Author Topic: Paying for a goal with cc reward cash  (Read 2622 times)

meadow lark

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Paying for a goal with cc reward cash
« on: November 20, 2013, 04:35:19 PM »
Was that title vague enough?  I want a PV solar system for my house.  According to my electric bill we are using about 6 KWh a day, so a 3 kWh system is reasonable.  We use gas for heat, dryer, stove and hot water heater.  I don't want to oversize it, as we may get more efficient over time, especially after my son moves out.  Www.find-solar.com estimated my cost, after all available rebates by my zip code, to be $3,280.  And estimated a 10 year pay-off.  Not sure how to calculate return on the investment.
  My goal is to pay for the $3280 (or whatever it turns out to be) with cc rewards.  And if I have to use the rewards as statement credits on my cc's, I will put aside that amount of money until I have enough to buy my PV system.
  Anyone want to join this challenge of paying for something with cc rewards (even travel!)with me?

Empire Business

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Re: Paying for a goal with cc reward cash
« Reply #1 on: November 20, 2013, 08:10:16 PM »
That is a pretty good idea.  I would like a new computer monitor (or two).

Additionally, you have helped me learn something today.  It dawns on me that I might be able to afford them right now if I took a few minutes to sweep rewards from all my cards...

CG

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Re: Paying for a goal with cc reward cash
« Reply #2 on: November 21, 2013, 01:38:37 AM »
I use all mine for once a year overseas flights, even if I sometimes have to top up with a cash payment to meet the full cost.

sunshine

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Re: Paying for a goal with cc reward cash
« Reply #3 on: November 21, 2013, 05:11:34 AM »
I've been doing this. I paid for some of our upcoming vacation this way and am still doing it for the spending $ for the trip. I just had Discover dump an extra $50 in my checking and transferred it to our vacation account. 

What a great idea to pay for the system you want!

Iron Mike Sharpe

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Re: Paying for a goal with cc reward cash
« Reply #4 on: November 21, 2013, 07:31:41 AM »
I'm sitting on $325 in Amazon rewards points.  The thing is all of my wants/needs are already budgeted for.   I guess I'll just sit on them until something comes up.

Greenbeard

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Re: Paying for a goal with cc reward cash
« Reply #5 on: November 21, 2013, 09:14:39 AM »
I love CC rewards, I like to find loopholes and earn extra.  I'm trying to pay for all my xmas gifts with rewards this year.

I just found a way to get 4% by buying AMEX giftcards that I use myself for everyday spending, then I'll spend the 4% return on xmas gift shopping.  I started with $3000 to earn $120.  I'll let you know how it goes.

meadow lark

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Re: Paying for a goal with cc reward cash
« Reply #6 on: November 21, 2013, 09:19:19 PM »
Nice!  So far I have the Chase Sapphire, which looks like I should get $400 or $500 back (I've read both #'s.). I just applied for a Barclaycard that is supposed to get $440 back.  I am doing them one at a time to make sure I use the required amount  in the right time frame.

mrfilthyrich

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Re: Paying for a goal with cc reward cash
« Reply #7 on: November 26, 2013, 02:06:54 PM »
I just got the Chase Sapphire Preferred card as well.  We always pay off our credit cards in full so feel silly not to reap some awards!  Time to figure out how to spend 3k.

needmyfi

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Re: Paying for a goal with cc reward cash
« Reply #8 on: December 12, 2013, 03:24:27 PM »
We use our rewards for all of our clothes.   Everything we can put on rewards goes through the cards -and gets paid off every month of course.  We don't have high spending so we don't have huge reward balances.  DH checks the deals and makes notes on which cards to use for which purchases.