You may be surprised to learn there are typically numerous options available for redeeming cash back, which gives you greater control over how you use your rewards. Popular redemption options include:
Statement credit. With this selection, the cash back reward goes toward paying down your balance.
Direct deposits. By selecting direct deposit, the cash back reward is directly deposited into your qualifying checking or savings account.
Checks. You can request a cash back reward be issued to you in the form of a check, which is sent through the mail and you are responsible for depositing.
Charitable donations. Not all card issuers give you the option to redeem points for charitable donations, but the ones offering this often have a list of eligible charitable organizations. Instead of redeeming your reward for cash back, you select the eligible charity you wish to donate your rewards to.
Keep in mind cardholders can also set up automatic redemptions that would automatically redeem any earnings on an annual basis, or whenever the earnings reach a certain threshold amount.