Rewards

So I signed up for an Amazon Credit Card offered by Chase Credit Card Services because I wanted to try out the idea of earning points.  In the first month, I earned 270 pts. at Amazon and 180 at other locations for a grand total of 450 pts.  My bill informed that it would take 2500 pts to earn a $25 Amazon gift card.  The actual dollar amount I spent to earn my 450 was $179.95.  All of the purchases were in my normal budget for the time period.   That is, I wasn’t just spending to spend.  I would have spent the cash anyway but I wanted to test the value of this offer.  The offer includes a 0% charge if the charges are paid by the billing date.

So I set aside the cash, and I paid the bill immediately.  Still, for $179 I received 450 in points.  In other words, to get my first reward of a $25 reward certificate, not cash, I would have to spend another $716.  Hmmm?  Do I need anything immediately?  No.  Can I be patient enough to spend regularly and monitor the repay cycle so as to avoid the 22.49% APR?  Probably.  Is this meticulous approach to spending, thinking about the purchase, setting aside the money, monitoring the cycle, and using the reward ($25 or more) appropriately, going to be worth my time and effort?  I think so.  At this point the key word is Patience. 

Some side effects:  I won’t hold up the line.  I don’t have to use my pocket cash.  I can pay via online banking.  I can monitor my expenses.  I can overspend very easily so being careful is even more important.  Especially since being able to buy things without caution has always been my down fall.

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2 Comments »

  1. Chase said

    Excellent blog, added to favorites!!

  2. Bob said

    Yes it is necessary to suffer only in such cases

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