If you’re in search for a reward credit card, you’ll see that you have more than just a few choices. A lot of credit cards today offer some sort of a reward program to attract more customers. After all, who doesn’t want to get incentives in exchange for spending?
If you own a reward credit card or plan to get one, see to it that your chance to earn bonuses does not lead you to uncontrolled use. In order to really benefit from a reward credit card, a consumer must understand the process of earning redeeming points. Getting to know the exact rates and fees is just as important as well.
In this article, we have listed five essential tips that every reward cardholder must remember:
Don’t try to chase rewards. If you’re chasing after rewards, you will most likely fall into the trap of bad debt. Before charging a purchase or a bill to your account, consider carefully if you have the means to pay for those charges on time. Do not use the prospect of earning rewards as an excuse to spend more than what you really need. Owning a reward credit c
ard should not be a passport to spend beyond your means. Keep in mind that if you will not be able to pay back your balance in full or on time, you will be charged with high interest rates and fees.
Understand the limits. Many reward credit cards impose limits on earning rewards. For instance, there may be a cap on the rewards you can earn in a month or in a year. Once you have reached that limit, you stop earning points regardless of how much you spend with your reward credit card. Even if you continue charging purchase, you will not be adding up points to your account anymore.
Don’t forget to “opt-in” when you need to. Different issuers of reward credit cards each have their own Terms and Conditions. The rules of the reward program may vary depending on the credit card you own. Sometimes, you may need to register to the rewards program to get maximum rebates and enjoy the perks. This is why it is very important to read the fine print before signing up for a credit card.
Be smart at redemption. When it comes to redeeming rewards, the rules may vary from one credit card to another as well. For instance, some reward credit cards offer several ways of redemption. You may have the option to exchange your points for cash, free travel, gift cards, merchandise or as credit in your account. It’s important to study your options well to make sure that you will get the best value.
Don’t let your points go to waste. Some credit card with rewards will allow you to carry over unused points for the next period but not all do. Does your reward credit card impose a limited period of redemption? If yes, then be sure to exchange your points before the expiration period or else they might be forfeited.
Read More: 5 Credit Card Reward Tips to Remember
If you own a reward credit card or plan to get one, see to it that your chance to earn bonuses does not lead you to uncontrolled use. In order to really benefit from a reward credit card, a consumer must understand the process of earning redeeming points. Getting to know the exact rates and fees is just as important as well.
In this article, we have listed five essential tips that every reward cardholder must remember:
Don’t try to chase rewards. If you’re chasing after rewards, you will most likely fall into the trap of bad debt. Before charging a purchase or a bill to your account, consider carefully if you have the means to pay for those charges on time. Do not use the prospect of earning rewards as an excuse to spend more than what you really need. Owning a reward credit c
ard should not be a passport to spend beyond your means. Keep in mind that if you will not be able to pay back your balance in full or on time, you will be charged with high interest rates and fees. Understand the limits. Many reward credit cards impose limits on earning rewards. For instance, there may be a cap on the rewards you can earn in a month or in a year. Once you have reached that limit, you stop earning points regardless of how much you spend with your reward credit card. Even if you continue charging purchase, you will not be adding up points to your account anymore.
Don’t forget to “opt-in” when you need to. Different issuers of reward credit cards each have their own Terms and Conditions. The rules of the reward program may vary depending on the credit card you own. Sometimes, you may need to register to the rewards program to get maximum rebates and enjoy the perks. This is why it is very important to read the fine print before signing up for a credit card.
Be smart at redemption. When it comes to redeeming rewards, the rules may vary from one credit card to another as well. For instance, some reward credit cards offer several ways of redemption. You may have the option to exchange your points for cash, free travel, gift cards, merchandise or as credit in your account. It’s important to study your options well to make sure that you will get the best value.
Don’t let your points go to waste. Some credit card with rewards will allow you to carry over unused points for the next period but not all do. Does your reward credit card impose a limited period of redemption? If yes, then be sure to exchange your points before the expiration period or else they might be forfeited.
Read More: 5 Credit Card Reward Tips to Remember
No comments:
Post a Comment