PDA

View Full Version : Credit Card Rewards...the joke's on me.



Jeffrey Makiel
02-28-2009, 7:27 PM
I was saving my credit card reward points towards a new oscillating sander from Amazon via credit card reward gift cards. I've been working at it for about 3 years. According to my calculation, which was based on my last inspection of the reward catalog, I was almost there.

Well, I just checked my latest rewards' offering catalog and was surprised and disgusted. After spending $50K of business thru my card over the past few years, I can only get an electric shaver! You know, the Norelco shaver available a Walmart for about $35.

Of further note, I also had a very hard time to find out where the rewards website was. It seems my credit card company has opted to not put this web page on their main website anymore.

In conclusion...

I'd be willing to sacrafice all my reward points just to let the whole credit system collapse. Perhaps a new and above-board credit system can then emerge.

If you haven't looked at your reward points' offerings lately, I suggest you do so.

-Jeff :)

David G Baker
02-28-2009, 8:38 PM
Haven't used any rewards since I lost my flight mileage points years ago. For myself I have found them a waste of my time and many end up just as you described, very disappointing after spending bucks and time on them. If I still smoked the Marlboro rewards seem to have paid off for some folks. Funny how they change the rules after folks get really involved in chasing the points.

Chris Padilla
02-28-2009, 8:51 PM
I used to focus on Discover which pays you actual cash. When you reached $20 accumulated, you simply had it credited back to your account. Now I am all about miles from the airlines (United, specifically) and so accumulate for that. Yeah, sure, they can (and have, I believe) upped the miles one needs for a flight but I picked up a set of free tickets to Hawaii last year for the family so it's been well worth it for us.

Jason Beam
02-28-2009, 10:26 PM
i guess not all cards are created equal ....

We're about 2k away from the .01% mark. Once we get over 25k within 5 years, we get cash at 1% - so 250 bucks after 25k. And we're just over 1yr at this point. Buying a house and outfitting my new shop has made it real easy to boost those points. Plus, we pretty much charge everything else we possibly can and never carry a balance. We should hit the 25k line in a couple more months if I keep buyin' tools :P

Dan Friedrichs
03-01-2009, 12:07 AM
Jason,

That's 1%, not 0.01%. At 0.01%, you'd only be getting $2.50 for each $25k :)

I think the cashback cards are the best deal. Usually you can get 1% on all purchases and 3-5% on food and gas.

David G Baker
03-01-2009, 12:14 AM
At one time I had an AAA insurance company VISA card that gave me a 5% credit off of every gallon of gas I purchased. When the gas price went up the discount dropped like a lead balloon. I canceled the card. It sure was good for a while.

Frank Hagan
03-01-2009, 12:44 AM
I used to focus on Discover which pays you actual cash. When you reached $20 accumulated, you simply had it credited back to your account. Now I am all about miles from the airlines (United, specifically) and so accumulate for that. Yeah, sure, they can (and have, I believe) upped the miles one needs for a flight but I picked up a set of free tickets to Hawaii last year for the family so it's been well worth it for us.

I still have 95,000 miles with United, but I don't travel in my new job and I gave up my rewards credit card ... the interest rate didn't bother me so much because I paid it off each month, but the annual fee got to be too much once I quit putting business expenses on it.

My miles expire at the end of 2009 unless I have some kind of activity in the account, so I signed up for "Miles for Dining". So far, none of the restaurants have credited the mileage program.

Some of the industry watchers are predicting that United won't last past the spring; they appear to be the weakest of the bigger airlines, and spring is traditionally the hardest part of the year for them to make it through.

Bob Childress
03-01-2009, 8:04 AM
I have been a Marriott Rewards card member for years and have really found it worthwhile. Can use the points for stays at Marriott, airplane tickets, or redeem for merchandise. :)

Amex gets me cash back from Costco-enough to pay for my membership each year.

Rob Russell
03-01-2009, 8:09 AM
We use both a Marriott rewards card (wife) and US Airways Visa (me). The best way to get value from the frequent flyer miles is to buy a business class ticket to far away destinations like Australia. Those tickets are expensive to buy, the number of points compared to a coach ticket is only about 50% more and - on a long flight like that - you will really appreciate having the better class seat.

Barry Richardson
03-01-2009, 8:20 AM
I got a different story. My credit card company gave me a rewards card (at the same rate) when my old one expired, and I didn't even realize it. So now about 3 years later, I discover I have almost $600 worth of points in gift cards, or cash cards. The gift card choices includes Homedepot and Lowes, Best Buy, and a bunch of others. Yahoo! My lack of attention to details finally paid off;)

Phil Thien
03-01-2009, 8:34 AM
The best way to get value from the frequent flyer miles is to buy a business class ticket to far away destinations like Australia. Those tickets are expensive to buy, the number of points compared to a coach ticket is only about 50% more and - on a long flight like that - you will really appreciate having the better class seat.

That is what a friend does. In some cases the points required are nominal enough that it is worth paying cash to buy the points to get the upgrade. Don't ask me how this works, but he does it quite frequently.

Jim Becker
03-01-2009, 10:41 AM
Some programs are "real" and others are more marketing...sounds like the one you've been in may be closer to the latter. I've never had a problem with AMEX's program and have benefited from the points for many years. In fact, I'm soon to use them again for something nice.

Chris Padilla
03-01-2009, 11:42 AM
I still have 95,000 miles with United, but I don't travel in my new job and I gave up my rewards credit card ... the interest rate didn't bother me so much because I paid it off each month, but the annual fee got to be too much once I quit putting business expenses on it.

My miles expire at the end of 2009 unless I have some kind of activity in the account, so I signed up for "Miles for Dining". So far, none of the restaurants have credited the mileage program.

Some of the industry watchers are predicting that United won't last past the spring; they appear to be the weakest of the bigger airlines, and spring is traditionally the hardest part of the year for them to make it through.

I suppose that could happen as well. Crossing fingers!! :o

I also have AMEX which give me (Star)points for hotels, miles, etc. but I haven't been focusing on that one lately....

Jason Beam
03-01-2009, 2:25 PM
Jason,

That's 1%, not 0.01%. At 0.01%, you'd only be getting $2.50 for each $25k :)

I think the cashback cards are the best deal. Usually you can get 1% on all purchases and 3-5% on food and gas.

Cripes - where was my head? DOH!

I fixed it - thanks for reminding me where decimal points go :P :P :P :P

Dustin Lane
03-01-2009, 4:32 PM
i get a simple 1% refunded every month for all purchases. never wanted to deal with the hassle and confusion of points. i hate point systems and avoid them at all costs.

Matt Meiser
03-01-2009, 6:00 PM
I got a Northworst Visa for my business travel 2 years ago. Northworst made it impossible to use my rewards and they wanted me to pay $100 for the privlidge of having the card after the first year. So this past summer we got a Costco Amex. We just got a $113 gift certificate for the first 6 or so months of use for use , and that doesn't include the reward from our Costco membership itself.

glenn bradley
03-01-2009, 6:01 PM
I'm with the AMEX gang. 3% on gas and food, 2% on something or other and 1% on just about everything else. As I almost always get my gas at Cosco, the money-back more than pays my membership. I just got over $250 which shows up as a "rebate check". I'll take it to Costco customer service next time I'm in and they hand me the cash. I've got tons of airline miles that I never have been able to tap-dance into a flight. Cash is king.

Matt Meiser
03-01-2009, 6:09 PM
3% on travel booked through a travel agent too. I've had a lot of that lately.

David Weiser
03-02-2009, 12:08 AM
I knew a guy that got a brand new Fender Stratocaster for $100 bucks worth of Marriott Rewards points.

Art Beisang
03-03-2009, 10:40 AM
I have been building a cabin for the last 5 years. Multiple trips to the local menards and Home Depot. The Chase VISA rewards card has been quite nice. I have obtained several Home Depot Gift cards that were immediatly spent.

Ross Ellis
03-03-2009, 8:36 PM
I am also with the Amex crowd. The points are great. I run all my work expenses thru my card. Once a year I cash in my points. The items on the rewards site seem high priced. I always just get $500 gift cards from Home Depot, usually 2 a year, plus a couple of smaller Bath and body works cards that keep the wife happy.