topic Re: Rewards blog? in SmorgasBoard

Rewards blog?

buildafico — Fri, 27 Jun 2014 03:42:25 GMT

We should start one I'd love to hear what everyone else is doing to maximize rewards!

Re: Rewards blog?

Anonymous — Fri, 27 Jun 2014 03:52:12 GMT

This is a great idea. Now that I have actual rewards cards, I want to maximize their usage. So I've been searching for the best way to do it.

I found an article suggesting Wallaby mobile (available on iOS and Android) and basically you add the cards you have (not the numbers, just the type of the card) and based on your GPS location, it can find the store you are in, and is supposed to sugges the best card to use in that store.

It has an option to "connect" your cards' online account - to recommend amounts and what you've missed and other misc things - but in all honesty, I don't know too much about this app to allow it to access my accounts. So i have not activated that feature.

With regards to bills and the such, I already know which cards give me the most benefits for each "category" so I set them up to be billed automatically to those cards (like Cell Phone - on the Barclay's Rewards card for 2x points for each $ spent).

I am going to try out this app and see how it works out

EDIT: Spelling corrections

Re: Rewards blog?

buildafico — Fri, 27 Jun 2014 04:00:16 GMT

I think I may have a plausible way to pay the rent (or mortgage) and earn points. The dollar tree by my house sells green dot money packs for $1 I suspect you can find a prepaid with no atm fee and use the moneypak to reload then use the prepaid card to withdraw free cash and deposit back in to your bank account. It sure if money pak would get converted to cash equivalent though

Re: Rewards blog?

buildafico — Fri, 27 Jun 2014 04:04:23 GMT

Imagine theoretically buying a moneypak at a 5% category store. $1000 x0.05= $50 a month x 12 months = $600 a year pretty good lol

Re: Rewards blog?

mongstradamus — Fri, 27 Jun 2014 04:17:21 GMT

@buildafico wrote:
Imagine theoretically buying a moneypak at a 5% category store. $1000 x0.05= $50 a month x 12 months = $600 a year pretty good lol

I will play devils advocate, is that extra amount worth the risk? I have thought about using it to pay electric bill and car payment, but i don't know if its worth the risk

Re: Rewards blog?

buildafico — Fri, 27 Jun 2014 04:27:01 GMT

I'll beta the idea, I'll just try it with $10 and if I get charged an advance fee at least I'll know. But if I don't ... Lol point city baby!

Re: Rewards blog?

mongstradamus — Fri, 27 Jun 2014 04:36:06 GMT

@buildafico wrote:
I'll beta the idea, I'll just try it with $10 and if I get charged an advance fee at least I'll know. But if I don't ... Lol point city baby!

Its not about cash advance its more about if cc sees you spend like 500+ at grocery store or office supply store , when you usually don't spend there. It may raise an few red flags. I was thinking of trying it with either my discover or freedom next quarter at gas stations but not worth the risk of getting card shut down, and getting blacklisted. I am sure others have differing opinions on the subject.

Re: Rewards blog?

buildafico — Fri, 27 Jun 2014 04:55:04 GMT

Interesting point, perhaps different dollar amounts each time ? I see how a ccc would catch on to every month exactly $1000 purchase around the same time.

Re: Rewards blog?

buildafico — Fri, 27 Jun 2014 04:58:13 GMT

What if a new card has not seen your spending habits yet ? Just curious on thoughts

Re: Rewards blog?

Anonymous — Fri, 27 Jun 2014 05:14:45 GMT

@buildafico wrote:
Interesting point, perhaps different dollar amounts each time ? I see how a ccc would catch on to every month exactly $1000 purchase around the same time.

Or maybe 3x a month? I don't know.. this may be a "black hat" type of a scenario. Although it may not be "illegal" it could very well be frowned upon by the Credit Card company. But think about it though, we all have pretty decent amount of bills (utilities - power, phone, cable, water in some instances) all those can be paid by the credit card. That is enough cash back/points for just paying the things you have to pay anyway. You may get away with it maybe once or twice a year, but it may be too risky to even try it.

Re: Rewards blog?

Anonymous — Fri, 27 Jun 2014 05:16:17 GMT

@buildafico wrote:
What if a new card has not seen your spending habits yet ? Just curious on thoughts

The fraud detection algorithms will kick in. CCC spend a lot of money in in algorithms to determine what constitutes fraud and as such, if you do it once or twice, you may get away with it, but pattern develops quickly and it is noticable.

Re: Rewards blog?

buildafico — Fri, 27 Jun 2014 05:25:37 GMT

All good points. I probably would not risk it, although I think that's crap since it does not define this as illicit behavior. But i digress banks are not in business to pay us lol

Re: Rewards blog?

Anonymous — Fri, 27 Jun 2014 05:37:41 GMT

@buildafico wrote:
All good points. I probably would not risk it, although I think that's crap since it does not define this as illicit behavior. But i digress banks are not in business to pay us lol

LOL. nice point

Re: Rewards blog?

09Lexie — Fri, 27 Jun 2014 07:05:26 GMT

The idea of a rewards blog is good. Let's just make sure we don't tip toe into the land of MS

~Lexie

Re: Rewards blog?

buildafico — Fri, 27 Jun 2014 07:18:28 GMT

No I don't cross that threshold, I feel like this part of the reason they ask you your monthly housing payment. If we were all guilty of MS it would probably ruin rewards cards for everyone, and we don't want that lol just stick to creative ways to get more bang for your buck.
Like buying restaurant gift cards at kroger for 4x gas points

Re: Rewards blog?

Carrie_in_Pa — Fri, 27 Jun 2014 13:15:31 GMT

MS is a bad thing i know. What if your local grocery store encourages it? Would the credit card company say it's a bad thing? I haven't decided how i feel about it even though im a crazy couponer.

Re: Rewards blog?

09Lexie — Fri, 27 Jun 2014 19:56:18 GMT

@Carrie_in_Pa wrote:
MS is a bad thing i know. What if your local grocery store encourages it? Would the credit card company say it's a bad thing? I haven't decided how i feel about it even though im a crazy couponer.
Your local grocery store wouldn't be on the hook when Chase, Amex or Citi shuts down your accounts. Obviously, you have to consider your level of risk but as far as discussing it here -it's a no no.

Re: Rewards blog?

Carrie_in_Pa — Sat, 28 Jun 2014 00:41:09 GMT

Thanks Lexie, that was enough to make me decide how i feel about it.

Re: Rewards blog?

buildafico — Sat, 28 Jun 2014 00:56:09 GMT

Speaking of rewards I want the SAMs club MasterCard lol

Re: Rewards blog?

Carrie_in_Pa — Sat, 28 Jun 2014 01:07:19 GMT

Sams Club... I've never even seen a Sams Club before. I think maybe i have to stop wishing for cards and start wishing to relocate where there's better shopping !!!