Suggestions for using Discover Cashback

[Anonymous]

Hello,

I just recieved my Cashback match from Discover, bringing it up to a tidy 450$. I am leaning towards shifting it over to my bank or pay off a month's balance with it. Using it for gift cards does seem like a really intriguing way to get an additional 10% or so out of it, but it involves actually finding a useful deal and remembering to use it. So what do you folks usually do with the cashback? Just gathering opinions!

[Anonymous]

Just check gift card granny and make sure that u cant get a better deal and its for something you actually would enjoy.  Ask for APR reductions often even if you arent paying interest.

I would rather have that 450 in the bank earning interest than just sitting there, or if I had other cards that were costing me interest in double digit rates...

[Anonymous]

No other accounts with balances, I PIF every month. As for a bank, I just have it in Chase savings with its pathetic 0.01%, so it doesn't really matter either way to me

[Anonymous]

We dump our cash back in a high yield checking or savings account.

[CreditInspired]

I won't get my double cash back until December, but I've already decided to splurge and treat myself to something special -- something I wouldn't necessarily spend the money on, example, lease a Porsche for a day or buy a luxurious Pacific Coast Down Comforter or immerse myself in a whole body spa treatment (facial, body scrub, mani/pedi, massage). Yep, something different.

[Anonymous]

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@Anonymous wrote:

Hello,

I just recieved my Cashback match from Discover, bringing it up to a tidy 450$. I am leaning towards shifting it over to my bank or pay off a month's balance with it. Using it for gift cards does seem like a really intriguing way to get an additional 10% or so out of it, but it involves actually finding a useful deal and remembering to use it. So what do you folks usually do with the cashback? Just gathering opinions!

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You could open a savings account with Discover that pays 0.95% -- I've been just as happy with the bank service-wise as the card.

I've also ordered Staples gift cards a couple times, $25 for $20.

[Anonymous]

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@CreditInspired wrote:
I won't get my double cash back until December, but I've already decided to splurge and treat myself to something special -- something I wouldn't necessarily spend the money on, example, lease a Porsche for a day or buy a luxurious Pacific Coast Down Comforter or immerse myself in a whole body spa treatment (facial, body scrub, mani/pedi, massage). Yep, something different.

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I was going to tell the OP to do something nice for self, but then my practical side kicked in. 

I agree with CreditInspired. Do something nice for yourself OP. Enjoy!

[Anonymous]

I have a Discover savings that I put all my cash back rewards from all cards in-including bonuses. Opened it last fall and have almost 1k already. It's crazy how fast it adds up

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Hello,

I just recieved my Cashback match from Discover, bringing it up to a tidy 450$. I am leaning towards shifting it over to my bank or pay off a month's balance with it. Using it for gift cards does seem like a really intriguing way to get an additional 10% or so out of it, but it involves actually finding a useful deal and remembering to use it. So what do you folks usually do with the cashback? Just gathering opinions!

---

You could open a savings account with Discover that pays 0.95% -- I've been just as happy with the bank service-wise as the card.

I've also ordered Staples gift cards a couple times, $25 for $20.

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You can do a little better than 0.95%, but no enough that it will matter for most.

Providing you can use Staples cards, that is a good deal, as Staples seems to have a very small discount on the gift card market (giftcardgranny currently shows 3%, and this is 20%)

[northface28]

A mutual fund or a online savings account. All my cash back is funneled there. In the case of a BCP or BCE I use their statement credit for x amount then move that amount from my checking account to a mutual fund or online savings account so I capture every penny.