Credit cards with rewards can be great tools to save money and get more from your spending. However, benefiting from a reward credit card depends on how the cardholder uses it. Here are practical tips on how you can maximize the reward potential from your credit card:
1. Choose the Right Rewards Program
There is a wide variety of reward programs available for cardholders. Choose the one the complements your lifestyle and spending style as well. Do you spend a lot on gasoline purchases? If yes, then perhaps a Gas Rebate credit card is your best choice. Do you frequently travel? Is a card with Miles Rewards for you? Or do you prefer a Cash Back Rewards Card to enjoy more flexibility?
2. Get the Rewards Credit Card that Gives You More
Some credit cards with rewards offer 1 reward point for every $1 spent on the card. Others are more generous and may more points per dollar. However, if you see the phrase “Up to”, be sure that you are clear about the rules. “Up To” means you have the chance to earn more points as long as you meet the conditions stated in the contract. For instance, you may ONLY get the maximum number of points if you bought the item from an affiliate merchant.
3. Go for a rewards credit card with no limits.
Is there a limit to the value of rewards you can earn in a month or in a year? Some cards will stop giving points once you have reached the maximum value of rewards allowed.
4. Find a card without blackout dates.
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What about blackout dates? Will you lose all the points you earned if you fail to complete the minimum required points for redemption? Will you lose all your unused points for the year? Or can you carry over the unused points for the next year?
5. Check out your reward credit card’s affiliates.
Some reward credit cards will only award points for purchases made from affiliated merchants and establishments. If you don’t really shop at these places, you lose your chance of getting rewarded.
6. Submit your payments in time.
Credit cards with reward programs have higher APR and penalty charges than non-rewards credit cards. To avoid the extra interest rate fees, be sure to submit your payments on time. As much as possible, pay off your entire balance for the month to avoid the APR.
Ann Wilson is the head writer of Reward Credit Card Site. This resource provides consumers with valuable reviews and information on the best credit card reward programs. Its main objective is to help people to take advantage of credit card rewards and start earning reward points. Copyright © 2008
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