Ask for cash back from Amazon card

[Lsbcal]

This article makes the point that one should not use the Amazon card cash rewards to purchase items on Amazon. There is a better way and this is something I had not thought through. Need to change my habits on this one.

https://www.lifesavvy.com/18676/stop-spending-your-amazon-reward-points-on-purchases-for-better-cash-back/

So does anyone here take the Amazon rewards as cash? Still want to after reading about a better way?

 

[cathy63]

Good reminder! This came up previously here: https://www.early-retirement.org/fo...-credit-card-cash-back-99132.html#post2280829, but it's worth repeating.

 

[Eastbayboy]

Wow! I’m an Amazon user and always used my extra points to purchase items. It seems I was doing it wrong! [emoji24]Cash back to pay the card down makes more sense than using points. Thank you for the enlightenment from the article! [emoji106]

 

[target2019]

Reminds me of what FIL said of MIL.
"She can squeeze a penny and make a nickel."

 

[RunningBum]

Mine automatically goes toward my statement balance, which is equivalent to getting cash back. Both better than using it for purchases, as the article says.

 

[Tadpole]

I missed that when it was discussed before. But I know it now and things will change.

 

[Lsbcal]

Mine automatically goes toward my statement balance, which is equivalent to getting cash back. Both better than using it for purchases, as the article says.

I see the Amazon purchases and rewards on our Chase account. This is handy for automatically paying the billings.

How do you set your account for automatic cash back?

 

[RunningBum]

I see the Amazon purchases and rewards on our Chase account. This is handy for automatically paying the billings.

How do you set your account for automatic cash back?

I have the Amazon Prime Store Card thru synchronycredit.com. When I log into my account at that site, under Rewards, it shows me that I'm automatically applying it as a statement credit. Perhaps not an option with the Chase card.

 

[jazz4cash]

I’m surprised that several here missed this because this is an astute group. I always chuckle when Amazon encouraged me to use reward points when I’m checking out. If it wasn’t for 5% in Amazon purchases I wouldn’t bother.

 

[audreyh1]

This article makes the point that one should not use the Amazon card cash rewards to purchase items on Amazon. There is a better way and this is something I had not thought through. Need to change my habits on this one.

https://www.lifesavvy.com/18676/stop-spending-your-amazon-reward-points-on-purchases-for-better-cash-back/

So does anyone here take the Amazon rewards as cash? Still want to after reading about a better way?

Right. I use it for statement credit only, as otherwise I miss out on the 5% discount. The statement credit is automatic.

I’m using the Amazon store card issued by Synchrony Bank.

 

[momoftwo]

I have the Amazon Chase card.
Can anyone explain the better way? I cant see it.��

 

[RonBoyd]

I wonder if this is true with Amazon Gift Cards? For instance, I get a $20 "reward" via an Amazon Gift Card from my Medicare Advantage program for annual physical.

 

[cathy63]

I have the Amazon Chase card.
Can anyone explain the better way? I cant see it.��

When shopping at Amazon, make sure to select 0 for "points to apply" when making each purchase.

To redeem for cash:
- Login to Chase.com on a computer (it also works on a phone, but it looks different than described below.)
- If you have more than one account, click on Amazon card in the left-hand list to make it the active account
- In the details window on the right, click on See Balance under Amazon Prime Rewards
- Click on Redeem and select Redeem Rewards from the dropdown
- Select Redeem for Cash Back on the next screen

If you have other Chase accounts, you can also deposit the cash there. It doesn't have to go towards your Amazon card statement.

 

[cathy63]

I wonder if this is true with Amazon Gift Cards? For instance, I get a $20 "reward" via an Amazon Gift Card from my Medicare Advantage program for annual physical.

You do not get any rewards points for whatever portion of your purchase was paid for with an Amazon gift card.

 

[USGrant1962]

Hoo boy! I can retire even earlier by saving 5% of 5% of everything I spend on Amazon! lol

Good tip though.

 

[momoftwo]

@cathy63, thanks!
I cant wait to get home to try it out on a screen bigger than my phone��
Our Amazon chase card gets alot of use buying on Amazon.
Pretty much our go to card except Costco VISA and Amex (6% on groceries).

 

[KB]

Thank you Cathy63. I also wasn't aware I could do this with my Chase Amazon account.

 

[RunningBum]

I have the Amazon Chase card.
Can anyone explain the better way? I cant see it.��

I don't recall why I got the Amazon store card instead. Maybe when I got it, it was the best deal. Now it looks like either gets you 5% back. Is there a limit on the Chase card? One site I googled said $1500 per quarter.

I don't think the store card gets me any discount at Whole Foods. It's been quite awhile since I've shopped there, but I would probably get the Amazon Visa now instead to have that option.

 

[Lsbcal]

Hoo boy! I can retire even earlier by saving 5% of 5% of everything I spend on Amazon! lol

Good tip though.

DW shops at Whole Foods and racks up a lot of Amazon points. And yes, I guess it is priced higher then some other grocery stores. But she likes to shop there and hates supermarket shopping, so anything to get the job done.

 

[kgtest]

... purchase the item with your Amazon card, then log into your card account. There, each billing cycle, you can apply the accumulated cashback benefit to either your statement balance or have it deposited into your bank account—both much better options than missing out on it altogether.

Yepp, this is what I do for Amazon, Chase, DiscoverIT and now I am thinking of getting Citi Double Cash...

 

[kaneohe]

I have the Amazon Chase card.
Can anyone explain the better way? I cant see it.��

Suppose you have earned $100 in rewards. Your friend has also earned the same amount. You both find a $100 item you want to purchase. You use your rewards to buy the item. You have the item and no rewards. Your friend buys the item w/ the AMZN Chase card. She gets $5 in rewards.
The $100 in existing rewards can be used as a statement credit so no cash needs to be paid on the AMZN Chase bill (or she can get $100 in cash and use that to replenish the bank acct used to pay the bill). In either case, she is $5 in rewards ahead of you.

 

[RonBoyd]

Okay, I was behind the curve also. <blush> I just had $90.66 applied to my CC account instead of applying it to purchases as I normally would have.

 

[CaptTom]

I always do the statement credit for Amazon 5% back.

But that isn't always the best route. Take the CitiBank Double Cash Back card. 1% on all purchase, and another 1% on your payment. So if you reduce your payment by choosing a statement credit, you lose some (small) part of that second 1%. You'd be (slightly) better off to choose to direct deposit it to another account. So far I haven't found it worth the effort to do that.

I do think it's worth the (non) effort of applying my Amazon rewards to the statement rather than a purchase.

 

[Katsmeow]

This was useful. Back when I had the Amazon Store card I always redeemed for statement credit. But, since I got the Chase Amazon card I did not realize you could redeem for statement credit or cash. So I have been applying it to purchases (and, yes, I recognized I wasn't getting my 5% discount but I didn't think I had a choice). Anyway, I have now followed cathy63's helpful instructions and have deposited my current reward to my checking account.

 

[tulak]

Thanks for the tip. I always do this at Costco, but it didn’t occur for me to do the same with Amazon. No idea why I didn’t make that connection.