Skip to main content

Best Way to Use Amazon.com Credit Card Points

Credit card reward programs can get pretty complicated.

It’s easy to under how you earn the points, but how do you spend them?

You don’t want to spend them the wrong way and leave money on the table.

When we got the Amazon.com credit card, I was happy to earn 5% on my purchases at Amazon but I wasn’t entirely sure how to spend the points. What was the best way?

Fortunately, Amazon and Chase have made it very simple once you understand the program.

So, what is the best way to use these Amazon credit card points?

Table of Contents
  1. Ways to Use Amazon.com Credit Card Points
  2. 💸 Cash Back is the Best Way
  3. Not All Rewards Are Like This

Ways to Use Amazon.com Credit Card Points

The Amazon.com credit card has a few options but they’re all valued at 1 penny per point.

You can use them:

  • for purchases at Amazon.com – 1 penny per point
  • for Travel – 1 penny per point
  • for Cash Back – 1 penny per point
  • for Gift Cards – 1 penny per point

Unfortunately for your rewards (but fortunately for your sanity and memory), everything is 1 cent per point.

💸 Cash Back is the Best Way

Right now, given how all the redemption methods value the points at 1 penny per point, cash back is the best option.

Shopping on Amazon.com with your points may sound great but when you pay with points, you aren’t earning 5% point on those purchases.

If you are carrying a balance on your card, you may be tempted to use the points on purchases to keep your balance low… but you are still better off getting the cash, paying down your balance, and then making those purchases with your Amazon.com card because you’re earning 5%.

Gift cards and other redemption methods will also be sub-optimal because you can always make those purchases on the card and be earning points in the process.

Getting cash back is super simple… just log into your account, click on the “Earn/Use” drop down at the top (where it shows your point total), and select Cash Back at the top:

Then you can transfer the points into cash directly into your linked account. You can redeem for a statement credit too if you want to skip a step, it won’t affect your rewards benefit but it also will not count towards your minimum payment that month.

Until Chase and Amazon change the redemption values, or add transfer partners that make it a better deal, cash back is king with the Amazon.com card.

Not All Rewards Are Like This

You might think that cash back is the best for all credit cards but that isn’t the case.

There are many programs that offer a higher valuation on a point when you spend it on other things. For example, there are programs where you can get a higher value per point when you use those points on the card’s travel portal – Chase Ultimate Rewards is a good example of this.

Sometimes you can get better value if you transfer the points to a transfer partner, as is the case with some airlines. You have to know the airlines involved and have a use for the points, which will affect the value of those points to you personally, but it offers a potential for higher values.

But for the Amazon card, until something changes, cash back is king.

The post Best Way to Use Amazon.com Credit Card Points appeared first on Best Wallet Hacks.



from Best Wallet Hacks https://ift.tt/Lc8HkjG
Labels:

Comments

Post a Comment

We will appreciate it, if you leave a comment.

Popular posts from this blog

Everyday Items That You Can Recycle for Money

Why toss things in the trash when you can recycle them — and make a little money in return? By diverting certain items from the waste stream and keeping them out of landfills, you can also make extra money or help out worthy causes. From scrap metal to ink cartridges, bottle caps to construction materials, you can recycle a huge variety of items in exchange for cash. We’ve also included information on how to recycle items for the sake of good will. Ready to see all the different things you can recycle for money? How to Recycle Household Items for Cash First, you’ll need to find a recycling center or collection point that is looking for what you want to get rid of. While the goal is to make money, you might settle for a donation — which could be tax deductible — if it means clearing out the garage. The collection center will also let you know how to prepare items to their specifications. Find a Collection Point To find a recycling center near you, head to Earth911.com and plug in
Post a Comment
Read more

Fizz Debit Card Review: A Credit Builder for College Students

If you’ve struggled with poor credit or are completely new to credit, you know how hard it can be to build a strong credit score. The lenders who offer the best credit products and the lowest interest rates seem only to want to deal with clients with excellent credit. But how do you build credit without debt ? To help, an increasing number of fintech companies are developing credit-builder loans and other products to help people establish or rebuild their credit. Some are more successful at it than others. In this Fizz review, I’ll explain how one company aims to help college students build credit and create healthy financial habits. But how does Fizz work, and is it safe to use? I’ll answer those questions and more in this Fizz review. Table of Contents What Is Fizz? How Does Fizz Work? How Does Fizz Make Money? Key Features of Fizz Build Credit Control Spending Earn Rewards Learn About Money Pros and Cons of Fizz Fizz Alternatives Extra Debit Card Sesame Cash
Post a Comment
Read more

How to Ask Your Manager for Feedback (& easily impress them)

Your manager is either your greatest friend, or your biggest obstacle. No matter where your manager stands on this spectrum, getting feedback from them is going to be a valuable resource for your professional growth so this is something you should be doing consistently at work if you want to get more promotions and raises. […] Source from I Will Teach You To Be Rich https://ift.tt/XNUxhGu
Post a Comment
Read more