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Maximizing cash back on mattress purchase

Snorred
Member

Maximizing cash back on mattress purchase

I've been eyeing the US Bank Altititude Go Visa for a minute now and was going to wait to apply until later in the year.  Well, I've decided that it's time to buy a new mattress - ~$1400.  Thinking I should app now to purchase the mattress which will meet the $1k min spend for 20000 bonus points ($200) and also utilitizing the 1x rewards for "other eligible purchases" and 0% for 12 months?  Have the Cash+ card already, so I have history with US Bank.

 

Thoughts?  Different strategy/lender?

Message 1 of 11
10 REPLIES 10
zerofire
Established Contributor

Re: Maximizing cash back on mattress purchase

*Scratches head* That must be one heck of a posh mattress for you to want to blow $1,400. You sure that you are not wanting to pay full price? Because that looks like exactly what you are doing. Why don't you do yourself a favor and go shopping on the 4th of July weekend, perhaps they will give you a firework of a deal.

 

On to the other details. You seam to be missing info on where you plan to buy the thing as well as what cards you have already. What kind of score you currently have is also missing. Nobody here is psychic.

TU:758 06/19/20 Bank of America--EX: 776 06/10/20 Experian--EQ:810 09/25/18 Citi--Gardening since 01/11/21
Active:
Bank of America (Better Balance Rewards M, Cash Rewards WM, Cash Rewards VS), Blispay V, Capital One (Quicksilver VSC, Walmart WMC), Chase(AARP VSC, Amazon Prime VSC, Freedom VSC, Freedom Flex WEMC, Slate VC), Citi Dividend MC, Citizens GreenSense MC, Discover It C, FedEx Employee Credit Association V, FNBO Ducks Unlimited VS, HSBC Cash Rewards WMC, PenFed (Platinum Rewards VSC, Pathfinder Rewards VSC), Synchrony Bank(PayPal Credit, PayPal 2% Cashback M), TD Bank Redcard Store Card, UMB Bank Simply Rewards V[Milford Federal], US Bank (Altitude Go VSC, Cash+ VSC)
Wishlist: AOD Signature, Bellco Colorado Rewards, EBates, Marvel, Nusenda Platinum Cash Rewards, Security Service Power Travel Rewards, Vantage West Connect Rewards, Wells Fargo Propel
Message 2 of 11
Snorred
Member

Re: Maximizing cash back on mattress purchase

Thanks for the reply.  Not helpful, but thanks anyway.  None of the questions you asked appear to be relevant in response to my initial post.

Message 3 of 11
Anonymous
Not applicable

Re: Maximizing cash back on mattress purchase

You haven't shared much about your current profile, so it's hard to know if you already have something valuable up your sleeve. Assuming you want to apply for a new card, a good fit may be the BofA Cash Rewards. $200 SUB on $1k and set your 3% cash back category to home improvement/furnishings.

 

Also @zerofire is right -- this sounds like a huge purchase that you may want to reconsider or wait for a (better) sale before pulling the trigger. As you'll see across this forum, good money habits such as PIF are more valuable than all the credit card rewards in the world.

Message 4 of 11
Overmedicated
Community Leader
Valued Contributor

Re: Maximizing cash back on mattress purchase


@Snorred wrote:

I've been eyeing the US Bank Altititude Go Visa for a minute now and was going to wait to apply until later in the year.  Well, I've decided that it's time to buy a new mattress - ~$1400.  Thinking I should app now to purchase the mattress which will meet the $1k min spend for 20000 bonus points ($200) and also utilitizing the 1x rewards for "other eligible purchases" and 0% for 12 months?  Have the Cash+ card already, so I have history with US Bank.

 

Thoughts?  Different strategy/lender?


  I'm going to second the idea of the BOA Cash Rewards as mentioned by Grasshopper.  If you know the price then it seems you already know what you want.  Unless you need to go into a physical store, you can probably set your category for 3% online shopping.  I bought a PuffyLux mattress just 3 months ago on the BOA card and got the 3%.  There are numerous other popular stores that sell home furnishings that will also code 3% if you purchase online. 

FICO 8
Message 5 of 11
AddictedToApprovals
Frequent Contributor

Re: Maximizing cash back on mattress purchase

Target offers 5% cashback. 

 

Personally, i'd use my Macy's card which gives me 5% cashback and combine that with an offer Rakuten has, which can vary from 1% to 12%.

EX: 810 F8 - 3 inquiries
EQ: 802 F8 - 2 inquiries
TU: 799 F8 - 7 inquiries

Message 6 of 11
zerofire
Established Contributor

Re: Maximizing cash back on mattress purchase

If you really insist on getting large amounts of cash back on that expensive mattress you can always set the Cash+ to Furniture stores as a 5% category. Or even apply for a new one just for that. Later you can recode it to something you like more. I still think you might want to look at sales/other stores than the one you are aimed at right now. I bought my current custom made mattress for $300-350 with the normal price of $700 at Sleepy's(Now Mattress Firm). They wanted it gone badly because the original buyer refused it for a minor imperfection that I did not care about. In the end I got my mattress and Sleepy's got Cash and available floor space.

TU:758 06/19/20 Bank of America--EX: 776 06/10/20 Experian--EQ:810 09/25/18 Citi--Gardening since 01/11/21
Active:
Bank of America (Better Balance Rewards M, Cash Rewards WM, Cash Rewards VS), Blispay V, Capital One (Quicksilver VSC, Walmart WMC), Chase(AARP VSC, Amazon Prime VSC, Freedom VSC, Freedom Flex WEMC, Slate VC), Citi Dividend MC, Citizens GreenSense MC, Discover It C, FedEx Employee Credit Association V, FNBO Ducks Unlimited VS, HSBC Cash Rewards WMC, PenFed (Platinum Rewards VSC, Pathfinder Rewards VSC), Synchrony Bank(PayPal Credit, PayPal 2% Cashback M), TD Bank Redcard Store Card, UMB Bank Simply Rewards V[Milford Federal], US Bank (Altitude Go VSC, Cash+ VSC)
Wishlist: AOD Signature, Bellco Colorado Rewards, EBates, Marvel, Nusenda Platinum Cash Rewards, Security Service Power Travel Rewards, Vantage West Connect Rewards, Wells Fargo Propel
Message 7 of 11
Anonymous
Not applicable

Re: Maximizing cash back on mattress purchase

Since the initial post I was expecting someone to work in how the mattress purchase might relate to padding utilization.

I remain disappointed.

Message 8 of 11
Aim_High
Senior Contributor

Re: Maximizing cash back on mattress purchase


@Snorred wrote:

I've been eyeing the US Bank Altititude Go Visa for a minute now and was going to wait to apply until later in the year.  Well, I've decided that it's time to buy a new mattress - ~$1400.  Thinking I should app now to purchase the mattress which will meet the $1k min spend for 20000 bonus points ($200) and also utilitizing the 1x rewards for "other eligible purchases" and 0% for 12 months?  Have the Cash+ card already, so I have history with US Bank.

Thoughts?  Different strategy/lender?


Welcome to My Fico Forums @Snorred ! Smiley Happy

 

I think it sounds like a reasonable strategy, depending on your overall profile.  You didn't provide us much of a personal framework.  I do see a "positive" that you are a US Bank customer and already have a Cash + card with them, which will both help especially if you've used their services regularly and shown you're a responsible customer.  

 

What is your FICO score?  Any negative or derogatories?  Another big question with US Bank, since they can be conservative, is how many new accounts and inquiries you've had in the past 6, 12, and 24 months?   And what other cards do you have already?

 

You asked about a different lender.  How well does this card fit your overall long-term needs beyond the SUB and mattress purchase?  (What are your heaviest monthly spend areas?)  I would consider a card that I could use after the SUB to maximize use of the HP and new account dings on your credit score.

 

Is repaying within the 12-month window suitable for your budget?  If not, there may be other credit cards with longer financing.  Or you might consider in-store financing options that may even stretch the repayment period even longer, often with no interest. 

 

Barring any complicating new revelations, using the Altitude GO to meet the SUB requirement and also use the 0% financing offer seems a good plan.  You'd be earning cash back on the mattress spend of $200/$1400 (14.28% return) plus the 1% flat rate (total of 15.28%) plus whatever you value the savings on financing, which further adds to your return.  While the Bank of America Cash Rewards card is a good card for the long haul, the SUB on the mattress spend makes the Altitude Go a great value for your mattress purposes. 



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 9 of 11
Aim_High
Senior Contributor

Re: Maximizing cash back on mattress purchase


@zerofire wrote:

*Scratches head* That must be one heck of a posh mattress for you to want to blow $1,400. You sure that you are not wanting to pay full price? Because that looks like exactly what you are doing.

 

@Anonymous wrote:

Also @zerofire is right -- this sounds like a huge purchase that you may want to reconsider or wait for a (better) sale before pulling the trigger. As you'll see across this forum, good money habits such as PIF are more valuable than all the credit card rewards in the world.

 

@zerofire wrote:

If you really insist on getting large amounts of cash back on that expensive mattress ...


Its' often pointed out on My Fico that credit card rewards and SUBs won't make you rich and that not ever spending money (or spending much less by using other methods) is a better way to benefit financially.  While that is true, sometimes it's more helpful to simply answer an OP's original question than to try to question his spending plans, especially when we don't know all the details.   There is really a lot he did not tell us, when you think about it.  And perhaps our own situation and perspectives about spending may taint the advice we give him since spending can be very personal to someone's budget, priorities, and lifestyle. 

 

For example, I could tell a millionaire he shouldn't get that new Rolls Royce because he can get a perfectly good cash car for $2K.  But we all know there are big difference between choosing either a used cash car for $2K, or a brand-new mid-size domestic car, or a very premium imported luxury car such as a Rolls Royce.  Likewise, what if OP is a paraplegic or has other disabilites where he needs a very good quality or specialty mattress?  That might cause him to want to spend more on a nice mattress than others would.   What if OP is buying a King mattress and we are thinking about prices for a Full because that is what we sleep on?  There are dozens of other examples.  The point is that we simply don't know everything about his situation.

 

Just like automobiles differ widely in cost but also features and comfort, mattress prices vary widely based on similar factors.  They all aren't created equally and to some degree, you get what you pay for in either a car or a mattress!   If you sleep on average of 8 hours per night, you're in bed about 1/3 of your life.  To many people, splurging on a mattess is more important than spluring on other luxuries.  However, in reality, OP isn't even splurging.  His $1400 price for a mattress is actually right in-line with average prices for a mid-quality queen size mattress, according to Sleep Foundation.org.  Or perhaps it's the sales price on one of those luxury mattresses, and he's actually getting an outstanding bargain!

 

Mattress_Cost.jpg

 

Plus, if you check a commercial website such as the referenced Mattress Firm store, their sale prices for a QUEEN mattress (excluding the air mattresses lol) start at $129.99 and range up to $6,999.99.  And that is special holiday sale prices for the 4th of July! 

 

So I wouldn't consider a $1400 mattress to be really high-end.  And the point was more about whether using that credit card option to purchase it would be appropriate, not whether he should buy a mattress in that price range. 

 

Mattress_Cost_02.jpgMattress_Cost_03.jpg

 



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 10 of 11
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