As mentioned in my last Paypal Rewards card video, I got 50,000 reward points just for applying the card and spending $3000 in the first 3 months using the card (my average monthly spend is probably about $1000, so it's quite easy). After logging into paypal, when I was looking at the transaction record listing things I already paid for using the card, I noticed that there is an option to "pay with points".
After clicking the button to test it out, warning bells started ringing in my head, as doing some quick mental arithmetic showed that the value of the points was less than what they are meant to be worth.
50,000 reward points was advertised to be worth $250, but if you try and spend the points inside the transaction log on things you've already bought, you will only get $175, which is 30% less than $250.
Essentially I found out that in order to get the full value from the points (50,000 reward points for $250, so 200 points for $1) you will need to make sure you use the points when you are paying for the goods rather than afterwards. I will demonstrate what I mean in the video.
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My American Express is like this too. You can choose between about 100 different gift cards, but they vary in how much they cost. Home Depot cards are 1%, almost everything else is less. So for 100,000 points I get $100 gift card, but for something like Best Buy which would be far more useful I would need 130,000 points, an American Express gift card would be 200,000 points.
So I end up with a shit ton of Home Depot credit and pretty much shop their for free. Lately though I only use my American Express for grocery stores and food as I get 3x points when I do, the rest I put on my Fold card which gives out up to 100% rewards in BTC.
Wow Fold card sounds interesting! I'll have to look into that! Thanks for sharing Marky Mark. I don't have American Express but my parents do. It sounds like a really good deal.
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A little overrewarded due to haejin/rancho.