Having a rewards credit card is one of the most, well, rewarding things about having a credit card in the first place. If you can pay for the things you’d be buying anyway, and get rewarded for it with cash back, statement credits, frequent flyer miles and more, why wouldn’t you? There’s really no downside to carrying a great rewards credit card in your wallet everywhere you go.
But if you’d like those credit card rewards to go even further and get you even more for every dollar you spend, the following tips will help you love your rewards credit card even more than you already do…
Be smart about redemption. If your card lets you redeem your points for a variety of rewards (gift cards, statement credits, frequent flyer miles, cash back, charity donations), figure out which one gives you the most bang for your buck. In many cases, gift cards offer the best value. But with travel credit cards, hotel rewards or frequent flyer miles might offer higher value redemption. Do the math on your reward redemption, and make sure you’re redeeming for the biggest reward you can.
Shop for the right stuff. Many cards offer double or triple rewards in certain purchase categories. Or they may give 5% back instead of 1% back in merchant categories that change with the seasons. Keep track of what rewards are offered where, and make your shopping dollars go further when you buy things in the categories that offer a bigger bonus. If you have several cards, this is even easier, as one of your cards is almost certain to offer more than the others in whatever stores you’re shopping.
Sign up for rewards. Make sure you’re signed up for quarterly bonus categories if you have a cash back card that gives 5% back in spending categories that change each season. If you apply for a card that offers a great signup bonus, make sure you do whatever is required to qualify for it; often that’s making a certain minimum dollar amount in purchases within the first three months of having the card. Read the fine print and don’t miss out on a single reward.
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