Double Dipping: Earn Both Checking and Credit Card Bonuses
"Double dipping" in the bonus world means earning both a bank account bonus and a credit card sign-up bonus from the same bank simultaneously. Most major banks treat these as separate product lines with independent eligibility, making this one of the easiest ways to maximize your bonus earnings.
Which Banks Allow Double Dipping?
Most major banks allow you to earn checking/savings bonuses and credit card bonuses at the same time. Here are the best current combinations:
| Bank | Checking Bonus | Credit Card Bonus | Combined Value |
|---|
| Chase | $300 (Total Checking) | 80,000 UR (Sapphire Preferred) | $1,500+ |
| Wells Fargo | $325 (Everyday Checking) | $200 (Active Cash) | $525 |
| U.S. Bank | Up to $450 (Smartly Checking) | 50,000 pts (Altitude Connect) | $900+ |
| Capital One | $300 (360 Checking) | 75,000 miles (Venture X) | $1,300+ |
| Citi | Up to $2,000 (targeted) | 75,000 TYP (Strata Premier) | $2,750+ |
| Truist | $400 (One Checking) | $250 (Enjoy Cash) | $650 |
| Huntington | Up to $600 | Varies (Voice card) | $700+ |
| SoFi | $300 + 4.50% APY | $200 (SoFi card) | $500+ |
Key Rules by Bank
Chase
- Checking bonus frequency: Once every 2 years from the last enrollment date
- Credit card rules: Subject to 5/24; one Sapphire bonus per product per 48 months (now lifetime for some)
- Credit card funding: No longer works (codes as cash advance)
- Strategy: Apply for the Sapphire Preferred first, then open checking and use your new card for everyday spending to meet the minimum spend
Wells Fargo
- Checking bonus frequency: Once every 12 months
- Credit card rules: No published multi-card restrictions like 5/24
- Strategy: Open both on the same day or within the same week for efficiency
U.S. Bank
- Checking bonus: Requires $8,000+ in direct deposits over 90 days for the $450 tier
- Credit card funding: Limited to $250 for new checking accounts
- Strategy: If pursuing both, note that U.S. Bank has stricter approval criteria — having a checking relationship may help credit card approval
Capital One
- Checking bonus: Two direct deposits of $500+ within 75 days
- Business checking note: The $500 business checking bonus actually requires an existing Capital One business credit card for 90+ days — a built-in double dip
- Strategy: Get the credit card first, wait 90 days, then open the business checking
Citi
- Checking bonus: Targeted mailers; amounts vary by deposit tier ($200–$2,000)
- Credit card funding: No longer allowed since 2016
- Strategy: Watch your mailbox for targeted offers, then pair with the Strata Premier
Credit Card Funding for Checking Accounts
Some banks let you fund a new checking account with a credit card, which can help meet your card's minimum spend. This is a separate strategy from double dipping but works well alongside it.
Banks That Allow Credit Card Funding
| Bank | Funding Limit | Notes |
|---|
| PNC | $2,000 (personal) | May code as purchase with some cards |
| Citizens Bank | Varies | Visa/Mastercard only |
| TD Bank | $1,000 | Premier checking |
| Elevations CU | $2,500 | Credit union |
| GESA CU | $5,000 | Between checking and savings |
Banks That Do NOT Allow Credit Card Funding
- Bank of America
- Capital One
- Citi (since 2016)
- U.S. Bank (discontinued)
Important: Purchase vs. Cash Advance
Before funding a bank account with a credit card, verify the transaction will code as a purchase (earns rewards) rather than a cash advance (incurs fees). This varies by card issuer:
- Amex: Generally codes as purchase at most banks
- Chase: Often codes as cash advance — use caution
- Citi: Frequently flags as cash advance
Pro tip: Call your card issuer and set your cash advance limit to $0 before attempting credit card funding. This way, if it codes as a cash advance, the transaction will simply be declined rather than incurring fees.
Year-End Premium Card Double Dipping
A different type of double dipping applies to premium credit cards with calendar-year credits:
- Open a card in November/December — Use that year's travel/dining credits before Dec 31
- Use the next year's credits in January — Fresh credits reset on Jan 1
- Evaluate before your annual fee renews — Cancel or downgrade within 30 days of the fee posting
Cards where this works well:
- Amex Platinum ($200 hotel credit, $200 airline credit)
- Chase Sapphire Reserve ($300 travel credit)
- Citi Strata Elite ($200 hotel credit)
- Capital One Venture X ($300 travel credit)
Tax Implications
Both bank bonuses and credit card bonuses have different tax treatments:
- Bank bonuses: Taxable income reported on 1099-INT or 1099-MISC
- Credit card bonuses: Generally NOT taxable (IRS treats them as rebates/discounts on spending)
Strategy Summary
- Pick your bank — Choose one where both the checking and credit card bonuses are strong
- Apply for the credit card first — Having a banking relationship can help, but card approval is harder
- Open the checking account — Use any credit card funding opportunity to help meet minimum spend
- Meet both sets of requirements — Direct deposit for checking, spending for the card
- Track your deadlines — Use our Deal Calendar to track expiry dates
- Keep accounts open — Avoid early termination fees (usually 6-12 months for checking)