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→How to use your rewards
*##Many cards give you points that you can redeem for cash or a gift card or spend directly on purchases. Gift cards and direct purchases can often be redeemed for more value than the cash equivalent. By leaving the points in the care of the credit cards for longer you give yourself the option of an alternate redemption method if it works out for you.
*#Frequently take the points out, in the form of a check or transfer to your checking account, or as a statement credit. This has a couple advantages:
*##If you do this you can put the cash in something like a [https://www.investopedia.com/articles/pf/09/high-yield-savings-account.asp High Yield Savings Account] (check out [https://www.wealthfront.com/ Wealtfront] which currently provides High Yield Savings accounts with a 1.82% [https://www.investopedia.com/terms/a/apy.asp APY]. This means you earn a little bit of interest on the money in the account. Now you are earning interest on the cashback that is sitting around waiting to be used. As of the 2022-01-18, High Yield Savings accounts are offering approximately 0.5% APY.
*##Some of these cards only offer cashback as a statement credit. If you save up the rewards and can only redeem for a statement credit, you can't really "use" the money immediately unless you charge your new expense to that card. If you take the statement credit and then move the equivalent amount from your checking to your High Yield Savings it essentially gives you access to those funds.
#If you can/will spend your rewards on travel through the Chase Travel Rewards Website (to get a 50% rewards bonus)
#How much you value [https://www.cbp.gov/travel/trusted-traveler-programs/global-entry Global Entry], [https://www.tsa.gov/precheck TSA PreCheck], and access to [https://www.prioritypass.com/ Priority Pass] Lounges.
This card is interesting for a couple reasons.
#At the time of this writing you can get 50,000 rewards points after spending $4000 in the first 3 months. If redeemed for cash that is worth $500.
#If you redeem your points at the Chase Travel Rewards Website you'll get an additional 50% value on your points.
The benefits include:
*Reimbursement of [https://www.tsa.gov/precheck TSA PreCheck] or [https://www.cbp.gov/travel/trusted-traveler-programs/global-entry Global Entry] (both good for 5 years) every 4 years
*Access to [https://www.prioritypass.com/ Priority Pass] Lounges
This card costs $450 annual, but this is offset by the $300 travel credit which makes it, effectively, $150 annually.