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Discover - is it worth saving cashback?

natevines 1,052 153 January 6, 2016 at 05:23 PM
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Been a Discover card member for 5 years. I'm still a college student (graduate now), but have ensured to pay my full balance all the time. Always felt that redeeming cashback for statement credit was the most responsible thing to do. But I remember hearing about deals that double the credit, etc, but I haven't heard about that in a while.

In your estimation, is it worth saving the credit? I average about $5-10 a month in cashback so it's not like I'll have some remarkable sum of money for years to come.

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#2
I used to - and it paid off once, but that was still a few years back. Since, I just cash out every other month or so.

The deal I speak of was when they offered Shell GC's, $20 for $40 value. I cashed out over $1000 in cash back on that one, sold the GC's to an online service and cleared $900 or so on top of the cash back. I've been waiting for a deal like that to come along again, or hoping it would be an annual event, but it hasn't happened. That must have been about 2011 or so.
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#3
I haven't seen any particularly good Discover cashback deals in awhile. You can often (always?) get $50 GC for $45 for certain merchants, but the selection is very limited.
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As the username says ...
#4
I use to just use points on Amazon every month. Last year I saved all my points and used them for Christmas. I already have $46 from last month. Never looked into the buying a GC though. Six years ago I had the same deal (it's different now) with my credit union and I was able to cash out $500 BB GCs and get my son a iPad for Christmas. I didn't even know I had the points. I make all my purchases with my Discover and pay all my bills (when possible).
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#5
I just cashed out $500 worth for Staples GCs...people keep waiting for the Shell deal to be duplicated, but I doubt it will. And meanwhile, the CB accumulates.
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#6
One thing's for sure - it doesn't make sense to use the CB on Amazon directly, as you get ZERO benefit from it, especially in 3-4Q 2015 when Discover was giving 5% @ Amazon. You are better off making a purchase (and getting 1% or whatever) then applying statement credit, than using the CB directly (and getting 0% CB).
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#7
I always keep a fair amount reserved and hope a good deal comes up, but as others have said it's been a really long time since Discover offered any truly good gift card deal.

You really have to do the math and figure where your best value is: If getting a statement credit will save you from paying a month's interest, then that's a good use of money. Realistically, the money I keep in there gets reserved for Lowe's or Autozone gift cards in case of home or vehicle emergency. Smilie
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#8
Agree with others in the thread - no significant discount on gift cards in several years since the Shell deal. No longer even $50 GC for $40 (which represented a 10% discount).

I do still have CB $ with Discover as current MMA/DDA alternatives are yielding <1%, but that will change as interest rates continue to rise after the Dec Fed move....
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#9
Quote from megakimcheelove View Post :
Agree with others in the thread - no significant discount on gift cards in several years since the Shell deal. No longer even $50 GC for $40 (which represented a 10% discount).

I do still have CB $ with Discover as current MMA/DDA alternatives are yielding <1%, but that will change as interest rates continue to rise after the Dec Fed move....
The ongoing 20% off Staples is a significant discount as for as I'm concerned.
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#10
I always use mine on AMC gift card deals. Two gold theatre tickets and a $5 AMC gift card, for $20. Their estimate of its worth is $25. In my area it's worth even more than that. I don't put the balance on my card's bill to help pay it because I don't need to and I prefer to get the extra bonus cash.
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#11
Quote from Dr. J View Post :
I used to - and it paid off once, but that was still a few years back. Since, I just cash out every other month or so.

The deal I speak of was when they offered Shell GC's, $20 for $40 value. I cashed out over $1000 in cash back on that one, sold the GC's to an online service and cleared $900 or so on top of the cash back. I've been waiting for a deal like that to come along again, or hoping it would be an annual event, but it hasn't happened. That must have been about 2011 or so.

Yeah that was the Discover gift card deal of legends lol. In fact, it was the only one worth anything ever imo. A truly awesome deal and I think a lot of people have held onto the cashback dollars in hope of another one coming close. At this point though, they have done nothing but cheapen the Discover benefits (in particular Shop Discover\Discover Deals) so taking a statement credit is probably the best option.
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#12
Quote from YanksIn2009 View Post :
Yeah that was the Discover gift card deal of legends lol. In fact, it was the only one worth anything ever imo. A truly awesome deal and I think a lot of people have held onto the cashback dollars in hope of another one coming close. At this point though, they have done nothing but cheapen the Discover benefits (in particular Shop Discover\Discover Deals) so taking a statement credit is probably the best option.

I'd been holding onto thousands of $$ for some time then finally cashed out. Now I might wait a few months before cashing out (statement credit).
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#13
I've been depositing the cashback to my checking account monthly; those gift card deals don't seem to be attractive or frequent
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