Walmart: $10 off $50 First 3 Pickup & Delivery Orders (New Customers)

Posted on December 16, 2025 // Leave a Comment

Walmart has a promotion right now offering new customers $10 off $50+ on their first 3 orders of pickup or delivery with promo code HOLIDAY10. Here is the press release and the fine print with a few restrictions. If you do mostly grocery items like, they should be fine. Might be worth trying just to see if it works. Hat tip to DoC.

Terms & Conditions
– Valid only for your first (3) orders of pickup or delivery.
– $50 order minimum.
– Discount will be applied to your order of pickup or delivery.
– This offer can’t be used for photo, personalized items, pharmacy, gift cards, alcohol or items sold by Marketplace sellers.
– Customer responsible for all applicable taxes.
– This offer may not be combined with other special offers.
– Promotion code expires 12/31/25.
– Offer subject to change or expire without notice.

Everyone is dealing with inflation in their own way, and my response has been trying out all the many “Great Value” items that Walmart offers, from butter to yogurt to canned black beans. And honestly, they’ve mostly been just fine. I feel that Walmart business has been doing so well for this reason, and also because they make their Pickup service very user-friendly:

  • Even after making your initial order, you can continuously keep adding OR removing items, right up until they start shopping your order. Many stores don’t let you remove items after ordering.
  • Their inventory management is more accurate than before, with fewer out-of-stock items and substitutions. Frequent substitutions are really annoying when you try to meal-plan the entire week ahead, like me.
  • If they do substitute, they let you know beforehand and you can decline in the app.
  • You can also decline substitutions when you actually pick up, and they will return it for you without you having to enter the store.
Filed Under: Deals & Offers //

inKind Dining App: New $25 off $25 Promo

Posted on December 11, 2025 // 10 Comments

Added new $25 off $25 link (may be targeted). inKind is a startup that provides restaurants financing in exchange for “food and beverage credit”. Retail customers can use inKind to pay their food bill at participating restaurants through the app and get 20% back in “inKind Cash” credit on their bills. They say over 4,000 restaurants are in their network, mostly nicer local spots, but some chains like California Pizza Kitchen are also included (which is a favorite for our family).

The good thing is that you don’t have to let the server know ahead of time, or do anything awkward like using a coupon. You just get the check and then use the inKind app to pay. All the restaurants use the same backend Toast software, so you just need a number from the top of the paper bill. Within the inKind app, you can link your existing rewards credit card and also earn those rewards on your net cost (will still code as dining). inKind works primarily for dine-in, but some restaurants do specifically allow take-out. You are supposed to order the takeout from within the inKind app, but as long as you get the bill with the code, you should be able to pay using the app.

Current promos:

If you have a big bill, know that you can “split the check” within the app, so that two separate people can use a $25 off $50 discount in their respective inKind apps.

You should see your multiple offers in the app:

California Pizza Kitchen is part of the inKind network, and they are a reliable way to use these offers. They usually have some sort of promo going, like right now they have $10 Pizzas on Monday and Tuesday that you can stack.

Now, I can’t guarantee this will work for you, but this may work with CPK take-out and not just dine-in. (Be sure order directly from CPK.com or over the phone, not another app like Doordash or Grubhub.) The place we go to just has a separate take-out counter and the default check that comes from them should work with inKind. If not, tell them you want to pay with inKind and they should be able to generate the right check with the number on top. Make sure you meet the minimum purchase amount.

Filed Under: Deals & Offers //

SoFi Offers: SoFi Plus Changes, New 5% Grocery Card, $325/4.20% APY Checking Bonus, $300-$1000 Loan Bonuses

Posted on December 10, 2025 // 80 Comments

Update December 2025: SoFi announced some changes to their available features and what is only available with their SoFi Plus “Premium” membership program. I feel that they are trying to build something like “Robinhood Gold”, but hopefully better promos are coming because I don’t feel the perks are worth the cost right now. First, there are now three different ways to earn their higher APY tier (any single ONE of these is enough):

  • Eligible Direct Deposit of any amount (even $1). Many people can split their paycheck multiple ways.
  • $5,000+ in combined balances across SoFi Checking and Savings accounts
  • SoFi Plus members that pay $10/month fee.

You can see this on their rate sheet (as of 11/12/25):

Second, SoFi Plus is now paid-only at $10/month. You no longer get it for free with a direct deposit, although they are extending complimentary access to all SoFi Plus benefits through March 30, 2026 with eligible deposits. You can see a list of SoFi Plus benefits here.

For the most part, the SoFi Plus benefits are the same as before. A notable new addition is the SoFi Smart Card which is a charge card linked to your SoFI Bank accounts that offers unlimited 5% cash back at grocery stores.

Otherwise, I would say the most valuable SoFi Plus perks that existing Direct Deposit folks lost with this change are:

  • 10% rewards boost on the SoFi Unlimited 2% Credit Card, which turns the 2% cash back into 2.2% cash back.
  • 2% match on recurring IRA contributions, plus a 1% match on recurring deposits made through SoFi Invest taxable brokerage accounts.
  • Possibly the ability to “schedule an unlimited number of appointments with a financial planner”, although I’m not sure of the quality of this advice. There is no indication you’re guaranteed at least a CFP. I’ve never used this feature, but it might be nice if you wanted to get some general advice.

Update April 2024: SoFi made a few notable changes recently, both positive and negative:

  • The SoFi Unlimited 2% Credit Card added 10% boost on their rewards with direct deposit into SoFi Checking or Savings. This would work out to 2.2% cash back rewards points on everyday purchases. (As of December 2025, this is now restricted to SoFi Plus members paying $10 a month.)
  • There is a new inactivity fee of $25 per account for every 6 months of login inactivity.
  • The outgoing ACAT transfer fee was increased to $100. Previously $75.

Original post:

SoFi (“Social Finance”) is an all-in-one finance app that expanded from students loans into banking, stocks, crypto, credit cards, and more. Here are their current promotional offers; New users can receive a separate opening bonus for each separate part of SoFi (Money, Invest, Loans, etc).

  • SoFi Checking Referral Offer: Up to $325 new user bonus. Open a new SoFi Money account and add at least $10 to your account within 5 days, and get $25. Then get up to $300 additional bonus with qualifying direct deposit. Plus up to 4.30% APY.
  • SoFi Credit Score Tracking Offer: $10 in rewards bonus points. You’ll earn $10 in rewards points when you activate free credit score monitoring
  • SoFi Invest Referral Offer: $25 new user bonus. Taxable brokerage account. Open an Active Investing account with $10 or more, and you’ll get $25 in stock.
  • SoFi 401(k) Rollover Offer: Up to $10,000 Bonus. Get a 1% match when you roll over your 401(k) into a SoFi IRA. Partnered with Capitalize to make the transition easier.
  • SoFi Student Loan Refi: $300 bonus. Warning: Do your research before refinancing your Federal student loans to a private lender.
  • SoFi Doctors and Dentists Student Loan Refi: $1,000 bonus. Special low rates just for doctors and dentists.
  • SoFi Private Student Loan: $300 bonus.
  • SoFi Personal Loans Referral Offer: Fixed $300 bonus. Fixed $300 bonus, 90 days after successful funding. The loan has no fees and you can pay it back in full after 90 days (you can pay it down to $50 before then to accrue minimal interest, thus making a new profit after the bonus).
Filed Under: Banking, Deals & Offers, Investing //

Kraken Crypto: Existing Users 30 Days of Free Spins, New User Bonuses

Posted on December 9, 2025 // 8 Comments

Update: A quick heads up for existing Kraken users that many people are being targeted for another 30 days of their “Daily Spin” game given out to new users. You will need to make one trade to activate (even buying $1 of BTC or USDG and paying a penny fee works). Then you get 30 days of spins, like free slot machine pulls. The total average winnings over 30 days seem to be reliably at least around $15-$20. Check your offers tab; The e-mail subject was “🎄Spin to win up to $2,500 this Christmas!”, which looked a little spammy so you might have missed it.

Original post:

Crypto exchange Kraken is now offering up to a $150 bonus in crypto after you open a new account and complete the requirements. You can confirm when entering the code, as shown above. You must trade crypto that isn’t stablecoin, like BTC. The details are below. That’s my referral link, which should auto-populate with the promo code 2zr4jyp5 . Thanks if you use it!

  • Open an account and deposit at least $100.
  • Trade at least $100, earn $15.
  • Trade at least $300, earn $20. ($35 total)
  • Trade at least $500, earn $50. ($75 total)
  • Trade at least $5,000, earn $75. ($150 total)

Select cashback portals are offering bonuses as well, which change regularly but can be upward of $100 as well, like TopCashback and Rakuten (search “Kraken”). The payouts vary up to daily, but I would wait until one is above $100, currently Rakuten is at $150 at time of writing (Hat tip to DoC). I am not 100% certain if this will stack with the referral discount, but I would still try going through the portal link and then adding the referral code. There are multiple successful reports of stacking.

Be on the lookout for a Daily Spin game which offers free spins for 30 days as well.

Other crypto offers:

Filed Under: Deals & Offers //

Best Interest Rates Survey: Bank Accounts, Treasury Bills, Money Markets, ETFs – December 2025

Posted on December 5, 2025 // 2 Comments

Here’s my monthly survey of the best interest rates on cash as of December 2025, roughly sorted from shortest to longest maturities. Banks and brokerages love taking advantage of idle cash, and you can often earning more money while keeping the same level of safety by moving to another FDIC-insured bank or NCUA-insured credit union. Check out my Ultimate Rate-Chaser Calculator to see how much extra interest you could earn from switching. Rates listed are available to everyone nationwide. Rates checked as of 12/5/2025.

TL;DR: Savings account interest rates have dropped slightly overall, moving with Fed rates. You can still get 4.6% and 4.5% APY if you accept some hoops/restrictions, but most are a little under 4% now. Short-term T-Bill rates have fallen, now ~3.7%. Top 5-year CD rates are ~4.25% APY, while 5-year Treasury rate is ~3.7%.

High-yield savings accounts*
Since the huge megabanks still pay essentially no interest, everyone should at least have a separate, no-fee online savings account to piggy-back onto your existing checking account. The interest rates on savings accounts can drop at any time, so I list the top rates as well as competitive rates from banks with a history of competitive rates and solid user experience. Some banks will bait you with a temporary top rate and then lower the rates in the hopes that you are too lazy to leave.

  • The top saving rate at the moment: Pibank at 4.60% APY (no min), but they have some weird restrictions; like you can only use wire/Plaid to deposit and wire transfers to withdraw funds?! Hyperion Bank has a 4.50% APY money market account ($10,000 minimum, new money) with a 6-month rate guarantee. CIT Platinum Savings is now at 3.75% APY with $5,000+ balance and is offering an up to $300 deposit bonus which increases your effective APY for a while. There are many banks in between.
  • SoFi Bank is at 3.60% APY + up to 4.30% APY for 6 months + $325 new account bonus with qualifying direct deposit. You must maintain a direct deposit of any amount (even $1) each month for the higher APY. SoFi has historically competitive rates and full banking features.
  • Here is a limited survey of high-yield savings accounts. They aren’t the top rates, but a group that have historically kept it relatively competitive such that I like to track their history. This month they start at 3.30% APY on up.

Short-term guaranteed rates (1 year and under)
A common question is what to do with a big pile of cash that you’re waiting to deploy shortly (plan to buy a house soon, just sold your house, just sold your business, legal settlement, inheritance). My usual advice is to keep things simple and take your time. If not a savings account, then put it in a flexible short-term CD under the FDIC limits until you have a plan.

  • No Penalty CDs offer a fixed interest rate that can never go down, but you can still take out your money (once) without any fees if you want to use it elsewhere. Marcus has a 13-month No Penalty CD at 3.95% APY ($500 minimum deposit). Farmer’s Insurance FCU has a 9-month No Penalty CD at 4.00% APY ($1,000 minimum deposit). USALLIANCE Financial CU has a 11-month No Penalty CD at 3.90% APY ($500 minimum deposit).
  • USALLIANCE Financial CU has a 12-month certificate at 4.18% APY ($500 min). Early withdrawal penalty is 180 days of interest. Anyone can join this credit union via partner organization American Consumer Council (try promo codes “consumer”, “abnb”, or “USFFCU” to join for free).

Money market mutual funds
Many brokerage firms that pay out very little interest on their default cash sweep funds (and keep the difference for themselves). Note: Money market mutual funds are highly-regulated, but ultimately not FDIC-insured, so I would still stick with highly reputable firms.

  • Vanguard Federal Money Market Fund (VMFXX) is the default sweep option for Vanguard brokerage accounts, which has a 7-day SEC yield of 3.89% (changes daily, but also works out to a compound yield of 3.96%, which is better for comparing against APY). Odds are this is much higher than your own broker’s default cash sweep interest rate.
  • Vanguard Treasury Money Market Fund (VUSXX) is an alternative money market fund which you must manually purchase, but the interest will be mostly (100% for 2024 tax year) exempt from state and local income taxes because it comes from qualifying US government obligations. Current 7-day SEC yield of 3.88% (compound yield of 3.95%).

Treasury Bills and Ultra-short Treasury ETFs
Another option is to buy individual Treasury bills which come in a variety of maturities from 4-weeks to 52-weeks and are fully backed by the US government. You can also invest in ETFs that hold a rotating basket of short-term Treasury Bills for you, while charging a small management fee for doing so. T-bill interest is exempt from state and local income taxes, which can make a significant difference in your effective yield.

  • You can build your own T-Bill ladder at TreasuryDirect.gov or via a brokerage account with a bond desk like Vanguard and Fidelity. Here are the current Treasury Bill rates. As of 12/5/25, a new 4-week T-Bill had the equivalent of 3.72% annualized interest and a 52-week T-Bill had the equivalent of 3.61% annualized interest.
  • The iShares 0-3 Month Treasury Bond ETF (SGOV) has a 3.85% 30-day SEC yield (0.09% expense ratio) and effective duration of 0.10 years. SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (BIL) has a 3.71% 30-day SEC yield (0.136% expense ratio) and effective duration of 0.15 years. The new Vanguard 0-3 Month Treasury Bill ETF (VBIL) has a 3.89% 30-day SEC yield (0.07% expense ratio) and effective duration of 0.10 years.

US Savings Bonds
Series I Savings Bonds offer rates that are linked to inflation and backed by the US government. You must hold them for at least a year. If you redeem them within 5 years there is a penalty of the last 3 months of interest. The annual purchase limit for electronic I bonds is $10,000 per Social Security Number, available online at TreasuryDirect.gov.

  • “I Bonds” bought between November 2025 and April 2026 will earn a 4.03% rate for the first six months. The rate of the subsequent 6-month period will be based on inflation again. More on Savings Bonds here.
  • In mid-April 2026, the CPI will be announced and you will have a short period where you will have a very close estimate of the rate for the next 12 months. I will post another update at that time.

Rewards checking accounts
These unique checking accounts pay above-average interest rates, but with unique risks. You have to jump through certain hoops which usually involve 10+ debit card purchases each cycle, a certain number of ACH/direct deposits, and/or a certain number of logins per month. If you make a mistake (or they judge that you did) you risk earning zero interest for that month. Some folks don’t mind the extra work and attention required, while others would rather not bother. Rates can also drop suddenly, leaving a “bait-and-switch” feeling.

  • OnPath Federal Credit Union (my review) pays 6.00% APY on up to $10,000 if you make 15 debit card purchases, opt into online statements, and login to online or mobile banking once per statement cycle. Anyone can join this credit union via $5 membership fee to join partner organization. You can also get a $150 Visa Reward card when you open a new account and make qualifying transactions.
  • Genisys Credit Union pays 6.75% APY on up to $7,500 if you make 10 debit card purchases of $5+ each per statement cycle, and opt into online statements. Anyone can join this credit union via $5 membership fee to join partner organization.
  • Oklahoma Central Credit Union pays 6.00% APY on up to $10,000 if you make 15 debit card purchases (non-ATM) per statement cycle. Anyone can join this credit union if they are “affiliated with another credit union”.
  • La Capitol Federal Credit Union pays 5.75% APY on up to $10,000 if you make 15 debit card purchases of at least $5 each per statement cycle. Anyone can join this credit union via partner organization, Louisiana Association for Personal Financial Achievement ($20).
  • First Southern Bank pays 5.50% APY on up to $25,000 if you make at least 15 debit card purchases, 1 ACH credit or payment transaction, and enroll in online statements.
  • Credit Union of New Jersey pays 6.00% APY on up to $25,000 if you make 12 debit card purchases, opt into online statements, and make at least 1 direct deposit, online bill payment, or automatic payment (ACH) per statement cycle. Anyone can join this credit union via $5 membership fee to join partner organization.
  • Andrews Federal Credit Union pays 5.50% APY (down from 6%) on up to $25,000 if you make 15 debit card purchases, opt into online statements, and make at least 1 direct deposit or ACH transaction per statement cycle. Anyone can join this credit union via partner organization.
  • Find a locally-restricted rewards checking account at DepositAccounts.

Certificates of deposit (greater than 1 year)
CDs offer higher rates, but come with an early withdrawal penalty. By finding a bank CD with a reasonable early withdrawal penalty, you can enjoy higher rates but maintain access in a true emergency. Alternatively, consider building a CD ladder of different maturity lengths (ex. 1/2/3/4/5-years) such that you have access to part of the ladder each year, but your blended interest rate is higher than a savings account. When one CD matures, use that money to buy another 5-year CD to keep the ladder going. Some CDs also offer “add-ons” where you can deposit more funds if rates drop.

  • United Fidelity Bank has a 5-year certificate at 4.25% APY ($1,000 minimum), 4-year at 4.20% APY, 3-year at 4.20% APY, 2-year at 4.25% APY, and 1.5-year at 4.15% APY. Early withdrawal penalties are not disclosed clearly online.
  • Mountain America Credit Union (MACU) has a 5-year certificate at 4.00% APY ($500 minimum), 4-year at 4.00% APY, 3-year at 4.05% APY, 2-year at 4.20% APY, and 1-year at 3.85% APY. Early withdrawal penalty for the 4-year and 5-year is 365 days of interest. Anyone can join this credit union via partner organization American Consumer Council (use promo code “consumer” when joining).
  • You can buy certificates of deposit via the bond desks of Vanguard and Fidelity. You may need an account to see the rates. These “brokered CDs” offer FDIC insurance and easy laddering, but they don’t come with predictable early withdrawal penalties. Right now, I see a 5-year non-callable brokered CD at 3.90% APY (callable: no, call protection: yes). Be warned that both Vanguard and Fidelity will list higher rates from callable CDs, which importantly means they can (and will!) call back your CD if rates drop significantly later.

Longer-term Instruments
I’d use these with caution due to increased interest rate risk (tbh, I don’t use them at all), but I still track them to see the rest of the current yield curve.

  • Willing to lock up your money for 10 years? You can buy long-term certificates of deposit via the bond desks of Vanguard and Fidelity. These “brokered CDs” offer FDIC insurance, but they don’t come with predictable early withdrawal penalties. You might find something that pays more than your other brokerage cash and Treasury options. Right now, I see a 10-year CDs at 4.00% (non-callable) vs. 4.13% for a 10-year Treasury. Watch out for higher rates from callable CDs where they can call your CD back if interest rates drop.

All rates were checked as of 12/5/25.

* I no longer recommend fintech companies due to the possibility of significant loss due to poor recordkeeping and the lack of government protection in such scenarios. The point of cash is absolute safety of principal.

Photo by Giorgio Trovato on Unsplash

Filed Under: Banking, Deals & Offers, Investing // Tagged:

Lennar / Millrose Properties Odd Lot Tender (Sold My Shares)

Posted on December 4, 2025 // 67 Comments

Update 12/4/25 (by me). Shares sold; final profit of $890.54. My limit order was triggered yesterday and my shares were sold, closing out my position and finishing this deal. Here are my personal results, you may have done better or worse:

  • Bought 99 shares of LEN @$122.29 (11/14) for $12,107.
  • Tendered all 99 shares, exchanged for 409.53 shares of MRP (11/20 deadline).
  • Received 409 MRP shares and $15.88 cash for the partial share (12/1).
  • Sold 409 shares of MRP @$31.74 for $12,981.66 (12/3).

Net profit was $890.54. Total time between purchase and sale was 19 calendar days, working out to an internal rate of return (IRR) of 290.98%. (At 5% APY, my interest over 23 days on $12,107 would have been about $32.) I usually try to buy within a week of the tender deadline, and sell within a week of receiving the final shares, and it takes roughly a week to exchange so the total time is usually less than three weeks. The absolute ROI is 891/12107 = 7.4%.

Update 11/29/25 (by me). Check for exchanged shares. The final results have been released. My new MRP shares showed up after market close of Friday 11/28 in my Fidelity account, and probably in other brokerage accounts around this time as well. See original post below for past details, although the opportunity has passed.

The final exchange ratio was 1 share LEN to 4.1367 shares of MRP. The deal was oversubscribed, with a final proration factor of ~8.6% of shares tendered. However, those with “odd lots” of 99 shares or less were not subject to proration.

If treated as a short-term workout, your profit will depend on both your entry and exit price. This tender was drawn out due to the government shutdown, so your entry price could have varied widely, as low as around $115 per share. Mine wasn’t all that great at $122.29 x 99 shares = $12,107.

You would have gotten 409.53 shares of MRP, so 409 shares of MRP and a bit of cash later. At the Friday 11/28 close price of $30.46, 409 shares would be worth ~$12,458 for a rough profit of about ~$350 plus any fractional share payout later.

However, the actual price at which I will sell MRP is unknown. I don’t know how the market will open on Monday. I will note that 778,625 shares of LEN were tendered by odd-lot holders, which would now be about 3.2 million shares of MRP. Now, the 90-day average daily trading volume for MRP stock is only ~2 million shares. So if you think that all the odd-lot holders will want to sell, that might put some pressure on the stock for a while. I expect to watch things for a bit, but sell within a couple of weeks. Might put in a limit order.

If you did not hedge this bet (and thus losing some of the edge), then it is/was just a bet with a positive edge that you can still lose money on. Imagine you had to be “in the market” for a couple of weeks, but with a 6% buffer. If the market goes down worse than 6% during that time, you lose some money. Otherwise, you are ahead. For some, that is still too much risk. For others, it’s a gamble with an edge and they’ll take it using a appropriately sized portion of their bankroll. Personally, I would take that bet repeatedly. There’s a lot to be learned about investing with this little experiment. Again, please consider all the risks outlined in the original guest post below.

Update 11/14/25 (by me). Things moving forward. Things appear to have settled down, as this exchange offer had to be extended a few times due to the government shutdown (which includes the SEC). As it stands now, the expiration date is 12:00 midnight ET on November 21, 2025. Each broker will have their own cutoff time to participate in the offer, my Fidelity account shows a cutoff date of 11/20/2025 7:00 PM ET (although I’d call in before market close that day). I had to call in to tender my shares this time.

Lennar’s motivation to complete this exchange appears to remain strong, so my expectation is that it will go through. I make this update now because it means you still have time to do your own research (see risks explained in the guest post below), decide whether to buy 99 shares, and tender those shares. The site Envisionreports.com/lennarexchange remains a good place to see the updated live stats on this offer.

Original post 10/17/25:

From time to time, I participate in certain stock exchange offers which include a special provision for smaller investors, called “odd lot tenders”. You can find more background information on these short-term “arbitrage” plays in the last two offers that I joined: Cummins/Atmus Filtration and Johnson & Johnson/Kenvue.

Recently, Lennar (primarily a homebuilder) announced such an exchange offer as they try to complete their spinoff of Millrose Properties (an REIT, primarily a land bank). This time, Rich Howe of StockSpinoffInvesting.com – who has a lot more experience with these deals than me – has generously agreed to share his summary and analysis of the deal. Please enjoy the following guest post:

—

Buy Lennar – Exchange Offer – Special Situation

October 15, 2025
LEN: $122.21
Market Cap: $30BN
Recommendation: Buy 99 shares of LEN, Exchange for shares of MRP
Expected Profit: $772 / 6.4%

Summary

Lennar (LEN) announced an exchange offer on October 10, 2025 whereby investors can exchange their LEN shares for shares of Millrose Properties (MRP), Lennar’s land bank spin-off. To incentivize the exchange, LEN investors will receive $106.43 of value in MRP shares for every $100 of value in LEN shares. I expect the exchange offer to be oversubscribed. However, there is an odd lot provision such that any LEN shareholders with 99 shares or less (odd lot provision) will not be prorated. Thus, there is an opportunity to buy 99 shares of LEN and exchange them for shares of MRP. This should result in a profit of ~6.4% / ~$757 (at current prices) in less than a month. The profit is not guaranteed (of course!) but is low risk, in my opinion. To participate in this exchange offer, you must contact your broker (you may be able to participate in the exchange offer online). It will not happen automatically.

Deadline: The exchange offer will expire on November 7, 2025. So this is time sensitive. Brokers typically require investors to give them notice about the exchange well before the official deadline. Schwab’s deadline will likely be November 5, 2025, but it would be prudent to buy on November 3, 2025 at the latest as it takes two days for shares to settle. I’m planning to buy 99 shares of LEN shares on or before November 3rd and then immediately call Schwab and ask to participate in the exchange offer. Other brokers (Fidelity, Interactive Brokers, etc.) have their own internal deadlines which are typically after the Schwab deadline.

Additional Details

Lennar (LEN) spun-off ~80% of Millrose Properties (MRP), its land bank, in February 2025.

It retained ~20% of the business.

On October 10, 2025, Lennar formally announced that it would spin off its remaining ~20% stake in Millrose Properties via an exchange offer.

I’ve highlighted key terms but you can visit the transaction’s live website with additional details.

For every $100 shares of LEN that you own, you will receive $106.38 of MRP shares.

Since this exchange represents an attractive return in a short period of time, I expect the offering to be oversubscribed (similar to previous exchange offers that I’ve covered).

However, there is an odd lot provision such that if you own fewer than 100 shares, you will not prorated.

Here is the exchange offer filing and a website which tracks the exchange offer indicative exchange ratio.

This offering is very similar to the many other split off/exchange offers that we’ve participated in.

Examples:

How to Execute the Trade

LEN is currently trading at $122.21 per share.
MRP is currently trading at $31.96.
Here’s how the math works at current price levels.

Step 1
Buy 99 shares of LEN for $122.21 per share. Total cost of $12,099.

Step 2
Per the exchange offer, shareholders who elect to exchange their LEN shares will receive MRP shares at a 6% discount or at a price of $30.04 ($31.96 x (1-6%)). The MRP price hasn’t been finalized yet. But I’m using the current price plus the discount as I think that’s the best way to approximate what the actual price will be. The actual price will be determined by a formula laid out here.

$12,099 / $30.04 = 402.72 shares of MRP

402.72 shares of LEN / 99 shares of MRP = 4.07. 4.07 is lower than the max exchange ratio of 4.1367. If the ratio were higher than 4.1367, the number of MRP shares would be maxed out at 409 (4.1367 * 99).

Step 3
Sell MRP shares that are received once the exchange goes through. It usually takes Schwab about a week to process the exchange offer. I expect to receive my MRP shares by November 14, 2025 or shortly thereafter.

At current prices, the trade is expected to generate a profit of $772.

In terms of timing, the exchange offer expires on November 7, 2025 (unless LEN changes it), and so I recommend that you buy LEN shares no later than November 3rd to ensure you make the deadline (it takes two trading days for your purchase to settle and brokers internal deadlines are usually 2 days prior to the official company deadline). After you purchase shares, call your broker and ask them to tender your shares. This is important. Your participation in the exchange isn’t automatic.

I created a spreadsheet to track the profitability of this trade. Here is a screenshot of it:

You can access the spreadsheet here: LEN / MRP Exchange Offer Spreadsheet
(to edit, make a copy of the spreadsheet and plug in your own assumptions)

Thoughts on Millrose Properties?

Millrose was created when Lennar contributed ~$5.5 billion in undeveloped, partially developed, and some fully developed land assets, along with up to $1 billion in cash, to Millrose. Millrose operates as an independent entity, acquiring and developing land to deliver finished homesites under land option contracts. At the time of the spin-off, it only served Lennar but it plans to engage with other homebuilders as well.
Lennar pays Millrose option fees for the right to buy land on Millrose’s balance sheet.

This strategic move is part of Lennar’s ongoing shift toward an asset-light operating model, aiming to reduce financial risk and enhance returns by minimizing direct land ownership.

I’m happy to own Millrose Properties at a 6% discount, but don’t want to own the stock for the long term as I believe its ability to grow and generate upside is limited given Lennar’s right to purchase its land.

What are the risks?

LEN Sells Off
If you buy LEN, and it sells off prior to the exchange, you could lose money. I’m not particularly worried about this risk, as investors will likely continue to bid LEN shares up to take advantage of the share exchange.

A major sell off could happen if some random negative news hits LEN (for instance negative news in a lawsuit). This is unlikely but did happen during the MMM/NEOG exchange offer. JNJ also had a negative court ruling during its exchange offer, but the exchange was still profitable.

If LEN does sell off, it would have to sell off by ~6.4% for you to lose money. To minimize risk, you could also short out the MRP exposure.

I looked back at the performance of the parent during similar transactions and found that it usually performs well (average: +2.2%; median: +3.8%)

The Exchange Is Canceled or the Odd Lot Provision is Removed
Lennar wants to distribute its ~20% stake in Millrose Properties and this is an efficient way to do so. I don’t expect it to be canceled, but it’s possible.
The odd lot provision could be removed, however, this has never happened for split off transactions (that I’m aware of). Nonetheless, it could happen!

Millrose Properties (MRP) Stock is Weak After the Share Exchange Closes
If the share exchange closes and investors who’ve exchanged their LEN shares for MRP shares make 6.4%, but then MRP shares immediately depreciate by more than 6.4%, this trade will lose money. In other words, this trade can lose money even though the initial math looks favorable.

While this risk is valid, I’m comfortable participating in this trade and believe it represents an attractive risk/reward.

Disclosure
Rich Howe, owner of Stock Spin-off Investing (“SSOI”), doesn’t own LEN shares but plans to buy them. All expressions of opinion are subject to change without notice. This article is provided for informational purposes. We do not warrant the completeness or accuracy of this content. Please do your own due diligence and consult with an investment adviser before buying or selling any stock mentioned on www.stockspinoffinvesting.com.

Filed Under: Deals & Offers, Investing //

Chime: Free Federal + State Tax Filing for All Customers (+ $100 New User Bonus)

Posted on December 4, 2025 // Leave a Comment

Chime, one of the largest fintech banking apps, just send out an e-mail confirming that they are again offering “100% Free” tax filing software for both Federal and State returns, including e-file. Available for all new and existing Chime users, this is done in partnership with Column Tax and April, both companies that offer white-label “generic” tax software.

To allay fears of sub-par tax software, they include:

  • 100% Accuracy Guarantee: If a user pays an IRS penalty because of a calculation error made by Chime’s tax filing partners april or Column Tax, they will reimburse up to $10,000.
  • Max Refund Guarantee: If a member finds they’re eligible for a higher return elsewhere, they will be reimbursed the difference.

One drawback is that you have to do it in-app, which might be cumbersome if you a lot of manual entries. However, they do allow you to scan your last years’ tax return in order to import your data from last year. Chime does not require you to deposit your refund into your Chime Account to qualify for free tax filing.

According to Chime.com/taxes, they support everything up to W-2 income, self-employed, 1099 freelance, gig work income, unemployment income, crypto and/or stock sales, and itemized deductions. I’d say the sweet spot for this app is if your tax situation isn’t overly complex, but maybe you do have some stock transactions or 1099 income so you’d be nudged to upgrade to a higher TurboTax version that costs extra.

If you are thinking of joining as a new customer, you should first open via a $100 referral link which currently offers a $100 bonus after a $200+ direct deposit within 45 days of opening. That’s mine, thanks if you use it. Chime has no minimum balance and no monthly fees.

Filed Under: Banking, Deals & Offers, Taxes //

OKX Crypto: $150 Referral Bonus + New 5% Deposit Bonus + 5% APY on USDG

Posted on December 2, 2025 // 11 Comments

Crypto exchange OKX is currently offering a 5% deposit bonus on USDG held for 90 days (within a 180-day window) for new and existing customers. This is on top of 5% APY on USDG stablecoin. New customers can get a $150 referral bonus in crypto after depositing and trading $200+ in crypto (30-day hold period). Details below.

Deposit match details. Here are the details on the 5% deposit match starting December 2025. This is a new promotion, separate from the previous 10% deposit match. Existing OKX customers can participate in this new one with new deposits.

  • Be sure to “join” the offer before making your deposits, to get the match!
  • Get a 5% match for every 1,000 USDG you deposit (buy) and hold for 90 days, up to a max reward of 250 USDG after depositing 5000 USDG (pegged 1:1 = $5,000). On-chain deposits of crypto and direct purchases of crypto via ACH bank transfer, debit card, or Apple Pay and Google Pay also count.
  • This works in increments of 1,000. So if you buy/deposit 1,200 USDG, you’ll only get 50 USDG for meeting the 1,000 USDG tier. You can make multiple deposits and it will track them and add them up. See my screenshot of the tracker below.
  • Your rewards make take up to 5 minutes to reflect.
  • Rewards must be held for 90 days within a 180-day window before you can use, trade, or withdraw them.

Deposit match tiers and available rewards are defined as follows:
$1,000 to $1,999 -> 50 USDG
$2,000 to $2,999 -> 100 USDG
$3,000 to $3,999 -> 150 USDG
$4,000 to $4,999 -> 200 USDG
$5,000 and above -> 250 USDG

In addition, OKX is paying 5% APY on USDG deposits currently. The deposit bonus works out to a payout of 5% over 90 days, or 20% annualized + 5% APY = 25% total annualized return over 90 days. In other words, if I put in $5,000, in 90 days I’ll expect to take out an extra $250 + ~$62 in interest = $312.

The app does a good job of showing you exactly how many days you have left in the hold period. If you see a date that is 180 days out, that refers to the 180-window. You have to meet the tier for 90 days within a 180-day window.

USDG stablecoin is not FDIC-insured. They are supposedly fully backed by US Treasury Bills with monthly audits and regulated by Singapore, but I still plan to withdraw my USDG out into a real bank as soon as the holding period is over.

$150 New customer bonus details. Here are the steps for the $150 bonus for new OKX customers:

  • Sign up via referral link. I think they allow either smartphone or browser sign-up, but identity verification may be easier on a smartphone. That’s my referral link, which should auto-populate with the promo code 79795662. Thanks if you use it!
  • Complete identity verification (driver’s license and smartphone selfie).
  • Deposit $200+ of either cash (link bank account via Plaid) or crypto within 30 days.
  • Buy $200 or more of crypto (can be stablecoin like USDG) and hold the assets for at least 30 days within a 90-day period.
  • After 90 days, the bonus will be tradable and withdrawable.

You should get confirmation of the bonus shortly after linking a bank account and making the trade. Here’s some app screenshots regarding my bonus, which are pretty clear. I did mine on 10/21/25 and so mine unlocks on 1/19/26. (The bonus used to be $200, but it went down to $50 and is currently $150. Not sure if it will ever go back to $200.)

Please perform your own due diligence on crypto apps. They are not regulated on the same level as bank account or brokerage accounts. I usually don’t like to keep significant funds in there any longer than is required for the bonus to clear, but in this case the reward/risk ratio for 90 days is acceptable to me. Here is the OKX Wikipedia page and they are profiled in the Forbes article “The World’s Most Trustworthy Crypto Exchanges”. (Also see: Kraken and Gemini bonuses.)

Note: OKX does not allow customers to be individuals residing in New York, Texas, American Samoa, Guam, the Northern Mariana Islands, and the US Virgin Islands.

Filed Under: Banking, Deals & Offers //

PayPal Pay Later: 20% Off Single Purchase, Up to $250 Off (Expires Soon)

Posted on December 1, 2025 // 12 Comments

PayPal offers a “Pay Later” option (Pay in 4 and Pay Monthly), which I would normally tell you to avoid at all costs because it’s just consumer debt in yet another package like Klarna and Afterpay, but right now they are offering many people a 20% off promo, worth up to $250 off a $1,250 purchase. You can look for this offer either online at PayPal.com under “Rewards” after logging in, or in your PayPal app. Importantly, you must opt-in and “save” the offer first before making a purchase. This expires very soon, mine says 12/2 at December 2nd 11:59PM PST. Here is a screenshot from my account.

Many major retailers allow you to check out via PayPal, including Target, Best Buy, eBay, Macy’s, B&H.

Indeed, I don’t see why you couldn’t buy $1,250 in gift cards from Best Buy or gift cards from Target, and so on. Many of the gift cards are already discounted.

I was able to buy 3 x $200, 3 x $100, 3 x $75, and 3 x $50, and 3 x $25 in Amazon digital gift cards ($1,125 total) from Best Buy and checking out using PayPal “Pay in 4”. You could also round out the max by buying other assorted gift cards, like Apple. For example, a $200 Macy’s gift card was already discounted to $170 at Best Buy, which 20% off would take off another $40. I was also thinking about Airbnb gift cards at Target, where you also get a $25 bonus gift card with $250 Airbnb gift card purchase, which you could then stack with the PayPal 20% off.

It took about 30 minutes after purchase for the digital gift card codes to arrive. My PayPal rewards also showed up as “Pending” in that timeframe. There was no interest charge or additional fees on this purchase, assuming I make the four payments on time. For example, a $1,000 purchase would have been broken up into four payments of $250.

The terms state that there will only be a soft credit check, so no effect on your credit score. Of course, I expect to pay off this purchase Hat tip to Dansdeals.

20% cash back on one Pay Later purchase with PayPal
Limited time. Terms and exclusions apply.

1. Save the offer below.
2. Buy now, pay later with PayPal at your favorite stores. Subject to availability
3. For a limited time, get 20% cash back on one eligible Pay Later purchase through December 2nd 11:59PM PST

Get 20% on up to max $1,250 spend on a single transaction. Up to 2B points available

When applying for PayPal Pay Later solutions, a soft credit check may be needed, but will not affect your credit score. You must be 18 years old or older when applying for Pay Later.

Filed Under: Deals & Offers //

Bilt Mastercard: December 1st Rent Day / British Airways Avios Transfer Bonus

Posted on November 30, 2025 // 15 Comments

Updated for Rent Day 12/1. Bilt Rewards recently announced “Bilt 2.0” which promises three new credit cards with rewards on both mortgage payments and rent. Applications are not open yet; More details supposedly coming January 2026. If you have the existing card issued by Wells Fargo, it is scheduled to work as usual until February 6th, 2026.

December 1st, Bilt is offering a transfer bonus to British Airways* Avios of between 50% and 100%. (* or Aer Lingus and Iberia Avios.) Avios can be pretty useful in many cases, and this transfer bonus is a potential way of getting excellent value out of your Bilt points, if you have a redemption in mind.

If you haven’t, you should also link your Rakuten account to Bilt for a small but pretty easy bonus. Look for the option in the app.

Rent Day also means 2X double points where you can get 6X on dining, 4X on travel, and 2X on other purchases (except rent). There is a cap of 1,000 bonus points. Remember that you must use your card to make 5 purchases (of any amount) each statement period to earn points.

Existing Bilt members can still earn lots of Bilt points just for paying monthly rent to any landlord with no transaction fees, which is their most important feature.

Full review on the old card:

The updated Bilt Mastercard is a unique credit card that earns rewards on rent payments to any landlord. Bilt is a rent payment platform and they will send your landlord a check or ACH bank transfer so that your landlord will not have to do anything. The credit card itself is issued by Wells Fargo. Bilt has bonus categories and a variety of points redemption options like many other rewards credit cards. Here are the highlights:

  • Up to 1X points spent on rent payments without the transaction fee, up to 100,000 points each calendar year.
  • 3X points on dining.
  • 2X points on travel including hotels, rental cars, and cruises when booked directly with airlines, hotels, and car rental agencies.
  • 1X points on other purchases.
  • Earn points when you make 5 transactions that post each statement period.
  • When renting at a Bilt Alliance property, you can choose to have your rent payments automatically reported by Bilt to the three major credit bureaus each month; Experian(TM), TransUnion(TM), and Equifax(TM).
  • No annual fee.
  • World Elite Mastercard perks like cell phone insurance and purchase protection.

That means your rent can be up to $100,000 per year ($8,333 per month) and you would still be able to take full advantage of the 1X points per dollar spent on rent payments. They do require you to make at least 5 transactions per month (rent can be one), otherwise too many people might just put their rent on the card and not use the card otherwise.

Bilt has partnered with the owners of over 2,000,000 apartment units to create the Bilt Rewards Alliance. The easiest way is find out if you live in a qualifying property is to simply type in your address into the Bilt app.

Bilt also offers Double Points on “Rent Day”, aka the 1st of every month. This means that on the 1st day of every month, you can get 6X on dining, 4X on travel, and 2X on other purchases(except rent). They also offer other promos on this day.

Bilt Rewards Points redemption options

Travel partners. Bilt Rewards points transfer on a 1:1 basis to the following hotel and airline partners. You can also get 100 bonus points for every loyalty program you link to Bilt.

  • Alaska Airlines Atmos (Hawaiian)
  • Air Canada Aeroplan
  • United Airlines
  • FlyingBlue (Air France/KLM)
  • Miles & Smiles (Turkish Airlines)
  • Emirates Skywards
  • Cathay Pacific Asia Miles
  • British Airways Executive Club
  • Virgin Atlantic Flying Club
  • Aer Lingus Aer Club
  • Turkish Miles & Smiles
  • Iberia Plus
  • TAP Air Portugal
  • World of Hyatt
  • IHG One
  • Accor ALL

Hyatt hotel points, Alaska, and United are likely the most useful points for the average US traveler. I am conservative when valuing points and miles due to their redemption hassles and steady threat of devaluation, so I would place the value here a 1 cent a point even though I definitely plan to exceed that. You may wish to use a different value.

Home Downpayment? Bilt says that your points can be redeemed at 1.5 cents per point when used towards a home downpayment. This seems like it might be rather complicated to actually redeem, so I would keep it mind but wouldn’t count on it. If you racked up 100,000 points over time, it would be nice to have $1,500 via this method.

Shop with Points at Amazon. You can link your Bilt Rewards points to Amazon and pay for your purchases at rate of 0.70 cents per point.

Rent. Bilt will let you convert points towards your next rent payment at 0.55 cents per point. This is not a good redemption rate when compared to the miles/Hyatt option. It’s too bad there is no easy, decent cash-out option.

Statement credit. Bilt will also let you convert points towards a statement credit on your credit card statement at 0.55 cents per point.

Other options include fitness classes or physical items like “limited-edition” home decor or art in the “Bilt Collection” catalog. Personally, I like being able to add to my Hyatt and Canada Aeroplan stash.

Possibly help your credit score? When renting at a Bilt Alliance property, your on-time payment activity can be automatically reported to the three major credit bureaus. In addition, with the optional “BiltProtect” feature, your rent payments will be immediately withdrawn from a linked bank account so your credit limit is not decreased (and ideally your rent won’t contribute to your credit card debt).

How do I pay my landlord or property manager? They don’t take credit cards due to the transaction fees. Bilt will provide you with a bank ACH routing number and account number that you can use to perform an ACH transfer, or they will simply send a paper check on your behalf. In March 2025, Bilt added a pre-authorization step that you have to do first in the Bilt app. After that they will provide you new routing and account numbers. You don’t actually pay with the credit card, nor do you or your landlord have to pay any credit card transaction fees.

1. Pre-authorize your payment in the Bilt app (before you pay rent)
Each month, pre-authorize your rent payment from the Bilt app, up to five (5) days before paying rent.
Select your rent amount and payment method.
Use your Bilt Mastercard® for your usual rewards and waived fees, or
Use any other credit/debit card to earn both Bilt Points AND your card’s rewards.
First time only: You’ll receive your BillPay by Bilt routing and account numbers. Add these to your property’s payment portal, replacing your old Rent Rewards account details.
Optional: After setting up BillPay, you can enable auto-authorization under ‘Rent Payment Options’ by selecting the day of the month and payment amount you want automatically authorized each month.

Free cell phone protection. Pay your monthly cell phone bill with your Bilt Mastercard and get up to $800 of protection (subject to $25 deductible) against covered damage or theft. For complete coverage details, visit wellsfargo.com/biltbenefits. To file a claim, call 1-800-316-8051 or visit mycardbenefits.assurant.com.

Bottom line. The Bilt Mastercard offers a unique rewards structure targeted specifically at all renters with any landlord. At $2,000 a month in rent, the 1X rewards would add up to 24,000 points per year in rewards = 24,000 Alaska Atmos (Hawaiian) or United miles or 24,000 Hyatt points with no additional transaction fees and no credit card annual fee. You may even do better if you wait for a “Rent Day” promo on the first of the month. Something to consider if you already have to pay rent anyway.

Filed Under: Credit Cards, Deals & Offers //

Amazon Black Friday/Cyber Week 2025: Deals, Gift Cards, Points Discounts, Updated Stuff I Like

Posted on November 24, 2025 // 2 Comments

Amazon Cyber Week 2025 has arrived, and I will update this post as new things pop up. My first stop is to check the “Buy Again” tab for any red discounts on the specific stuff that you already buy. There are also several refreshed promos for linking certain credit cards as payment methods and/or using their points. I recommend trying all the links again.

(Note: If you are reading this in an email/RSS reader, unfortunately I am not allowed to include any Amazon affiliate links in e-mails, so they have been removed. Please click here to view the links.)

Some deals require a Prime membership. New members can sign up for a 30-day free trial. Amazon Prime Student (student OR age 18-24) has a 6-month free trial and then 50% off the regular price ($7.49/month). If you’ve already done the trial, you can simply buy a month of Prime for $14.99 ($6.99 with SNAP, EBT or Medicaid card).

Deals and Offers

Amazon-related Services

Shop with points (check again if targeted). Offers for using your rewards points to offset your Amazon purchase. If you haven’t linked your card, you may enroll your card and check back in after 24 hours.

Stuff I Like

  • Lodge 7.5 Quart Enameled Cast Iron Dutch Oven with Lid – I am no longer Team Cast Iron. I’m Team Enameled Cast Iron. I hate trying to keep the seasoning on a cast iron when I also like to use a lot of soap when cleaning. Our enameled cast iron dutch oven is used multiple times a week. It works on the stove. It sears. It simmers. It has high walls that hold a lot. It slides into the oven. It goes straight to the table. No PFAS from non-stick. This 7.5 qt size is the biggest Lodge makes, and allows me to make a double batch of recipes like soup and freeze the extra.
  • SHOKZ OpenRun Bone Conduction Headphones – I bought these for running about a year ago and they have been great. I can hear cars and other road noise for safety but also enjoy music or audiobooks while outside. I honestly don’t know what the more expensive version offers, I bought this cheaper version and it works just fine through the sweat and rain.
  • Apple Watch SE (3rd Gen, most recent) [GPS + Cellular 40mm] . Now $249. I just bought one for Kid #2 for use as a standalone watch with US Mobile service ($78 a year).
  • Coway AP-1512HH HEPA Air Purifier. These have now been used nightly for 7 (!) years. The mechanical design is simple and reliable. I have bought both the OEM Coway filters and these VEVA brand filters (usually less than half the price) and found them very comparable. Once you see how much dust these things collect (especially if your kids have allergies), you’ll want keep them running.
  • Dyson V11 Origin Cordless Vacuum. Expensive. Powerful. Solid. Used daily.
  • Amazon Eero mesh WiFi router system (3-pack). I have the older model, but I appreciate that it continues to just work with minimal fuss. Used reliably every day for years now.
  • COSORI Air Fryer 5 Qt. THis is the newest model. Love this air fryer. We use it almost daily, just like a microwave, except it keeps things crispy instead of soggy. Easy to clean. Owned our Cosori since early 2023 and still running fine.
  • Vitamix 5200 blender. Had it for many years. Kitchen staple, sometimes we use it a lot, sometimes rarely, but it’s always there ready and powerful.
  • KitchenAid Artisan Series 5 Quart Tilt Head Stand Mixer. 20 years of use on ours and counting.
Filed Under: Credit Cards, Deals & Offers //

Target Gift Card Sale: Apple, Google Play, Uber, Xbox, Cheesecake Factory

Posted on November 24, 2025 // Leave a Comment

Target also has some gift cards on sale that may be of interest:

  • Free $15 Target Gift Card when you buy a $100 Apple Gift Card. Apple gift cards are good on everything from devices to app purchases to iCloud storage.
  • Free $15 Target Gift Card when you buy a $100 Cheesecake Factory Gift Card.
  • 15% to 20% on select gift cards (includes Uber/Uber Eats, Xbox, Fandango, Red Robin, Cinemark movies, etc).
  • Free $5 Target Gift Card when you buy a $50 Google Play gift card.
Filed Under: Deals & Offers //
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