The Discover Card has three methods to redeem the earned cash back:
1. Apply to the next monthly statement.
2. Send to charity.
3. Redeem for a gift card for a Discover partner that typically offers a discount (redeem $45 cash and receive a $50 gift card).
It seems that redeeming to a gift card with such a typical discount increases the utility of the cash back payback, especially if you were going to spend funds at that partner anyway. We have always applied the cash back to the next monthly statement during the December big spend but may switch to the gift card method.
I believe some credit cards allow the cash back proceeds to be directed into an investment account.
How do you redeem the cash back that you get from your credit card(s)?
1. Apply to the next monthly statement.
2. Send to charity.
3. Redeem for a gift card for a Discover partner that typically offers a discount (redeem $45 cash and receive a $50 gift card).
It seems that redeeming to a gift card with such a typical discount increases the utility of the cash back payback, especially if you were going to spend funds at that partner anyway. We have always applied the cash back to the next monthly statement during the December big spend but may switch to the gift card method.
I believe some credit cards allow the cash back proceeds to be directed into an investment account.
How do you redeem the cash back that you get from your credit card(s)?