Are all these prepaid schemes worth it?

Old Feb 26, 2013, 3:50 pm
  #1  
Original Poster
 
Join Date: Feb 2013
Posts: 18
Are all these prepaid schemes worth it?

As a beginner to the prepaid/points world, I'm wondering if it's really cost effective to do these Vanilla Reloads and other prepaid options. I know that it has the potential to save some cash, but with the continual $3.95 fees plus ATM fees, gas, and, most importantly to me, the time...I wonder if it's really worth it for most people.

I started doing all this last month and quickly noticed I'd spent hundreds of dollars very quickly, and also spent hours and hours. How does someone with a full time job and a family keep it up?

I also noticed this post today from Travel Summary blog that kind of outlines the same, but focuses more on the actual money involved. I tend to agree with it though on those grounds also.

How is this worth it to everyone? I feel like there's something I'm missing.
TravelWonk is offline  
Old Feb 26, 2013, 4:00 pm
  #2  
 
Join Date: May 2009
Location: USA
Programs: Marriott Titanium -> United Silver
Posts: 914
I personally don't, just because I find it to be too much trouble. I was too embarrassed the one time I showed up to my back trying to deposit thousands of dollars worth of dollar coins.

For me, the big fish are the sign-up bonuses and that's what I hunt.
DallasEsq is offline  
Old Feb 26, 2013, 4:04 pm
  #3  
Original Poster
 
Join Date: Feb 2013
Posts: 18
That's how I feel also. It's great for people who travel a ton, but I'm surprised there are so many of those type of people. I would think one or two big trips a year would be enough for most, and that can seemingly be done with credit card bonuses.
TravelWonk is offline  
Old Feb 26, 2013, 4:16 pm
  #4  
Suspended
 
Join Date: Jan 2013
Location: LAX/SNA
Programs: AA, Hilton Gold
Posts: 3,887
For some it's turned into a really addictive hobby. Where you might do photography, they might work for airline/hotel points.

That being said, yes, it can be very time consuming if you're having to play a cat and mouse game with CVS/OD/OM to get VR. The point for some is to exploit a 5x bonus they get on their Ink cards to get more points, for some, it's just to manufacture enough spending to meeting requirements for bonuses that our regular spending might not meet. If I know I'm going to need to spend $6k in 3 months, but know I can only support about $4k of that, I have no choice but to do one of two things:

A) Accelerate spending. Buying gas cards, pre-paying utilities, etc. Moving spending you would otherwise do later, to now, to meet the requirement to get a large sign on bonus.

B) Manufacturing spending. This is a lot harder, and has just become a game or a challenge that some find fun. There are some easy options, AFT, but some harder ones, depending on your location, VR.
PainCorp is offline  
Old Feb 26, 2013, 4:20 pm
  #5  
Original Poster
 
Join Date: Feb 2013
Posts: 18
Originally Posted by PainCorp
For some it's turned into a really addictive hobby. Where you might do photography, they might work for airline/hotel points.

That being said, yes, it can be very time consuming if you're having to play a cat and mouse game with CVS/OD/OM to get VR. The point for some is to exploit a 5x bonus they get on their Ink cards to get more points, for some, it's just to manufacture enough spending to meeting requirements for bonuses that our regular spending might not meet. If I know I'm going to need to spend $6k in 3 months, but know I can only support about $4k of that, I have no choice but to do one of two things:

A) Accelerate spending. Buying gas cards, pre-paying utilities, etc. Moving spending you would otherwise do later, to now, to meet the requirement to get a large sign on bonus.

B) Manufacturing spending. This is a lot harder, and has just become a game or a challenge that some find fun. There are some easy options, AFT, but some harder ones, depending on your location, VR.
Meeting minimum spend requirements definitely makes sense. And sorry, but what is AFT? I don't know all the acronyms yet
TravelWonk is offline  
Old Feb 26, 2013, 4:33 pm
  #6  
 
Join Date: Aug 2011
Location: ECP
Programs: DL Diamond
Posts: 1,658
I'm done with Bluebird ... 2 months in a row they mis-delivered my rent check leading to a 1 month process and a dozen phone calls just to get it refunded to my bluebird account. Seems to work fine for paying CC's, but as an exclusive use that worries me because of the association with Amex. I don't want a lifetime ban for a lousy 5k/month.
DC777Fan is offline  
Old Feb 26, 2013, 4:35 pm
  #7  
 
Join Date: Jul 2006
Location: Upper Sternistan
Posts: 9,958
Amex for Target - expensive, but do-able, but generally only useful for meeting minimum spends. Otherwise, $18/1000 points in the most straightforward usage, which is hardly appealing.

Last edited by josephstern; Feb 26, 2013 at 4:43 pm Reason: ETA - that was in reference to the "what is AFT" question
josephstern is offline  
Old Feb 26, 2013, 4:38 pm
  #8  
Original Poster
 
Join Date: Feb 2013
Posts: 18
So far sounds like most here people are on the same page, which is somewhat surprising. I thought there would be staunch supporters of all this considering there's a whole section based on it.
TravelWonk is offline  
Old Feb 26, 2013, 4:41 pm
  #9  
Suspended
 
Join Date: Jan 2013
Location: LAX/SNA
Programs: AA, Hilton Gold
Posts: 3,887
Originally Posted by DC777Fan
I'm done with Bluebird ... 2 months in a row they mis-delivered my rent check leading to a 1 month process and a dozen phone calls just to get it refunded to my bluebird account. Seems to work fine for paying CC's, but as an exclusive use that worries me because of the association with Amex. I don't want a lifetime ban for a lousy 5k/month.
I won't touch BB with Amex, only Chase/Citi/etc.
PainCorp is offline  
Old Feb 26, 2013, 4:42 pm
  #10  
Suspended
 
Join Date: Jan 2013
Location: LAX/SNA
Programs: AA, Hilton Gold
Posts: 3,887
Originally Posted by TravelWonk
So far sounds like most here people are on the same page, which is somewhat surprising. I thought there would be staunch supporters of all this considering there's a whole section based on it.
What do you mean same page?

Originally Posted by josephstern
Amex for Target - expensive, but do-able, but generally only useful for meeting minimum spends. Otherwise, $18/1000 points in the most straightforward usage, which is hardly appealing.
Compared to missing your spend and not getting a bonus, it's a small price to pay for 40-50k miles.

If you look at BB, it's reload fee is a little more expensive, much harder to do with a CC, and you don't get a free ATM transaction unless you do employer DD which most don't. So the fees will end up roughly the same if you just cash out. The difference of maybe $5 is worth the convenience to me.

The only real advantage to BB is you can use it to write checks for your CC, rent, mortgage, car, etc.

Last edited by PainCorp; Feb 26, 2013 at 4:48 pm
PainCorp is offline  
Old Feb 26, 2013, 4:42 pm
  #11  
 
Join Date: Sep 2011
Posts: 217
Very good thread, especially for a beginners to aor worlld, like me. Having said that, I am still going to do this as I want to earn Southwest CP ASAP. After that, I will think my strategies.

Originally Posted by TravelWonk
As a beginner to the prepaid/points world, I'm wondering if it's really cost effective to do these Vanilla Reloads and other prepaid options. I know that it has the potential to save some cash, but with the continual $3.95 fees plus ATM fees, gas, and, most importantly to me, the time...I wonder if it's really worth it for most people.

I started doing all this last month and quickly noticed I'd spent hundreds of dollars very quickly, and also spent hours and hours. How does someone with a full time job and a family keep it up?

I also noticed this post today from Travel Summary blog that kind of outlines the same, but focuses more on the actual money involved. I tend to agree with it though on those grounds also.

How is this worth it to everyone? I feel like there's something I'm missing.
punjabi2 is offline  
Old Feb 26, 2013, 4:46 pm
  #12  
Original Poster
 
Join Date: Feb 2013
Posts: 18
Originally Posted by PainCorp
What do you mean same page?
I just meant I expected more people to say something along the lines of "it's absolutely worth it" etc., but it seems most people agree that it might not be worth all the time and money.
TravelWonk is offline  
Old Feb 26, 2013, 4:49 pm
  #13  
Suspended
 
Join Date: Jan 2013
Location: LAX/SNA
Programs: AA, Hilton Gold
Posts: 3,887
Originally Posted by TravelWonk
I just meant I expected more people to say something along the lines of "it's absolutely worth it" etc., but it seems most people agree that it might not be worth all the time and money.
See my edited post above, I expanded while you were replying.

There are some that have taken it to extremes. Buying GC through UR for 5x on the dollar, then using those gift cards through UR again to get another 5x, some have gotten it up to 15x for one purchase after running through a cycle of gift cards.

It's a game, and a challenge. Some play WoW, some get airline and hotel miles. The difference is, ours get us laid. =P

Edit: It's only absolutely worth it for most if you are going to miss minimum spending for a bonus if you don't have additional spending. Very rarely is it worth it if you don't need spending.

Last edited by PainCorp; Feb 26, 2013 at 4:57 pm
PainCorp is offline  
Old Feb 26, 2013, 4:52 pm
  #14  
Original Poster
 
Join Date: Feb 2013
Posts: 18
Originally Posted by PainCorp
See my edited post above, I expanded while you were replying.

There are some that have taken it to extremes. Buying GC through UR for 5x on the dollar, then using those gift cards through UR again to get another 5x, some have gotten it up to 15x for one purchase after running through a cycle of gift cards.

It's a game, and a challenge. Some play WoW, some get airline and hotel miles. The difference is, ours get us laid. =P
haha still not as gung-ho as I was expecting, but fair enough!
TravelWonk is offline  
Old Feb 26, 2013, 4:53 pm
  #15  
 
Join Date: Mar 2011
Posts: 370
Even if I happen to be in a CVS for other reasons, I would not buy VR unless I need to meet minimum spend. It's just not worth it IMO.
Campath is offline  

Thread Tools
Search this Thread

Contact Us - Manage Preferences - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

This site is owned, operated, and maintained by MH Sub I, LLC dba Internet Brands. Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Designated trademarks are the property of their respective owners.