TIAA Bank Rewards Visa (pleasant) surprise redemption!

[Anonymous]

I know only a few of us on the forum have the TIAA Bank Rewards Visa, and I haven't seen any data points concerning award redemptions, so I'll contribute one now.

I noticed that a small credit posted to my account when I checked it today. Upon looking further, I found the credit was coded as a rewards redemption. I was surprised by this as I thought the minimum amount to redeem was $25, but this automatic statement credit was $2.83. I can't seem to find any setting about automatic statement credits anywhere on my account, so I'll just accept this as an unexpected perk. It will be interesting to see if the same thing happens around this time next month!

The rewards for this card are provided through Scorecard Rewards, and cardholders can choose either points or cashback. I have the cashback option. Regardless of the choice, you earn 3%/3 points for Gas and Groceries, 2%/2 points for Wholesale Clubs, and 1%/1 point for all other purchases. There's no sign-up bonus. 

[Anonymous]

Thanks for sharing DP's!

[Anonymous]

I read over the applicable section of the reward terms and conditions. The terms indicate, by default, cashback is automotaically redeemed as a statement credit around the beginning of each month. No threshold for redemption is mentioned, so it seems I made an assumption about a minimum redemption threshold for the automatic credit. My Scorecard Rewards account showing a minimum redemption of $25 must then apply to if one chooses to manually redeem into a bank account, rather than to any automatic redemptions.

Regardless, it was indeed a pleasant surprise to see my statement credit!

[Anonymous]

I said I would provide an update in a month, so here we are. The statement credit happened again, so it appears that is standard practice with this card. I'm happy I do not have to wait until I reach a certain rewards balance to get a redemeption!