During this recession, cash in credit card rewards to save money could be something you might consider. And with so much uncertainty with the stock market, and risk of points being devalued, is the best action to cash out your points for cold hard cash?
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29 comments
why are you calling it a recession? a recession is defined as "a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters." big thing is two quarters.
Do you think credit card companies
will relax their standards for granting credit now that the economy is going to hell?! For instance, I’m wondering if Chase will change it’s 5/24 rule now that the economy is tanking?
lol Marriott
If the stock market keeps going down, it may be better to cash in the points and invest. It would put the money from the points into a compounding interest platform, as opposed to a devaluing point platform. That being said, my current strategy is to hold onto points as part of my emergency fund strategy.
Great points!! I think i am going to be keeping my points as I think this is going to be a short "recession" – Once the 'pandemic' dies down, the economy will bounce back!!
Travel is already screwed at least for years to come for the crash the economy fake virus hoax. Planes put up. Employees fired. Most routes cancelled. Looks like your channel is going to be going out of business soon as not needed as the liars who pretend they are government will block travel in case I want to go somewhere and speak the truth. Everything the government says is a hoax. Everything.
I just cashed in half my MR points and invested with the Schwab Platinum. Splitting the difference works for me. I get to invest with the market in decline and by the time I build my point coffers back up, hopefully we will all be healthy and traveling again. 🤞🏾
#Teamcashback2020! I have enough points with Delta & JetBlue to fly and they don't expire. I'll use my new points for cashback this year.
No change for me going for Schwab platinum as soon as I can!
posted
https://www.facebook.com/groups/254316591653943/?multi_permalinks=922700524815543¬if_id=1584850817974765¬if_t=feedback_reaction_generic
I think for non travelers or even infrequent travelers, cashing out points would be the smarter option only if they decide to use that extra cash as an investment opportunity. HYSA are basically useless at the moment but everything as you said, will rebound eventually. Therefore I find the risk of dollar cost averaging ETF purchases over this low period a much better use of credit card rewards if your horizons are long term.
Thanks for the vid 👍🏾
If people need to cash in their points of an emergency, at this point, they need to evaluate the finances, because credit cards may not be right for them.
Hey Dustin. Thanks for the great content. I am not changing my strategy. Perhaps people can balance points vs cash such as taking cash from Rakuten and saving points from the card purchases? It is a bummer to see all these travel companies (cruises, airlines and hotels) take such a big hit with all their employees, as well as restaurants. For those who can, we should try to have food delivered by local restaurants and just like you said, play with the award travel matrix, so that when we can get out and see the world, we are ready to support economies and have our experiences.
Thanks for the video upload Dustin. You are definitely helping us get through this crazy time. I am still saving my points and miles for a trip to New Zealand 🇳🇿 or South Korea 🇰🇷
If the current Marriott promo is any indication, they are ready to watch the world burn with their mediocre program.
I've been heavily invested in Chase and primarily redeem via travel portal with CSR. I no longer plan on using the portal; since the cancellation and rebooking fiasco I'll be booking direct with the airline/hotel. That said I cashed out my UR balance since I no longer plan to book via Chase and am recently over 5/24.
I have a few hundred thousand points and aren’t struggling right now, but I have no interest in traveling for the near future. I might cash out a small portion of my points if it’s beneficial.
Excellent advice!
My points are definitely staying put until things pick up again. All this online shopping we all have to do now to get nonessentials is beefing up my earning rates since I'm able to use purchase portals more, like Chase and Rakuten. Hang tight everyone- this shall pass ✊
I think the only exception is the US Bank altitude points! Like your previous video you made, it’s better to cash out using real time redemption. My wife and I will take your advice. Me will cash out using real time redemption using your advice.
Basically: if you're struggling and could use any cash you can get to make it through, cash out the points take the money and feed yourself and your family. If you can afford to wait it out and don't really need the quick cash then hold on and wait and see what happens.
Staples gift card is 1MRP:1cent for Amex. Not the best but if you need to cash in your points for stuff at staples….personally I’m saving up a nest egg for future travel…
I'll be calling amex tomorrow to cancel as travel cards are worthless right now. Lets see what they say
I was thinking about cashing out my ur points. Not because of recession but because I have enough mr points for now. Might not do it
I'm sitting on about 460K amex points and 208K Delta Skymiles. I'll get back to traveling soon!!
Ugh I’m a hoarder
Dustin: 1:57
Covid: 28 days later…
Dustin: … 9:14
Covid: … 28 weeks later…
Delta just devalued you’re points system 🤬