@longtimelurker wrote:
@Anonymous wrote:
Was talking to my colleague about all things credit when he suggested that I get the Salie Mae (I already voiced my opinion about this card to him and this forum). He goes on to tell me about the 5% on gas groceries and books, which I already knew about. But he then goes ons to tell me that you can actually deposit your cash back point into a UPromise account and then turn you points into the cash amount and they'll send you an actual check for that amount. Now this I didn't know about. He told me that every quarter he turns his point into actual cash and not just statement credits and gift cards etc. He told the cash back is aliterally money in the bank. I'm curious if other members on the forum are using their point like this as well.I know some (OK, one!) other person makes this distinction, but for a card you use regularly, and the bonus categories of the SM mean that is fairly easy, there is almost no difference between a statement credit and money in the bank. It's only those cards that you might not use for months on end (or ever again) where you don't want a statement credit.
You referring to me?
I personally do it because (a) I like the sound of the 10% annual bonus (like the one that Chase Freedom is withdrawing) and (b) I like to think of it as real savings put in a savings account. Somehow, getting a statement credit and translating that into pure savings seems perfect in theory, but doesn't happen in practice !
Rational economics vs. behavioral economics 
@Ghoshida wrote:
@longtimelurker wrote:
@Anonymous wrote:
Was talking to my colleague about all things credit when he suggested that I get the Salie Mae (I already voiced my opinion about this card to him and this forum). He goes on to tell me about the 5% on gas groceries and books, which I already knew about. But he then goes ons to tell me that you can actually deposit your cash back point into a UPromise account and then turn you points into the cash amount and they'll send you an actual check for that amount. Now this I didn't know about. He told me that every quarter he turns his point into actual cash and not just statement credits and gift cards etc. He told the cash back is aliterally money in the bank. I'm curious if other members on the forum are using their point like this as well.I know some (OK, one!) other person makes this distinction, but for a card you use regularly, and the bonus categories of the SM mean that is fairly easy, there is almost no difference between a statement credit and money in the bank. It's only those cards that you might not use for months on end (or ever again) where you don't want a statement credit.
You referring to me?
I personally do it because (a) I like the sound of the 10% annual bonus (like the one that Chase Freedom is withdrawing) and (b) I like to think of it as real savings put in a savings account. Somehow, getting a statement credit and translating that into pure savings seems perfect in theory, but doesn't happen in practice !
Rational economics vs. behavioral economics
Exactly. The difference between statement credit and cash may seem like nothing, but it is truly a behavior and psychology thing.
@longtimelurker wrote:
@Ghoshida wrote:
@longtimelurker wrote:
@Anonymous wrote:
Was talking to my colleague about all things credit when he suggested that I get the Salie Mae (I already voiced my opinion about this card to him and this forum). He goes on to tell me about the 5% on gas groceries and books, which I already knew about. But he then goes ons to tell me that you can actually deposit your cash back point into a UPromise account and then turn you points into the cash amount and they'll send you an actual check for that amount. Now this I didn't know about. He told me that every quarter he turns his point into actual cash and not just statement credits and gift cards etc. He told the cash back is aliterally money in the bank. I'm curious if other members on the forum are using their point like this as well.I know some (OK, one!) other person makes this distinction, but for a card you use regularly, and the bonus categories of the SM mean that is fairly easy, there is almost no difference between a statement credit and money in the bank. It's only those cards that you might not use for months on end (or ever again) where you don't want a statement credit.
You referring to me?
AS it happens, no (didn't know your opinion) I was thinking of KDM who has explained his dislike of limited redemption choices in other threads
Ah, ok. I personally like the "money-in-the-bank" option, as previously stated
