Rewards card with 3 points earned per dollar spend.
Points worth 1c each when transferred to CU savings.(1:1)
Rewards points being lowered (Nerfed) to 1.5 point per dollar of spend. (Had good warning)
Put exact spend to hit minimum redemption threshold before statement date, then stopped all use of the card. Next cycle, after reward points post, redeemed all points as money in savings. Continued with no use on card. Last week of 3x points before the nerf date. A $2,200 refund from switching insurance companies hits the card. Day the refund credits, I called and had the credit balance transferred to a linked savings.
Next statement the refund amount was given the negative 3x points to rewards system. Current rewards points balance = (Neg) 6,394, a negative $63.94. If one will lose all positive rewards when closing a card you also lose all negative points when closing a card.
Last week I closed the card
Came out $63.94 ahead of the game.
LOL, a good one to post...
@Kforce wrote:
Rewards card with 3 points earned per dollar spend.
Points worth 1c each when transferred to CU savings.(1:1)
Rewards points being lowered (Nerfed) to 1.5 point per dollar of spend. (Had good warning)
Put exact spend to hit minimum redemption threshold before statement date, then stopped all use of the card. Next cycle, after reward points post, redeemed all points as money in savings. Continued with no use on card. Last week of 3x points before the nerf date. A $2,200 refund from switching insurance companies hits the card. Day the refund credits, I called and had the credit balance transferred to a linked savings.
Next statement the refund amount was given the negative 3x points to rewards system. Current rewards points balance = (Neg) 6,394, a negative $63.94. If one will lose all positive rewards when closing a card you also lose all negative points when closing a card.
Last week I closed the cardCame out $63.94 ahead of the game.
I do not know what CC bank this is. But personally I would not do that. Burning any CC bank is never good.
Clearly if the CC bank did the wrong thing, I certainly would not mind. But if this is a refund and reward pulling back, CC bank has done anothing wrong.
I just would not want to burn that bank just for the $64. I can make that much in less than a day.
Just me. Do not burn bridge. That CC bank may just blacklist you.
@BronzeTrader wrote:I just would not want to burn that bank just for the $64. I can make that much in less than a day.
Just me. Do not burn bridge. That CC bank may just blacklist you.
I was thinking the same thing while reading the above. Thinking you got away with something, when a bank is involved, is almost never a good idea.
@Anonymous wrote:I don't think @Kforce has really burned the bank at this point. The card is closed, which is perfectly OK. The credit union is free to bill for the rewards balance, if that is what they want to do (although as @Kforce says, they might be happy enough to make users forfeit positive points, so.....). If they do, and then they don't get paid, that is burning (and probably unwise) but at this point nothing wrong has happened.
I can't speak to this specific CU as I have no experience with them, but I know Amex will open your account with a deficit if you have a negative point balance when you close your account. (Someone posted about it here, (with screenshots) maybe 6-12 months back)
Just something to keep in mind if you ever decide to open an account with them again. IF they do bill you, I'd absolutely pay it right away.
@Kforce wrote:
. If one will lose all positive rewards when closing a card you also lose all negative points when closing a card.
