topic Re: Redeeming Discover Rewards in Credit Cards

Redeeming Discover Rewards

Anonymous — Mon, 15 Feb 2016 19:45:46 GMT

What do you do with yours?

If you transfer it into your bank account, how long does it take?

Do you use it for giftcards since that's the best value?

I'm torn. I planned to leave it there for vacation money, but after the apple pay promotion there's a BUNCH of money there and it seems sort of foolish to leave it sit there. Then I thought I should get at least SOME giftcards and started looking at things I've just purchased in the past week and could have saved some serious money if I'd planned ahead and bought giftcards. I also thought about putting it towards my IRA or some of my 0% debt that doesn't have to be paid now, but paying some would of course lower util.

I know it's a matter of opinion/personal preference. I'm more curious than anything else. What do you do?

Re: Redeeming Discover Rewards

Anonymous — Mon, 15 Feb 2016 20:11:06 GMT

We're going on vacation for 10 days and since the trip is costing us a ton of money (3,000 and I'm not even there yet) I've been redeeming mine for Hyatt gift cards. I've already got about in gift cards. Just seems silly to let it sit there.

Re: Redeeming Discover Rewards

Anonymous — Mon, 15 Feb 2016 20:11:26 GMT

*300 in gift cards.,

Re: Redeeming Discover Rewards

Anonymous — Mon, 15 Feb 2016 20:15:13 GMT

I have mine transferred to my bank account and put it in savings. I put all my rewards into saving.

Re: Redeeming Discover Rewards

Anonymous — Mon, 15 Feb 2016 20:47:47 GMT

I cash out before we go on vacation. Lets say I have $300 in rewards, I will take a statement credit or transfer to bank account. We almost always do Disney so I will buy a gift card at the grocery store (extra % for category) for that amount and use it for food or whatnot.

Re: Redeeming Discover Rewards

Ghoshida — Mon, 15 Feb 2016 20:55:54 GMT

With Discover, I used to redeem for cash but I do gift cards now.

I usually redeem for Enterprise, $40 for $20 certificates. (Note: there can be possible insurance issues if you plan to use credit card insurance.)

This gives me 2x valuation of Discover Cashback. With the current 2x promo run by Discover, I get 4% Cashback effectively.

Otherwise I generally try to put away all my Cashback in a high yield savings account.