I have $169.96 in my cashforward barclays rewards cash rewards balance.
Barclays has
- $50 minimum redemption
- 5% back on previous redemption
So I'm thinking the best way to get as much rewards as possible is to make 2 withdraws. The first withdraw should be as large as possible to maximize the 5% rewards. The second withdraw should be exactly $50, the minimum, since I will never claim 5% rewards on that 2nd withdraw.
If I withdraw 126.27 the first time then I will have 43.69 remaining. I will also earn 6.31 from 5% of 126.27. I would then be able to withdraw
43.69+6.31 which is 50. Therefore I would only have to forfeit 2.5 redemption rewards on 5% of 50. I think this is the lowest amount I can reduce the amount wasted to.
Could someone check my math?
Starting Score: Ex08-732,Eq08-713,Tu08-717
The equation you want to use to maximize Barclay CashForward Rewards is:
X = (rewards balance - 50)/0.95
In your case your rewards balance is $169.96 so solve for x:
X = (169.96 - 50)/0.95 = $126.27
Looks like your math is OK. Redeem $126.27 and your remaining rewards balance should end up right at $50. Then redeem that and you’re left with just $2.50 remaining. This is your ideal redemption assuming you don’t plan to put any more spend on the card.
X = (rewards balance - 50)/0.95
In your case your rewards balance is $169.96 so solve for x:
X = (169.96 - 50)/0.95 = $126.27
Looks like your math is OK. Redeem $126.27 and your remaining rewards balance should end up right at $50. Then redeem that and you’re left with just $2.50 remaining. This is your ideal redemption assuming you don’t plan to put any more spend on the card.
@HeavenOhio wrote:It seems to work for me.
Do you plan to close this card or permanently sock drawer it?
SD it.