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@Adira: oh I see what you mean. I would spend the points.

Actually I spend my points every single month -I earn, I use them. repeat.

Id use the card that gets you cash back and save up rhose points for Christmas! Otherwise you are using points without earning anything new!

I would earn the 5% and use the points at other times of the year when budget is tight or I need an excuse to splurge.

I would use my points!

I would use the points up first, since it's basically free money!
Do you have enough points to cover everything you want to get?

I would use the points now and then anything over the points use the credit card to get the cash back. Can't beat free right?

For example, say you want to buy $100 worth of stuff. If you have enough points for your entire purchase, you've spent $0. On the other hand, if you spend $100 on your credit card with 5% back you'd get $5, so you've spent $95. Would you rather spend $95 or $0?

I think I'd use the points. 5% cash back is only $5/$100. It sounds like you have more points than you would earn in cash back.

(I see shootingstar is thinking like me too)

I'd do the cash back.

I'm assuming you shop at Amazon frequently which is why you have all the points you do. So you will have other opportunities to spend the points and get stuff for "free".

To use the example that PPs have used, say you want to buy $100 worth of stuff. With points you spend $0 now but in say March when you want to buy another $100 from Amazon, you spend $100 because you have no points left. But if you do the cash-back deal now, you spend $95 and then in March, you can use you points and spend $0. So you come out ahead to take advantage of the cash-back deal and then use the points when there is no other deal going on.

I would use your Freedom card now (or is it a Discover?)

If you have travel expenses and are willing to get the Chase Sapphire Preferred card, the Ultimate Rewards points can be redeemed at a higher rate than 1c/point, making it more like 6.25X on your purchase instead of 5X.

Even if you don't travel, how Mrs kmm laid it out is what makes the most sense to me, unless you are short on cash at the short term.

@Mrs.KMM: Love the way you laid it out!

@Adira: Ooh didn't know this was for the Chase Freedom! I've been using my Discover lately for Amazon because right now they're currently doing 5% cashback for all online shopping up to $1500.

@sunny: Yes, I will now that I know - thank you!

@Mrs. High Heels: @sunny: I just "discovered" this perk about Discover the other day too! They have a price match policy for items purchased in Nov including black Friday pricing! Here's the info from the thread:

1) purchase the product (make sure model number is identical)(bf ad must have model #)
2) If price drops, call up Discover at 1-800-638-8312 (direct number for the price protection department) to file a claim
3) They will mail you paperwork. Fill out the form and send it back along with your receipt + ad/sales receipt showing the BF price.
4) Get a price match check in a few weeks.

http://slickdeals.net/f/6347766-discover-price-protection?v=1

@PurplePumps: Had no idea - good to know, thanks!