6 Savvy Ways to Earn More Reward Points!

One of the reasons why consumers are attracted to credit cards is because they offer the opportunity to earn awesome rewards - not just through cash back, but also in the form of travel miles and discounts on purchases. Unfortunately, most cardholders are not able to derive the maximum benefit from their credit cards – in many cases they earn only a fraction of the reward points that are up for grabs. So, to ensure that you are able to maximize your reward points, we’ve compiled a few tips.

1. Don’t Let the Sign-up Bonus Go

When a consumer obtains a new card, certain card issuers offer something called a sign-up bonus. These are the extra reward points, travel miles or cash back that you get if you spend a specific amount of money within a stipulated time frame. Thus, you can try applying for cards that have a required spend which you can reach without taking on debt. Let’s say a card offers 2,000 bonus points if you spend $4,000 within the first two months. In that case, if you have the means to pay off the entire amount, you should certainly apply for the card and spend the $4,000.

2. Add an Authorized User if It Earns You Rewards

Some cards offer additional rewards if you add an authorized user during a certain period, and the added user makes a purchase. However, before doing so, carefully consider the consequences – an authorized user can make purchases, but is not obligated to pay them off.

3. Try Out the Bonus Mall

These online shopping portals offer reward points, cash back, or discounts if you buy from them using your credit card. For this, you need to go to your card company’s bonus mall website and click on the retailer of your choice while making a purchase.

4. Opt for Bonus Categories

Sometimes card issuers offer rotating spending categories that earn higher rewards or cash back. For example, a credit card may offer 5% cash back instead of the usual 1% reward for any amount that the user spends on groceries during the last quarter of a year. But to take advantage of such offers, you need to keep an eye out for them and opt in when they become available.

5. Put All Non-Fee Expenses on Your Credit Card

Any expense that doesn’t involve a fee can be put on your credit card, as long as you can pay it off before the due date. For example, purchases relating to gas, groceries, and entertainment can be paid through cards to increase the amount spent and earn more rewards.  However, certain payments, such as rent and quarterly tax payments, should be avoided. Using your credit card for this purpose may incur fees which will negate any points that you may have earned.

6. Close Less-rewarding Cards

If you have multiple cards that offer rewards, you may be diluting your points by using various cards to make charges. To earn maximum points, you should ideally channel your spending through a single card that rewards you the most. Any cards that offer lesser points or have high interest rates or fees should be dumped. Nevertheless, before closing any card, make sure you do it carefully, and in such a manner that it does not have an adverse impact on your credit score.

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