Comments on: What to Do with Your Credit Card Cash Back Reward http://www.nodebtplan.net/2008/07/30/what-to-do-with-your-credit-card-cash-back-reward/#utm_source=rss&utm_medium=rss&utm_campaign=what-to-do-with-your-credit-card-cash-back-reward A personal finance blog teaching you how to live debt free and use credit wisely. Fri, 10 Feb 2012 15:18:07 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: MITBeta @ Don't Feed The Alligatorshttp://www.nodebtplan.net/2008/07/30/what-to-do-with-your-credit-card-cash-back-reward/#comment-2869 MITBeta @ Don't Feed The Alligators Sun, 10 Aug 2008 15:07:30 +0000 http://www.nodebtplan.net/?p=349#comment-2869 We use the rewards from our Chase Freedom card to fund our daughter's 529 plan. You can read all the details in the <a href="http://www.dontfeedthealligators.com/blog/making-the-most-of-a-rewards-credit-card" rel="nofollow">article I wrote</a> about it. We use the rewards from our Chase Freedom card to fund our daughter’s 529 plan. You can read all the details in the article I wrote about it.

]]> By: JoeTaxpayerhttp://www.nodebtplan.net/2008/07/30/what-to-do-with-your-credit-card-cash-back-reward/#comment-2768 JoeTaxpayer Sat, 02 Aug 2008 20:51:35 +0000 http://www.nodebtplan.net/?p=349#comment-2768 I have a Fidelity affinity card that puts 2% into a 529 account for my child. New applicants only get 1.5%, but so far they haven't cut us back. That 529 account now has $9,000 in it, and I think we are on track to pay nearly a semester of college with that money. A chunk of our monthly cash flow are business expenses for which we are reimbursed. We've (both my wife and I) have had the account about 7 years. I doubt Dave Ramsey cares about this success. I haven't paid CC interest in nearly 20 years, and our only debt is our mortgage, which will be paid off by the time I'm 52 (45 now). Dave's "there is NO responsible use of credit cards" is simply wrong. This may very well be true for many or most people, but as you've shown, if you pay in full each month, why not grab the cash back/points/miles? Joe I have a Fidelity affinity card that puts 2% into a 529 account for my child. New applicants only get 1.5%, but so far they haven’t cut us back.
That 529 account now has $9,000 in it, and I think we are on track to pay nearly a semester of college with that money. A chunk of our monthly cash flow are business expenses for which we are reimbursed. We’ve (both my wife and I) have had the account about 7 years.
I doubt Dave Ramsey cares about this success. I haven’t paid CC interest in nearly 20 years, and our only debt is our mortgage, which will be paid off by the time I’m 52 (45 now). Dave’s “there is NO responsible use of credit cards” is simply wrong. This may very well be true for many or most people, but as you’ve shown, if you pay in full each month, why not grab the cash back/points/miles?
Joe

]]> By: Russellhttp://www.nodebtplan.net/2008/07/30/what-to-do-with-your-credit-card-cash-back-reward/#comment-2763 Russell Sat, 02 Aug 2008 11:49:05 +0000 http://www.nodebtplan.net/?p=349#comment-2763 I was reading my BP-Visa statement yesterday, from CHASE bank, and noticed (in small print among the detailed area) my 5% rebate on BP fuel purchases, and 1% on other purchases, had accumulated to nearly $75. There was a note that I'm supposed to call them or go online to claim this rebate. I think Discover Card was the first to invent the rebate as credit on your statement, and they filed some sort of trademark or patent on the CashBack idea. After other companies jumped into the rewards game, Discover filed suit over giving cash credit on a statement, and most of them had to come up with some other way of giving the awards. I didn't realize with Chase you have to take action to claim these rebates. I do have the Chase Freedom card which applies the rebate automatically every month, but the others you have to claim them. At least when I went online all my Chase credit cards showed up in one place, with all the rewards listed. Several options were presented including a check. For the BP Visa I chose a $50 fuel card, although now that I've said it, I realize that was a mistake. I will only get $50.00 of fuel with that card. With the BP Visa I could get $52.63 of fuel, and another $2.63 rebate for the same $50.00. One of my other Chase cards had enough reward to order a $25 rebate check. I'm not as agressive as some of you about looking for ways to earn the rebates, but I need to pay attention to when I've earned one and take action to claim it. I was reading my BP-Visa statement yesterday, from CHASE bank, and noticed (in small print among the detailed area) my 5% rebate on BP fuel purchases, and 1% on other purchases, had accumulated to nearly $75. There was a note that I’m supposed to call them or go online to claim this rebate.

I think Discover Card was the first to invent the rebate as credit on your statement, and they filed some sort of trademark or patent on the CashBack idea. After other companies jumped into the rewards game, Discover filed suit over giving cash credit on a statement, and most of them had to come up with some other way of giving the awards.

I didn’t realize with Chase you have to take action to claim these rebates. I do have the Chase Freedom card which applies the rebate automatically every month, but the others you have to claim them.

At least when I went online all my Chase credit cards showed up in one place, with all the rewards listed. Several options were presented including a check. For the BP Visa I chose a $50 fuel card, although now that I’ve said it, I realize that was a mistake. I will only get $50.00 of fuel with that card. With the BP Visa I could get $52.63 of fuel, and another $2.63 rebate for the same $50.00.

One of my other Chase cards had enough reward to order a $25 rebate check. I’m not as agressive as some of you about looking for ways to earn the rebates, but I need to pay attention to when I’ve earned one and take action to claim it.

]]> By: Todd the Bodhttp://www.nodebtplan.net/2008/07/30/what-to-do-with-your-credit-card-cash-back-reward/#comment-2730 Todd the Bod Thu, 31 Jul 2008 08:40:32 +0000 http://www.nodebtplan.net/?p=349#comment-2730 We put ours in savings. We put ours in savings.

]]> By: Morphttp://www.nodebtplan.net/2008/07/30/what-to-do-with-your-credit-card-cash-back-reward/#comment-2729 Morp Thu, 31 Jul 2008 05:06:32 +0000 http://www.nodebtplan.net/?p=349#comment-2729 I made $131 on my Visa last year. It's not $500 but it's going right into my IRA. One step closer to fully funding it. I made $131 on my Visa last year. It’s not $500 but it’s going right into my IRA. One step closer to fully funding it.

]]> By: Livingalmostlargehttp://www.nodebtplan.net/2008/07/30/what-to-do-with-your-credit-card-cash-back-reward/#comment-2721 Livingalmostlarge Wed, 30 Jul 2008 20:54:59 +0000 http://www.nodebtplan.net/?p=349#comment-2721 They aren't evil, people who use them are foolish. I made $503 last month in cash rewards alone, and $434 the month before. In 3 months on one card I made $1k+ back. And no I did not overspend by 12-18%. I simply paid my DH's tuition for his MBA on a credit card. Think the school is going to give me 5% cash back? No. Well the CC did. So I took it, why not get a 5% discount count on $15k? That's $750 in free money. I just spend mine on paying off my credit cards. Never a late fee, never paid interest. They aren’t evil, people who use them are foolish. I made $503 last month in cash rewards alone, and $434 the month before. In 3 months on one card I made $1k+ back. And no I did not overspend by 12-18%. I simply paid my DH’s tuition for his MBA on a credit card.

Think the school is going to give me 5% cash back? No. Well the CC did. So I took it, why not get a 5% discount count on $15k? That’s $750 in free money.

I just spend mine on paying off my credit cards. Never a late fee, never paid interest.

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