5 Ways to Earn $100 This Afternoon

"Open a new account and receive $100 cash for free!"
"Sign up for our newest credit card, and take away $50 bonus!"

Are any of these offers actually giving away free money?

Surprisingly, the answer is yes. When it comes to your money, there's no shortage of financial companies wanting to give you cash for opening a new account with them. The important step is reading the fine print to make sure you're not locked into a long-term agreement you're not comfortable with, or that's not beneficial in the long run. And just because one service is "free" now, doesn't mean it will be next year.

Most of these promotional offers require some sort of minimum deposit and for the account to be open for a specific amount of time, so not all will be a good choice for everyone. However, if you're in the market for a new card or brokerage account, a cash bonus is a great incentive. Let's take a look at some of the most attractive offers available today:

Chase "Sapphire" Card
The Offer: Open a new "Sapphire" card, and after your first purchase of any amount, receive 10,000 bonus points, redeemable for $100 in cash rewards.

The Details: The "Sapphtrusteee" Card offer is very straightforward. There's no minimum deposit to qualify for the points, and your points are posted 6-8 weeks after you make your first purchase. As a bonus, the card has no annual fee. However, the offer is only available for first time Chase card members with new accounts.

Chase Bank actually has many similar cash-back offers, so if you like Chase, but the "Sapphire" card isn't right for you, be sure to ask what other promotions are available at the time.

Bank of America MyAccess Checking
The Offer: Open a new MyAccess checking account online, receive $100 cash rewarded to your account.

The Details: This one's pretty easy. All you are required to do is make a $500 minimum deposit, leave the account open for at least 30 days, and make at least one payment with your debit card -- ever. Keep in mind, however, that you won't be earning interest on your money, but you'll be just 90 days away from your cash bonus.

TD Ameritrade
The Offer: Open an account, trade commission free for 30 days and get $100.

The Details: This is a legitimate offer, but what the promotion doesn't say (at least in the headline) is that you're to meet a minimum deposit to qualify for either reward. When you fund your account with $2,000, you receive access to the 30-day free trade offer. It takes $25,000 to get the $100, and only if you keep the account open for at least nine months.

E*TRADE
The Offer: Open a new account at E*TRADE, get a free Blackberry smart phone, and 100 free trades.

The Details: Free trades not enough? What about a free Blackberry smart phone to sweeten the deal? That's a pretty nice offer, but it may not be a good choice for those with so-so follow-through. In order to take home your free phone, new users must choose their new smart phone, sign a two-year contract with AT&T, and E*TRADE will send them a rebate. Just don't forget to mail it in!

As for the 100 free trades, this offer only applies to new "E*TRADE Complete Investment Accounts" opened with a $1,000 minimum deposit. Also, the only trades that are "free" are the ones executed within 30 days after the account was opened. If you only make 60 trades within that first month, you don't get to keep the 40 "free" trades left over.

In fact, this offer could be more accurately described as "All trades during the first 30 days are commission-free, up to 100 trades."

Scottrade
The Offer: Switch to Scottrade, get up to $100 back.

The Details: Thinking about switching your brokerage account? Scottrade's offer sounds nice, but is only really applicable if you're transferring an account with at least $25,000. After you make the switch, be prepared to fill out request forms and provide proof of your previous firm's transfer fees. However, you'll eventually save more money using Scottrade's low $7 online trades than you would with E*TRADE's $10 trades (even with the first month free).