So my bank offers a higher interest rate if I do 12 debit transactions per month. I've seen others ask about this same scenario... https://www.reddit.com/r/Frugal/comments/8glcrz/my_debit_card_requires_12_transactions_a_month/
And I prefer not to use my debit card because of all the issues involved with debit vs. credit transactions.
But I was thinking...
- I've signed up for a squareup account and linked my bank account
- I can just make 12 $0.01 or $1.00 transactions with square per month. e.g. pay myself.
- I'd end up paying Square $0.33/month in fees... (2.75% for a swiped card)
- There is a $29 up front fee to take chip cards...
- But based on the balance I carry on my checking account -- i'd make more than the initial first month cost...
So what's wrong with this idea? Anyone see a reason this won't work?
Best I can figure is the bank or square would get annoyed at me for making repeat small transactions... but I doubt it. Worst case I'm back to the lousy interest rate I get on my checking account.
June 06, 2018 at 10:26PM
