Best use of TY points earned from checking account?
 

I have 50K TY points earned from opening a checking account and I'm trying to figure out what to do with them. What are the best ways to redeem? I wish I could transfer to an airline but I know I can't do that. I can't imagine flying anywhere in the foreseeable future so I'm just trying to decide what to do. I was just charged my annual fee and I'm tempted to use them as a statement credit to offset some of the fee but I know that's a terrible value. Any ideas? Thanks.

Can you do a statement credit? I thought I did it in the past but now don't see it an option online.

If you are planning to take a road trip, you could book hotels with them. I have done that with these "taxable" TYP (ones you cannot transfer to air partners). If you have the Premier, they would count for 1.25 cents each.

Do you have the Rewards+ card? With that card, when you redeem these taxable TYP, the 10% of points that you get back are real TYP, ones that you can transfer to air partners.

If you have Premier, Prestige and Rewards+, redeem for 4 nights hotel stay. If you have Premier and Rewards+, redeem for $500 hotel stay after August 23rd.

Out of interest, how long after meeting them requirements did the bonus points post?

Thanks for all the replies. I don't have a Rewards+ card so that option is out. I think I'm just going to use them for a statement credit to pay the annual fee this year.

If I'm remembering correctly, it took about a month for me to get the miles after I met the requirements.

If you have student loans or mortgage debt you can cash them out at 1c/TYP as a payment to the servicer.

Gift cards are not awesome but Target or CVS are actually useful merchants (rather than the Build a Bear type of junk that most gc are) and at least you get 1c/TYP.

Statement credit at .5c/TYP is a big haircut....unless you have a Prestige

If you are booking travel, check the prices carefully. I find the TYP portal is marked up high enough to wipe out the 'advantage' of a 1.25 Premier travel redemption a good portion of the time. Not to say that deals can not be found....but you need to really look carefully. And given that there are many advantages of booking directly for hotels (cancellation policies, loyalty programs, etc.) its very questionable if there is any value in the theoretical uplift from Premier anymore.

Thanks, I thought the statement credit was only going to be .5/TYP but it was actually 1 cent per TYP. I guess because I have a Prestige?

Yes Prestige gives the 1c cashout / statement credit options.

I've been using that a ton in 2020, and then cancelled the Prestige once most the points were flushed out.

My feel is that people are really underestimating how bad the travel experience is going to be going forward, not just for months, but for years.

We had friends of friends who had an essential transcon flight they needed to take yesterday, and after 7 hours of rolling delays, it was cancelled. They were with an infant, and all their kid gear had been checked too. For anyone who has ever had that happen with a child, its pretty off putting for anything travel related.

So I don't think statement credits are a bad thing, even though the FT snobs will complain about the 1c value vs their pointy end of the plan theoretical 10c values. The F/J experience isn't going to be what it was, and the airport/lounge experiences will be worse.

That's pretty much what I was thinking. I mostly only travel internationally and I can't really imagine doing that any time soon.

Has there been a change? It seems you cannot cashout the points earned from the checking account to statement credits anymore. It doesn't let me select the bank account, only my credit cards. Or is it because I downgraded my bank account?

I think you have to look for a cash redemption not a statement credit for that, and again, you might not get even 1c / TYP that way. Look for the area where you can redeem for mortgages, student loans, gifts to charity etc. I think there is a cash option there. (they mail a check) I have not used that since the statement credit seems is less likely to be screwed up.

Didn't see anything about "cash redemption". Mortgage, student loans all say to call

That's strange, there is a section on mine which has

More Ways to Redeem > Cash Rewards

It's above the Statement Credit choice.

The value is poor, and can't be recommended unless its an extreme situation.

Otherwise I'd just pick giftcards from Target or Safeway/Albertsons (if you have them in your area) as those are reasonable ways to not get hosed.

Oh, you are right! That's 1 cent per point, so same as the checks via mortgage payment or student loan. Not bad. Thanks!

When you said Target or other giftcards are better: do they have sales or promos? I only see $25 for 2500 points (and other higher denominations but points is still 1 cent per point)