Do you use points/cash back right away?

GoldenloveNY · ‎03-04-2013

So I have accumulate since January 2013 over 5,000 points on my Amex Zync and about $15 on my discover it card. I am thinking about just letting those points and cash back bonus accumulate until December and then cash them in for holiday shopping....lol. If i plan them right, I can have over $300 for personal spending. Hehehehehe.

How many of you do this or do you prefer to use them up right away (i.e.., get $25 cash back and purchase a gift card)? I know for those who travel, saving those points is better, but what about the non-travelers here?

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ObeyJohnny12 · ‎03-04-2013

I personally like to my point to accumulate. Feels good knowing I have money "saved" in case of an emergency. That's just me.

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RhubarbPie · ‎03-04-2013

@GoldenloveNY wrote:
So I have accumulate since January 2013 over 5,000 points on my Amex Zync and about $15 on my discover it card. I am thinking about just letting those points and cash back bonus accumulate until December and then cash them in for holiday shopping....lol. If i plan them right, I can have over $300 for personal spending. Hehehehehe.

How many of you do this or do you prefer to use them up right away (i.e.., get $25 cash back and purchase a gift card)? I know for those who travel, saving those points is better, but what about the non-travelers here?

I accumulate my points for travel, primarily for premium cabins on international flights. Even if I didn't do that, if its a card that accumulates points that could eventually be redeemed for travel, I wouldn't redeem for gift cards or merchandise. As I mentioned on another thread, its never a good deal to use points for gift cards or cash back. However, if you don't travel and are set on getting cash back, it seems like it wouldn't make any difference when you redeemed. The amount of cash you'd get back would be the same whether you get it in small increments over the year, or one lump sum in December.

DeadSpider · ‎03-04-2013

I got about $600 on my DW BCP, Discover $202.

My cap1 got about $8, Freedom 6000 ish points and Amex Sky 12000 ish.

I do use Discover for gift cards all the time $40 gets you $50 on some stores.

I like to save as well but i think $1000 is about right time to use on a singal card.

Open123 · ‎03-04-2013

For rewards points, what I do accrue them until I can redeem for the best value on hotel stays or business class+ on int'l flights. Once I have enough for a flight, I use them immediately, and without delay. Hotel rewards points I will use asap. The reason is that points can only depreciate, and never seem to appreciate, especially given all the devaluation going on. I don't ever use or redeem them merchandise, cash, statement credits or gift cards.

Cash back, I'll just let it sit there. When it gets to $25, I'll just apply a statement credit. For Discover, I'll save until it reaches $80, which is enough for a $100 Retail Gift card, such as Brooks Brothers or something like similar.

Anonymous · ‎03-04-2013

I'm not a huge spender so any points I accumulate I tend to use them sooner rather than later. My Chase and Citi accounts are linked to Amazon Shop with Points so whenever I check out I use any points that are available.

webhopper · ‎03-04-2013

I redeem cash back as soon as I get to the redemption level... MR points are what I'm saving... for some vacay travel hopefully this summer.

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Epcot · ‎03-04-2013

I have been accumulating Amex points for a few years, but most of my other reward cards I cash out or redeem them about once a year.

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lithium78 · ‎03-04-2013

I usually save it up and then use it for vacation cash, special treats, etc. If I wanted to be extra responsible, I might save it up and then deposit it into CDs or other investments. No need to cash it all out immediately.

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andre181 · ‎03-04-2013

@ObeyJohnny12 wrote:
I personally like to my point to accumulate. Feels good knowing I have money "saved" in case of an emergency. That's just me.

I also like to let my rewards accumulate. I think of them as like my little small emergency fund.

Right now I have $436.71 in Discover cashback, about $28.00 in BoA cashback, and about $76.00 in US Bank cashback. I also have about $25 in ThankYou points sitting in my Citi account, but I use those up when I feel like it.

So I have like $540 just sitting there. I am moving in August so I'll probably pay for the truck rental and that stuff with the cashback.