@dursty87 wrote:
I "hoard" my cash back from my Sallie Mae and Discover card til the end of the year. I then use it to purchase Christmas gifts for my nieces and nephews (I have 14) and usually don't come out of pocket to do so!
+1
That was my plan as well... I have lots of nieces and nephews as well - thus my name on here. 
I'd rather keep more of my own money than letting someone else hold onto it. Kind of like paying taxes to the government. 
@UncleB wrote:
@core wrote:
@Anonymous wrote:At US Bank/Elan Financial, the executor or the estate can request in writing to have the cash value of the rewards redeemed. I think they'll issue it as a statement credit if there is a balance, otherwise they'll mail a check made payable to the estate.
Even for Cap One (the topic of the OP I think), I had no problems calling in to the automated system and requesting a redemption for my grandmother to result in a credit balance. I didn't have to talk to anyone... just did it from her phone number. (She's still alive; she just didn't know what the 20000 points meant on her statement.) My only point was: The executor may or may not be looking for a little tidbit at the bottom of the statement when going through a stack of 50 bills. If the individual is into the credit card game and knows all about it, then there's no real issues of course.
FWIW, in the event of death with rewards remaining on a Capital One card they do the right thing:
Good info, UncleB. However, it seems there is no way for a family member to get the cash, since they only give it as a credit on the account.
Note that they only apply it as account credit, not as cash back. So if there is a $1,200 balance on the card with $718 in rewards, guess who gets to keep the account credit?
Capital One. 
This is another reason that it's a good idea to cash out rewards regularly.
@Anonymous wrote:Note that they only apply it as account credit, not as cash back. So if there is a $1,200 balance on the card with $718 in rewards, guess who gets to keep the account credit?
Capital One.
Ummmm.... LOL yes, that's exactly how it should be. What were you going to do, pocket the cash and then stiff Cap One for the balance by telling them the estate has no money to pay off the $1200 balance??? I'm no fan of credit card companies, but that seems pretty low-down and rotten.
@core wrote:
@Anonymous wrote:Note that they only apply it as account credit, not as cash back. So if there is a $1,200 balance on the card with $718 in rewards, guess who gets to keep the account credit?
Capital One.
Ummmm.... LOL yes, that's exactly how it should be. What were you going to do, pocket the cash and then stiff Cap One for the balance by telling them the estate has no money to pay off the $1200 balance??? I'm no fan of credit card companies, but that seems pretty low-down and rotten.
Right. The more interesting case is if the balance is say $0, and you have $718 in rewards. They would then apply that as statement credit. If you are alive, after a while you get sent a check for the credit, hopefully they do the same here (can't imagine that they wouldn't)
@Anonymous wrote:
@core wrote:
@Anonymous wrote:Note that they only apply it as account credit, not as cash back. So if there is a $1,200 balance on the card with $718 in rewards, guess who gets to keep the account credit?
Capital One.
Ummmm.... LOL yes, that's exactly how it should be. What were you going to do, pocket the cash and then stiff Cap One for the balance by telling them the estate has no money to pay off the $1200 balance??? I'm no fan of credit card companies, but that seems pretty low-down and rotten.
Right. The more interesting case is if the balance is say $0, and you have $718 in rewards. They would then apply that as statement credit. If you are alive, after a while you get sent a check for the credit, hopefully they do the same here (can't imagine that they wouldn't)
I'd be willing to bet that they don't send the estate a check for any negative balance.