Discover Rewards Redeem Options

[BronzeTrader]

Get some serious Discover rewards to redeem.  Looked at the current gift card offers, it seems some of the $40 to $50, or $80 for $100 ones look good.  The $20 for $40 car rentals are really good, but there are some concerns on insurance coverage etc.  Anything else?

[Anonymous]

I think its a good idea to have a little stash of money.

I am getting 600+ from discover on their cashback match program on the 5th of december. I thought the same as you (what to do?) and I found that Discover offers a very competitive savings account. I opened that account a few months ago and plan to let it sit until I need the money. I have been depositing my monthly cash back into it already. Its accruing nicely. Maybe i will move it over to my IRA. Congrats on your bonus!!

[BronzeTrader]

I plan to keep the rewards as is.  The best way it to get the discounted gift cards.  Some are heavily discounted and you can only get them with Discover reward $$, not cash.

[longtimelurker]

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@Anonymous wrote:

I think its a good idea to have a little stash of money.

I am getting 600+ from discover on their cashback match program on the 5th of december. I thought the same as you (what to do?) and I found that Discover offers a very competitive savings account. I opened that account a few months ago and plan to let it sit until I need the money. I have been depositing my monthly cash back into it already. Its accruing nicely. Maybe i will move it over to my IRA. Congrats on your bonus!!

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Discover's savings account isn't really that competitive, currently 1.2%   There are many at 1.3%+ and some at 1.5%    Yes. much better than big banks traditional savings, but that's not the competition.

https://www.depositaccounts.com/savings/ has a good list.

[Anonymous]

I have the discover savings account, haven't gotten around to depositing money into it yet but I didn't even realize you could use the cash back for that, that's nice to know

Speaking of savings accounts though I actually just the other day noticed a comment on an old thread on here about one of DCU's savings accounts, and if I hadn't seen it on their website I might not have believed it - they offer an account with 5% interest on anything under $1000, which to me is absolutely incredible I don't think I've ever seen anything like that before, not even close

It's definitely worth looking into if you're in the market for a savings account, I'll probably open one myself soon those terms are just too great to pass up lol

[wasCB14]

I do Chipotle gift cards. I'd be shopping there anyway, a 10% discount is nice, and I'm not giving up any important perk (like return or price protection on clothes).

If I get a CSR, I may rethink this as my last few Hyatt redemptions have been good.

[Dalmus]

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@Anonymous wrote:
I have the discover savings account, haven't gotten around to depositing money into it yet but I didn't even realize you could use the cash back for that, that's nice to know

Speaking of savings accounts though I actually just the other day noticed a comment on an old thread on here about one of DCU's savings accounts, and if I hadn't seen it on their website I might not have believed it - they offer an account with 5% interest on anything under $1000, which to me is absolutely incredible I don't think I've ever seen anything like that before, not even close

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  Yeah, there are a few credit unions that have some pretty good deals going on.  Landmark is offering a checking account with 7.5% on the first $500 (with direct deposit)   NFCU offers 12 month CD's at 3% up to $3,000.