Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

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kdm31091
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby kdm31091 » Fri Nov 27, 2015 7:27 am

A few people on MF have mentioned wanting to buy 1500 in amazon GCs on freedom so they "don't miss out" on the cash back...I mean, I'm sure some people spend that much, but that's an awful lot of money to tie up in amazon to get 10% off. It's not like it's 60% off or something! And it sounds like they are merely spending more to get the rewards, which is exactly what Chase wants.


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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby JonE » Fri Nov 27, 2015 11:30 am

kdm31091 wrote:A few people on MF have mentioned wanting to buy 1500 in amazon GCs on freedom so they "don't miss out" on the cash back...I mean, I'm sure some people spend that much, but that's an awful lot of money to tie up in amazon to get 10% off. It's not like it's 60% off or something! And it sounds like they are merely spending more to get the rewards, which is exactly what Chase wants.


And probably making the minimum payment monthly after all that spending. :rolleyes:
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kdm31091
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby kdm31091 » Fri Nov 27, 2015 12:10 pm

JonE wrote:
kdm31091 wrote:A few people on MF have mentioned wanting to buy 1500 in amazon GCs on freedom so they "don't miss out" on the cash back...I mean, I'm sure some people spend that much, but that's an awful lot of money to tie up in amazon to get 10% off. It's not like it's 60% off or something! And it sounds like they are merely spending more to get the rewards, which is exactly what Chase wants.


And probably making the minimum payment monthly after all that spending. :rolleyes:


It just seems incredibly asinine to purposely spend 1500 on an amazon GC just to max out the rewards. There's maximizing rewards and then there's just plain old wasting money. It's ridiculous.

rockyrock
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby rockyrock » Sat Nov 28, 2015 8:04 pm

kdm31091 wrote:
It just seems incredibly asinine to purposely spend 1500 on an amazon GC just to max out the rewards. There's maximizing rewards and then there's just plain old wasting money. It's ridiculous.


How is it asinine and wasting money if you spend it? I spend thousands a year at Amazon, getting an extra 10% back or more if you have UR is a good deal.
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kdm31091
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby kdm31091 » Sat Nov 28, 2015 9:41 pm

rockyrock wrote:
kdm31091 wrote:
It just seems incredibly asinine to purposely spend 1500 on an amazon GC just to max out the rewards. There's maximizing rewards and then there's just plain old wasting money. It's ridiculous.


How is it asinine and wasting money if you spend it? I spend thousands a year at Amazon, getting an extra 10% back or more if you have UR is a good deal.


Yes, it's a good deal if you will use the funds, but things change, and 1500 is a lot of money to tie up for one retailer with the expectation of using it. Everyone's different, and some people may find that 1500 is no big deal. I think it's crazy to deliberately pre-spend 1500 dollars on an amazon GC just because you're getting 10 percent off. While yes, you may spend that much on amazon anyway, you also may just be spending more (by proactively getting the GC assuming you'll spend the money) because you are getting the 10 percent off.

Depends on the person and the spending but to me it just seems like a lot of money to tie up into a gift card. Even if you make good money, 1500 is a paycheck and then some for a lot of people. *shrug Perhaps asinine was a strong word and I don't want to insult anyone. One has to do what they think will work out for them. I just would caution against purposely buying a large amount of GCs with the expectation of "spending the money on amazon anyway" because you never know what's going to happen (and you may be "spending that much" buying things you don't really need, in which case it's even less prudent to buy the GC, but that depends on the person of course). People tend to develop a spending habit and then say "well I spend x amount on this and that anyway, so I may as well maximize my rewards" and to a degree it is true, but sometimes the spending habit is not a good thing. I'm not saying amazon spending is bad, but as an example, I got my cash+ saying "I buy a lot of fast food anyway, so the 5% will be great"...and yes, it's nice, but I really should cut back on fast food spending, not worry about maximizing the rewards. See my point? It's a good deal, but is the spend really necessary in the first place?

rockyrock
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby rockyrock » Sun Nov 29, 2015 9:15 am

kdm31091 wrote:Yes, it's a good deal if you will use the funds, but things change, and 1500 is a lot of money to tie up for one retailer with the expectation of using it. Everyone's different, and some people may find that 1500 is no big deal. I think it's crazy to deliberately pre-spend 1500 dollars on an amazon GC just because you're getting 10 percent off. While yes, you may spend that much on amazon anyway, you also may just be spending more (by proactively getting the GC assuming you'll spend the money) because you are getting the 10 percent off.

Depends on the person and the spending but to me it just seems like a lot of money to tie up into a gift card. Even if you make good money, 1500 is a paycheck and then some for a lot of people. *shrug Perhaps asinine was a strong word and I don't want to insult anyone. One has to do what they think will work out for them. I just would caution against purposely buying a large amount of GCs with the expectation of "spending the money on amazon anyway" because you never know what's going to happen (and you may be "spending that much" buying things you don't really need, in which case it's even less prudent to buy the GC, but that depends on the person of course). People tend to develop a spending habit and then say "well I spend x amount on this and that anyway, so I may as well maximize my rewards" and to a degree it is true, but sometimes the spending habit is not a good thing. I'm not saying amazon spending is bad, but as an example, I got my cash+ saying "I buy a lot of fast food anyway, so the 5% will be great"...and yes, it's nice, but I really should cut back on fast food spending, not worry about maximizing the rewards. See my point? It's a good deal, but is the spend really necessary in the first place?


I agree it's a slippery slope, and I have got caught in it in the past. As my life has gotten busier though I have found that Amazon can save me time, money and gas. One problem with Amazon is that while I am shopping for my "needs" they are flashing my "wants" on the screen too! Something along the lines of "would you like a new UHD TV to go along with your coffee, antiperspirant, and diapers?" If you stay away from those purchases you'll be fine. I don't always though...lol
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby augiedog » Sun Nov 29, 2015 4:03 pm

I bought a $60 Amazon gift card to qualify for the $15 off Amex offer, and it seems that you cannot purchase gift cards (for other stores like WF) with a gift card. I've noticed there are other restrictions on using gift card balances, such as using them for digital purchases (you can't even use their store credit card for that).

I do have to agree that tying up $1500 in Amazon gift cards is excessive and not financially sound. Although $1500 in groceries could be used up quickly unless you eat out constantly. I still haven't decided on purchasing the next $1250 in WF gift cards, but I have received the first $25 in points that I originally thought I wouldn't use.
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby rockyrock » Mon Nov 30, 2015 9:16 am

augiedog wrote:I bought a $60 Amazon gift card to qualify for the $15 off Amex offer, and it seems that you cannot purchase gift cards (for other stores like WF) with a gift card. I've noticed there are other restrictions on using gift card balances, such as using them for digital purchases (you can't even use their store credit card for that).

I do have to agree that tying up $1500 in Amazon gift cards is excessive and not financially sound. Although $1500 in groceries could be used up quickly unless you eat out constantly. I still haven't decided on purchasing the next $1250 in WF gift cards, but I have received the first $25 in points that I originally thought I wouldn't use.



You mean for you it's excessive and not financially sound.

In the last 60 days I've spent $1390 at Amazon. That puts me on track to spend >$8k in a 12 month period. How is spending $1500 up front to save $150 excessive and not financially sound?
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Vermonster
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby Vermonster » Mon Nov 30, 2015 9:57 am

rockyrock wrote:
augiedog wrote:I bought a $60 Amazon gift card to qualify for the $15 off Amex offer, and it seems that you cannot purchase gift cards (for other stores like WF) with a gift card. I've noticed there are other restrictions on using gift card balances, such as using them for digital purchases (you can't even use their store credit card for that).

I do have to agree that tying up $1500 in Amazon gift cards is excessive and not financially sound. Although $1500 in groceries could be used up quickly unless you eat out constantly. I still haven't decided on purchasing the next $1250 in WF gift cards, but I have received the first $25 in points that I originally thought I wouldn't use.



You mean for you it's excessive and not financially sound.

In the last 60 days I've spent $1390 at Amazon. That puts me on track to spend >$8k in a 12 month period. How is spending $1500 up front to save $150 excessive and not financially sound?


I think what Augie is saying is that for the normal shopper, tying up $1500 in gift cards, simply for the sake of maxing the 10% back is not financially sound. Sadly, the norm on credit card forums is for people to maximize rewards at all costs. It tends to follow the idea that you should spend money in a certain category simply because you get good rewards.

If you are on track to spend $8k at Amazon this year then you are the exception, not the norm. (I would be more interested in spending over the last 6 months though. I have spent $600+ in the last 3 days, but that doesn't suggest I will spend another $1.)
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augiedog
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby augiedog » Mon Nov 30, 2015 9:59 am

rockyrock wrote:You mean for you it's excessive and not financially sound.

In the last 60 days I've spent $1390 at Amazon. That puts me on track to spend >$8k in a 12 month period. How is spending $1500 up front to save $150 excessive and not financially sound?


In that case you should've tripled up and used Discover's 5%, and Chase at 5% and at 10% :rolleyes:

Although knowing this you could max out the category before December is even over!
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