Cash back Cashout via Freedom and It

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solomon
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Cash back Cashout via Freedom and It

Postby solomon » Thu Jul 30, 2015 8:31 am

When is the best time to redeem cash back on your Chase Freedom and Discover It?

I have $175 on my It card and 30,000 pionts UR Points on my Freedom.

I was thinking that the UR points can be merged with another card so that gives me incentive to hold onto them is I should get the Chase Sapphire and earn the 40,000 points bonus.
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Whatamuji
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Re: Cash back Cashout via Freedom and It

Postby Whatamuji » Thu Jul 30, 2015 9:18 am

Combining a Chase Freedom and a CSP (Chase Sapphire Rewards) would be the best "bang for your buck". Concerning the Discover IT and Chase Freedom, the Discover IT allows you to apply your cash back in any amount you want. And are pretty fast at doing this, however with the Chase Freedom there is a threshold of points you have to hit before cash back can be applied.
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, BoA Cash Rewards: 1k, Chase Freedom: 3.2k, AMEX HHonors 3k

Vermonster
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Re: Cash back Cashout via Freedom and It

Postby Vermonster » Thu Jul 30, 2015 9:19 am

solomon wrote:I was thinking that the UR points can be merged with another card so that gives me incentive to hold onto them is I should get the Chase Sapphire and earn the 40,000 points bonus.


If that is something that you think can help you long term then definitely go for the CSP. 20% discount on travel is no joke, and I find the prices through the UR portal to be very good to start with.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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CarefulBuilder14
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Re: Cash back Cashout via Freedom and It

Postby CarefulBuilder14 » Fri Jul 31, 2015 9:02 am

Vermonster wrote:If that is something that you think can help you long term then definitely go for the CSP. 20% discount on travel is no joke, and I find the prices through the UR portal to be very good to start with.

I've seen some inflated prices for hotels rooms on there. I'd transfer UR points to partners.

If you're only getting 1.25 cpp, then having cash back cards with a higher earn rate may be better.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

takeshi
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Re: Cash back Cashout via Freedom and It

Postby takeshi » Tue Aug 04, 2015 8:29 am

solomon wrote:When is the best time to redeem cash back on your Chase Freedom and Discover It?

IMO ASAP.

For one thing you're not earning interest by having that balance sit around. For another, there's always the possibility of nerfing.

That said, it's easier with cash back where no matter when you redeem you get the cash as long as you've reached any redemption requirements that may apply. However, if you're trying to accrue point/miles to transfer and redeem then you're stuck until you've reach the points/miles you need to redeem as that's probably a higher number.

Kevin86475391
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Re: Cash back Cashout via Freedom and It

Postby Kevin86475391 » Thu Aug 06, 2015 10:03 pm

Personally, I'm always amazed by the huge emphasis on travel with rewards cards. Obviously it's all about lifestyle, but I travel pretty much NEVER and have no desire to, so I couldn't think of a more useless way to try to redeem points, even with bonuses. Of course if the person does travel often, or wants to, then it makes sense.

My favorite feature of the Discover It card cash back is how easy it makes redemption on Amazon. I shop on Amazon all the time (LOL, I don't even want to travel to stores if I can help it :ppp ), so it's money I would be spending anyway, but this way it's like I'm getting the items for free - making it a much better option than most gift cards redemptions I could think of since Amazon has much better selection, often better prices...and yeah I don't have to leave my house. So every statement I use my Discover It rewards on my first few Amazon purchases that month. Failing that, for the Chase Freedom and my other cards, I find it hard to beat good ol' statement credits.

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CarefulBuilder14
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Re: Cash back Cashout via Freedom and It

Postby CarefulBuilder14 » Thu Aug 06, 2015 10:13 pm

Discover's discounted gift certificates are worth a look, if you're willing to go through more complicated reward redemption.

But if you just want pure cash, take it ASAP as a statement credit.

AFAIK, if you use Discover cash back at Amazon, you don't earn rewards on those "purchases". But if you use your Discover at Amazon and then use the rewards to get a statement credit, you'll still earn rewards on the Amazon purchases.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Whatamuji
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Re: Cash back Cashout via Freedom and It

Postby Whatamuji » Fri Aug 07, 2015 12:05 am

CarefulBuilder14 wrote:Discover's discounted gift certificates are worth a look, if you're willing to go through more complicated reward redemption.

But if you just want pure cash, take it ASAP as a statement credit.

AFAIK, if you use Discover cash back at Amazon, you don't earn rewards on those "purchases". But if you use your Discover at Amazon and then use the rewards to get a statement credit, you'll still earn rewards on the Amazon purchases.


That's correct. I've done that before, once.
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, BoA Cash Rewards: 1k, Chase Freedom: 3.2k, AMEX HHonors 3k



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