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More Rewards = Cash

January 13th, 2014 at 03:49 am

My Chase Sapphire card statement closed earlier this week and more reward points were awarded. Specifically, the 5000 points for having an authorized user use the card were applied. Plus the basic points normally earned with purchases. The rewards were equal to $71.13!

I have redeemed the rewards for a statement credit and will send the funds I would have sent to the credit card to our mortgage principal.

I figured out we need to spend just under $350 on the Chase Sapphire card to earn the 50,000 points. We should easily meet this requirement before the next statement closes at the beginning of next month.

It is now time to decide which cards to open next. Obviously, I'm aware of the Southwest card offer for $500 in gift cards for spending $2000. There is an annual fee that probably could be refunded IF I meet the spending requirements in a timely fashion. This time of year is our lowest spending, so I don't know that I could spend $2000 that fast.

I'm leaning towards opening a US Bank Visa to get $125 after spending $500, and two Discover cards (one for me and one for DH) in order to get $150 each for spending $750. Same amount of spending but spread over different cards. About the same reward if the annual is not refunded on the Southwest card.

The US Bank Visa is a mailed offer that I don't see online. Not sure if I would get that again. The Discover offer is unusual as well from what I have read. Generally, their bonus is $20-50. I feel the Southwest card offer is likely to occur with more frequency and I can try that one again later in the year. With the Southwest card only gift cards are an option if not redeemed for airline miles. I much prefer cash...or statement credits work for me too!

I wrote another post on Our Money Blog about a goal I have for the next week. Fingers crossed I can make it work!

I'm 11 for 12 with my green smoothies this month. I actually forgot to make one on Saturday. I remember at 9pm in the evening, but felt too full to partake. I did have one today, so I didn't fail at the goal too long.

Any thoughts on my next credit card rewards plan? Does it makes sense to skip the Southwest offer for now?

3 Responses to “More Rewards = Cash”

  1. beawealthywarrior Says:

    I like the plan you have laid out. I only need $65 to finish off my Sapphire spending and I'm also done with the Navy Federal Credit Union card as well so both of those should hit next month. I'm working on the Discover card now and then I will move on to the new Southwest card. Good luck with your low spending goal this week and I know you will do just fine.

    Day 12 completed of the smoothie challenge Smile

  2. MonkeyMama Says:

    I had a major "doh" moment reading your blog, today. I had requested a Chase check when I really should have just asked for a statement credit. Would have been a LOT easier. Still waiting for my check.

    Duh!

    Big Grin
    {I have another Chase bonus coming up soon, so will just redeem that one for a credit. Yay!}.

    I think I was just thinking that I was done with the cards and closing them, so I didn't want a statement credit. (BUT, I still have a balance on the cards, and could have applied the credit. I presume the credit hits the account pretty fast??).

  3. creditcardfree Says:

    I think one the first times I had a bonus I had it come as a check, and it took forever. Yes, on Chase it is usually the next business day...although they say to allow 2-3 days.

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