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Forum: Financial Planning and Budgeting

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  #1  
August 19th, 2011, 01:55 AM
Happy Song's Avatar Nicole
Join Date: Jan 2010
Posts: 10,794
I used to be a debt collector for DiscoverCard and really hated their cash back system. For whatever reason I felt it to be a sham.

But I was curious that a few of you use credit card debt cards for the rewards systems. Can you share with me some of the benefits you have found to them?
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  #2  
August 19th, 2011, 10:06 AM
JessP's Avatar Lovin life and family
Join Date: May 2009
Location: Washington
Posts: 22,034
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I have never used a card strictly for the rewards. I do like the rewards though and use them when I get them.
We got an Alaska Airlines card once for the rewards when we were traveling alot. I didn't find it to be as great as I thought but then I might not be fully aware of how to get the best benefit from them.
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  #3  
August 19th, 2011, 12:23 PM
Platinum Supermommy
Join Date: Aug 2005
Location: USA
Posts: 7,429
I don't use credit cards. My debit card used to give a percentage back on our debit transactions, but thanks to Obama's new policy, that got nixed so we no longer get it.

For us, we were going to use our debit card anyway (I don't use cash for safety purposes), so we got a percentage back on what we spent, it wasn't a ton, but $15-$20 a month.

I wouldn't recommend using credit cards at all, much less for the incentives.
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  #4  
August 20th, 2011, 06:25 AM
Platinum Supermommy
Join Date: Oct 2006
Posts: 32,940
We use a credit card and pay it off each month. We earn about $20-25/month by doing so. We can either get the amount credited to our balance or we can exchange them for gift cards to varous places. The gift cards can be an even better deal because they increase the amount.
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  #5  
August 20th, 2011, 09:08 AM
Hazel's Avatar Mega Super Mommy
Join Date: Jan 2011
Posts: 2,636
I used to work in the lending/credit card department of a credit union and my advice to members was that if you were using a card and paying it off in full each month, go with the rewards card because even if you don't earn a ton back, its still more than nothing However, if a member needed to carry a balance month to month, the higher interest rate on the rewards card made it not worth it so they should instead go with the lower rate card with no rewards. Where I worked, it was easy to switch between the programs so if someone's circumstances changed, they could switch card types with just a phone call.
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  #6  
August 23rd, 2011, 08:22 PM
Mega Super Mommy
Join Date: Nov 2010
Posts: 3,972
I have a card which I pay off every month and it gives cash reward. Its not great, but I have a good rate and love my bank. I dont cash in my points until I have enough for $200 back (takes me a long time to earn that).
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  #7  
September 1st, 2011, 08:52 AM
Platinum Supermommy
Join Date: May 2009
Posts: 7,878
My bank has a rewards program for when I use my debit card for credit. I let them add up and cash in the gift cards near xmas time to help purchase gifts
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