Rewards points and perks are one of the main drawcards for using a credit card. If you want to use your rewards points as efficiently as possible, you’ll need to have a strong grasp of your card’s payout and bonus rate conditions. To kick-start the research process, read on for our three top tips for getting the most out of your credit card rewards system.
1. Compare Reward Offerings Between Competing Credit Card Providers
For such an important financial decision, it’s amazing how little thought people put into selecting a credit card. Before adding another credit card to your wallet, make sure you’re considering its rewards system and how it stacks up against other popular credit cards.
2. Try To Only Use a Single Credit Card
Once you’ve found a credit card with a great rewards system, try to funnel as much of your spending as you can through this card. As your points balance builds, you’ll have the flexibility to spend your points on more cost-effective payout options. Remember, it’s almost never cost-effective to spend extra money for the sole purpose of accruing more rewards points.
3. Be Aware of Your Points Balance Conditions and Terms of Services
Depending on your credit card provider, your rewards points may have an expiry date. To avoid losing your hard-earned points, make sure you keep a record of any rewards expiry dates. It’s also a good idea to frequently check your credit card rewards platform for any changes in the terms of service that affect how you accumulate or use your points.