Experian has launched a new digital checking account called ‘Experian Smart Money‘. The basics are as follows:
- $50 sign up bonus with direct deposit of at least $1,000
- No monthly fees
Not a big fan of a consumer reporting agency/credit bureau being allowed to offer a consumer checking product like this. I assume it’s only a matter of time before they integrate Experian score boost into this product. I’d hold off for a bigger sign up bonus if you want it purely for sign up bonus purposes.
Does not appear to be churnable per the Incentive section of Experian’s Cardholder Agreement
Direct Deposit Bonus. You may be eligible for a $50 bonus for setting up direct deposit. To be eligible for the $50 bonus, your Experian Smart Moneyâ„¢ Digital Checking Account must be credited with at least $1,000 in direct deposits within forty-five (45) business days of account opening, and your account must stay active and in good standing at the time the bonus is paid. The bonus will be deposited into your account within ten (10) business days, once earned. Limit one (1) bonus per person. Offer available only to US residents with a valid US taxpayer identification number. The value of any offer reward received may be reported to the IRS as required by law. Any applicable taxes are the responsibility of the recipient. Offer subject to change by Experian at any time without prior notice. This direct deposit bonus incentive is offered by Experian and not the Bank.
That’s correct. That’s why I kept my account open. Hopefully, there will some existing customer promo in the future!
does anyone remember if this bonus reports 1099-INT or 1099-MISC? i’m working on my taxes
forgot to turn notifications on here, reply to this msg
I just checked and I don’t think they sent out either. Looking at my annual interest for the account it also shows as $0.00, so perhaps they aren’t reporting it at all to the IRS. YMMV
Open now or wait for a higher bonus in the future?
Can’t see this increasing anytime soon.
Has anyone noticed the terms and conditions and how it can search for certain bills (accounts?) and place them on your Experian credit report? It’s quite wordy, but I don’t want any more tradelines showing up that I can’t control. It even talks about if anything negative is placed on your credit report, you can have it removed. Any input/experience with this?
DP:
9/10/24 account opened
9/12/24 $460 push from Chase personal checking
9/17/24 $540 push from Chase personal checking
9/17/24 $50 Direct Deposit Bonus
I opened an account and I had my Chex frozen so it appears that they do not pull Chex. The $50 bonus posted the same day that I made a $1K+ transfer from Orion so that triggered the bonus.
Discover savings triggered the bonus for me. The $50 bonus posted the same day as my $1k DD from Discover savings. The account is ok as it doesn’t have any fees that I know of, but I don’t like the way they try to get you to subscribe to their paid subscription service every time you login. Does anyone know if this bonus is churnable?
4/15: Open account
4:18: Fidelity CMA 1000 push
50 Bonus posted same day
The link in the post just leads to a login screen. The link below shows the terms of the offer in case you want to add it to this post.
https://www.experian.com/money/experian-smart-money/
FidelityCMA triggered bonus instantly same as for others.