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Discover It and Chase Freedom Cash Back Bonus

tag
webhopper
Moderator Emeritus

Re: Discover It and Chase Freedom Cash Back Bonus

Devalueing of points is not a function of AA; rather its like inflation. For example if you used to be able to redeem 5000 points for a $50 gift card; and then suddenly it costs 6000 points to redeem for a $50 gift card; then your points have been devalued by 20%.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 21 of 30
MovingForward_2012
Valued Contributor

Re: Discover It and Chase Freedom Cash Back Bonus

I haven't used my cards for gift cards yet or rewards mall purchases so that makes sense. I prefer statement credits so I can put the cash back into savings. I thought you were talking about the actual cash back getting reduced but as long as you redeem by statement credit, you really don't lose the actual value of your points. However, I do see that rising grocery and gas prices can get you less bang for your buck due to indirect inflation devaluing the statement credit. .
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 22 of 30
bribro
Valued Contributor

Re: Discover It and Chase Freedom Cash Back Bonus

As a general rule, you should always redeem your points and cash back as soon as you find an attractive redemption value/rate. If you can get a United Award flight for $0.05 cpm and were going to buy it anyway with cash, use your points. There's no reason not to. By accumulating points for the sake of accumulating points you leave yourself at risk for devaluations, account freezes, "random" AA, etc.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Message 23 of 30
Imua
Frequent Contributor

Re: Discover It and Chase Freedom Cash Back Bonus


@MovingForward_2012 wrote:
You can do the same thing with a statement credit and it is faster than waiting on a check. You normally charge X amount per month so instead of paying X one month you use a statement credit, you pay X minus cash back redemption and then you put the cash back amount in savings.

i redeem my cash back from chase freedom as a direct deposit into my credit union savings acct -the transaction is always completed within a day and no waiting for a check in the mail. 

Message 24 of 30
dddewdrop
Valued Contributor

Re: Discover It and Chase Freedom Cash Back Bonus

      My general philosophy on bonus pts and rewards and anything like that is to convert it to cash and take payment as soon as possible. I feel that as long as someone else is holding onto something of value for me and that company has the ability to change its terms at any moment I am at risk. Better to extract the value from it as soon as possible before the terms change or get discontinued or devalued in some way. 

Message 25 of 30
MovingForward_2012
Valued Contributor

Re: Discover It and Chase Freedom Cash Back Bonus

Cap1 doesn't do direct deposits of cash back unless it goes to a Cap1 checking/savings account. You have to wait on the check to come in the mail. I thought Chase was the same way and only offered direct deposit if it was going into a Chase checking/savings. I read about Discover's redemptions as well and they do have a option for direct deposit. But as far as Chase and what I read, if it isn't going to another Chase account, you have to wait on a check.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 26 of 30
Imua
Frequent Contributor

Re: Discover It and Chase Freedom Cash Back Bonus


@MovingForward_2012 wrote:
Cap1 doesn't do direct deposits of cash back unless it goes to a Cap1 checking/savings account. You have to wait on the check to come in the mail. I thought Chase was the same way and only offered direct deposit if it was going into a Chase checking/savings. I read about Discover's redemptions as well and they do have a option for direct deposit. But as far as Chase and what I read, if it isn't going to another Chase account, you have to wait on a check.

chase does allow cb direct deposit into accts other than chase, as does BofA. 

 

In fact,reading  this thread "reminded" me to check my cb balances with both chase and BofA Smiley Tongue  and just this morning i redeemed both chase and BofA cb rewards into my credit union acct.  both have a disclaimer that the transaction may take up to 5 business days, but in my experience with both, it's usually done within a day.

 

Message 27 of 30
MovingForward_2012
Valued Contributor

Re: Discover It and Chase Freedom Cash Back Bonus


@Imua wrote:

@MovingForward_2012 wrote:
Cap1 doesn't do direct deposits of cash back unless it goes to a Cap1 checking/savings account. You have to wait on the check to come in the mail. I thought Chase was the same way and only offered direct deposit if it was going into a Chase checking/savings. I read about Discover's redemptions as well and they do have a option for direct deposit. But as far as Chase and what I read, if it isn't going to another Chase account, you have to wait on a check.

chase does allow cb direct deposit into accts other than chase, as does BofA. 

 

In fact,reading  this thread "reminded" me to check my cb balances with both chase and BofA Smiley Tongue  and just this morning i redeemed both chase and BofA cb rewards into my credit union acct.  both have a disclaimer that the transaction may take up to 5 business days, but in my experience with both, it's usually done within a day.

 


 

 

That's good to hear.  I will have to log on and recheck what it says.  It's possible that I misread.  The statement credits are usually processed within a day as well.

 

Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 28 of 30
maiden_girl
Valued Contributor

Re: Discover It and Chase Freedom Cash Back Bonus

When does Discover issue auto CLIs? I've read some places that you have to have a balance report for all 6 months. I've only had a balance report for maybe 3 or 4 months and PIF afterward. I've had the card for 7 months already and no auto CLI luv yet Smiley Sad

As of 2017, rebuilding...
Message 29 of 30
MovingForward_2012
Valued Contributor

Re: Discover It and Chase Freedom Cash Back Bonus

From what I read it is usually at the 6 month mark.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 30 of 30
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