A year ago Lending Club launched a deal for new investors with United Airlines. New investors could earn 1 MileagePlus frequent flier mile for every $2 invested in a new Lending Club account.
Well last week Lending Club sweetened the deal. They basically doubled the amount of miles you can receive. So, instead of 1 mile for every $2 invested it is now 1 mile for every $1 invested. And best of all this is not just open to new investors, it is open to existing investors as well but you have to transfer in new funds into a taxable account. This deal is only valid until January 9, 2018 whereas the last deal had a three year expiration date. Here is the landing page for this offer (affiliate link) with more information, I have included some of the fine print from this page below:
Upon the transfer and investment of the first $2,500 of New Funds, an investor will qualify to receive 2,500 miles. For every dollar of New Funds transferred and invested in excess of $2,500, a new investor will qualify to receive 1 mile, up to a maximum aggregate bonus of 100,000 miles during the offer period of October 9, 2017 through January 9, 2018. One bonus per United MileagePlus® account. Offer expires on January 9, 2018. Offer not valid for non-taxable IRA accounts or entity taxable accounts. Notes on LendingClub platform may have limited inventory or availability and Investor ability to invest in Notes is subject to Note inventory and availability on LendingClub platform.
So, if you are thinking about opening or adding to a Lending Club account and you want to collect some frequent flier miles this is a good deal. I am not looking to add to my Lending Club account at this time but if I was I would be all over this offer.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.