Amazon Prime Store Card switching to points instead of cashback!

[JSS3]

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If you wish to continue redeeming the 5% back in the form of a statement credit, you can do so by choosing this option within the Synchrony Bank online account management page.

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I don't see where I'm able to do this online.

[Moneyklutz]

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@JSS3 wrote:

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If you wish to continue redeeming the 5% back in the form of a statement credit, you can do so by choosing this option within the Synchrony Bank online account management page.

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I don't see where I'm able to do this online.

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Nor I.

Guessing they'll add that option at the end of Oct when the rollout occurs though.

[Anonymous]

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@Anonymous wrote:

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@CountryLivin wrote:

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@UpperNwGuy wrote:

Be very afraid.  Unlike cash, points can be devalued.

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Yes, they can, but you will have the choice of using points to make a purchase or using the points for a statement credit. There's really no changes to the program, other then now we will have a choice of what to do with our points...instead of it automatically getting statement credit.

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For now, but I'm with UpperNwGuy here, there is no real reason to switch to points except to allow you the possibility of devaluation.   The nice thing is (from an issuers viewpoint) that it is much less obvious.  If I tell you that instead of 5% you are going to get 4%, you might get annoyed and look for alternatives.   But points make it somewhat easier to hide, it now costs 5000 points for something that used to cost 4500, or you can redeem your balance for slightly less....

This happened with the Penfed Platinum rewards, still earns 5points on gas, 3 points at supermarkets, but they have gone from 1c per point to just over 0.8c per point.

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You’re such a negative person.  How can you even think that Synchrony would even think of doing something like that.  Shame on you.

[ccpat]

"Earning your everyday 5% back while shopping at Amazon.com remains unchanged, but now you will have the option to redeem the 5% back either for eligible Amazon.com purchases or as a statement credit".

Yes, I got it too. 

[Anonymous]

Wow redeeming your "points" towards a purchase probably means you won't earn 5% on that purchase, which means you're losing out on 0.25% extra rewards!

Pretty dumb but I can imagine Amazon underwriters realized they can save money themselves and let people think they're "paying with points" instead of with cash.

Someone will obviously do it.  Discover lets people "pay with points" on Amazon and that also means no cashback on that portion of the purchase.

[K-in-Boston]

No email for me yet.  I liked the instant 5% statement credit.  Another not obvious side effect is that since the statement credits were applied immediately upon statement generation, it also reduced the utillization reported to the credit bureaus slightly.  That could either be meaningful or not at all important depending on one's profile.  Disappointing, but it is what it is.

[AverageJoesCredit]

The Chase is on

[Anonymous]

i wonder if it has to do with how long you've had your card maybe? ive had my card 6 months.. started out as a regular store card then i upgraded to prime like a month later.. i see nothing anywhere about it switching to points

[K-in-Boston]

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@Anonymous wrote:

i wonder if it has to do with how long you've had your card maybe? ive had my card 6 months.. started out as a regular store card then i upgraded to prime like a month later.. i see nothing anywhere about it switching to points

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Interesting theory.  I've even checked my SPAM folder and nothing from Synchrony on this.  I opened my card in May 2012.

[mitchblue]

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@K-in-Boston wrote:

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@Anonymous wrote:

i wonder if it has to do with how long you've had your card maybe? ive had my card 6 months.. started out as a regular store card then i upgraded to prime like a month later.. i see nothing anywhere about it switching to points

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Interesting theory.  I've even checked my SPAM folder and nothing from Synchrony on this.  I opened my card in May 2012.

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I opened my Prime in January of this year and I got an email.. It's weird how I get some Amazon email in my inbox and some go to my spam folder.