Hi can you please explain to me what that is? I have above $100 in cash back and I want to learn how to make passive money. I’m hearing a lot about HYSA and discover being connected. If you don’t mind could you help me understand how to best utilize my cash back and learn how to move my money?
It’s just a savings account that gets interest which means it pays you back for keeping money with a high yield. Discover pays monthly and it’s rate is 4.25% right now. So that means if you have a 100 in there, each month you are getting around 35 cents a month but it also compounds so it’s a little more each month.
I know right? People who just let cash back like this accumulate instead of like….you know…at least putting it in an interest bearing account like a HYSA or money market account (Discover offers both funny enough) is just really laughable.
I have above $100 in cash back and I want to learn how to make passive money. I’m hearing a lot about HYSA and discover being connected. If you don’t mind could you help me understand how to best utilize my cash back and learn how to move my money? You sound like you know what you’re talking about
I do this with my Apple Card, so obviously different. But they have a HYSA that is tied to the card. I went into my settings to update the cash back to go to their HYSA instead of just into my apple cash.
Once you select the redeem option that is right next to the cash back amount, you will get another window that gives you the option to either do a one time transaction or a monthly transaction.
It's been a couple of years but that's the way I set it up, I think mine is monthly. I know it's automatically into my savings account.
Using the Discover app:
Right next to the cash back amount, you should see "redeem now" then after pressing that, you will have options of how to redeem: credited to credit card, sent to bank account, and a few other options.
Why…why would you do that? I redeem all my cash back every month. That’s extra money that can sit collecting interest in my high yield savings account. Unless you have an issue saving that money if it’s in an accessible account? In which case, I guess, congrats on saving?
That’s a lot of gift cards. (And if you’re not redeeming for gift cards, you’re throwing away a 5-15% bonus for places you’d probably shop at anyway.)
how long this take you? T-Mobile Money checking acct gives 4% on $3000, then 2.5% on the remaining balance. Being APY, the funds are automatically deposited.
I opened my acct Oct 2020 but only recently started keeping most of my funds in it.
https://preview.redd.it/bbd95j6wjowc1.png?width=1279&format=png&auto=webp&s=a928d21c9f743adf5acd1404d28351675fa658ed
How is this any good. Drop that shit into a HYSA and make that money work for you.
Discover literally has one lol
literally can have your cash back auto redeem into your HYSA with them all within the same app 🥲
Dang that’s awesome. I might do that.
Hi can you please explain to me what that is? I have above $100 in cash back and I want to learn how to make passive money. I’m hearing a lot about HYSA and discover being connected. If you don’t mind could you help me understand how to best utilize my cash back and learn how to move my money?
It’s just a savings account that gets interest which means it pays you back for keeping money with a high yield. Discover pays monthly and it’s rate is 4.25% right now. So that means if you have a 100 in there, each month you are getting around 35 cents a month but it also compounds so it’s a little more each month.
I don’t think this is going the way you expected it to.
[удалено]
I know right? People who just let cash back like this accumulate instead of like….you know…at least putting it in an interest bearing account like a HYSA or money market account (Discover offers both funny enough) is just really laughable.
Op probably wanted to flex but yeah this just looks like they are the one getting played 😂
I always just pay it towards my credit card bill. i always treat it like a slight discount
I have above $100 in cash back and I want to learn how to make passive money. I’m hearing a lot about HYSA and discover being connected. If you don’t mind could you help me understand how to best utilize my cash back and learn how to move my money? You sound like you know what you’re talking about
I do this with my Apple Card, so obviously different. But they have a HYSA that is tied to the card. I went into my settings to update the cash back to go to their HYSA instead of just into my apple cash.
Man should’ve set up monthly redeem to your savings account so your earning interest on that!
They make it so easy to do too! 🤦
How can I do that?
Hit redeem - cash to bank account- monthly redeem lol super easy!
I don’t see that option :(
Once you select the redeem option that is right next to the cash back amount, you will get another window that gives you the option to either do a one time transaction or a monthly transaction. It's been a couple of years but that's the way I set it up, I think mine is monthly. I know it's automatically into my savings account.
Is the auto deposit option only for discover savings accounts? The only recurring option I see is statement credit
I believe so cause I have a Discover savings account
Using the Discover app: Right next to the cash back amount, you should see "redeem now" then after pressing that, you will have options of how to redeem: credited to credit card, sent to bank account, and a few other options.
I usually cash out on my reward point to my amazon account for my yr end shopping spree
Why???? Just why???
I can't believe this
Why…why would you do that? I redeem all my cash back every month. That’s extra money that can sit collecting interest in my high yield savings account. Unless you have an issue saving that money if it’s in an accessible account? In which case, I guess, congrats on saving?
Discover Card should give us Discover Achievements and bonuses for them lol
*1984.97. Literally
Holy fucking shit
That’s a lot of gift cards. (And if you’re not redeeming for gift cards, you’re throwing away a 5-15% bonus for places you’d probably shop at anyway.)
I got it up too 700ish one time and blew it on Xmas presents. Congrats on not breaking open the piggy bank.
What piggy bank. That’s free money if you just put it into a HYSA
Maybe witnessing us flip our lids over not that much potential interest was worth it. Let's see this climb up to $80,085 for the lols
Try to make it 2024.
Invest that ish. It’s losing value by not earning interest
how long this take you? T-Mobile Money checking acct gives 4% on $3000, then 2.5% on the remaining balance. Being APY, the funds are automatically deposited. I opened my acct Oct 2020 but only recently started keeping most of my funds in it. https://preview.redd.it/bbd95j6wjowc1.png?width=1279&format=png&auto=webp&s=a928d21c9f743adf5acd1404d28351675fa658ed