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re: How much do you have built up in CC points/rewards?
Posted on 3/6/23 at 12:20 pm to Billy Blanks
Posted on 3/6/23 at 12:20 pm to Billy Blanks
If it's cash back you're just giving them a interest free loan.
Cash it out and put it savings or respend it.
If Cash back it's always better to deposit to your account if possible instead of a statement credit.
Let's say you spend 100 and get 5% back (5 dollars).
If you credit statement it's only worth 5 dollars, but if you direct deposit it and spend it again it's worth 5 dollars plus another 5% of 5 dollars. So $5.25.
Cash it out and put it savings or respend it.
If Cash back it's always better to deposit to your account if possible instead of a statement credit.
Let's say you spend 100 and get 5% back (5 dollars).
If you credit statement it's only worth 5 dollars, but if you direct deposit it and spend it again it's worth 5 dollars plus another 5% of 5 dollars. So $5.25.
This post was edited on 3/6/23 at 12:21 pm
2
Posted on 3/6/23 at 7:01 pm to NATidefan
that’s some crazy thinking there
Cash back of 2% plus is day in day out the best way to go. I use statement credit.
Cash back of 2% plus is day in day out the best way to go. I use statement credit.
Posted on 3/6/23 at 10:45 pm to NATidefan
quote:
If you credit statement it's only worth 5 dollars, but if you direct deposit it and spend it again it's worth 5 dollars plus another 5% of 5 dollars. So $5.25.
Wouldn’t it basically be the same thing? If you get a statement credit, that’s $5 less you need to spend to pay off that balance. As a result, $5 more to spend and get the same $5.25?
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