@MyLoFICO wrote:I like the idea of pumpipng those rewards into an internet savings account. I have a DCU checking account that I am putting money into as savings. Would that be a good place? Also, how would I do that? Have Cap 1 send me a check and then send the check to DCU? I don't see an ACH or EFT option on Cap 1's site.
Is mobile deposit available with DCU? That's how I deposit my reward checks from Cap1. No, Cap1 doesn't allow direct deposit into a bank account.
I know it sucks. Hopefully, that will change soon.
@beautifulblaquepearl wrote:
@MyLoFICO wrote:I like the idea of pumpipng those rewards into an internet savings account. I have a DCU checking account that I am putting money into as savings. Would that be a good place? Also, how would I do that? Have Cap 1 send me a check and then send the check to DCU? I don't see an ACH or EFT option on Cap 1's site.
Is mobile deposit available with DCU? That's how I deposit my reward checks from Cap1. No, Cap1 doesn't allow direct deposit into a bank account.
Yep, they have mobile deposits. You have to "apply" for it but I did that the same day as I opened my account so not sure if there is a SP/HP to get it.
@Anonymous wrote:
@dallasareaguy wrote:I can't bring myself to cash in rewards. I have accumulated $718 since November 1st and can't get myself to accept the credit. As if I'm saving them for a rainy day or something. I do the same with my other accounts too. Am I the only one? Took me 7 1/2 months to accumulate.... just don't want to see the number stop growing. I guess my only risk is that if CapOne closed my account for some reason I would miss out on all that reward.
What about creating a separate savings account to just put your rewards in so they can accumulate without being tied to Cap1? I was thinking about doing that with my rewards.
That's a really good idea! I'd never considered that. I like it.
@MyLoFICO wrote:
@beautifulblaquepearl wrote:
@MyLoFICO wrote:I like the idea of pumpipng those rewards into an internet savings account. I have a DCU checking account that I am putting money into as savings. Would that be a good place? Also, how would I do that? Have Cap 1 send me a check and then send the check to DCU? I don't see an ACH or EFT option on Cap 1's site.
Is mobile deposit available with DCU? That's how I deposit my reward checks from Cap1. No, Cap1 doesn't allow direct deposit into a bank account.
Yep, they have mobile deposits. You have to "apply" for it but I did that the same day as I opened my account so not sure if there is a SP/HP to get it.
Problem solved! Request a check and use your phone to deposit it into your DCU account. Enjoy!
p.s. You can also set up auto redemptions for Cap1. I have mine set up for $25.
@dallasareaguy wrote:I can't bring myself to cash in rewards. I have accumulated $718 since November 1st and can't get myself to accept the credit. As if I'm saving them for a rainy day or something. I do the same with my other accounts too. Am I the only one? Took me 7 1/2 months to accumulate.... just don't want to see the number stop growing. I guess my only risk is that if CapOne closed my account for some reason I would miss out on all that reward.
I tend to earn travel points so you need to redeem those or risk a deval. With cashback I let the reward sit there until I need it. Honestly even with cashback there is a small risk something could go wrong and your card gets closed and you lose your rewards. Its never a good idea to sit on a reward for too long. However, saving up cashback for a large purchase is perfectly acceptable.
;
I'm the complete opposite. Like others, I feel that keeping it with the issuer is risky. Just put it in your own account somewhere; you can still build, and it removes all risk of losing it.
I tend to cash my rewards as soon as it seems like there is enough to make it worth something. Or I'll hold it until the promotional period ends if it is quarterly.
