Collecting credit card/department store card points (1 Viewer)

[Ryan Tsang]

My examples probably apply to Canadians...

I've been calculating the "spending-reward" ratio of a couple of types of points and I'm interested in what others collect.

Airmiles: I used an avg of $15 for every 1 Airmile. I don't collect AMs but my gf says usually it's $20 but depending on where you go, sometimes it's double AM, and other bonuses arrive in the mail. I calculate you need to spend at least $60000 to get a $400 Ipod (3900Ams). Roughly, 0.67% return.

A buddy of mine has a Scotia Bank credit card which he gets 1% back and could go toward gift certs at the Bay, and such.

I'm collecting Petro-Points from gas, as well as from my CitiBank MasterCard. Best case scenario, I get to convert 300000 PP (or $30000 spending) into $600 gift cert at Sears for a 2% return. The upside is I can buy anything at Sears, whereas other programs have a catalogue to choose rewards from. The downside is in order to get the 2%, you have to wait to accumulate 300000 petropoints. the sooner you cash out, the smaller the return.

Anybody want to share what they are collecting and how much you are getting back?

 

[Mort Corey]

I don't get squat and don't really care. I called both the banks I hold cards with (only have two) and asked them for the lowest interest rate available on a consistant basis (not a teaser rate). Both cards are around 7% and that seems fair enough. It just seems that with those "rebate" programs you probably end up paying for it yourself anyway. JMO and best guess......since I always love a good conspiracy anyway

Mort

 

[Jay H]

Funny, I'm kind of the opposite. I couldn't care less how much interest the card is, so long as there isn't an annual fee. I pay off my CC every month and never miss a beat, so typically I'm looking at what they offer as far as rewards.

Since I pursue a lot of outdoor interests, I have an REI visa card, but it's probably not the most "rewarding" in terms of percentage gotten back versus the money spent on it, but it is certainly rewarding in terms of getting free gear each year in the spring. I believe you get 1% on each dollar that you spend on it and if you use it at REI, you get 2% on the purchases. Usually, on I get somewhere between $100-$150 each year...

Unlike Ryan, I don't analyze though the amount spent vrs return. The REI card gives you cash to spend on anything at REI, it's basically like a GC.

Jay

 

[Scott Merryfield]

I've been using a CitiBank Driver's Edge card for several years, where you accumulate 2% of purchases towards a new car purchase or lease. We usually get about an $800 rebate towards a new car every 3 years. The program started through Ford Motor Company as 5% of purchases towards Ford products. Back then I was able to get $2,100 back on a Mercury Villager purchase.

Like Jay, I do not really care about the interest rate on the card. We pay them off every month, so my needs are for no annual fee and a rebate program I can use. Airline miles programs do not work well for us, since we fly Spirit Airlines more than any other, and they do not have a frequent flyer program.

 

[Mort Corey]

You mean there are CC companies that still charge annual fees? Guess it's been a while since I looked. Interest rate terms make a difference (to me anyway) as I usually only use a card for high dollar purchases to have a little leverage over the supplier should a problem arise with the product. Worked well for my plasma panel as the CC company doubles the manufactures warranty if you use their card....so I guess that is a freebee bennie of sorts. New windows for the house on the CC just to have the leverage should anything have gone wrong plus easier (and cheaper) than other financing options with a lot less hassle for a short term loan.

I guess maybe I do get other "points" for stuff but I usually just ignore it as a sales pitch.

Mort

 

[Scott Merryfield]

We had our windows replaced earlier this year, and the company offered a "12 months same as cash" deal. I love free loans.

 

[James T]

My dad has a boatload of Petro Canada points.

The only point card I have is my Canadian Tire Master Card. I think I used it once to spend $75.00 about a year ago. I just checked it today as I was paying my bill online and I have about $50 of CT money. Not much, but it's good enough for little supplies when I'm short on cash.

 

[Ryan Tsang]

Sometimes. If it was a store-specific card and it forced me to buy things there that are cheaper elsewhere just to earn their points, then that's stupid.

The beauty with my Mastercard is no annual fees and I collect points EVERYWHERE, not just at a specific store. Groceries, internet, phones, gas, car insurance, disability insurance, professional fees, damn near everything. I have to look into getting rent and car payments on there too. I'm spending the money regardless, why not get something for it.
I was only collecting Petro point during fill ups but it's waaaaayyyy too slow. Since I got this card, my whole life's on it. Oh....most importantly, I pay it off every month.


I had a GM card but you couldn't pay me to drive a GM. Maybe except a Hummer.

 

[Joe Schwartz]

My Citibank credit card pays a rebate of 5% of all purchases at gas stations, supermarkets, and drug stores, plus 1% of all other purchases (up to $300 per year). That's better than most of the "points" programs I've seen, and I can use the rebate to buy anything (instead of having to choose from a list of awards).