cancel
Showing results for 
Search instead for 
Did you mean: 

What do you do with your Cash Back?

tag
bvick27
New Contributor

What do you do with your Cash Back?

So I was just curious what everyone does with their Cash Back? I take it from my Navy Fed Visa and have a savings account set up just for the CB Bonus. Everything goes in there and doesn't get touched until the end of the year. I then decided if im going to use it or let it sit for another year. So far I havent used it and have about $500!


Starting Score: 500s
Current Score: EQ: 665 TU: 688
Goal Score: 720


Take the FICO Fitness Challenge
Message 1 of 10
9 REPLIES 9
Quips
Regular Contributor

Re: What do you do with your Cash Back?

My CostCo Amex rewards comes every Feb so I just use that to pay off  Xmas bills (I usually get about $1K back). For the others, (Freedom and BofA) I just let them accumulate until I have something I want to use it for - usually when I go somewhere with a casino.

FICO: EQ 769, TU 762 , EX ???

Message 2 of 10
webhopper
Moderator Emeritus

Re: What do you do with your Cash Back?

I use it in Oct and Nov to buy christmas presents... I set up my gift budget to correspond with what I have availabe in points and cashback

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 3 of 10
ztnjpv
Established Contributor

Re: What do you do with your Cash Back?

I let mine stock pile....like it's not even there. At intervals throughout the year, I will cash in and give it to my financial advisor for retirement investments. 

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Message 4 of 10
Anonymous
Not applicable

Re: What do you do with your Cash Back?


@Quips wrote:

"I just let them accumulate until I have something I want to use it for..."

So far, that's what I am doing.  I'm not sure yet what I will wind up using them for.  However, I like this thread -- I'm getting some good ideas! 

Message 5 of 10
Anonymous
Not applicable

Re: What do you do with your Cash Back?

I just deposit the cash into my Growth Money market Savings account. The more the merrier.

Message 6 of 10
Anonymous
Not applicable

Re: What do you do with your Cash Back?

When I get my Costco AmEx rewards I just use them that month for groceries so it pays for month of my groceries a year!  I'm not sure what I do with my actual money that I usually pay for groceries for hum tha'ts a good question!  I probably blow it on new tires for my Motorcycle and a track day!!

Message 7 of 10
andre181
Established Contributor

Re: What do you do with your Cash Back?

I do a combination of what everyone here said.

 

I'll let it sit and add up until its a good sized amount, usually $100 or so. Then I'll usually have it deposited into my savings account where I'll let it continue to grow until I find something I want to buy. For example, I need a new camera, and I will probably use my Discover cash back to buy it. And I'll probably buy it from a retailer on ShopDiscover so I'll earn more cash back lol.

Discover IT $35K | FNBO Visa $30K | Cash+ Visa Sig $19.5K | Southwest Premier $16K | Priceline $15K | Citi Forward $14.3K | US Bank Plat $14K | Commerce Bank $13K | CSP $13K | CSR $10K | Sallie Mae World MC $10K | Lowe’s Consumer 10K | BoA Cash Rewards 1-2-3 Sig $7.5K | Fidelity Visa $7K | Citi Double Cash $6.5K | WF Cash Back Visa $5.4K | Capital One Cash Rewards $5K | AMEX BCE $3.9K | Freedom $2.5K | Younkers/Comenity $2.4K | Kohl’s 1.5K | Target $1.4K | EX FICO (from AMEX): 768, TU FICO (from Discover): 797, AAoA: 4.4 years
Message 8 of 10
steve23111
Frequent Contributor

Re: What do you do with your Cash Back?

I put my partner on my AMEX accounts (BCP and Clear) and we use the cash back to fund a small joint savings account used for travel.  We don't go around the world or anything, but it pays for weekend getaways-- modest hotel room, a meal at a decent restaurant, etc.-- which is very enjoyable.  Since we started doing this back in March of last year, we've redeemed $500 in cash back, which combined with around $15 apiece we contribute monthly to that account, has paid for a number of very relaxing mini-vacations.

Message 9 of 10
lithium78
Established Contributor

Re: What do you do with your Cash Back?

I'm using my cashback to build my emergency fund.  It really helps make it easier to save!


Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800

Take the FICO Fitness Challenge
Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.