Are you making the Most out of your Credit Card Rewards Points?
You’ve amassed loads of credit card rewards points. Now what? Do you know the best way to make the most out of your credit card rewards points? Make no mistake about it: there are lots of great goodies to grab with your credit card rewards points; the hardest part about amassing so many rewards points is that you have to figure out what to do with them!
In 2009 alone, 68 percent of Americans said they participated in some kind of credit card rewards program; that’s an increase of 10 percent over 2008.
With so many people using credit card rewards points there are now many options for spending them. Here are a few tips that will put you on the right track when it comes to your credit card rewards points:
- If you have only considered cash-back reward programs in the past, consider looking at airline, retailer or hotel credit cards, as often their rewards programs often beat out cash-back programs. Many hotel, airline and retailer credit cards offer back up to two percent in gift certificates, compared with about one percent when dealing with cash-back credit cards. In fact, some airline credit card rewards programs offer even better deals!
- If you have several rewards credit cards, check out the deals on all of them, as they may differ from one company to the next. For example, a rental car may cost you fewer points on one card than it does another.
- Don’t assume you have to amass thousands of credit card rewards points in order to cash in. In fact, because there are so many rewards programs out there, many credit card companies are offering rewards with fewer points. In other words, instead of waiting around to get enough points to pay for an airline ticket, indulge in a restaurant gift card and enjoy a night out on the town.
- Don’t assume you have to cash in on prizes using all rewards points. In other words, you can often pay for an airline ticket, for example, using some points and some cash.
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