Cashback Cards that Redeem into Checking/Savings?

PullingMeSoftly · ‎04-14-2020

After spending some time looking into the AOD card and also reflecting on my current accounts and their respective redemption options, I'm now at a point that I've finally established a redemption preference (amidst waffling about what rewards currency I want to generate and current circumstances favoring cashback). What works best for me are cashback cards that redeem into checking and savings versus statement credits and other rewards.

Examples in my own lineup that work well for my financial goals:

Fidelity 2% - Set to auto redeem into my cash management account
PenFed PC @ 2% - Can redeem into my checking/savings or external accounts
Provident CU 1.5% - Auto redeems to my savings account (Used to meet minimum spend for 2% interest on my savings)
Bank of the West (3% dining, gas, groceries) - seamless integration with my checking/savings
Navy MR (3% dining, gas, transit, groceries) - can redeem to checking/savings, but requires min. 5000 points
US Bank C+ (currently 5% cell phones and gym memberships) - redeems to my checking

Great cards but not as desireable as above (out of what i have for my goals):

Amex BCP - redeem as statement credit
PenFed Plat Rewards - Disappointed to realize that these points can't be redeemed into an account, and am further disappointed by the diminished redemption rate for non-travel rewards options.

So after seeing that the AOD card redeems as statement credit, can anyone recommend any other cards, whether flat rate or categorical, that will pipe through to checking and savings? CU recommendations not geo fenced to us Californicators would be helpful too.

I'm also on the lookout for a 5% cas card to replace my Penfed Plat (maybe USAA, but that's capped at $3000/year, and Ducks is nerfed).

Chase Sapphire Reserve Visa Infinite │ $35,000

Chase Freedom Visa Sig │ $25,700 │ 5% rotator

Chase United Club Visa Infinite │ $35,000

Bank of America Alaska Airlines Visa Sig │ $30,000

US Bank Cash+ Visa Sig │ $25,000 │ 5% selectable rotator

US Bank Cash+ Visa Sig │ $20,000 │ 5% selectable rotator

Elan Fidelity Rewards Visa Sig │ $25,000

Citi Custom Cash MC │ $21,800 │ 5% selectable rotator

BMO Cash Back MC │ $15,000 │ 5% streaming

Barclays Banana Republic Rewards World MC │ $10,000

Provident CU Cash Back Visa Sig │ $25,000

NFCU Flagship Rewards Visa Sig │ $66,000

PenFed Platinum Rewards Visa Sig │ $12,000

PenFed Power Cash Rewards Visa Sig │ $36,200

AOD FCU Visa Sig │ $25,000 │ 3% everything @ 7.49% APR

Affinity FCU Cash Rewards Visa Sig │ $25,000 │ 5% Amazon

Nusenda CU Platinum Cash Rewards Visa │ $25,000 │ 5% rotator

Safe CU Cash Back Visa │ $25,000 │ 5% selectable rotator

Vantage West CU Connect Rewards Visa Sig │ $25,000 │ 5% selectable rotator

Langley FCU Signature Cash Back Visa │ $25,000 │ 5% selectable rotator

Stralem · ‎04-14-2020

Chase Freedom. Citi DoubleCash.

I Have Way Too Many of These.

American Express - No CLI or Appreciation Gift in 7 Years

Citibank - Handing Out Credit Limits Like Candy

Chase - Surprisingly, Still Tolerating My Credit-Chasing Ways

Bank of America - My Newest Bae.

Everyone Else.

PullingMeSoftly · ‎04-14-2020

@Stralem wrote:
Chase Freedom. Citi DoubleCash.

Thanks, yeah I left my rotators out of the post (except the C+). Hoping there may be some better cards out there that I don't have and may be missing. The AOD is looking more tempting though....

Wavester64 · ‎04-14-2020

TD Cash Card redeems to my savings.

Potential Future Cards

CreditAggie · ‎04-14-2020

My BofA Cash Rewards redeems to my checking account.

Current Cards (in order of approval):

Current FICO 8 | 9 (April 2024):

Credit Age:

Inquiries (6/12/24):

Banks & CUs:

PullingMeSoftly · ‎04-14-2020

@CreditAggie wrote:
My BofA Cash Rewards redeems to my checking account.

Thanks, I wish...applied at the end of Dec and got torpedoed for too many new accounts. When I recon'd, the CSR implied that I would likely have been approved with an existing relationship with BofA grrrrr

I would like to come back to this one though, to have a 3% for all online shopping.

dragontears · ‎04-14-2020

@PullingMeSoftly wrote:
@Stralem wrote:
Chase Freedom. Citi DoubleCash.
Thanks, yeah I left my rotators out of the post (except the C+). Hoping there may be some better cards out there that I don't have and may be missing. The AOD is looking more tempting though....

Do you have that much non category spend that an additional 1% is going to be a significant amount?

PullingMeSoftly · ‎04-14-2020

@dragontears wrote:
@PullingMeSoftly wrote:
@Stralem wrote:
Chase Freedom. Citi DoubleCash.
Thanks, yeah I left my rotators out of the post (except the C+). Hoping there may be some better cards out there that I don't have and may be missing. The AOD is looking more tempting though....
Do you have that much non category spend that an additional 1% is going to be a significant amount?

Great question, which comes down to the beast that is the hobby of credit cards! I certainly don't need it, but I am obsessively compulsive enough to pursue that extra 1%. I would jump on the AOD this second if I could have account redemption...well that, and I am trying to stay pressed and polished for my upcoming Navy 91/3 cli and new card attempt in two weeks.

kdm31091 · ‎04-14-2020

@PullingMeSoftly wrote:
@dragontears wrote:
@PullingMeSoftly wrote:
@Stralem wrote:
Chase Freedom. Citi DoubleCash.
Thanks, yeah I left my rotators out of the post (except the C+). Hoping there may be some better cards out there that I don't have and may be missing. The AOD is looking more tempting though....
Do you have that much non category spend that an additional 1% is going to be a significant amount?

Pretty much this.

As far as your question, I can think of Discover IT, BoA Cash Rewards, Citi Double Cash. Many cash back cards do not allow redemption into checking/savings, but only statement credits or gift cards etc. I used to feel the same as you, but the amount of rewards we deal with is small, so in practical terms, it makes no difference. Buy what you want to buy and take a statement credit against it. I guess if you are truly looking to put the rewards in savings, a direct deposit makes that easier, but again, I think people are probably better off cutting expenses and budgeting to save money vs relying on cash back. I use cash back as a reward since the amount is generally pretty small and not going to help you retire faster. YMMV.

Kforce · ‎04-14-2020

@PullingMeSoftly wrote:
I've finally established a redemption preference.
What works best for me are cashback cards that redeem into checking and savings versus statement credits.

I have always been confused as to why so many feel this way.

( You are not the only one that has posted this preferred )

I see them as identical in value, speed, ability to move funds, etc

Let's say I have $1,000 in checking and owe $300 each on two credit card

Each has an even $50 cashback rewards waiting.

If I redeem each to checking ($1,100) and then pay the $300 each balance ($600), my checking balance is $500

If I redeem each to statement and then pay the $250 each balance ($500), my checking balance is $500.

They take the same time to post and the same funds are available to invest, etc.

Why is paying more then redeeming or redeem and then pay more different than just keeping it in the first place ?

Enlighten me, I want to learn why transfer to accounts is so popular.

I push funds from my checking to pay all CC's

Don't link any accounts with credit card bank or credit union

Just another database to be compromised with your other institutions checking and saving account info.