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Some credit card holders disregard the rewards they can get because they are simply disinterested with them. Yet there are others who know how to effectively use their credit card rewards and they are able to redeem items, free miles points and even cash. Most card users know that they will get rewards when they have spent a certain amount of money, but very few actually bother to keep track of their rewards points because it is a tedious process. It requires the understanding of policies and the different terms for redeeming rewards. The good thing is that there are easier ways of keeping track of your rewards without having to list them down. Here are some of them:
1. You can avail of a coalition membership reward program. If you're a member of your credit card company's coalition membership program, your reward points are protected and you can easily track them when you're shopping with your card's partners. They can give you up to date rewards for what your points are worth. This coalition program is most popular with air mile cards.
2. You can use the internet and some websites to check your rewards. There are available sites where you can download a program that can summarize your accounts and check which reward is available for you. These websites are very common for tracking your frequent flyer miles and typically, these websites have restrictions since not all credit card companies sign up with them.
3. You must be updated with your credit card company's programs and policy changes. Every time a company changes terms for some of their program offerings, they will typically send an update of the points you have incurred in the previous program.
4. You have to keep your credit card reports and ask for a quarterly copy. Monitoring your purchases can help you compute your points earned with all the transactions you've done in a period of time, in this case, on a quarterly basis. This way you know if you have enough points to redeem for an item or service which is available within the next months, as some rewards expire in the a few weeks, sometimes months.
Credit card reward programs vary every now and them but you as card user must know the changes. Some rewards may not be redeemable because of the change in the point system. Knowing when the rewards will expire is also beneficial so you can claim the rewards right away once you've earned enough points. Also, unredeemed rewards points incurred within the year may not be carried over to the next year, so it is best to get your eye set for a target, and use the points immediately when possible.
Rewards are good but this might become your downfall if you don't know how to use your credit card properly. Most people are only after the reward but they tend to forget their financial duties and neglect to pay their bills and balances. This is just one of the reasons why a person ends knee-deep in debt. Even if you're after the rewards, be sure you are a good payer. This way you build up more points, and you don't get yourself into trouble.
