advance ends and it’s time to pay back the credit card company. Don’t get us wrong: although simple in theory, this method is risky, and we do not recommend it for casual investors. But it is perfectly legal (if not generally advisable), so we’ve included it here so that you know your options.

4. Choose a Credit Card that Offers a Sign-up Bonus

How Much You Can Make: Typically $100-$200 How You Can Make It: Sign up for a new credit card with a bank that’s offering a special promotion.

Here’s a simple way to get free cash now. Some cards offer sign-up bonuses for making purchases during the first few months of opening the account. You don’t necessarily need to purchase anything new though, since you can usually use your card to pay cell phone, cable or utility bills. Offers are constantly changing, but the following credit cards are offering sign-up bonuses (we’ll do our best to keep this list up to date):

Chase Freedom Card : $150 Bonus after you spend $500 on purchases after your first three months of opening the account. Blue Cash Preferred Card from American Express. Earn $150 back after you spend $1,000 in purchases within the first three months of opening the account. Capital One Quicksilver Cash Rewards Credit Card : Earn a $100 bonus once you spend $500 on purchases within three months of opening the account. Bank of America Cash Rewards Credit Card. Earn a $100 bonus once you spend $500 on purchases within the first 90 days of opening the account.

5. Get Free Government Money to Pay Bills

How Much You Can Make: Grants range from hundreds to thousands of dollars. How You Can Make It: Fit the criteria of a government grant for individuals or organizations. Fill out a lengthy application and wait to see if you were approved.

Sometimes you can get free government money to pay bills if you meet particular criteria. Grants are offered by both the state and federal governments, as well as nonprofit organizations, and they can greatly help your business if you’re self-employed or looking to start a business. Government grants are also available to individuals who want to go college. If you qualify, you’ll be able to get the money without any strings attached. This is the most viable way to get free government money to pay bills Take a look at Grants. gov to see if you qualify for a government grant.