If you have the opportunity to travel a lot and stay in different locations, then credit cards with hotel rewards are definitely designed for you. How can you make the most out of your reward credit card? Below are three proven strategies on maximizing hotel credit card rewards:
1. Choose the right hotel rewards credit card. Credit cards with hotel reward programs vary in terms of the rules and the maintenance costs. Remember, choose the one that fits your lifestyle. Don’t pick out a card just because it offers bigger rewards, thinking that you can adjust your lifestyle according to the rules of the reward program.
In addition, consider a credit card that offers more options when it comes to redeeming rewards. For instance, you may have accumulated enough points to win you free accommodation at the sponsoring hotel but what if you prefer not to go? Can you exchange your hotel rewards points for other types of rewards such as in the form of merchandise, gift certificate or cash back perhaps?
2. Skip the interest rate and additional fees. Credit card companies usually impose higher interest rates and fees on credit cards with rewards especially when bigger incentives are at stake. That’s exactly the case with hotel reward credit cards.
Thus, to really get rewarded, you should steer clear of the extra costs such as the interest rate, late penalty fee, over-the-limit charge, etc. Skip the Apr by paying off your full balance each month. Eliminate late fees and overdraft charges by submitting your payment on time and staying within your credit limit.
3. Understand the policy. Watch out for reward credit cards with blackout dates. This means, you can only exchange your points for rewards within a designated time period. When that period expires and you still have not collected sufficient points to claim a reward, whatever points you may have in your account can go to waste. Indeed, blackout dates are a bane of credit card rewards.
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Be sure that you are clear about the rules of redemption. For instance, will you have the freedom to book your “free accommodation” from any hotel or from any branch of that hotel company? Or would you have to wait for a room vacancy exclusively from one hotel? If that is the case, waiting for an available slot may cause your points may expire even before you get the chance to redeem them.
Although the type of rewards offered may seem similar, keep in mind that the rules on redeeming and collecting reward points will vary from one credit card company to another. The key to making the most from your reward credit card is knowing what the rewards program is all about. By familiarizing yourself with the rules, you can use your credit card in a way that will win you the points you deserve.
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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