What do you do with your Cash Back?

[Anonymous]

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@UFGuy2006wrote:

I usually try to ensure I redeem it the moment I hit the required "redemption threshold" and then throw that into savings. I use mint to track when I get these "bonuses" so I can do a happy dance at the end of the year lol.

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This is why I love Quicksilver so much. No redemption threshholds. You literally accumulate and can use the 1.5% cash back as you purchase things and it posts.

[UpperNwGuy]

PenFed Power Cash Rewards 2% goes into my PenFed savings account once a month.  NFCU Cash Rewards 1.5% goes into my NFCU savings account about once every three months.  Chase Sapphire Reserve Ultimate Rewards points are retained at Chase and then transferred over to the United Airlines MileagePlus program when it is time to book an award flight.

[Anonymous]

Typically if it's a program like Chase UR I'll save the points for travel redemption, or whatever redemption is the highest value that makes sense for me. If it's cash back, I just chock it up to a slight lowering of my expenses and accrue more money in my high yield savings accounts and mutual fund.

Basically, I see cash back as a way to minimize my cost of living and thus slightly expedite my journey to retirement. The travel rewards, meanwhile, allow me to have nice experiences basically for free since I don't pay interest and I'm rather frugal, I don't burn a ton of money on frivolous things. But I do like to buy quality, just get good deals and consider long term cost.

[MrDisco99]

All my cash back rewards go into a savings account. Even on cards that force me to redeem as statement credit, I’ll move an equal amount from checking to savings when I make a payment.

So far with my cash back as well as points and miles I’m paying for a night in St Augustine in May, a long weekend in NYC in July, and an 18 day trip through Israel, Turkey, and Greece in October. All completely paid for with credit card rewards from signup bonuses and everyday spend.

[Anonymous]

Mine just goes into my checking account and I use it to pay bills once a year.

[Anonymous]

Any cash back I get goes into savings that I use for vacation later in the year

[galahad15]

For me, I apply cash back as a statement credit on all of my cards, except for one of my 2 BBRs which I apply to my bank account.

[Blackswizz750]

I used to cash it out or pay on my credit cards with it. Now I just let it accumulate, I still have a few hundred from last year. I want to see how much can grow over a couple years(provided I dont need the cash).

[Blackswizz750]

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@Anonymouswrote:
Statement credits multiple times a month to tangibly reduce my monthly expenses. Cap1 Quicksilver makes this so easy. You can do a statement credit request as many times a month as you want.

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you are right about Cap1. I have put money on my statement or even given to charities out of Cap1.

[MakingProgress]

I only have cash back cards, no other rewards.  I don't tavel much so I would rather have cash than points.  

My oldest cash back card is Cap One QS that is a whopping 7 months old.   I had accumulated $73 in cash back .   Just this week I used it to erase a purchase of 69.00 for tickets to the Baseball Hall of Fame.   

In the last month I have aquired Discover - will use for the rotating 5% catagories, Chase Amazon - will use for Amazon , AMEX BCE - will use for Groceries, and Citi Double Cash - will use it for everyday spending.  I plan on adding my kids as AU on the QS and making them learn good credit habits. 

My Citi statement just closed yesteday and I got a whopping .10 cash back.   I had a 5.33 purcash and 5.33 payment in the first bill cycle.   None of the others have cut a statement yet.