Wednesday, January 8, 2014

Kohl's Reward, and How to Maximize Kohl's Cash and Reward

Kohl’s Reward

Kohl’s Reward is a new thing rolled out by Kohl’s last year, it’s still in a test phase, so it has only been rolled out to certain states or cites. You can sign up for it online, or in store. Not sure if you can sign up for it if it’s not available in your state. Since it’s still new, the reward system has lots of glitches especially if you do purchases involves gift cards. Also refer to my previous post on Kohl's Cash as the earning of Kohl's Cash and Rewaard can be put together. 

 What does Kohl’s say about its Reward Program

As a Kohl’s Rewards member, you’ll earn 1 point for every dollar you spend. Earn 100 points, get a $5 reward. Because when you shop, you should have something to show for it.”

What do I know about Kohl’s Reward
-          You get 1 point for every $1* you spend               *pre tax
-          You get $5 for every 100 point you earn
-          Kohl’s Reward is awarded on monthly basis, the points you earn on a calendar month, the points become available at the beginning of the following month.
-          For store purchase the reward points are instant, for online purchase you only earn the reward points when the item gets shipped from the warehouse
-          There is a reward account online you can track your reward earnings.

With the knowledge above my advice do not buy an item after 25th,  because if the item do not ship by the 30th then you don’t get the Kohl’s reward till the next month and then you might end up waiting for a month more, also consider weekend as the warehouse might be closed, half staffed not sure.

Assuming you purchased $3500 product before 25th of the month, and all the 3500 points were awarded to you. How much reward $$ do you have ?

 It’s $175 reward $$  

Best way to Use Kohl’s Cash and Kohl’s Reward

As I mentioned above, items on Kohl’s are overpriced, so it only makes sense to buy an expensive item if you want to resell it to make full profit of it. Or to buy lots of household item for yourself, idea is to use all of the Kohl’s Cash and Reward in one transaction.

As mentioned above Kohl’s runs a 15% 20% 30% promo twice a month . Kohl’s second promo is always toward the end of the month, and the validity of the Kohl’s cash overlaps from the current month till the first week of the following month. So you hold on to your Kohl’s cash and as soon as you have the reward cash available you can combine both Kohl’s cash and reward together to purchase the item. In this case its
$700+$175 = $875 worth of purchase. Please be aware you can only use as many as Kohl’s Cash and Reward in Store, online only lets you use 4 per transaction.

Now let’s say you leveraged the UR Mall to buy GC and items what Cash Back amt are you looking at for $3500 purchase?

@20%* = $700 cash back              *i.e. GC via UR Mall portal from Kohl’s, then item via UR mall portal using GC

@15%* = $525 cash back              *i.e. Kohl’s GC from Office supply store, then item via UR mall portal using GC

@18%* =$630 cash back               *i.e. Staples on UR mall sometimes gives 3% cash back, but I am not sure if staples lets you buy large amount of GC online as of now

I value items at Kohl’s at 30% less than its advertised price, and this is on a sale item only.

So if you look at it you have $525 cash from UR mall, using the 15% cash back (I value UR point at 2.2 cent per point when it comes to redeeming on airlines) and you have $875 of Kohl’s Cash, now depends what you buy and now much its worth in actual.

Now there is more to it. Now depending on what state or city you live in you can also earn cash back or points for paying sales tax on the item. Let me remind you again, you don’t earn UR points for the tax amount when you go via UR Mall portal.  You would earn 1% in general for paying. For example you buy an item for $100 and pay 8% sales tax which is total $108, so you would earn 108 points at 1% cash back rate. Now let’s say you bought the a 108 Gfit card from Office supply store using your Chase INK, and got 5% back, then you actually getting 540 points vs 108 points you would have got at 1%.

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