Posted by William Charles on March 25, 2018
Credit Card Offers

Published on March 25th, 2018 | by William Charles

130

Elements Financial Credit Union $300 Visa Bonus

Offer is back, they are also offering an introductory APR of 0% for six months on balance transfers with no balance transfer fees. View more 0% APR, no BT fee cards here.

The Offer

Direct link to offer

  • Elements Financial Credit Union are currently offering a sign up bonus of $300 as statement credit on all of their credit cards (excluding their secured card) when you complete the following requirements:
    • Make at least 10 card purchases
    • Total purchases must be at least $1,000
    • Must be completed within 90 days of card approval

elements credit union

The Fine Print

  • Requiring at least 10 card purchase transactions totaling at least $1,000 within 90 days of card approval — will be fulfilled as a $300 statement credit.
  • Secured Card excluded.
  • Offer subject to credit approval and may be taxable.
  • Elements reserves the right to amend or discontinue offers at any time.
  • Additional terms and conditions may apply. Please allow 4-6 weeks for receipt of statement credits.
  • If account is closed within six months, we reserve the right to deduct the bonus at that time.
  • Product offers cannot be combined with other promotional offers for the same product.
  • One offer per household.
  • Existing Elements credit cardholders not eligible.

Our Verdict

Note that there is a limit of one offer per household and they also say it may be taxable (credit card bonuses usually aren’t, but if they send a 1099-INT it’s going to be a pain to contest). None of the cards are actually that interesting (1%-1.25% cash back, with Signature Rewards being the best but reserved for special clients). Should be open to anybody to join, more details on that here. Definitely one of the best cash sign up bonusesIt’s also only a soft pull to join the credit union. Unfortunately they are extremely inquiry sensitive so most people will be denied (see comments for what I am talking about)

As always, please share your experiences in the comments below.

Hat tip to reader Andrew



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Sean
Sean

Taxing the $300 would leave me with less than $200. bummer

Matthew
Matthew

Congrats on your amazing tax bracket.

Credit card rewards aren’t taxed.

anthonyjh21
anthonyjh21

Did you comment just to troll? Because it doesn’t appear you’ve actually read the post.

We don’t know if it’s taxable. It’s right there on the landing page. William even bolded it for those just skimming the post.

Jeremy
Jeremy

Credit Unions don’t get to decide what is taxable, the IRS does.

AB
AB

If they deposit it directly into your bank account and treat it as interest income, they actually do decide. And since most travel blog readers fall into the top 80% of wage earners, you’re most likely looking at a 25% marginal Federal Income Tax bracket plus somewhere around a 5% marginal State+Local Income Tax bracket depending on where you live.

Sean’s $200 estimate is pretty close to those lines.

Ask yourself if it’s worth 2 hard pulls to open an account and then to get one of these cards when all you’re going to net is $200.

zalmy

According to the post, it’s only a soft pull to join the credit union

TCW
TCW

Yes, but the Credit Union decides whether or not to send a 1099. (The downside to a CU of issuing a 1099 when it wasn’t necessary is smaller than the downside of not issuing one if they should have.) If they do issue one, your options would be to report it as taxable, not report it and hope the IRS doesn’t notice that a 1099 item has been excluded from your return or telling the IRS that no 1099 should have been generated because credit card bonuses aren’t taxable.

Matthew
Matthew

It literally says the $300 is deposited as a statement credit.

Sarah
Sarah

Yes, we do know if its taxable and it’s most certainly not. This isn’t even contested.

Rebates are not taxable, per the IRS. Since this requires spending its not interest income, its a rebate, it requires purchases and just reduces the cost of purchases. Just like if a store had a 20% off sale that 20% you saved isn’t counted as income.

If the credit union is sending out 1099-INTs, they are in error. If you get a 1099-INT, just ignore it. Worst thing that happens is the IRS says you are in error and you say “It was a rebate on purchases.”

anthonyjh21
anthonyjh21

Have fun contesting this if they issue a 1099. I’m not disagreeing with your logic. In fact, it makes complete sense. Banks on the other hand are notorious for being a pain.

In my eyes this offer is up there with Citibank bonuses. You may be right and you will be entitled to that bonus but the amount of time and mental CPU you have to invest in this could be greater than it’s worth, depending on how much you value your time at. There isn’t a right or wrong answer here.

Sarah
Sarah

You don’t fight with the bank, f they send you a 1099 just ignore it. Worst that happens is you send a letter to the IRS saying that the 1099 was issued in error.

vince
vince

I don’t think you understand the hassle that comes with telling the IRS “no this is a mistake.. trust me”

LWT3
LWT3

This. Sarah’s level of confidence on this point is funny.

aa
aa

dude your so cool

Sean
Sean

Appreciate the resentment! 🙂

Tom
Tom

#LifeGoals

Randy
Randy

And how hard did you work for Net $200 post tax ?

buh bye kiddies
buh bye kiddies

Statement credit isn’t taxed peeps

Sarah
Sarah

Doesn’t matter if its statement credit or not, that’s irrelevant.

The key fact is that the bonus reduces the cost of purchases made, it’s not “free” money, purchases are required. If they gave you a bonus just for signing up, that would be a different matter.

vince
vince

We’re not trying to be lawyers… we’re trying to reduce the hassle and headache. A 1099 that is sent out is a hassle to argue… and yes it will take more than a “don’t worry this was a rebate” to the IRS for them to ignore it. If this was a larger amount of money most people would contest and even argue FMV on some prizes… but with this being only $100 of taxes… it’s not worth it.

Shawn
Shawn

Thank you for your Application

Thank you for using our online account application. A Elements Financial representative will email you within one business day with instructions for completing the application process.

We look forward to opening your new accounts at Elements Financial .

Jan B
Jan B

Thanks, Shawn.

larry
larry

Damn good deal for a Obama Slug who sits around and does nothing. Just apply and collect $300 tax free. I’ll probably use my stamp card to pick up some premium steaks tomorrow!

barry
barry

Just saw The D on Twitter suggesting his fans shove the steaks where the shine don’t shine so the IRS can’t audit them. He didn’t say if this strategy is churnable though, so YMMV for next time.

kt
kt

Just make sure don’t cook that steak with your saltiness. It’s unhealthy.

Fiona
Fiona

Note, cash back will not be paid until it reaches $25, so the 1% card has no benefit until you’ve spent $2,500 on it. On the other hand, spending $1,000 on any of these cards and $1,500 on a 2% card would net you $30. (But if you pay off the $1000 before you get the $300 statement credit, paying $1,300 on this card and $1,200 on a 2% card would only net $24.)

Adam
Adam

The cash back reaches $310 as soon as they post the bonus.

Fiona
Fiona

Fair. Oops.

sirtheta

I think the first word under “Our Verdict” should be “note” not “not” 🙂

Matthew
Matthew

Any DPs on how sensitive they are to applications by churners?

J
J

Got pending on the initial Member Savings to become a CU member.

john mccann
john mccann

It’s free money for a few swipes. Who cares if the govt gets there cut.

captainsave
captainsave

Just like quorum got an email asking for a copy of DL and billing or utilities mail.

Max
Max

So wait, we have to open a bank account to get membership and then apply for the credit card?

Mike
Mike

Applied yesterday. Response:

Please call me at your earliest convenience regarding your visa credit card request. I look forward to working with you soon.

Warm regards,

Stacey R. McDaniel
Loan Specialist
NMLS # 1157444
Elements Financial NMLS # 410639
Elements Financial
225 South East Street; Suite 300
Indianapolis, IN 46202
(317) 524-5096 Phone / Fax
(800) 621-2105 x5096 Toll-Free
Elements.org

Mike
Mike

I did not reply to that feb 8 email from Elements. Today I get a notice in snail mail that I have been approved for credit card. Letter dated Feb 16

JC
JC

Sweet! Is it a decent credit limit? say more than 5k? asking since their is NO balance transfer fee, which can come up handy even if its just 6months. Thanks!

Peter
Peter

How many new credit cards in the past 24 months at that time?

captainsave
captainsave

Got one hard pull from element.

JC
JC

From which credit bureau?

Peter
Peter

How many new credit cards in the past 24 months at that time?

LC
LC

what bureau?

travis
travis

Before you can apply for credit card offer, you have to join the CU by opening membership savings account. If you don’t meet eligibility, you need to join Tru Direction- membership fee $5 (non refundable) + another $5 for the membership savings account ($5/mo inactivity fee over 12 mos), so the cc bonus becomes $300-10= $290. Called CSR, long wait, not helpful, did not appear to know their own rules.

Applied and got the “Thank you for using our online account application. A Elements Financial representative will email
you within one business day with instructions for completing the application process.”

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