.01/ty point....am I missing something?

[Swapmeet]

I was looking at my account tonight, and I have seen redemptions for as low as .075/point (dining/entertainment statement credit). I only found one way to redeem at .01:1, and that is to buy a gift card. Am I missing something?

[Peteyglad]

With the TYP I believe you can spend it $.01 to 1 typ at Amazon when you link your card.

[CreditUnionFan]

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@Swapmeet wrote:

I was looking at my account tonight, and I have seen redemptions for as low as .075/point (dining/entertainment statement credit). I only found one way to redeem at .01:1, and that is to but a gift card. Am I missing something?

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I think you just found out why people often look at the current Citi offerings and yawn.

I'd rather take 1% cash back as a statement credit over a gift card almost any day. I'll give Discover some credit at least - One of the nice features of the Discover gift card center is that there are some stores where you actually get 10 to 20% more value from your earned cash back when getting a $100 gift card for only $80 in earned rewards.

When I look at Amazon, I see redeeming points for Amazon purchases this way:

.97 - couldve used the Chase Visa for 3% rewards

.97 - could've used the Chase Business Visa for their 3% rewards

.95 - could've used the Chase Freedom or Discover card during their 5% promotions

.95 - could've used the (insert card) to buy Amazon gift cards before making the purchase. Places include supermarkets, office supply stores, home improvement stores, and the card may vary depending on the quarter.

[Anonymous]

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@Peteyglad wrote:

With the TYP I believe you can spend it $.01 to 1 typ at Amazon when you link your card.

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No!   This is one of Citi's money makers.  ALl their use TYP to pay at stores gives a rate way below 1:1

The best way is to ask for a student loan/mortgage redemption check (have to call in).  They ask which bank holds the (possibly non-existent) loan, you name the bank that holds your checking account, they send you a check made out to that bank, and you deposit it in your checking.

This gives you 1:1.   Gift redemption, while 1:1 is also less profitable, as many sites sell gift cards below face value (see giftcardgranny for a search engine)

Above relates to TY Preferred.  Premier and Prestige have better options, with transfers, enhanced value when purchasing airfare,  and 1.6c redemption on AA/US Air.

[Dw4250]

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@Anonymous wrote:

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@Peteyglad wrote:

With the TYP I believe you can spend it $.01 to 1 typ at Amazon when you link your card.

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No!   This is one of Citi's money makers.  ALl their use TYP to pay at stores gives a rate way below 1:1

The best way is to ask for a student loan/mortgage redemption check (have to call in).  They ask which bank holds the (possibly non-existent) loan, you name the bank that holds your checking account, they send you a check made out to that bank, and you deposit it in your checking.

This gives you 1:1.   Gift redemption, while 1:1 is also less profitable, as many sites sell gift cards below face value (see giftcardgranny for a search engine)

Above relates to TY Preferred.  Premier and Prestige have better options, with transfers, enhanced value when purchasing airfare,  and 1.6c redemption on AA/US Air.

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LTL-

I'm no banking expert, but couldn't this technically be considered bank fraud?  I've always been under the assumption you cannot deposit a 3rd party check into your account unless it is first endorsed by the 3rd party. At the very least, it could violate your own banks T & C.  

I could be wrong though...

[Anonymous]

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@Dw4250 wrote:

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@Anonymous wrote:

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@Peteyglad wrote:

With the TYP I believe you can spend it $.01 to 1 typ at Amazon when you link your card.

---

No!   This is one of Citi's money makers.  ALl their use TYP to pay at stores gives a rate way below 1:1

The best way is to ask for a student loan/mortgage redemption check (have to call in).  They ask which bank holds the (possibly non-existent) loan, you name the bank that holds your checking account, they send you a check made out to that bank, and you deposit it in your checking.

This gives you 1:1.   Gift redemption, while 1:1 is also less profitable, as many sites sell gift cards below face value (see giftcardgranny for a search engine)

Above relates to TY Preferred.  Premier and Prestige have better options, with transfers, enhanced value when purchasing airfare,  and 1.6c redemption on AA/US Air.

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LTL-

I'm no banking expert, but couldn't this technically be considered bank fraud?  I've always been under the assumption you cannot deposit a 3rd party check into your account unless it is first endorsed by the 3rd party. At the very least, it could violate your own banks T & C.  

I could be wrong though...

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Possibly.  In which case do it only to pay real student loans/mortgages.  In my experience, it doesn't seem to matter (BoA have happily taken money orders which I forgot to fill out at all for example) but YMMV.