What do you do with your rewards?

[thelethargicage]

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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 have almost $3.7K in rewards across all my cards. Not sure what I'll do with them, since some of them are only available as statement credits. Who knows, I might cash them out when I hit $4K

[Anonymous]

I already put 25% of my net salary into my retirement and 25%+ into a mortage fund.  My rewards are used as statement credits so I can keep the rest in my checking account where it belongs lol.

[Anonymous]

It first I was transferring the rewards to my MySavingsDirect account to let them earn 1.25% interest. Then I realized that since I was carrying a balance on another CC, it made better financial sense to use my rewards as extra payments on that balance.

Once that balance is paid off though, I kinda like the extra payment towards the mortgage idea.

[Anonymous]

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@Katheryne88 wrote:

Penny stocks is a genius idea. 

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Because penny stocks are always a great investment?

[Anonymous]

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@Anonymous wrote:

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@Katheryne88 wrote:

Penny stocks is a genius idea. 

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Because penny stocks are always a great investment?

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That's how I made my billions.

or was that a dream?

[jm1991]

BOA cash rewards i redeem to my Savings as soon as its over $30

BOA bbr i transfer to checkings for $30 every quarter

Marriott rewards im stashing for a nice vacay that otherwise i would not be able to afford

Amex blue Sky: statement credit every 7k points

[red259]

Most of my rewards are points/miles that I redeem for travel (airline tickets, hotel rooms, etc). Even the cashback cards I use for travel to pay incidental expenses like taxes on tickets and rental cars. Sometimes I will use my venture card credit or arrival + credit to buy a monthly metrocard which is quite pricey. 

[Anonymous]

On my QS, I transfer it as a statement credit whenever I feel like it. Usually once it hits $10-$15. My Venture1, I still have my bonus points sitting there, waiting for me to purchase my Christmas travel. I'll wipe those out in the next month or so.

[yfan]

Depends on the card.

• QS - take account credit as soon as money is available.
• Discover Cashback - Usually to buy Starbucks gift cards (you get a $50 card for $45 in rewards) to fund my Starbucks addiction. Sometimes I'll take a statement credit, but that's rare. Right now I have roughly $110 sitting there.
• Costco TE (will be missed) - when it's time, go cash the check at Costco, then take the cash to my credit union's ATM and deposit it.
• Orbitz Rewards Visa - booking hotels through Orbitz (that's the only thing you CAN do with the rewards there).
• Double Cash - Direct deposit to bank account.
• Others - statement credit.

The reason I do it this way is I like to make the same decision for every purchase: if I had to pay for this in cash, would I? And in my case, I generally am, so I'm not overspending just because it's rewards money.

[Anonymous]

I'm so boring... I just get cash for savings

but hopefully with Amex and CSP I'll try my hand at booking flights