See update in Bold at bottom as of 5/11/13 @ 8:00pm
Hat tip to samdori on Flyertalk.
It’s nice to see the opportunity to earn some bonus miles for an investment account that does not require sticking $50,000 or more in the account. I have to admit that Sharebuilder has long since fallen off my radar, so this was a nice reminder and a nice opportunity to earn some miles for about $5.
There are currently offers available from Delta, United, & US Air. The terms for all the offers do clearly state that you must open a new ShareBuilder account to be eligible for the initial bonus miles. Limit one per unique customer or custodial beneficiary. It appears that this offer should be highly churnable by utilizing multiple different beneficiaries on multiple different accounts. I opened one individual account yesterday and will be testing the waters with multiple custodial accounts for my kids over the coming weeks.
The OP did state that he has taken advantage of the offer 8 times and I contacted him and he said that all 8 times he simply opened an individual account. After the 8th time, he started getting denied for a new account. His brother tried and was denied after the 5th churn, so YMMV.
Non-medallion members earn 2,000 miles after 1st trade (OFFER IS DEAD)
Medallion members earn 3,500 miles after 1st trade (OFFER IS DEAD)
When you open an account, Sharebuilder will ask you if you are a basic SkyMiles member or a Medallion member. This seems to be the only thing that determines which bonus you will receive. According to samdori, he received 3,500 miles by selecting medallion member even though he is not.
All members earn 2,000 miles after 1st trade
All members earn 2,500 miles after 1st trade (OFFER IS DEAD)
Steps to getting the miles as cheap as possible:
- Follow a link, click start now, and select the type of account you want: individual, custodial, IRA, etc.
- Fill out the application including your FF number.
- Add bank account but choose to fund later
- Select Automatic Investing using the 1 time option
The fee is $4 per trade for an automatic investment and you must invest at least $1, so you will need to set it up for $5. You may select to have the auto invest happen on any specific Tuesday.
The terms state the miles will post within 6-8 weeks, however according to the OP the miles from the Delta offer posted within 3 days and stated US Airways takes a little longer, but had no experience with the United offer.
I signed up with Delta and will update you as the offer plays out. My auto investment should happen Tuesday the 14th and I hope the miles post as fast as OP stated, but I’ll let you know.
Anyone else have any experience earning miles for Sharebuilder accounts recently?
UPDATE: You may actually be able to get the miles for free. RetailMeNot has some coupon codes you can use when you sign up for the account including SK483GXM2BU9 that will give you 5 free automatic trades or 50TRADE which will credit your account with $50 after you open an account and make a trade w/in 45 days. The credit will post within 7 days after the trade but cannot be withdrawn until after 90 days.