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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!
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.
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
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.
@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!
I just deposit the cash into my Growth Money market Savings account. The more the merrier.
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!!
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.
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.
I'm using my cashback to build my emergency fund. It really helps make it easier to save!