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Hefty Costco AmEx Rebate

March 1st, 2011 at 06:17 pm

Last Thursday we received a Costco American Express rebate check for $1,019.59. These rebate funds will go straight into our travel savings.

According to the year-end summary we spent 53% of our total expenditures on travel, a category that pays back 2%. It's a good rebate program but it pays to monitor transactions to ensure expenditures are assigned to the correct category. A few months back, I found an expense that should have been tagged as travel but wasn't. The correction resulted in an extra $67 on the rebate.

We charge everything possible on our Am Ex account and pay the balance in full each month. There are just a handful of items I can't charge (e.g., property taxes), but if they take Am Ex, it goes on the card. I especially like paying for gas because this category pays back 3% and it means ~16 cents per gallon savings at the current price of gas. Another good feature: the card has no annual fee.

One drawback is that some places still do not take Am Ex, but in that case, I use my Chase Freedom card that also has a decent rebate program.

4 Responses to “Hefty Costco AmEx Rebate ”

  1. Looking Forward Says:

    That's awesome! Big Grin

  2. LuckyRobin Says:

    Wow, that's a big rebate. I didn't know you could get points for travel, though. I thought it was just gas, groceries, and restaurants.

  3. frugaltexan75 Says:

    That is a hefty rebate!

  4. Jerry Says:

    That is a great way to manage the rebates and it sounds like it leads to great savings! It is also great that AMEX is paid in full each month, so you have some insurance of not going into debt at the same time. Well done...

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