topic Re: Cash back vs redeeming points for cash in Credit Cards

Cash back vs redeeming points for cash

pdxmike — Thu, 08 Jan 2015 02:00:49 GMT

Are there any rewards cards that let you redeem ponts for cash at a better rate than 2% for all purchases or 3% for grocery purchases? I know you can do better than that for groceries with a few cash back cards like Sallie Mae or Amex Blue Cash Preferred, but they have caps or annual fees that a rewards card might be able to beat.

Re: Cash back vs redeeming points for cash

mongstradamus — Thu, 08 Jan 2015 02:05:56 GMT

@pdxmike wrote:
Are there any rewards cards that let you redeem ponts for cash at a better rate than 2% for all purchases or 3% for grocery purchases? I know you can do better than that for groceries with a few cash back cards like Sallie Mae or Amex Blue Cash Preferred, but they have caps or annual fees that a rewards card might be able to beat.

there was OBC but i don't know how much they nerfed it , an bunch of people had their accounts closed few months ago .

Re: Cash back vs redeeming points for cash

Anonymous — Thu, 08 Jan 2015 02:07:52 GMT

@mongstradamus wrote:
@pdxmike wrote:
Are there any rewards cards that let you redeem ponts for cash at a better rate than 2% for all purchases or 3% for grocery purchases? I know you can do better than that for groceries with a few cash back cards like Sallie Mae or Amex Blue Cash Preferred, but they have caps or annual fees that a rewards card might be able to beat.
there was OBC but i don't know how much they nerfed it , an bunch of people had their accounts closed few months ago .

New accounts (and eventually everyone) are capped at $50K a year on 5% spending

Re: Cash back vs redeeming points for cash

Anonymous — Thu, 08 Jan 2015 02:08:51 GMT

@Anonymous wrote:
@mongstradamus wrote:
@pdxmike wrote:
Are there any rewards cards that let you redeem ponts for cash at a better rate than 2% for all purchases or 3% for grocery purchases? I know you can do better than that for groceries with a few cash back cards like Sallie Mae or Amex Blue Cash Preferred, but they have caps or annual fees that a rewards card might be able to beat.
there was OBC but i don't know how much they nerfed it , an bunch of people had their accounts closed few months ago .
New accounts (and eventually everyone) are capped at $50K a year on 5% spending

Not worth it for that.

Re: Cash back vs redeeming points for cash

Membersince2013 — Thu, 08 Jan 2015 02:11:37 GMT

@Anonymous wrote:
@Anonymous wrote:
@mongstradamus wrote:
@pdxmike wrote:
Are there any rewards cards that let you redeem ponts for cash at a better rate than 2% for all purchases or 3% for grocery purchases? I know you can do better than that for groceries with a few cash back cards like Sallie Mae or Amex Blue Cash Preferred, but they have caps or annual fees that a rewards card might be able to beat.
there was OBC but i don't know how much they nerfed it , an bunch of people had their accounts closed few months ago .
New accounts (and eventually everyone) are capped at $50K a year on 5% spending
Not worth it for that.

I think its absolutely worth it. You'll earn 5% CB after spending $6500. Why do you think it's not worth it?

Re: Cash back vs redeeming points for cash

Anonymous — Thu, 08 Jan 2015 02:13:50 GMT

@Membersince2013 wrote:
@Anonymous wrote:
@Anonymous wrote:
@mongstradamus wrote:
@pdxmike wrote:
Are there any rewards cards that let you redeem ponts for cash at a better rate than 2% for all purchases or 3% for grocery purchases? I know you can do better than that for groceries with a few cash back cards like Sallie Mae or Amex Blue Cash Preferred, but they have caps or annual fees that a rewards card might be able to beat.
there was OBC but i don't know how much they nerfed it , an bunch of people had their accounts closed few months ago .
New accounts (and eventually everyone) are capped at $50K a year on 5% spending
Not worth it for that.
I think its absolutely worth it. You'll earn 5% CB after spending $6500. Why do you think it's not worth it?

For certain purposes.

Re: Cash back vs redeeming points for cash

Anonymous — Thu, 08 Jan 2015 03:15:13 GMT

http://www.myconsumers.org/loans-credit/visa-cards/visa-signature-cash-rebate-card.html

3% back on groceries, cap of 6k rewards a year. I dare you to buy $200,000 worth of groceries per year.

Re: Cash back vs redeeming points for cash

Anonymous — Thu, 08 Jan 2015 03:16:48 GMT

@Anonymous wrote:
http://www.myconsumers.org/loans-credit/visa-cards/visa-signature-cash-rebate-card.html

3% back on groceries, cap of 6k rewards a year. I dare you to buy $200,000 worth of groceries per year.

We can arrange that.

Re: Cash back vs redeeming points for cash

Involver — Thu, 08 Jan 2015 03:20:06 GMT

Hmmm

That Consumers card is interesting.

That;'s some easy money.

Re: Cash back vs redeeming points for cash

Anonymous — Thu, 08 Jan 2015 03:23:49 GMT

I feel like if you are spending that much money you could get a lot more out of travel rewards

Re: Cash back vs redeeming points for cash

Anonymous — Thu, 08 Jan 2015 03:24:34 GMT

@Anonymous wrote:
@Anonymous wrote:
http://www.myconsumers.org/loans-credit/visa-cards/visa-signature-cash-rebate-card.html

3% back on groceries, cap of 6k rewards a year. I dare you to buy $200,000 worth of groceries per year.
We can arrange that.

Only condition is you have to do it exclusively at Level III Line item reporting grocery stores

Re: Cash back vs redeeming points for cash

Anonymous — Thu, 08 Jan 2015 04:45:23 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
http://www.myconsumers.org/loans-credit/visa-cards/visa-signature-cash-rebate-card.html

3% back on groceries, cap of 6k rewards a year. I dare you to buy $200,000 worth of groceries per year.
We can arrange that.
Only condition is you have to do it exclusively at Level III Line item reporting grocery stores

I am considering applying for this, depending what happens with other avenues. But anyway, I would point to:

http://www.myconsumers.org/loans-credit/visa-cards/gift-card.html

So gift cards must be OK, right? Oh, I have to buy them from you, and not from a supermarket? I'm going to file a Sherman AntiTrust complaint!

Re: Cash back vs redeeming points for cash

takeshi74 — Thu, 08 Jan 2015 14:38:32 GMT

@Anonymous wrote:
Not worth it for that.

Each needs to run the numbers to determine that versus relying on a random forum poster's assessment. Worth is always highly subjective no matter what the topic so you can't assume your sense of worth to be universal.

@pdxmike wrote:
I know you can do better than that for groceries with a few cash back cards like Sallie Mae or Amex Blue Cash Preferred, but they have caps or annual fees that a rewards card might be able to beat.

Instead of relying on "might" use math.

BCP maxes out like this:

$6,000 spend cap * 0.06 rewards earn rate - 75 annual fee = $285 maximum rewards on groceries per year.

How much do you have to spend at a different earn rate just to break even with the BCP? Assuming no AF:

$285 / earn rate of the card you're comparing

For a 3% card that's

$285 / 0.03 = $9,500 spend

Re: Cash back vs redeeming points for cash

kdm31091 — Thu, 08 Jan 2015 14:37:04 GMT

I think generally 2 maybe 3% is the most you are going to get in the form of cash back without an AF and caps. BCP exceeds it as it offers 6% on groceries, capped/ with AF. Sallie Mae does exceed it too but capped fairly low.

I think the most you can usually hope for is 2-3%. It's better than nothing