How to Make the Most of your Credit Card Points
Due to the crisis that the novel COVID-19 has originated, many credit card reward users like myself have been forced to change our traveling habits. Although we are on the travel season, with the current lockdown situation it is quite unsafe to travel to any part of the world. Nonetheless, your accumulated points could be used for a bunch of different purposes.
An Option to Save some Money
Although there is a wide range of options when it comes to redeem the points you have accumulated, you should carefully check your what the credit card issuer is asking from you and what they offer before applying for a rewards credit card. If you wish to save some extra money on a monthly basis, using points to get cash back might be a good option for you in the long-term. On the other hand, if are in urgent need of some extra cash, you could consider applying for an Emergency loan. These loans allow you to apply for emergency cash, which will be in your bank account within 24 hours.
Credit Score & Rewards Credit Cards
Your credit score could be negatively affected if you do not use reward cards properly. For example, it may be worth considering those credit card issuers who charge you high-interest rates or fees. Maybe it is not a good option for you to continue with them. Keep an eye on your next movements here, as if you close too many reward cards your credit score may suffer from this.
As another piece of advice, put all your regular expenses on your favorite reward card, as you will make sure that you will get the most of them. Also, keep a track of your weekly spending to avoid running out of cash.
Best Tips to Redeem your Credit Card Points
We have found a great deal of options we can still do in order to spend our rewards:
- Donate to charity. Now is the perfect moment to start thinking of others. If your rewards are about to expire, consider donating them instead of buying something that is not urgent for you.
- Redeem them on cash to spend on Amazon. A wide range of credit cards that accumulate rewards can be used to purchase on Jeff Bezos’s site. You can even also save some extra money, as many purchases can be acquired 100% for free or with large discounts when buying them with rewards.
- Gift cards. Your options here are pretty much endless: you can always get an Apple gift card, ZARA, Amazon, Spotify… This is a perfect choice if you have to make a gift but do not know what to buy.
- Uber Eats. Are you tired of your homemade meals? Do you want to try something different and take a little break? You can also use your credit card points on Uber Eats menus during this pandemic. Additionally, when rides are safe again, you can also redeem your points on rides.
- Give a monetary value to your rewards. Right before thinking of redeeming your credit card points, it is important to calculate what is their real monetary value. This will make so much easier to proceed with your saving strategy.
- Pay your student loan. Some banks and credit institutions hold specific programs for student loans. Check on their options when applying for a rewards credit card, as some of them allow you to redeem your points for credit checks to send to your student loan company.
Keeping an Eye on the Small Print
Besides all that, keeping in mind the expiration date of your rewards appears as an important point here. Check their expiration before it is too late for doing so. Additionally, make sure that you check on the terms and conditions of your credit card issuer. They probably change certain aspects from time to time, so it will be a good idea to keep track of that. Do not do as many people and revise on a regular basis your emails and notifications from the issuer company, this will allow you to not to miss any changes!
Now is the perfect moment to forget about trips and concentrate on giving another user to your credit card rewards. The current COVID-19 situation has forced both households and businesses around the globe to rethink their overall strategies. You do not have to worry about missing your accumulated points, as they can still be used for tons of options, from buying your next outfit to paying your student loan.
**Please note that all these options will also depend on your credit card issuer, every credit card reward user must check with its credit card user, as conditions vary from one brand to another*.