Forum Thread

Making a big purchase wanting to max out rewards

Mami_Love8110 131 17 December 29, 2015 at 11:54 AM
Deal
Score
0
2,925 Views

Thread Details

Hello! Next year I plan on making a big purchase at Ikea ($10-$15k+) and I want to use it to my advantage and get rewards from it. I plan on paying the purchase off right after so interest free is not needed

I have excellent credit (800+) and already have a lot of cards to my name (none with a carrying balance month to month and any can cover the whole cost) in the past before paying a bigger bill ($2k+) I'd use the bill for the spend requirement for the sign up bonuses and I have accumulated a lot of points that way. But that haven't been as big as this coming up one so I need to find one or a few that I can use to max cash back or travel. I do have a Europe trip in 2017 I could use miles for. Whichever ends up being the best deal is what I would like to go for, whether it be cash back or miles.)

Cards I currently own:

-Chase Freedom (5% cash back in rotating categories, 1-5% on the rest)

-Chase United Airlines (just got this the second time in June for their 60kpoint signup, after getting another 60k point sign up in 2012 for an international trip so bonus used up for now)

-Chase Slate (no rewards worth using)

-Barclay Arrival (used their sign up bonus last year for an international trip)

- Amex Blue Preferred (6% cash back on groceries, 3% gas 2% depr stores 1% all else, interest free until 2017)

-Citi Preferred (no rewards worth using I believe)

Thoughts? I don't like to run my credit until I have to, and approval is not a problem per say. But if there's a card you think is worth applying for for the sign up and/or rewards for this purchase, let me know.

13 Comments

1

Sign up for a Slickdeals account to remove this ad.

#2
I'm just curious how you could spend $15k at Ikea...a ton of furniture? New house?
Reply Helpful Comment? 0 0
#3
If it were me I would do the British Airways card. 20K spend in a year gets 100K bonus.
Avios are not the most valuable point/miles but 100K can do a lot of flying.

I do a lot of credit card spending (800K last year). I am switching all spending to Discover Miles card because you essentially get a 3% rebate in travel dollars for the first year.

That said for a one and done purchase do the BA card because most cards sign up bonus is a min spend 1-4K and those should be really easy to hit where your purchase opens up the full potential of the BA card.


I would be happy to refer you!!! (it would get me a 5K bonus) PM me your email if interested.
Reply Helpful Comment? 0 0
Joined Aug 2011
L3: Novice
131 Posts
17 Reputation
Original Poster
#4
Quote from Raylon View Post :
I'm just curious how you could spend $15k at Ikea...a ton of furniture? New house?
Kitchen/dining room/family room remod.

Quote from stallion114 View Post :
If it were me I would do the British Airways card. 20K spend in a year gets 100K bonus.
Avios are not the most valuable point/miles but 100K can do a lot of flying.

I do a lot of credit card spending (800K last year). I am switching all spending to Discover Miles card because you essentially get a 3% rebate in travel dollars for the first year.

That said for a one and done purchase do the BA card because most cards sign up bonus is a min spend 1-4K and those should be really easy to hit where your purchase opens up the full potential of the BA card.


I would be happy to refer you!!! (it would get me a 5K bonus) PM me your email if interested.
Let me take a look at those cards, they aren't ones I've looked into. If I end up going with one I'll def send you a PM for the referral. Thanks!!
Reply Helpful Comment? 0 0
Last edited by Mami_Love8110 December 29, 2015 at 12:51 PM
Joined Nov 2005
L10: Grand Master
25,032 Posts
3,353 Reputation
Pro
#5
Quote from Mami_Love8110 View Post :
Kitchen/dining room/family room remod.



Let me take a look at those cards, they aren't ones I've looked into. If I end up going with one I'll def send you a PM for the referral. Thanks!!

I was going to say.... only way to drop that $$ @ IKEA would be a complete kitchen remod.

Anyway, IKEA used to offer (still does.... I dunno, I don't shop there often) a 3% discount for debit purchases [creditaddict.com]. Well, actually when you make a debit purchase they'd print a coupon for 3% off a future debit purchase.

If that's still the case, depending on the T&C (mostly if there is a limit to the discount), that's about the best you are going to do. for $15k that's $450 off. Seems the best straight cash back card is 2% (Citi? double cash back) and the best you are going to get from points-based card is a few ppd, and usually points aren't valued at 1:1 (e.g. 1 point will be less than 1 cent).

So if I were you, I'd look into the 3% and go that route especially if there is no limit, and the plus is that you don't have to take out another credit account.

also look into IKEA family [ikea-usa.com] which has some rotating product discounts, free coffee and whatnot. It's free.

Note that none of the above take into account signup bonuses. I did that on purpose as these can easily be met at any time without such a large purchase (and again that's another credit line, inquiry, etc)
Reply Helpful Comment? 0 0
Joined Aug 2011
L3: Novice
131 Posts
17 Reputation
Original Poster
#6
Quote from Dr. J View Post :
I was going to say.... only way to drop that $$ @ IKEA would be a complete kitchen remod.

Anyway, IKEA used to offer (still does.... I dunno, I don't shop there often) a 3% discount for debit purchases [creditaddict.com]. Well, actually when you make a debit purchase they'd print a coupon for 3% off a future debit purchase.

If that's still the case, depending on the T&C (mostly if there is a limit to the discount), that's about the best you are going to do. for $15k that's $450 off. Seems the best straight cash back card is 2% (Citi? double cash back) and the best you are going to get from points-based card is a few ppd, and usually points aren't valued at 1:1 (e.g. 1 point will be less than 1 cent).

So if I were you, I'd look into the 3% and go that route especially if there is no limit, and the plus is that you don't have to take out another credit account.

also look into IKEA family [ikea-usa.com] which has some rotating product discounts, free coffee and whatnot. It's free.

Note that none of the above take into account signup bonuses. I did that on purpose as these can easily be met at any time without such a large purchase (and again that's another credit line, inquiry, etc)
Thanks for the reply! Much appreciated. I'll take a look at the debit 3% and see if it's still fully active. I was not aware of it. I have the Ikea family, waiting for their 20% off kitchen sale first which is typically in the spring, so I'm preparing now for it.
Reply Helpful Comment? 0 0
#7
At least where I'm at the Ikea no longer does the 3% back using a debit card. Too bad Discover IT doesn't consider Ikea as a home improvement store then you could get that assuming they will rotate that category again in 2016.

Honestly if I really wanted to work at it to save at Ikea I would first off wait until they do 30% discount on kitchen reno that they tend to do yearly. I would consider finding discounted gift cards if worthwhile. You may be able to find a rotating category card that will give you 5% at ikea, but possibly up to a limit. Maybe consider the Citi 2% CB card? For purchases that are smaller ($250 or less) at ikea you could print out multiple $25 off $250 coupons you can get online for their movers program. I've done it 3 times using the same coupon that I copied three times. When we did our kitchen reno we were very close on using them for countertops since their caesarstone quartz is a pretty good deal after the discount with no tax. If you can do your own reno and like their limited quartz options it can be a competitive deal for their stone, fabrication, install pricing. Too bad they don't carry some of the nicer quartz countertops out there.
Reply Helpful Comment? 0 0
Joined Aug 2011
L3: Novice
131 Posts
17 Reputation
Original Poster
#8
Quote from boingyman View Post :
At least where I'm at the Ikea no longer does the 3% back using a debit card. Too bad Discover IT doesn't consider Ikea as a home improvement store then you could get that assuming they will rotate that category again in 2016.

Honestly if I really wanted to work at it to save at Ikea I would first off wait until they do 30% discount on kitchen reno that they tend to do yearly. I would consider finding discounted gift cards if worthwhile. You may be able to find a rotating category card that will give you 5% at ikea, but possibly up to a limit. Maybe consider the Citi 2% CB card? For purchases that are smaller ($250 or less) at ikea you could print out multiple $25 off $250 coupons you can get online for their movers program. I've done it 3 times using the same coupon that I copied three times. When we did our kitchen reno we were very close on using them for countertops since their caesarstone quartz is a pretty good deal after the discount with no tax. If you can do your own reno and like their limited quartz options it can be a competitive deal for their stone, fabrication, install pricing. Too bad they don't carry some of the nicer quartz countertops out there.
Really great ideas, thank you! I'm for sure holding off on their sale. I would prefer if they caried better quartz, I'd love a nice marble look and theirs are mainly solid. May have to look at the upcoming rotating categories in cards and possibly split the cost over several to their max
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

#9
Quote from Mami_Love8110 View Post :
Really great ideas, thank you! I'm for sure holding off on their sale. I would prefer if they caried better quartz, I'd love a nice marble look and theirs are mainly solid. May have to look at the upcoming rotating categories in cards and possibly split the cost over several to their max
Ikea has Frosty Carrina ($89 sq ft for 3cm thick including template, fabrication, install in my area before 30% deal) which is closest to carrara marble (assuming that's what you mean the look of marble), although subtle compared to some of the other quartz these days. They really have stepped up the game and some quartz look almost identical as some of the higher end carrara marble and even calacatta marble. Both are beauties. You would expect to pay a premium for these quartz though so if you have a big kitchen that can be costly.
Reply Helpful Comment? 0 0
#10
I agree with Dr. J why not pay it with debit card / check you might get a bigger discount than using the reward system maybe ask for a manager and put it to him straight (I will buy a high x amount of merchandise and I would like to ask if I can get a better discount buying via debit /check).
Reply Helpful Comment? 0 0
just being slick
Joined Nov 2008
3d20 +5 Sword of Stacking
4,097 Posts
3,681 Reputation
Pro
#11
Given such a large purchase, the answer to maximizing your rewards is using new cards with sign-on bonuses, NOT any existing cards.Timing may not be optimal, but if you can find 4-5 cards which each have a sign-up- bonus with $3,000-$5,000 minimum spend, split the purchase between these cards to "hurdle" each requirement. Collect 4-5 sign-on bonuses.
Reply Helpful Comment? 0 0
Joined Nov 2005
L10: Grand Master
25,032 Posts
3,353 Reputation
Pro
#12
Quote from megakimcheelove View Post :
Given such a large purchase, the answer to maximizing your rewards is using new cards with sign-on bonuses, NOT any existing cards.Timing may not be optimal, but if you can find 4-5 cards which each have a sign-up- bonus with $3,000-$5,000 minimum spend, split the purchase between these cards to "hurdle" each requirement. Collect 4-5 sign-on bonuses.

My point was you can do that any time you want using MS. I don't know it would be wise to open 5-6 cards in such a short period of time (or if you could even do it) - don't forget most sign on bonuses are limited to 2-3 months.

The GC angle is a good thought but I can't find a consistent source of these. Raise has them for ~ 1.3% discount (only $1k total) and ebay only has 1 for sale with any real value (like $200). The extra ~ 0.3% over a run of the mill CC isn't worth the hassle IMHO.
Reply Helpful Comment? 0 0
#13
I think it also depends on the types of rewards and how you plan to use them. There is plenty to think about, and definitely some great feedback here for things to consider.
Reply Helpful Comment? 0 0
Joined Aug 2011
L3: Novice
131 Posts
17 Reputation
Original Poster
#14
I truly appreciate all the great feedback! I'll take all into consideration to come up with a game plan. Thank you!
Reply Helpful Comment? 0 0
Page 1 of 1
1
Join the Conversation
Add a Comment
 
Copyright 1999 - 2016. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard