(Auto)redeem Capital One cash back to bank account

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tomsense76
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(Auto)redeem Capital One cash back to bank account

Post by tomsense76 »

For those of you who use a Capital One credit card, have a few questions about cash back:
  1. Can cash back be redeemed to a bank account (either at Capital One or elsewhere)?
  2. If so, how is this done and can it be automated?
Should add tried to peruse the site for answers, but AFAICT the only methods they list are getting a statement credit or a check in the mail, both of which appear to be automatable. Though not seeing any mention of being able to redeem the cash back into a bank account (admittedly one could do this with a paper check, but that is kind of an unnecessary hassle). Also would prefer to have the flexibility of cash as opposed to a statement credit.

Thanks in advance for your help! :sharebeer
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Malum Prohibitum
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Re: (Auto)redeem Capital One cash back to bank account

Post by Malum Prohibitum »

Not aware of another option. I either redeem it on the pending balance (personal card) or have them mail me a check (business card). Sorry I could not be more help.
Silk McCue
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Re: (Auto)redeem Capital One cash back to bank account

Post by Silk McCue »

Hopefully you never carry a balance on your credit card but rather pay it in full on the due date for the prior months balance. If so applying the credit results in those funds being in your checking account on the payment date.

Cheers
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tomsense76
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Re: (Auto)redeem Capital One cash back to bank account

Post by tomsense76 »

Malum Prohibitum wrote: Tue Nov 30, 2021 1:56 pm Not aware of another option. I either redeem it on the pending balance (personal card) or have them mail me a check (business card). Sorry I could not be more help.
Thanks for sharing :happy
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Topic Author
tomsense76
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Re: (Auto)redeem Capital One cash back to bank account

Post by tomsense76 »

Silk McCue wrote: Tue Nov 30, 2021 2:00 pm Hopefully you never carry a balance on your credit card but rather pay it in full on the due date for the prior months balance. If so applying the credit results in those funds being in your checking account on the payment date.

Cheers
Interesting. Is this a Capital One thing? How do they decide what account to credit (for example if one has multiple)?

With other cards, have seen I can just overpay (creating a negative balance). So wouldn't have assumed they would credit the remainder to my account.
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Malum Prohibitum
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Re: (Auto)redeem Capital One cash back to bank account

Post by Malum Prohibitum »

I think he just means this:

You have $800 in charges going to your credit card that you pay in full every month on time.

You have $1500 in your checking account.

You notice you have $50 in rewards cash. You apply it to your credit card. Now your balance is $750.

On the normal day you pay the bill, instead of the usual $800, you send $750. So now your $1500 checking account has $750 instead of $700. Voila! The $50 is in your checking account.
Silk McCue
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Re: (Auto)redeem Capital One cash back to bank account

Post by Silk McCue »

Malum Prohibitum wrote: Wed Dec 01, 2021 6:57 am I think he just means this:

Bingo!

Thanks for replying to the OP.

Cheers
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tomsense76
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Re: (Auto)redeem Capital One cash back to bank account

Post by tomsense76 »

I hear what you are saying. IOW money is fungible.

That said, there is something nice about having the rewards cash land in my bank account. It's like Christmas morning. I can take it and put in my savings account or buy a few shares.

Understand they are both numerically equivalent (unless one is able to earn a spread from the invested cash back). Plus the cash is usually pretty small. That said, there is something to be said for cash back in a bank account. There's just more flexibility.

Anyways bit the bullet and setup an automatic credit for the account. Even though it is not my preference, it should work just fine and remain fairly hands off.
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Bbddl
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Re: (Auto)redeem Capital One cash back to bank account

Post by Bbddl »

Been with Cap One for many years, we have the Venture card. Be aware of the value of the "reward". I have found that the "account credit" value is LESS than redeeming for actual gift cards. We get Amazon and restaurant gift card that are actually equal dollar for dollar.
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Cubicle
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Re: (Auto)redeem Capital One cash back to bank account

Post by Cubicle »

Bbddl wrote: Thu Dec 02, 2021 4:33 amBeen with Cap One for many years, we have the Venture card. Be aware of the value of the "reward". I have found that the "account credit" value is LESS than redeeming for actual gift cards. We get Amazon and restaurant gift card that are actually equal dollar for dollar.
Can you explain how the account credit is less than the stated value? I redeem my cash back weekly as a statement credit on my card. Now I need to know if I'm missing out.
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tomsense76
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Re: (Auto)redeem Capital One cash back to bank account

Post by tomsense76 »

Bbddl wrote: Thu Dec 02, 2021 4:33 am Been with Cap One for many years, we have the Venture card. Be aware of the value of the "reward". I have found that the "account credit" value is LESS than redeeming for actual gift cards. We get Amazon and restaurant gift card that are actually equal dollar for dollar.
Thanks for looking out! :sharebeer

This is a straight cashback card (SavorOne) and is the only card I hold with them. AFAICT the redemption value is the same across methods. This seems to be true of a recent initial purchase. Anything I'm missing here?
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
Topic Author
tomsense76
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Re: (Auto)redeem Capital One cash back to bank account

Post by tomsense76 »

Cubicle wrote: Thu Dec 02, 2021 11:37 pm
Bbddl wrote: Thu Dec 02, 2021 4:33 amBeen with Cap One for many years, we have the Venture card. Be aware of the value of the "reward". I have found that the "account credit" value is LESS than redeeming for actual gift cards. We get Amazon and restaurant gift card that are actually equal dollar for dollar.
Can you explain how the account credit is less than the stated value? I redeem my cash back weekly as a statement credit on my card. Now I need to know if I'm missing out.
I think Bbddl (and they should feel free to correct me) is talking about redeeming points from a travel card as a statement credit. While cash redemption like this is generally less lucrative for most travel cards, it sounds like Capital One treats nearly equivalent things like gift cards as better. Idk why that would be, but seems worth paying attention to if you have on of their travel cards.
"Anyone who claims to understand quantum theory is either lying or crazy" -- Richard Feynman
exodusNH
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Re: (Auto)redeem Capital One cash back to bank account

Post by exodusNH »

tomsense76 wrote: Thu Dec 02, 2021 11:49 pm
Cubicle wrote: Thu Dec 02, 2021 11:37 pm
Bbddl wrote: Thu Dec 02, 2021 4:33 amBeen with Cap One for many years, we have the Venture card. Be aware of the value of the "reward". I have found that the "account credit" value is LESS than redeeming for actual gift cards. We get Amazon and restaurant gift card that are actually equal dollar for dollar.
Can you explain how the account credit is less than the stated value? I redeem my cash back weekly as a statement credit on my card. Now I need to know if I'm missing out.
I think Bbddl (and they should feel free to correct me) is talking about redeeming points from a travel card as a statement credit. While cash redemption like this is generally less lucrative for most travel cards, it sounds like Capital One treats nearly equivalent things like gift cards as better. Idk why that would be, but seems worth paying attention to if you have on of their travel cards.
It's because they have an arrangement with the gift card company where they either get a direct kickback or purchase the cards for a discount and then sell them at face value.

At its heart, Capital One is a data company that monitizes its data via financial products.
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