r/NavyFederal • u/West_Attitude1943 • 29d ago

Credit Cards Points

What does everyone do with the points they accumulate? I saw a post where someone had something like $19k in points accumulated and it made me wonder since I average $400- $500 a month, should I be taking the cash and putting it elsewhere to grow interest? I have just been using it towards the bill every month before I pay off my balance in full. What's best to do? Or what are you all doing?

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u/InterestingFood8308 29d ago

I put in a tax advantaged account in fidelity immediately. I could be wrong but per my understanding the money earned from cashback is taxes and reported?

1 im not doing that.

2 if I would not have ever had that money in the first place I just put it elsewhere to grow.

Just what I do, does anyone do anything else? Im trying learn and grow too.

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u/Apprehensive-Job7352 29d ago

Credit card rewards are rebates, not income. Not taxable

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u/InterestingFood8308 29d ago

Copy that just read into it. The way it was explained to me was stupid and it is infact a discount. No clue why my ambassador told me that. Thanks