What do you do with your rewards?

[Katheryne88]

On my first month of QS1 and I already have $11 in rewards.. What do you do with yours?

I think I will rack mine up and hoard them until I'm rich. 

[Anonymous]

I transfer mine into an account that I don't touch.

[Anonymous]

I just got my 200 dollar Chase Freedom bonus and put it into my savings account.  I think I'm going to collect until near Christmas and then use them to buy something for my family. 

[Anonymous]

I started transferring mine on a monthly basis to my Cap One 360 account which I use to purchase penny stocks through Cap One Investments. It's been very profitable and allows my money to grow over time.

[Anonymous]

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@Anonymous wrote:

I started transferring mine on a monthly basis to my Cap One 360 account which I use to purchase penny stocks through Cap One Investments. It's been very profitable and allows my money to grow over time.

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What an interesting idea! Can you give me any more details about this? Thanks

[chbartel]

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@Katheryne88 wrote:

On my first month of QS1 and I already have $11 in rewards.. What do you do with yours?

I think I will rack mine up and hoard them until I'm rich. 

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I get about $4,000 in rewards each year with my spending.

Each month, I make an extra principle only payment on my mortgage for the amount of my rewards.  Putting an additional $4k toward principle on my mortgage each year reduced my mortgage term by anywhere from 6-10 months depending on how far into mortgage I am, etc.

[Katheryne88]

Penny stocks is a genius idea. 

[Anonymous]

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@Anonymous wrote:

I started transferring mine on a monthly basis to my Cap One 360 account which I use to purchase penny stocks through Cap One Investments. It's been very profitable and allows my money to grow over time.

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Brilliant! 

[mamatried]

I was just thinking about this, I already have $100 since opening my card this summer. I was going to blow it on treats for myself... but penny stocks or towards a home are way smarter  

[Anonymous]

CapOne cards, I have them auto apply to the account whenever it reaches $25.
Barclay & SM, I apply to the balance whenever I reach the minimum ($10 or $25 respectively)
NFCU gets cashed out once a month, when the statement cuts, and is transferred alternately to the "Fun" savings account one month and to the "Short Term Emergency" savings account the next month.

Not cashing out rewards means you're giving your own interest/savings away. The less spent (i.e. applied to the balance) is money saved. And money saved can earn interest for me instead of the bank.