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 » Mon Nov 30, 2015 10:44 am

Vermonster wrote:
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.)


And I agree. Spending $1500 on amazon in a quarter is probably outside of the norm for the general populace. Yes, there are people who routinely spend that much on amazon, but again, does that mean they should? Is all the spend necessary? Or is it merely conditioned spending to maximize rewards? Most of us do not have the disposable income to spend $500 a month on things we don't really need. Now, there are plenty of things people buy on amazon that they do "need" but the line gets blurry and again, people simply spend more to get the rewards. I have spent $500 in a month on amazon before but it was a single large purchase or something out of the ordinary, not a monthly ritual spend.

If you are buying $1500 in GCs to maximize the 10% and ignoring other financial goals like actually saving up some money, etc, then you are losing out a lot more than you are gaining from a 10% discount. While nice, it should not rule your spending, and I think some credit card forum users adjust their spending to match categories (along with overspending to match categories), which is completely working backwards. Just have to be careful of that and if it's something one can't handle, they need to dial back from credit cards altogether. There are several users on myfico who I truly get a sense that they have spiraled out of control, are spending way more than they need to in order to get rewards, etc.

And rockyrock - don't take this as being directed at you. It's just a general statement. :)


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

Postby rockyrock » Wed Dec 02, 2015 8:36 am

Vermonster wrote:
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.)



This is very true. I wish there was an easy way to get a snapshot of how much I've spent all year at Amazon. So far this year I've made 62 orders so there is no way I'm scrolling through 8 pages of orders to add it all up. My peak year was 2013 with 76 orders followed by 2014 with 71. I do track direct purchases in Quicken but can't account for GC use there...
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rockyrock
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby rockyrock » Wed Dec 02, 2015 8:47 am

augiedog wrote:
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!


I think I just maxed out the Discover for the qtr. I have an Amex offer for $15 back on $60 so that will cover my next round whenever that is. I'd like to think I'm finished for the year but I still have birthday's for my mom, wife, sister-in-law, and oh yeah Christmas.

My Freedom is in the sock drawer, I've been trying to consolidate my rewards to fewer programs so I may not use it even at 10%, we'll see. If I do it will be last minute...
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rockyrock
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby rockyrock » Wed Dec 02, 2015 8:51 am

kdm31091 wrote:And rockyrock - don't take this as being directed at you. It's just a general statement. :)


Haha I'm with you. I agree too, it's very important to keep it all in perspective.
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kdm31091
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby kdm31091 » Wed Dec 02, 2015 10:36 am

rockyrock wrote:
augiedog wrote:
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!


I think I just maxed out the Discover for the qtr. I have an Amex offer for $15 back on $60 so that will cover my next round whenever that is. I'd like to think I'm finished for the year but I still have birthday's for my mom, wife, sister-in-law, and oh yeah Christmas.

My Freedom is in the sock drawer, I've been trying to consolidate my rewards to fewer programs so I may not use it even at 10%, we'll see. If I do it will be last minute...


Which is a good point. Issuers compete for our business, so they offer different incentives, but at the end of the day, unless you are spending many many thousands per month on every card, the rewards get quite diluted by spreading your spend around too much. You can't make any real progress in reward program or get to a meaningful redemption if you have a separate card for every spend situation. Some things are things most of us spend enough on that a higher rate makes sense: groceries, gas, dining, etc. But the people who open separate cards for minuscule gains (i.e. opening an AARP for 3% dining which is 1% more than their double cash) are IMO more or less wasting their time. It's not hurting anyone, and if they want to do it whatever, but spreading the spend is just not going to deliver much usable return.

Some just want to "maximize every transaction", but if it takes you 6 months to even get to a redemption threshold because you used the card for that special circumstance only, what's the point? You will get more useful rewards consolidating your spend onto lesser cards. You may give up a tad in return, but you gain in simplicity and actually being able to redeem. Like I said, unless one's monthly budget is gigantic, you aren't going to be able to spend across 15 cards and get meaningful rewards while PIF at the same time.

I think people get sucked into the rewards thing (and I did too for awhile) without really considering the actual return they'll get by opening yet another new account. Unfortunately it seems once some people get into the rewards thing, all other financial goals are abandoned. Chasing after cards and opening one every month just isn't good, because more than likely by chasing rewards, you are overspending and not saving up money, or doing other important financial goals. I'm generalizing, but it seems to happen often. It's important to keep rewards in perspective, or else you are doing exactly what the issuer wants: spending more to get more.

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

Postby yfan » Thu Dec 03, 2015 3:12 pm

One thing to keep in mind about gift cards even if you can spend the full amount. When you buy something with a gift card, you don't enjoy the protections provided by credit card networks and issuing banks. These include 90-120 day return guarantee, repair/replacement guarantee if you break a new item through user action, extended warranty, and in some cases, price protection (a card company will reimburse you the price difference if price of an item you bought drops within 60-90 days). These are important especially if you are thinking about making anything that could be a major purchases (a couple hundred plus), and at the end of the day, can make much more of a difference than a 10% cashback.

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

Postby kdm31091 » Thu Dec 03, 2015 5:32 pm

yfan wrote:One thing to keep in mind about gift cards even if you can spend the full amount. When you buy something with a gift card, you don't enjoy the protections provided by credit card networks and issuing banks. These include 90-120 day return guarantee, repair/replacement guarantee if you break a new item through user action, extended warranty, and in some cases, price protection (a card company will reimburse you the price difference if price of an item you bought drops within 60-90 days). These are important especially if you are thinking about making anything that could be a major purchases (a couple hundred plus), and at the end of the day, can make much more of a difference than a 10% cashback.


I totally agree and that's part of the reason I think buying 1500 in GCs is probably overkill. To each their own but there are certainly caveats: no purchase protections, money is tied up, etc.

RewardsHunter17
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Re: Chase Freedom 10% Cash Back 2015 (Starting 11/23/15)

Postby RewardsHunter17 » Thu Dec 17, 2015 10:37 pm

Yeah, I gotta agree that the Chase Freedom category for Q4 was pretty unexciting for people who had the double cashback offers on their Discover It cards, but I was definitely happy to see Chase trying to stay reasonably competitive by doing the double cashback for the rest of the quarter. :)

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

Postby amexmember12 » Sun Dec 20, 2015 8:06 pm

rockyrock wrote:
This is very true. I wish there was an easy way to get a snapshot of how much I've spent all year at Amazon.So far this year I've made 62 orders so there is no way I'm scrolling through 8 pages of orders to add it all up. My peak year was 2013 with 76 orders followed by 2014 with 71. I do track direct purchases in Quicken but can't account for GC use there...


Actually you can. You can pull up a report for the following:

  • Items
  • Orders and Shipments
  • Refunds
  • Returns

Depending on the the report you choose, it will show the item cost, listed price, order total before and after tax, the total charged and payment type. The report will be in an CSV file, so you can add it all up in excel.

Your Account > Your Account > Order History > Download Order Reports> Fill in Parameters > Request Report.

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