Video instructions and help with filling out and completing Can Form 8815 Redeem

Instructions and Help about Can Form 8815 Redeem

How's it goin everybody this is beat the bush somebody asks a really simple question of when you should redeem your credit card points on your credit cards this seems like a really simple question because when I first read it I'm like yeah you know your credit card points you just redeem it whenever you have it a question like that actually gets really complicated really quickly if you want to try to optimize the value that you take out of the cash back or points sometimes you can only redeem it at certain increments such as $25 or $50 increments if you have one penny less than any of these then you are not able to redeem it yet sometimes the redemption value is only in increments of 25 or 50 dollars so if you have like 25 dollars and one cent or 26 dollars you cannot redeem 26 dollars you can only redeem it at 25 dollars increments now most of my cash back points allow redemption in cash value and most of them just gives you cash rather than having points where I have to try to redeem it for airfare hotel or whatnot I have so many of them that it's really hard for me to meet the threshold every single month therefore I may have cards where I only redeem it once I reach a threshold maybe every six months or every one year and I don't actually keep track of this I just log on every once in a while and when I see I have enough cash back I'm like oh look there's enough there is $50 there's $25 I just like click it whenever it's actually possible sometimes I might try to redeem it when I see there's you know maybe 20 dollars or more in it and then it would say oh no you need more than that then I'm like okay you know so next time when I come around there is enough at most is only going to be like $20 $30 sitting there and that's okay because it's not that big an amount sometimes credit cards are really good where there's no threshold and you can redeem it at any increments you want sometimes you can redeem it for like a dollar 50 or something and it can go back into a statement credit sometimes they give you the option of a statement credit or redemption into a checking account now if you don't care if there's a slightly larger credit card balance then yes it's okay to put it in your checking account put this cash back value there rather than put it as a statement balance to me this is such a small value that you cannot really just put it into your checking account and somehow movie to a savings account so that you collect interest this amount you know twenty five fifty dollars it's just so small that I rather just most of time put it into statement credit and kind of reduce the statement balance just from the usage of the card itself another question to ask is if this card has an annual fee I once had a card where I built up a lot of points in it however I did not get the chance to go traveling and let's use the points for more value than one cent per point basically and so I waved the cost of the annual fee and I decided to pay the annual fee because if I kept the card I can get three percent cash back on travel and if I'm going to buy like a one thousand dollar plane ticket that's thirty dollars right there the value of the points was hundreds of dollars so it was in that case worth it for me to paid ninety five dollars just so that I can delay the usage of those points otherwise I would lose a lot of value yet another question to ask is if the points do expire most the time points these days do not expire as long as you have the card however if you have an annual fee on the card it will serve you better to try to use them up as fast as possible for the most value as possible now if you earn some points on a credit card and you have yet to spend it however there's an annual fee coming up at the one-year mark then you might want to mark your calendar right before the one year marks to remind yourself to use those points because if you don't give yourself enough time to use up the points you might be forced to pay the annual fee so that you can keep the points if you try to go and cancel the card they would remind you yeah you know if you do this you'll lose your point and then you'll be tempted to keep the card if you intended to not pay the fee then you would be forced to pay the fee and thus lose a little bit of value in your points that you gathered so all of this is really more complicated than it needs to be if you have a lot of credit cards that gives you cash back certainly I personally just keep on redeeming it as soon as I can I hope this video helps you redeem your points or cashback value for as much value as you can go for it - 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