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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.
@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.
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.
@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 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.
@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 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.
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