Reply
Established Contributor
Posts: 653
Registered: ‎10-01-2013
0

Why do people go Bananas over rewards?

I know rewards is good, but why do people act like it's soooooo good.

 

If I spend $10,000 in one month, 1% is only $100. 

 

Seems like a drop in the bucket if you make 120k a year ( I don't, but just saying).

Farm and Fleet $3,000 (AU) Paypal Extras MC $1,500
Barclay's Apple Visa $1,200 QVC Qcard $800
Amazon Store Card $600 Discover $500
Walmart MC $400 Victoria's Secret $350
Credit One $300 Fingerhut $200
TU Fico 626



New Contributor
Posts: 182
Registered: ‎11-26-2013
0

Re: Why do people go Bananas over rewards?

Free money... discount card for everything
Discover Tu 730(2/14) DCU Eq 725(2/28)

Bouncing back from new accts and inqs. Hope to be back over 760 soon.
Established Contributor
Posts: 864
Registered: ‎10-11-2013
0

Re: Why do people go Bananas over rewards?

It's free money. Also, you can sometimes get a lot better than 1% based on what you're purchasing. Discover has 5% categories, ShopDiscover (additional cash back at some stores), and Discover Extras. Citi has a similar thing to ShopDiscover. Amex has an "Offers For You" which are a lot better than 1% (and you also get the 1%).

 photo ScreenShot2013-10-12at111542PM.png photo NUS000000012_160X101_STRAIGHT.gif photo NUS000000180_160X101_STRAIGHT.gif photo bankamericard-better-balance-rewards-credit-card-small.png photo SLM2SLM2.png photo DISCOVER_IT_LG.gif photo HNY2HNY2.png
$6500 ............ $5400 ............ $5000 ............ $5000 ............ $5000 ............ $4500 ............ $4250 ............ $3000
In the Garden until at least November 2015.
Established Member
Posts: 37
Registered: ‎07-01-2011
0

Re: Why do people go Bananas over rewards?

For me, i see it as free money for my own money that i was spending either way. So no matter how minimal the amount, i am atleast getting something back. Plus, depending on your cards and the way you use them, you can certainly get higher than 1% back on certain things.

New Member
Posts: 4
Registered: ‎11-18-2013
0

Re: Why do people go Bananas over rewards?

People care because it's free money. You're welcome to not care, but it seems like you're pretty actively trying to build into getting some of these cards yourself. Why are you interested in them personally? 

Regular Contributor
Posts: 124
Registered: ‎08-17-2013
0

Re: Why do people go Bananas over rewards?

FMC, I see where you are coming from and I agree to an extent. However I personally find it much easier to keep up with my spending using my CCs and if you have a variety of cards you should be able to get 2-6% cash back for everything. Its really kind of a hobby for me and I will take any and all rewards I get.
Regular Contributor
Posts: 115
Registered: ‎11-13-2013
0

Re: Why do people go Bananas over rewards?

[ Edited ]

@Gatortrout


Gatortrout wrote:
FMC, I see where you are coming from and I agree to an extent. However I personally find it much easier to keep up with my spending using my CCs and if you have a variety of cards you should be able to get 2-6% cash back for everything. Its really kind of a hobby for me and I will take any and all rewards I get.

 ^
This.

The thing is, if you're looking to get enough rewards to buy a PS4 in one month, you're going to be disappointed. But if you're looking to help create a bit of revenue where you'd normally have none, you'll be pleased. I've racked up over $300 dollars in rewards this year through my normal spending. Kind of a big deal. That's $300 I wouldn't normally have back. If you're responsible, and have an eye for making money in the margins, it'll pay off.

In other words, Discover is helping to pay for Christmas this year. :smileytongue:

As Gatortrout said, it's totally a hobby.



Last App: 12/25/2013
TU: 743 (Discover) Ex: 718 (CS) Goal: 760+ Across All
Gardening Until 6/25/14+
Valued Contributor
Posts: 3,171
Registered: ‎06-05-2013
0

Re: Why do people go Bananas over rewards?

If you know what your doing you can redeem for a much higher value than 1%. You may be able to get hotel suites or fly first/business class without having to pay the massive markups. Its not really worth the effort if you do not enjoy it though, since you need to constantly being monitoring changes in programs to maximize your return. Some people like it though and for those that do the work it yields a nice reward. 


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14, Last App 1/3/15
Goal Score: 800 In garden until 4/2015
Super Contributor
Posts: 10,246
Registered: ‎04-22-2013
0

Re: Why do people go Bananas over rewards?


DaylightSlaving wrote:

@Gatortrout


Gatortrout wrote:
FMC, I see where you are coming from and I agree to an extent. However I personally find it much easier to keep up with my spending using my CCs and if you have a variety of cards you should be able to get 2-6% cash back for everything. Its really kind of a hobby for me and I will take any and all rewards I get.

 ^
This.

The thing is, if you're looking to get enough rewards to buy a PS4 in one month, you're going to be disappointed. But if you're looking to help create a bit of revenue where you'd normally have none, you'll be pleased. I've racked up over $300 dollars in rewards this year through my normal spending. Kind of a big deal. That's $300 I wouldn't normally have back. If you're responsible, and have an eye for making money in the margins, it'll pay off.

In other words, Discover is helping to pay for Christmas this year. :smileytongue:

As Gatortrout said, it's totally a hobby.


Well, with the right cards and aggressive risk-taking, using manufactured spend you can generate relatively large sums.  I do it fairly small by pro standards, and on one card I'm a getting a (tax-free) profit of about $820 a month.  Not life-changing, but useful.

Frequent Contributor
Posts: 357
Registered: ‎11-16-2012
0

Re: Why do people go Bananas over rewards?

These rewards have let me fly to Europe and stay in nice hotels around the world

80k delta miles
85k ihg points
80k UR points
50k hilton

Those points add up quite quickly and let me and my wife enjoy vacations for spending money we were going to spend either way. I won't be using points until after we buy our next home and it'll be a nice vacation after closing and dealing with all the paper work.


12/28/13 (Garden Start Date)



Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.