topic Re: Just for fun - What happens to your cash back rewards? in Credit Cards

Just for fun - What happens to your cash back rewards?

Blodreina — Wed, 18 Jun 2014 18:12:52 GMT

Just curious.

Statement credit?

Deposited to a bank account (a la Discover)?

Other options?

Re: Just for fun - What happens to your cash back rewards?

coldnmn — Wed, 18 Jun 2014 18:16:16 GMT

It depends on bank all or any of your options could be a way to redeem rewards.

Re: Just for fun - What happens to your cash back rewards?

CarnegieS — Wed, 18 Jun 2014 18:21:07 GMT

I'm kind of just letting mine build up with discover in case I actually need it one day. Sallie mae I spend as soon as I get enough for the statement credit as I'm not a big fan of the point system.

Re: Just for fun - What happens to your cash back rewards?

Blodreina — Wed, 18 Jun 2014 18:21:19 GMT

@coldnmn wrote:
It depends on bank all or any of your options could be a way to redeem rewards.

I'm not asking to learn about options. I'm curious about what people do with their cash back rewards. On your cards with cash back, what have you chosen to do with it?

Re: Just for fun - What happens to your cash back rewards?

Simply827 — Wed, 18 Jun 2014 18:25:19 GMT

I'm just letting them build up. I think I have about $600 spread across 3 cards.

I did however use my signup bonus from my Citi TYP and applied it to my student loan.

Re: Just for fun - What happens to your cash back rewards?

coldnmn — Wed, 18 Jun 2014 18:27:25 GMT

@Simba501 wrote:
@coldnmn wrote:
It depends on bank all or any of your options could be a way to redeem rewards.
I'm not asking to learn about options. I'm curious about what people do with their cash back rewards. On your cards with cash back, what have you chosen to do with it?

Oh my Discover is linked to Amazon and when I need something I use the rewards. Other cards statement credit. Future rewards from Sam's Mastercard has to be by check in Feb has to be cashed at Sam's. And Walmart Mastercard has to be a $5 statement credit after every $500 in purchases.

Re: Just for fun - What happens to your cash back rewards?

BluePoodle — Wed, 18 Jun 2014 18:29:57 GMT

@CarnegieS wrote:
I'm kind of just letting mine build up with discover in case I actually need it one day. Sallie mae I spend as soon as I get enough for the statement credit as I'm not a big fan of the point system.

I wish I could apply my SM to my student loans but I don't have SM for my loans. So I will be applying mine to my statement when I get enough credit too.

I have not decided what to do with my reward points yet for AMEX and I am letting Discover and Cap1 rewards build...not sure yet for what.

Re: Just for fun - What happens to your cash back rewards?

mongstradamus — Wed, 18 Jun 2014 18:38:17 GMT

Discover i will probably direct deposit to my account at 100 dollars. Amex i think only choice is statement credit for my BCP. Chase freedom gets immediately transferred to CSP UR points every time statement cuts. Cap one QS i will probably just dd it at every 100 dollars, but atm not using my qs very much at all .

Re: Just for fun - What happens to your cash back rewards?

DieGo2SHAE — Wed, 18 Jun 2014 18:52:06 GMT

- For my BofA 3-2-1 I've just let it accumulate without ever redeeming it. I guess I think of it as a 'rainy day' fund and just like watching it grow, haha

- Discover goes right into my bank account when I reach the $100 mark

- Citi I redeem for student loan rebates when I hit the 10,000 TYP mark, which i deposit in my bank account so i can get the full value 1 cent for 1 point, making my Forward an uncapped 5% cashback card at all restaurants and amazon

- Amazon i have let build up as well, though because of the forward it hasn't built up very much. Still, a nice chunk of change is resting there

- And I just got my Amex, Freedom, and Sallie Mae last month so I haven't redeemed them yet but I imagine Amex and SM will be statement credits, while the Freedom will be cash back like the Discover (or whatever the closest equivalent is).

Re: Just for fun - What happens to your cash back rewards?

SunriseEarth — Wed, 18 Jun 2014 19:00:56 GMT

@Simba501 wrote:
Just curious.

Statement credit?
Deposited to a bank account (a la Discover)?
Other options?

My QS1 rewards got redeemed as statement credits on a frequent basis. Once I hit $25 on the BCE, I'll also redeem those for statement credit. My only other rewards card is points, the Sony Card for Sony Rewards points. My goal is to get enough for a $100 Sony Gift card and use it toward either a new TV or a PS4.

Re: Just for fun - What happens to your cash back rewards?

Anonymous — Wed, 18 Jun 2014 19:13:56 GMT

It takes me awhile to get to the point where I can redeem my rewards (low spending) but when I do, I apply it as a statement credit.

Re: Just for fun - What happens to your cash back rewards?

bed — Wed, 18 Jun 2014 19:23:02 GMT

Put it in savings.

Re: Just for fun - What happens to your cash back rewards?

lexrjSD — Wed, 18 Jun 2014 19:26:35 GMT

@Simba501 wrote:
Just curious.

Statement credit?
Deposited to a bank account (a la Discover)?
Other options?

Building up but def. statement credit!

current totals: $2100

Re: Just for fun - What happens to your cash back rewards?

wacdenney — Wed, 18 Jun 2014 19:41:18 GMT

I cash my rewards in as soon as they hit $25 for a statement credit. The only exception is Cap1 QS1 which I cash in even sooner!

Re: Just for fun - What happens to your cash back rewards?

bada_bing — Wed, 18 Jun 2014 21:00:13 GMT

UR points will be airfare for two to Kona in Dec.

BCP and SM go for statement credits

AK visa generates about 40~50K miles per year, good for 2 RT saver

fares anywhere in the USA except Hawaii.

Re: Just for fun - What happens to your cash back rewards?

B335is — Thu, 19 Jun 2014 01:26:13 GMT

I redeem any cash back at the earliest possible point out of fear of clawbacks.

Re: Just for fun - What happens to your cash back rewards?

Dw4250 — Thu, 19 Jun 2014 01:59:21 GMT

@B335is wrote:
I redeem any cash back at the earliest possible point out of fear of clawbacks.

Interesting I never thought about this, but that's a good point.

Does this happen a lot with cash back cards? I know it's always an issue with miles and miles cards (i.e. the new Delta Skymiles reward structure).

I've been sitting on all my rewards so far but now you've got me thinking...

Re: Just for fun - What happens to your cash back rewards?

mattmix36 — Thu, 19 Jun 2014 02:10:01 GMT

Hoarding Navy points for travel in the near timefrime...hoarding AMEX points for a retirement vacation, saving discover to buy a PS4....and using ink cash rewards to build my AR15

Not sure what to do with barclays though

Re: Just for fun - What happens to your cash back rewards?

fot1 — Thu, 19 Jun 2014 02:40:23 GMT

Christmas... This year AMEX,Barclays and Chase will put as many presents under the tree as old St Nick..

Re: Just for fun - What happens to your cash back rewards?

jugstore — Thu, 19 Jun 2014 02:50:26 GMT

It depends on the card. I get statement credits on the quicksilver but I cash out my discover and BCP once a year for extra money for travel/fun. The Freedom gets stays as UR for the CSP.