topic Re: Amex and cash back in Credit Cards

Amex and cash back

icyhot — Thu, 24 Sep 2015 22:58:41 GMT

Does Amex only give cash back strictly in the form of a statement credit? I was considering the BCE and really wanted the Simply Cash down the line but I gotta say that's kinda underwhelming. BofA and CapOne both send checks, however the BankAmerideals only allows deposits into a BofA account or a statement credit, which sucks. I like getting cash back checks in the mail, call me old fashioned lol

Re: Amex and cash back

kdm31091 — Thu, 24 Sep 2015 23:04:27 GMT

@icyhot wrote:
Does Amex only give cash back strictly in the form of a statement credit? I was considering the BCE and really wanted the Simply Cash down the line but I gotta say that's kinda underwhelming. BofA and CapOne both send checks, however the BankAmerideals only allows deposits into a BofA account or a statement credit, which sucks. I like getting cash back checks in the mail, call me old fashioned lol

Sorry but if you like getting checks, your options will dwindle even more than they already have. Checks are simply going by the wayside. There's really little difference anyway. Either you take a statement credit and don't have to pay that amount of the bill, or you deposit a check and get the money but it comes out to the same thing.

To answer your question, Amex only allows statement credit or gift cards (or merchandise), and the credit must be a $25, $50, $75 etc...multiples only. Pretty annoying. It's not a bad card, just has some annoyances like every other card. Nothing is perfect.

Re: Amex and cash back

Anonymous — Thu, 24 Sep 2015 23:07:30 GMT

@kdm31091 wrote:
@icyhot wrote:
Does Amex only give cash back strictly in the form of a statement credit? I was considering the BCE and really wanted the Simply Cash down the line but I gotta say that's kinda underwhelming. BofA and CapOne both send checks, however the BankAmerideals only allows deposits into a BofA account or a statement credit, which sucks. I like getting cash back checks in the mail, call me old fashioned lol
Sorry but if you like getting checks, your options will dwindle even more than they already have. Checks are simply going by the wayside. There's really little difference anyway. Either you take a statement credit and don't have to pay that amount of the bill, or you deposit a check and get the money but it comes out to the same thing.

To answer your question, Amex only allows statement credit or gift cards (or merchandise), and the credit must be a $25, $50, $75 etc...multiples only. Pretty annoying. It's not a bad card, just has some annoyances like every other card. Nothing is perfect.

Everything above is true for BCE but I'll add that this doesn't apply to SimplyCash. Cash back is automatically given as a statement credit with each billing cycle no matter the amount so you don't have to bother with redeeming it yourself or waiting until it hits $25.

Old fashioned is right Good luck with the checks, haven't really noticed that as an option for others around here.

Re: Amex and cash back

icyhot — Thu, 24 Sep 2015 23:10:24 GMT

Darn it, that sucks. Well as long as BofA and Capital One still do checks, I'll be fine. Most of my cards are points/miles anyway. Lol.

Re: Amex and cash back

kdm31091 — Thu, 24 Sep 2015 23:12:58 GMT

Good info on the SimplyCash! I didn't know that it didn't have the silly $25 increment restrictions.

I don't know of many cards that still let you get a check for redemption. I think Quicksilver and Double Cash do, but I wouldn't request a check myself...rather just get direct deposit, a statement credit, or a gift card. Why get a paper check mailed out? Of course, not every issuer offers direct deposit especially into accounts other than at their bank but it's sometimes an option (though not with amex of course).

Anyway, if the BCE's extra 1% on groceries over your BOA Cash would be meaningful, then go for it. A statement credit is really no different than a check at the end of the day. It all comes out in the wash. Just remember that for many spend levels, an extra 1% isn't going to amount to much, especially taking the minimum redemption into account!

Re: Amex and cash back

Anonymous — Thu, 24 Sep 2015 23:15:20 GMT

@kdm31091 wrote:
Good info on the SimplyCash! I didn't know that it didn't have the silly $25 increment restrictions.

I don't know of many cards that still let you get a check for redemption. I think Quicksilver and Double Cash do, but I wouldn't request a check myself...rather just get direct deposit, a statement credit, or a gift card. Why get a paper check mailed out? Of course, not every issuer offers direct deposit especially into accounts other than at their bank but it's sometimes an option (though not with amex of course).

Thats one of the reasons I really liked using SimplyCash. You're talking to the wrong one about a paper check. I had to fill one out for the first time a couple weeks ago. If it wasnt for a significant discount offered with the service for using cash or checks I might never have even seen my own checks. Not interested in getting them in the mail. Direct deposit, statement credits or an occasional gift card are fine with me.

Re: Amex and cash back

kdm31091 — Thu, 24 Sep 2015 23:18:53 GMT

For some reason I always liked redeeming for gift cards even though it still comes out to the same thing in most cases (although with Discover the gift cards are actually a better deal than statement credits sometimes since you can get $50 GC for $45, etc).

Re: Amex and cash back

icyhot — Thu, 24 Sep 2015 23:20:14 GMT

Direct deposit is nice, I like going to the bank and depositing checks. I don't know why. I've never liked gift cards as rewards. I'm not too fond of statement credits only becuase I can't depost them into a savings account and look back and say "hey look at this free money I got." Weird I know. Guess its not a big deal. I really liked BCE for the deparment store category as well

Re: Amex and cash back

kdm31091 — Thu, 24 Sep 2015 23:21:20 GMT

@icyhot wrote:
Direct deposit is nice, I like going to the bank and depositing checks. I don't know why. I've never liked gift cards as rewards. I'm not too fond of statement credits only becuase I can't depost them into a savings account and look back and say "hey look at this free money I got." Weird I know. Guess its not a big deal. I really liked BCE for the deparment store category as well

No, you can't deposit the statement credit anywhere, but it still comes out to the same thing at the end of the day, as you didn't have to pull the money out to pay that amount on the bill.

I get what you're saying, psychologically, though.

Re: Amex and cash back

bz386 — Thu, 24 Sep 2015 23:30:40 GMT

Redeem for statement credit, then move the same amount of money from checking to savings - voila, you have just achieved the same (rewards in savings account).

Re: Amex and cash back

icyhot — Thu, 24 Sep 2015 23:33:51 GMT

True! Didn't think of it like that

Re: Amex and cash back

Anonymous — Thu, 24 Sep 2015 23:55:41 GMT

@Anonymous wrote:
@kdm31091 wrote:
@icyhot wrote:
Does Amex only give cash back strictly in the form of a statement credit? I was considering the BCE and really wanted the Simply Cash down the line but I gotta say that's kinda underwhelming. BofA and CapOne both send checks, however the BankAmerideals only allows deposits into a BofA account or a statement credit, which sucks. I like getting cash back checks in the mail, call me old fashioned lol
Sorry but if you like getting checks, your options will dwindle even more than they already have. Checks are simply going by the wayside. There's really little difference anyway. Either you take a statement credit and don't have to pay that amount of the bill, or you deposit a check and get the money but it comes out to the same thing.

To answer your question, Amex only allows statement credit or gift cards (or merchandise), and the credit must be a $25, $50, $75 etc...multiples only. Pretty annoying. It's not a bad card, just has some annoyances like every other card. Nothing is perfect.
Everything above is true for BCE but I'll add that this doesn't apply to SimplyCash. Cash back is automatically given as a statement credit with each billing cycle no matter the amount so you don't have to bother with redeeming it yourself or waiting until it hits $25.

Old fashioned is right Good luck with the checks, haven't really noticed that as an option for others around here.

Yeah, every one of my statements closes with a negative balance. I actually find it annoying from an accounting standpoint.

Re: Amex and cash back

icyhot — Thu, 24 Sep 2015 23:57:05 GMT

Why do you find it annoying?

Re: Amex and cash back

Anonymous — Thu, 24 Sep 2015 23:59:16 GMT

Bank of america gives an extra 10% on my cashback if i move them to my checking or savings account

BTW Icyhot im still interested on that BOA number to request an increase

Re: Amex and cash back

icyhot — Fri, 25 Sep 2015 00:06:27 GMT

oh definitely!

Re: Amex and cash back

UncleB — Fri, 25 Sep 2015 01:17:08 GMT

@Anonymous wrote:
@Anonymous wrote:
@kdm31091 wrote:
@icyhot wrote:
DoesAmex only give cash back strictly in the form of a statement credit? I was considering theBCE and really wanted the Simply Cash down the line but I gotta say that's kinda underwhelming.BofA andCapOne both send checks, however theBankAmerideals only allows deposits into aBofA account or a statement credit, which sucks. I like getting cash back checks in the mail, call me old fashionedlol
Sorry but if you like getting checks, your options will dwindle even more than they already have. Checks are simply going by the wayside. There's really little difference anyway. Either you take a statement credit and don't have to pay that amount of the bill, or you deposit a check and get the money but it comes out to the same thing.

To answer your question, Amex only allows statement credit or gift cards (or merchandise), and the credit must be a $25, $50, $75 etc...multiples only. Pretty annoying. It's not a bad card, just has some annoyances like every other card. Nothing is perfect.
Everything above is true for BCE but I'll add that this doesn't apply to SimplyCash. Cash back is automatically given as a statement credit with each billing cycle no matter the amount so you don't have to bother with redeeming it yourself or waiting until it hits $25.

Old fashioned is right Good luck with the checks, haven't really noticed that as an option for others around here.
Yeah, every one of my statements closes with a negative balance. I actually find it annoying from an accounting standpoint.

I agree; I like to be able to "see" my rewards as well... LOL.

That's why I chose to redeem mine in the middle of the statement period. When the statement actually cuts, the new balance is of course less the statement credit, and at the time I pay the bill (in full) I also "pay myself" the amount of the statement credit. So the net result to my checking account is the exact same.

I keep my cash rewards on a Serve card... so far it's working out well. When the time comes, the rewards are all in the same place, and if an emergency were to come up I can access the funds any time.

The only 'sticking point' in my system is my Sam's Club Mastercard, where they only issue the check once a year. I'm making $30+ a month off of it in rewards, though, so I think I can 'deal' with it... LOL.

Re: Amex and cash back

Cory — Fri, 25 Sep 2015 03:00:50 GMT

It most definately comes down to personal preference. With BofA, I love that you can get cashback deposited into your Savings or Checking (which I prefer), checks or statement credits. Now, if the already low rewards rate on the cashback cards wasn't capped, I would use my BankAmericard Cash Rewards Visa inclusively. BankAmericards in conjuction with BankAmerideals have some serious earning potential. It seems that they are allowing you to use the same deals multiple times now (some up to 15% cashback). Maximum amount of like $20.00, which is 10% of $200.00 in spending for some deals. If they start to load the places I actually use everyday, Ralph's, Chevron etc multiple times, I can outearn anybody's card, including American Express Blue Cash Preferred.