topic Change to AmEx BCP redemption options in Credit Cards

Change to AmEx BCP redemption options

Anonymous — Mon, 15 Mar 2021 13:49:46 GMT

This notice was in my latest monthly statement:

Not going to make a difference for me, but thought others might be interested

Re: Change to AmEx BCP redemption options

Anonymous — Mon, 15 Mar 2021 14:10:10 GMT

@Anonymous wrote:
This notice was in my latest monthly statement:

Not going to make a difference for me, but thought others might be interested

That's interesting as I had assumed redemption for merchandise was a potential profit maker for the issuer (as rates are so bad), but I guess the costs involved might outweigh that.

Re: Change to AmEx BCP redemption options

Anonymous — Tue, 23 Mar 2021 17:36:43 GMT

I could see eliminating "merchandise" as that seems too cost prohibitive, but a GC would be similar to straight cash back in the form of a check issued to yourself. And It's not like you're getting a great deal on said GC anyways.

I guess ultimately they just want you paying your card back in the form of a Statement credit with the rewards. lol

Re: Change to AmEx BCP redemption options

summerterrace — Thu, 25 Mar 2021 00:40:23 GMT

The statement credit thing is the one issue that is keeping me from AmEX cash back cards, that and the caps on grocery spending. Just put the money in my bank account, not that hard. LOL

Re: Change to AmEx BCP redemption options

adelphi_sky — Thu, 25 Mar 2021 01:19:03 GMT

@Anonymous wrote:
I could see eliminating "merchandise" as that seems too cost prohibitive, but a GC would be similar to straight cash back in the form of a check issued to yourself. And It's not like you're getting a great deal on said GC anyways.

I guess ultimately they just want you paying your card back in the form of a Statement credit with the rewards. lol

Which is why I just app'd for the Charles Schwab Ivestor card. The cash back goes directly to my brokerage account. Sure it's only 1.5%. But I can find ways to turn it into 10%.

Re: Change to AmEx BCP redemption options

disdreamin — Thu, 25 Mar 2021 01:29:46 GMT

@summerterrace wrote:
The statement credit thing is the one issue that is keeping me from AmEX cash back cards, that and the caps on grocery spending. Just put the money in my bank account, not that hard. LOL

Eep, your grocery bill must be up there! We hit the spend most years (although not since me and instacart became such good friends) but I still feel like it's a win. The statement credit isn't a big deal, I just adjust payments the following month and it's like it went directly into my bank account anyways

Re: Change to AmEx BCP redemption options

5KRunner — Thu, 25 Mar 2021 11:23:37 GMT

@disdreamin wrote:
Eep, your grocery bill must be up there! We hit the spend most years (although not since me and instacart became such good friends) but I still feel like it's a win. The statement credit isn't a big deal, I just adjust payments the following month and it's like it went directly into my bank account anyways

Ha! I easily - I mean VERY easily - hit the $6000 annual cap on the BCP. Then again, there are 6 people living in this house, so...

Re: Change to AmEx BCP redemption options

disdreamin — Thu, 25 Mar 2021 21:16:53 GMT

Oh heck yeah, six? Easy peasy haha. We are down to three in the house and it takes a good chunk of the year to hit the $6k spend now. I only wish I could put the college meal plan on BCP and get the 6% on it