Rewards

[Maximuss]

Do you pool your cash back to a certain amount, or cash out as soon as you hit the minimum needed?

[Anonymous]

Cash out asap. 

Look up "time value of money."

[longtimelurker]

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@jroc556 wrote:

Cash out asap. 

Look up "time value of money."

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+1.   With the exception of special cases such as Cash +, where even though there is no miniumum redemption, it makes sense to waiit, once per year,  till you have $100, so as to get the $25 bonus.

But other people like getting a bigger amount once a year, scared that they wiill "waste" a set of smaller amounts.   The same thinking (or "thinking"!) that goes into people wanting a big tax rebate each year rather than adjusting withholding so they aren't giving interest-free loans to the government.

[Maximuss]

Now for example on the discover card. Do people take advantage of the redemption for greater value gift cards then straight cash back. Is that more desirable? Worth it?

[Anonymous]

I take the statement credits unless its a GC I cant get cheaper elsewhere.

[FinStar]

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@longtimelurker wrote:

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@jroc556 wrote:

Cash out asap. 

Look up "time value of money."

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+1.   With the exception of special cases such as Cash +, where even though there is no miniumum redemption, it makes sense to waiit, once per year,  till you have $100, so as to get the $25 bonus.

But other people like getting a bigger amount once a year, scared that they wiill "waste" a set of smaller amounts.   The same thinking (or "thinking"!) that goes into people wanting a big tax rebate each year rather than adjusting withholding so they aren't giving interest-free loans to the government.

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+2

[VirtualCuriosity]

I haven't tried gift cards yet.  Currently, I just take the statement credits before paying the balances.  I don't let them build more than a month or two.

[takeshi74]

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@Maximuss wrote:

Do people take advantage of the redemption for greater value gift cards then straight cash back. Is that more desirable? Worth it?

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Subjective just as worth is on any topic.  I generally don't bother with gift cards but many of the options for gift cards aren't really relevant to me.

People vary in what they do.  You have to find what works for you based on your situation, goals and preferences and go with it.

[longtimelurker]

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@Anonymous wrote:
I take the statement credits unless its a GC I cant get cheaper elsewhere.

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Yes, always check for this!  Some cards are available at large discounts elsewhere, and buying them with a credit card also gives money back, so there are rarely times where redeeming for a gift card is a great choice (especially as it is tying up money for use only at that specific retailer)

[Maximuss]

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@longtimelurker wrote:

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@Anonymous wrote:
I take the statement credits unless its aGC I cant get cheaper elsewhere.

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Yes, always check for this!  Some cards are available at large discounts elsewhere, and buying them with a credit card also gives money back, so there are rarely times where redeeming for a gift card is a great choice (especially as it is tying up money for use only at that specific retailer)

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Didn't think about it this way, but very true.