Anybody have a rewards card?

Discussion in 'Games' started by calyxman, May 28, 2005.

  1. calyxman macrumors 6502a

    calyxman

    Joined:
    Apr 17, 2005
    #1
    I just noticed that Citicard's rewards program offers the Gamecube for 13,500 points, and the Xbox at 18,900 points. I'm up to 4,500 points right now (I just recently switched to the rewards card from the generic platinum, had I used one last year I'd probably be 10 times the number of points more).

    In fact, it doesn't stop there: you can get an extra controller for around 5,000 points, and games run around 5200 points.

    I hope the 360, revolution, and PS3 make it into Citi's catalog. That would be nice. :D

    BTW, a 20 gig iPod is 50,000 points!!
     
  2. Koodauw macrumors 68040

    Koodauw

    Joined:
    Nov 17, 2003
    Location:
    Madison
    #2
    Yeah I have one too, I think if I remember correctly, is cheaper to just get two $50 gift crads to Best Buy or Cicuit City, and then go buy the thing. Haven't checked recently though. I know I got about $250 off my digital camera from reward points. not bad for doin nothin.
     
  3. calyxman thread starter macrumors 6502a

    calyxman

    Joined:
    Apr 17, 2005
    #3
    No kidding. That's actually a better idea since retailers always run specials and promotions, rebates, etc. so you're saving more money.

    I wish I had enough points to get a nice digital camera. I had to settle with a starter HP M305 from Wal-Mart. Not bad, 3.2 MP with optical zoom, for $128.
     
  4. anubis macrumors 6502a

    Joined:
    Feb 7, 2003
    #4
    I'm using a straight up Discover student classic card with 1% cash back. I made $100 in a year using that card, which is pretty sweet. Of course, all the rewards in the world get cancelled out if you carry a balance and pay interest. So I keep my balance very low or $0. Don't want them to get all of their money back in interest!

    I personally prefer getting cash rather than points for "rewards". I want to be able to decide what to spend my reward on, not be limited by someone's reward "catalog" or something. It's also nice that you can have your cashback bonus applied directly to your credit card balance. No checks to mail or cash, no hassle. I know a lot of credit cards require mailing of a check. What a pain!

    The key to rewards card success is to charge absolutely EVERYTHING you can on your card. I pay all of my bills with my card and make every single purchase (gas, groceries, walmart) on my card. I pay for everything with my card except for my rent. I never pay cash for anything any more
     
  5. calyxman thread starter macrumors 6502a

    calyxman

    Joined:
    Apr 17, 2005
    #5
    Ditto. I always pay the balances off anyway, so I'm not worried about paying interest. I like to charge everything on the card as much as I can, pushing the expenses to the end of the month.

    I think with Citi you get 5 points for every dollar spent at a gas station or a grocery store (and that includes Wal-Mart), and 1 point for everything else. Citi also offers a dividend card which is a cash back program.
     
  6. anubis macrumors 6502a

    Joined:
    Feb 7, 2003
    #6
    Yeah, I could probably earn more money with one of the Citi or Chase cards, but I just went with the discover because it's a no-hassle, well-established rewards card.

    For people who might consider the discover, it kind of sucks. You have to read the fine print. You earn 0.25% on the first $2500 in purchases you put on the card (or somewhere around there). 0.50% after that until you hit $5000 in purchases, and then it goes up to 1%. The 1% applies to all purchases except "department" and "discount" stores, which earn a 0.25% reward on all purchases, regardless of purchase level. Unfortunately that includes wal-mart, where I do my grocery shopping. The purchase level is reset once a year, so every year you go back down to 0.25% until your purchase level gets back up. There's no limit to how much cashback bonus you can earn.

    However, discover always runs special cashback promotions. For example, earlier this year they were offering 5% cashback on all educational, bookstore, and health related purchases. Then it was 5% cashback on all purchases at Lowe's, home depot, ace, etc. Right now they're about to start 5% cashback on all gas. These promotions typically last for a couple of months each and are actually pretty good, at least for me.

    Of course, what this all comes down to is that I'm never going to use a "regular" credit card again. Rewards cards are easy to get and easy to use these days, and as long as you're going to be buying things with a credit card, you might as well use one that will give you cash/rewards.

    The only downside is that you have to apply for the card, and applying for any credit card temporarily reduces your FICO score. So if you plan on buying a new house or car within a year of getting a rewards card, it's probably better to wait. If you get $100 a year on your rewards card but end up paying $1000 in extra interest in your car payment because your FICO score was lower and you had to pay a higher interest rate on the car loan, then it doesn't make much sense.
     

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