Redeem Yourself With The Best Credit Card Reward Points
Who doesn't like to be rewarded? What better way than to be rewarded at the end of each month for being a loyal customer? Surely most of us wouldn't mind, right? Well, at least that was the conclusion drawn by many companies when they launched their incentive schemes better known as ‘reward point programs'.
In a nutshell, reward points are redeemable points accumulated on your credit card statement when you use your credit card to purchase items. The more you spend, the more points you get. It seems like reaping the rewards has never been more exciting but there's a catch. These incentives and rewards are also very effective in enticing their customers to splash out more. From the customer's point of view the benefits gained can be easily dwarfed by the costs incurred. It may be tempting to pay that extra bit to get those points so make sure you understand your terms of agreements before joining the scheme.
The best way to make the most of your rewards is by simply taking advantage of them. So what's in store for you? Anything from air miles and cash back rewards to discounted concert tickets but if you unsure as to what your points entitle you to simply go online or contact your credit card provider. It's important that you make the most of such cards as the restrictions imposed can be costly.
Keep in mind that not paying your bills on time, delaying on your payments or exceeding your credit limit can disqualify you from redeeming your rewards. Not to mention the fact that rewards card usually comes with higher interest rate than regular one therefore it is recommended to pay off the balance before any interest collects. If it wasn't enough to put you off reward points have expiry date too. The amount of time allowed differs from card to card but unredeemed points are not transferable to the next period and you will have to start all over again.
For those desperate to rack up more precious points every month, here's a handful of suggestions. Why not to pay the utility bills by using your credit card? This way you can accumulate more points on your account without breaking your budget. Or perhaps you could ask your family members to make their purchases through your card and repay you in cash later? Remember that there are dozens of ways to ‘beat the system' so get creative.
While the incentives can be tempting, reward point cards are not for everyone. You need to be sensible when using them. Making purchase after purchase only to accumulate reward points can put you into some serious debt problem eventually. If you manage to balance it out it can become a rewarding experience.
This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.
In a nutshell, reward points are redeemable points accumulated on your credit card statement when you use your credit card to purchase items. The more you spend, the more points you get. It seems like reaping the rewards has never been more exciting but there's a catch. These incentives and rewards are also very effective in enticing their customers to splash out more. From the customer's point of view the benefits gained can be easily dwarfed by the costs incurred. It may be tempting to pay that extra bit to get those points so make sure you understand your terms of agreements before joining the scheme.
The best way to make the most of your rewards is by simply taking advantage of them. So what's in store for you? Anything from air miles and cash back rewards to discounted concert tickets but if you unsure as to what your points entitle you to simply go online or contact your credit card provider. It's important that you make the most of such cards as the restrictions imposed can be costly.
Keep in mind that not paying your bills on time, delaying on your payments or exceeding your credit limit can disqualify you from redeeming your rewards. Not to mention the fact that rewards card usually comes with higher interest rate than regular one therefore it is recommended to pay off the balance before any interest collects. If it wasn't enough to put you off reward points have expiry date too. The amount of time allowed differs from card to card but unredeemed points are not transferable to the next period and you will have to start all over again.
For those desperate to rack up more precious points every month, here's a handful of suggestions. Why not to pay the utility bills by using your credit card? This way you can accumulate more points on your account without breaking your budget. Or perhaps you could ask your family members to make their purchases through your card and repay you in cash later? Remember that there are dozens of ways to ‘beat the system' so get creative.
While the incentives can be tempting, reward point cards are not for everyone. You need to be sensible when using them. Making purchase after purchase only to accumulate reward points can put you into some serious debt problem eventually. If you manage to balance it out it can become a rewarding experience.
This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only.
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