topic Re: Anyone else have a rewards hoarding problem like me? in Credit Cards

Anyone else have a rewards hoarding problem like me?

dallasareaguy — Thu, 16 Jun 2016 16:29:53 GMT

I can't bring myself to cash in rewards. I have accumulated $718 since November 1st and can't get myself to accept the credit. As if I'm saving them for a rainy day or something. I do the same with my other accounts too. Am I the only one? Took me 7 1/2 months to accumulate.... just don't want to see the number stop growing. I guess my only risk is that if CapOne closed my account for some reason I would miss out on all that reward.

Re: Anyone else have a rewards hoarding problem like me?

kdm31091 — Thu, 16 Jun 2016 16:32:59 GMT

Look at it this way. Why earn rewards if you never claim them?

Re: Anyone else have a rewards hoarding problem like me?

Anonymous — Thu, 16 Jun 2016 16:33:08 GMT

My first reward card is in the mail so I don't know yet. But at least you have enough that you can do someting kinda big with your rewards, so you can really tell that you are gaining something rather than cashing in a few bucks a month.

Re: Anyone else have a rewards hoarding problem like me?

Anonymous — Thu, 16 Jun 2016 16:37:41 GMT

If you don't want the cash back I'll glady accept it

In all seriousness that is some strong will power! I redeem minute amounts right away i.e. 0.02 cents sometimes

Re: Anyone else have a rewards hoarding problem like me?

wachme — Thu, 16 Jun 2016 16:38:37 GMT

@kdm31091 wrote:
Look at it this way. Why earn rewards if you never claim them?

I would call myself a semi-hoarder. There's something psychological about seeing rewards continue to accumulate.

I prefer to redeem my rewards on something substantial like 1st/biz class tickets or luxury hotel stays that I would never actually pay for full price.

Redeeming $25 to cover me for a fill-up just doesn't do it for me. But of course, we all play the rewards game for different reasons which makes it fun.

Re: Anyone else have a rewards hoarding problem like me?

Anonymous — Thu, 16 Jun 2016 16:44:07 GMT

Unless there are potential bonuses for waiting (such as getting enough to get a discounted gift card for example) it doesn't make financial sense to leave the rewards with the issuer, because a) risk of closure and b) no interest being earned. If you want to see it all add up, set up an internet savings account that earns decent interest, and regularly transfer the credit card rewards to there. And when you have enough to satisfy you, spend it!

ETA: this is just for cash rewards. For transferable point systems (such as MR/UR/TYP) it can make sense to keep them with the issuer for flexibility. Just don't give any excuse for them to close the account!

Re: Anyone else have a rewards hoarding problem like me?

dallasareaguy — Thu, 16 Jun 2016 16:45:01 GMT

It's become a game in our house.

ME: "Hey wife, remember... Amex Blue for Groceries and gas!... everything else put on the QuickSilver"... she got frustrated with me this weekend when I said.. "Why did you use the Blue at Sam's?..."...she said... "because you said to use it on groceries!".... I said: "yes, but remember it's not valid at wholesale stores or walmart or target, etc.".... her final response " uggh, I'm trying to follow your requests..I give up."

We only got 1% using Blue in the case instead of 1.5% with QS... it all amounted to about $1.11 difference in rewards but hey!

Re: Anyone else have a rewards hoarding problem like me?

Anonymous — Thu, 16 Jun 2016 16:45:53 GMT

@dallasareaguy wrote:
I can't bring myself to cash in rewards. I have accumulated $718 since November 1st and can't get myself to accept the credit. As if I'm saving them for a rainy day or something. I do the same with my other accounts too. Am I the only one? Took me 7 1/2 months to accumulate.... just don't want to see the number stop growing. I guess my only risk is that if CapOne closed my account for some reason I would miss out on all that reward.

What about creating a separate savings account to just put your rewards in so they can accumulate without being tied to Cap1? I was thinking about doing that with my rewards.

Re: Anyone else have a rewards hoarding problem like me?

dallasareaguy — Thu, 16 Jun 2016 16:48:13 GMT

What about creating a separate savings account to just put your rewards in so they can accumulate without being tied to Cap1? I was thinking about doing that with my rewards.

I see your thoughts... I had been thinking that if I left things alone until Christmas time, I would have approximately $1250 in there based on current spend per month. This idea would make sense... have them send me a check and just deposit it into savings account.. removes any kind of risk whatsoever of rewards loss and would technically earn a couple bucks in interest as well. I might be about to hit the cashout button!

Re: Anyone else have a rewards hoarding problem like me?

wachme — Thu, 16 Jun 2016 17:06:26 GMT

@dallasareaguy wrote:
It's become a game in our house.

ME: "Hey wife, remember... Amex Blue for Groceries and gas!... everything else put on the QuickSilver"... she got frustrated with me this weekend when I said.. "Why did you use the Blue at Sam's?..."...she said... "because you said to use it on groceries!".... I said: "yes, but remember it's not valid at wholesale stores or walmart or target, etc.".... her final response " uggh, I'm trying to follow your requests..I give up."

We only got 1% using Blue in the case instead of 1.5% with QS... it all amounted to about $1.11 difference in rewards but hey!

In that case, are you thinking about going for a 2% card. You're leaving 0.5% on the table here. lol.

Re: Anyone else have a rewards hoarding problem like me?

wachme — Thu, 16 Jun 2016 17:14:21 GMT

@Anonymous wrote:
My first reward card is in the mail so I don't know yet. But at least you have enough that you can do someting kinda big with your rewards, so you can really tell that you are gaining something rather than cashing in a few bucks a month.

Which did you choose as your first?

Re: Anyone else have a rewards hoarding problem like me?

CreditDunce — Thu, 16 Jun 2016 17:23:33 GMT

I am more of a squirrel than hoarder. I like having different stashes all over the place. But I do redeem the rewards at least once a year for CB cards.

Personally if I saw my QS had a $718 worth of CB rewards, I would be banging my head against a wall. Any 2% CB card would give an extra 33% CB. It could be worth $955! Or on my TR with PR card it would be worth $1,256 against travel expenses. If I had 6k a month of miscellaneous expenses, I wouldn't be using a 1.5% CB card. lol

Re: Anyone else have a rewards hoarding problem like me?

Anonymous — Thu, 16 Jun 2016 17:23:51 GMT

I'm in the same boat. Hoarded all my points on my SM the first year...paid for my entire christmas, presents, travel and all! I like seeing big numbers

-Sin

Re: Anyone else have a rewards hoarding problem like me?

Creditplz — Thu, 16 Jun 2016 17:29:39 GMT

I like to keep my rewards till December, it helps me pay for gifts hahaha

Re: Anyone else have a rewards hoarding problem like me?

datrucking210 — Thu, 16 Jun 2016 17:37:11 GMT

I always cash out asap. Were not guarantee a tomorrow so might as well enjoy my 50 cents or dollar today OP if this method works for you more power to you

Re: Anyone else have a rewards hoarding problem like me?

core — Thu, 16 Jun 2016 17:47:54 GMT

@datrucking210 wrote:
Were not guarantee a tomorrow so might as well enjoy my 50 cents or dollar today

Yeah, if you die before redeeming, your estate will receive a bill for your final charges, but not a refund check for the points. Whoever is handling such matters may not know anything about CC points and likely has more important things to do either way. Also points have become involved during divorce proceedings.

Those are my 2 happy thoughts for the day.

Re: Anyone else have a rewards hoarding problem like me?

Anonymous — Thu, 16 Jun 2016 18:00:24 GMT

Nope, not a hoarder here. I earn them, I redeem them. No sense letting someone else have my money.

Re: Anyone else have a rewards hoarding problem like me?

FroggieMom — Thu, 16 Jun 2016 18:13:03 GMT

I'm a semi-hoarder AND Squirrel...LOL I have multiple cash stashes around my house and purse (the squirrel in me) and I do hoard my CB to a degree..I've never accumulated $700+ in CB as of yet ('m still working my way into paying for EVERYTHING with a card and then paying it with my paycheck...I want to be sure I get the timing down right) but I'm like another poster who said they use it to cover a purchase of concert tickets, hotel, etc as a real "gift" to myself

Re: Anyone else have a rewards hoarding problem like me?

Anonymous — Sun, 07 Aug 2016 17:33:43 GMT

deleted

Re: Anyone else have a rewards hoarding problem like me?

northface28 — Thu, 16 Jun 2016 18:19:37 GMT

I would not be able to sleep knowing I had over $700 tied up in rewards with an issuer. I have an online savings account with Capital One and ALL my rewards are funneled to that account which is aptly named "credit card rewards" so all rewards, sign up bonuses, and saved money via points go here. By saved money I use the Sallie Mae card and if I redeem for 2500 points which is $25, i add that $25 to the credit cards reward account. At the end of every month, I then transfer the money to my Schwab brokerage account and then invest it into SWPPX (S&P index fund). I do not see the point in the letting the money just there idly, i like my money to work for me.