Yes, credit card rewards can certainly be an enticing offer to entertain, ranging on everything from free flights to paid-for nights in hotels. So how do you go about properly gaining from these programs?
There are several ways to do this that you may not have considered before. To make the most of your rewards now and fast, here are some suggestions:
Sign Up For Several Cards A Year
Because of the competition between credit card issuers being “high stakes” right now, sign-up bonuses can be huge. These bonuses can worth a serious amount of either points or miles (that’s dependent on the particular program).
Even if you decide to cancel after collecting on the rewards, your credit score will suffer minimal damage. Avoid this tactic though if you plan on making a rather big payment on something such as a mortgage.
Share With Friends
Use an online service such as PayPal or Amazon to do this effectively. Through any of them, you can cash in on various rewards. Also, when out with friends or family; use it to your advantage to offer to pay for everything. This way you will be doing a kind gesture as well as earning some rewards points for yourself.
Separate Your Cards
Use different cards for different needs. Rewards can vary from program to program: there are gas rewards, grocery rewards, travel rewards, etc. Therefore it’s a good judgment call to divide up your cards depending on the program it would be applicable for. If you are the owner of a credit card with an enviable rewards program for any of these categories, your best bet would be to stick to that said category.
Pay With Gift Credit Cards
If you have people that work under you, perhaps consider gifting them with prepaid credit cards, as those from American Express
. Maybe even try to pay them with the aforementioned websites, like Venmo, PayPal, etc. By paying them in cash, you aren’t privy to the world of rewards that these websites (or the gift credit card) can offer you.
Or, maybe if you trust someone who works for you enough, lend them your credit card when they are buying their supplies for you. Case in point: you hire a contractor to work on your house. If you’ve known them to the point you feel comfortable doing so, let them use your card when they go off to get their various goods from the hardware store.
When Online Shopping…
When doing your online shopping, be sure to use what are known as “shopping portals” rather than the direct site. This way, you will be guaranteed to earn reward points on your spending at these places. Do some research beforehand, though, as some of these portals can have costlier items than others and may not be worth the cost involved.
Find Out About Flexible Spending
Sometimes it becomes necessary to spend with a credit card for costs such as medical expenses. If you have to do this, and would like to try and reap in some rewards at the same time, try and use a rewards card. Afterwards, you may be able to go ahead and claim some reimbursement. Because medical costs can be sky-high, this might be beneficial in more ways than one.
By implementing these small changes now and then, you may be opening up the door to a whole world full of credit card rewards
you couldn’t have had access to before.