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@Anonymous wrote:
@barthooper wrote:
I only specifically redeemed for LL Bean because I had a purchase in mind. I'll probably bank rewards for awhile until I either decide to redeem for restaurant gift card(s) or end up using it on statement credit. The gift card discount is often so great that using one for a future purchase more than makes up for not using Discover for it.
This is the key for me. If I know in advance I'll be buying stuff at one of the places with a gift card option, then I'll use the gift card option. Otherwise, I deposit into my checkings account for flexibility's sake (and potentially higher returns if it's then transferred to an IRA or something similar).
I would recommend making sure the gift cards are the best deal first though. For example, even though $45 for $50 at Barnes&Noble is 10% back, I can still get 5% back with SM. However, I don't have anything higher than 2% back for shopping at TJ Maxx, so it'd be a better use of my rewards to buy their gift card. Department stores are another area where redeeming for gift cards may not be the best option: if you buy online at Macy's with Discover right now you have a potential for 30% off, so buying a Macy's gift card would actually be a significantly worse deal.
Exactly.
So would redeeming from restaurants be good as we have the AARP?... if it was 45 for 50?
@Anonymous wrote:
@barthooper wrote:
I only specifically redeemed for LL Bean because I had a purchase in mind. I'll probably bank rewards for awhile until I either decide to redeem for restaurant gift card(s) or end up using it on statement credit. The gift card discount is often so great that using one for a future purchase more than makes up for not using Discover for it.
This is the key for me. If I know in advance I'll be buying stuff at one of the places with a gift card option, then I'll use the gift card option. Otherwise, I deposit into my checkings account for flexibility's sake (and potentially higher returns if it's then transferred to an IRA or something similar).
I would recommend making sure the gift cards are the best deal first though. For example, even though $45 for $50 at Barnes&Noble is 10% back, I can still get 5% back with SM. However, I don't have anything higher than 2% back for shopping at TJ Maxx, so it'd be a better use of my rewards to buy their gift card. Department stores are another area where redeeming for gift cards may not be the best option: if you buy online at Macy's with Discover right now you have a potential for 30% off, so buying a Macy's gift card would actually be a significantly worse deal.
It's definitely a good idea to research. Getting $100 for only spending $80 was a no-brainer. I don't have a card that gives anything higher than 2% (Discover's double cashback) for dining unless Discover has dining as a category later, so I'll probably go for restaurant gift cards occasionally as there are a couple I go to at least a few times a year that are available.
@Anonymous wrote:Exactly.
So would redeeming from restaurants be good as we have the AARP?... if it was 45 for 50?
It would depend on how much you have in rewards and if you have better options. To take from my previous example, better to use on TJ Maxx than a restaurant since you'd be gaining an extra 8% back compared to your FNBO 2% VISA vs. 7% back compared to your AARP.
@barthooper wrote:
@Anonymous wrote:
@barthooper wrote:
I only specifically redeemed for LL Bean because I had a purchase in mind. I'll probably bank rewards for awhile until I either decide to redeem for restaurant gift card(s) or end up using it on statement credit. The gift card discount is often so great that using one for a future purchase more than makes up for not using Discover for it.
This is the key for me. If I know in advance I'll be buying stuff at one of the places with a gift card option, then I'll use the gift card option. Otherwise, I deposit into my checkings account for flexibility's sake (and potentially higher returns if it's then transferred to an IRA or something similar).
I would recommend making sure the gift cards are the best deal first though. For example, even though $45 for $50 at Barnes&Noble is 10% back, I can still get 5% back with SM. However, I don't have anything higher than 2% back for shopping at TJ Maxx, so it'd be a better use of my rewards to buy their gift card. Department stores are another area where redeeming for gift cards may not be the best option: if you buy online at Macy's with Discover right now you have a potential for 30% off, so buying a Macy's gift card would actually be a significantly worse deal.
It's definitely a good idea to research. Getting $100 for only spending $80 was a no-brainer. I don't have a card that gives anything higher than 2% (Discover's double cashback) for dining unless Discover has dining as a category later, so I'll probably go for restaurant gift cards occasionally as there are a couple I go to at least a few times a year that are available.
And always check giftcardgranny too! So, for example, there are a few L L Bean cards for 16.5% off now. Plus you get whatever credit card rewards when you purchase it, so with a 2% it's getting close to the 20% off. For some other brands, you can do much better than 20%
@Anonymous wrote:
@Anonymous wrote:Exactly.
So would redeeming from restaurants be good as we have the AARP?... if it was 45 for 50?
It would depend on how much you have in rewards and if you have better options. To take from my previous example, better to use on TJ Maxx than a restaurant since you'd be gaining an extra 8% back compared to your FNBO 2% VISA vs. 7% back compared to your AARP.
Ooooo good thinking there. Problem for me is that I don't know the future and where I'm going to shop. And usually when I do, I don't want to go to my Disc account to get a gift card, or I forget about the redemption advantage entirely.