topic Re: Suggestions for using Discover Cashback in Credit Cards

Suggestions for using Discover Cashback

Anonymous — Tue, 28 Mar 2017 06:38:24 GMT

Hello,

I just recieved my Cashback match from Discover, bringing it up to a tidy 450$. I am leaning towards shifting it over to my bank or pay off a month's balance with it. Using it for gift cards does seem like a really intriguing way to get an additional 10% or so out of it, but it involves actually finding a useful deal and remembering to use it. So what do you folks usually do with the cashback? Just gathering opinions!

Re: Suggestions for using Discover Cashback

Anonymous — Tue, 28 Mar 2017 07:07:33 GMT

Just check gift card granny and make sure that u cant get a better deal and its for something you actually would enjoy. Ask for APR reductions often even if you arent paying interest.

I would rather have that 450 in the bank earning interest than just sitting there, or if I had other cards that were costing me interest in double digit rates...

Re: Suggestions for using Discover Cashback

Anonymous — Tue, 28 Mar 2017 07:20:56 GMT

No other accounts with balances, I PIF every month. As for a bank, I just have it in Chase savings with its pathetic 0.01%, so it doesn't really matter either way to me

Re: Suggestions for using Discover Cashback

Anonymous — Tue, 28 Mar 2017 11:29:29 GMT

We dump our cash back in a high yield checking or savings account.

Re: Suggestions for using Discover Cashback

CreditInspired — Tue, 28 Mar 2017 11:45:36 GMT

I won't get my double cash back until December, but I've already decided to splurge and treat myself to something special -- something I wouldn't necessarily spend the money on, example, lease a Porsche for a day or buy a luxurious Pacific Coast Down Comforter or immerse myself in a whole body spa treatment (facial, body scrub, mani/pedi, massage). Yep, something different.

Re: Suggestions for using Discover Cashback

Anonymous — Tue, 28 Mar 2017 12:16:49 GMT

@Anonymous wrote:
Hello,
I just recieved my Cashback match from Discover, bringing it up to a tidy 450$. I am leaning towards shifting it over to my bank or pay off a month's balance with it. Using it for gift cards does seem like a really intriguing way to get an additional 10% or so out of it, but it involves actually finding a useful deal and remembering to use it. So what do you folks usually do with the cashback? Just gathering opinions!

You could open a savings account with Discover that pays 0.95% -- I've been just as happy with the bank service-wise as the card.

I've also ordered Staples gift cards a couple times, $25 for $20.

Re: Suggestions for using Discover Cashback

Anonymous — Tue, 28 Mar 2017 16:46:04 GMT

@CreditInspired wrote:
I won't get my double cash back until December, but I've already decided to splurge and treat myself to something special -- something I wouldn't necessarily spend the money on, example, lease a Porsche for a day or buy a luxurious Pacific Coast Down Comforter or immerse myself in a whole body spa treatment (facial, body scrub, mani/pedi, massage). Yep, something different.

I was going to tell the OP to do something nice for self, but then my practical side kicked in.

I agree with CreditInspired. Do something nice for yourself OP. Enjoy!

Re: Suggestions for using Discover Cashback

Anonymous — Tue, 28 Mar 2017 16:54:19 GMT

I have a Discover savings that I put all my cash back rewards from all cards in-including bonuses. Opened it last fall and have almost 1k already. It's crazy how fast it adds up

Re: Suggestions for using Discover Cashback

Anonymous — Tue, 28 Mar 2017 19:00:13 GMT

@Anonymous wrote:
@Anonymous wrote:
Hello,
I just recieved my Cashback match from Discover, bringing it up to a tidy 450$. I am leaning towards shifting it over to my bank or pay off a month's balance with it. Using it for gift cards does seem like a really intriguing way to get an additional 10% or so out of it, but it involves actually finding a useful deal and remembering to use it. So what do you folks usually do with the cashback? Just gathering opinions!
You could open a savings account with Discover that pays 0.95% -- I've been just as happy with the bank service-wise as the card.

I've also ordered Staples gift cards a couple times, $25 for $20.

You can do a little better than 0.95%, but no enough that it will matter for most.

Providing you can use Staples cards, that is a good deal, as Staples seems to have a very small discount on the gift card market (giftcardgranny currently shows 3%, and this is 20%)

Re: Suggestions for using Discover Cashback

northface28 — Tue, 28 Mar 2017 19:20:11 GMT

A mutual fund or a online savings account. All my cash back is funneled there. In the case of a BCP or BCE I use their statement credit for x amount then move that amount from my checking account to a mutual fund or online savings account so I capture every penny.

Re: Suggestions for using Discover Cashback

Anonymous — Tue, 28 Mar 2017 20:24:27 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Hello,
I just recieved my Cashback match from Discover, bringing it up to a tidy 450$. I am leaning towards shifting it over to my bank or pay off a month's balance with it. Using it for gift cards does seem like a really intriguing way to get an additional 10% or so out of it, but it involves actually finding a useful deal and remembering to use it. So what do you folks usually do with the cashback? Just gathering opinions!
You could open a savings account with Discover that pays 0.95% -- I've been just as happy with the bank service-wise as the card.

I've also ordered Staples gift cards a couple times, $25 for $20.
You can do a little better than 0.95%, but no enough that it will matter for most.

Providing you can use Staples cards, that is a good deal, as Staples seems to have a very small discount on the gift card market (giftcardgranny currently shows 3%, and this is 20%)

Synchony is still 1.05% (But unless you're putting in a ton of money, the difference vs. Discover is worth the good customer service), but if you don't mind putting it away for a 12 months, Cap1 360 is giving 1.30%.

Re: Suggestions for using Discover Cashback

Anonymous — Wed, 29 Mar 2017 21:43:42 GMT

You can get some good deals on gift cards at Sams club......$50 for $42, that kind of thing.

Easy way to make an extra 10-20% on that cash, as long as you find something you need.

Re: Suggestions for using Discover Cashback

Anonymous — Wed, 29 Mar 2017 23:49:26 GMT

Treat yourself to something you want. It's a reward.

Re: Suggestions for using Discover Cashback

yfan — Thu, 30 Mar 2017 00:41:25 GMT

I use mine to get gift cards. Thankfully I have found a few restaurants I and my SO enjoy treating ourselves at. And of course.... Starbucks gcs! Yes I could throw it in a savings account, but I don't know of any savings account that pays 10% instantly. So even if I wait a little to redeem it's still worth it, and it's a treat!

Re: Suggestions for using Discover Cashback

Anonymous — Thu, 30 Mar 2017 04:38:13 GMT

Depending on what you do I've seen 100% offers for gift cards/certificates through Discover.

For example I used my CashBack to buy a $40 gift certificate to Enterprise Rent A Car we only paid $20 for it.

Just something to think about

Re: Suggestions for using Discover Cashback

Anonymous — Thu, 30 Mar 2017 10:34:44 GMT

@Anonymous wrote:
Depending on what you do I've seen 100% offers for gift cards/certificates through Discover.

For example I used my CashBack to buy a $40 gift certificate to Enterprise Rent A Car we only paid $20 for it.

Just something to think about

Make sure you read the T&C's on that though: it's more of a coupon than a gift card, especially since you're limited to one certificate per rental.

One Certificate per rental. Minimum Purchase of $40. If you have questions regarding making a reservation, please call 1-866-304-7681 to speak with an Enterprise Preferred Reservations representative. Applicable at all North American locations and participating locations in the UK. Certificate amount applies to standard rates only (as quoted by calling the toll-free telephone number: 1-866-304-7681). Certificates may not be used with corporate rates, travel agency rates or any other rates except those provided by the above referenced toll-free number. Certificates may not be used with any promotional offers or discounted rates from Enterprise.

Re: Suggestions for using Discover Cashback

Anonymous — Thu, 30 Mar 2017 16:18:23 GMT

That's odd the location we rented from let us use it with the $9.99 weekend deal. I guess YMMV

Re: Suggestions for using Discover Cashback

grillandwinemaster — Fri, 31 Mar 2017 05:12:22 GMT

I should be getting just under $500 in cash back. I'm getting Lowe's gift cards And remodeling my teen daughters bedroom. New flooring, paint, and drapes/blinds. 👍

Re: Suggestions for using Discover Cashback

Anonymous — Fri, 31 Mar 2017 12:38:22 GMT

What I would do, and have done, is open an Acorns account that is tied to your Discover for round ups. This is simply an investment account that monitors your cards, rounds purchases up to the next dollar and invests those accruals for you. Then put your Cashback into it. Let it when for you. It adds up pretty quick if you use your card alot.

You could go the completely free way (Acorns costs $1 a month) and open an Roth IRA investment account with WiseBanyon to invest it in. Then investigate regular deposits. Anyway, the time to save us now if you haven't already.

Re: Suggestions for using Discover Cashback

Anonymous — Sat, 01 Apr 2017 23:08:36 GMT

@grillandwinemaster wrote:
I should be getting just under $500 in cash back. I'm getting Lowe's gift cards And remodeling my teen daughters bedroom. New flooring, paint, and drapes/blinds. 👍

And if you go over the gift cards you still get 5% for home improvement