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@CS800 wrote:
@webhopper wrote:
@CS800 wrote:I was thinking like 1000 points = $100
Boy I was way off
Ya that would be great, LOL i earn like close to 6k points per cycle.
I never read the conversaion but Im sure by the end of the year I will have like 60k points. At 0.6% conversion that's $360 after spending $60K on the card...seriously???
Oh ya, this way of redeeming points is not exactly designed to reward you for using this option over the other options... but I guess if you want cash back, you should use a different card for the purchase. My Amazon card gives better rewards than Zync
@CS800 wrote:
@webhopper wrote:
@CS800 wrote:I was thinking like 1000 points = $100
Boy I was way off
Ya that would be great, LOL i earn like close to 6k points per cycle.
I never read the conversaion but Im sure by the end of the year I will have like 60k points. At 0.6% conversion that's $360 after spending $60K on the card...seriously???
If you have a card that uses Full MR points you get a much better conversion on your points if you transfer them to Amex Airline or Hotel Partners.
Cap1 does something just like this with their cash rewards, but since it's just a cash reward card, you can use whatever your cash reward balance is, (it's a 1%, so 1 cent per dollar spent on card).
AMEX Statement credit has terrible conversion.
A much better way to to do it would be to use MR point on a gift card, then resell the gift card for cash.
Capital One has awesome cashback redemption. You earn the cashback as soon as purchase is posted, and you can redeem anytime regardless on how much you earned.
You couldn't even transfer to an airline partner with MRE points regardless. For those the best redemption comes down to getting gift cards to places that you normally shop at to retain the 1% redemption value.
@webhopper wrote:From what I clicked to run a scenario it looks like a 0.6% exchange rate for MRE points for cash. 10,000 MRE points = about $60
You can access this option by going to the tab that says Statements and Activity, and clicking on the blue line that says "Use Points for Everyday Charges"
I think its very cool for those of us who have no interest in transferring to an airline partner.
I haven't gotten into redeeming any of my points, I am getting a thrill from EARNING them!
@CS800 wrote:
@webhopper wrote:
@CS800 wrote:I was thinking like 1000 points = $100
Boy I was way off
Ya that would be great, LOL i earn like close to 6k points per cycle.
I never read the conversaion but Im sure by the end of the year I will have like 60k points. At 0.6% conversion that's $360 after spending $60K on the card...seriously???
That's why it's MUCH better to app cards (google Credit Card Churning) that have HIGH points/miles sign-up bonuses.
You will find any serious player in the miles/points game do NOT use cards after the initial spend, because there is no value to be gained. Each quarter find a new card you can sign up for (and their business CC equivalent) and you will get MUCH better gains, then regular spending throughout the year.
For those interested in cash back AMEX offers the BC and BCP which offers more competitive rates. AMEX also offers the Clear for AMEX Gift Cards.
The MR points are just a different form of reward. They are much more flexible and offer more options, but if they were equivalent to their cash back products, they would have no need to offer the BC, BCP, or Clear.