How to Get the Most Out of Rewards Credit Cards
Written by Roland Bleyer and posted on June 14, 2011
When you apply for a rewards credit card like the Earth Platinum credit card it’s easy to focus only on the rewards points. If you do though, you’re missing out on some of the best parts of having a rewards card and you aren’t getting the most out of the deal.
If you really want to get the most out of a rewards credit card, you need to take a two-sided approach that focuses on both the rewards programme and the other credit card perks you’re paying for (whether you use them or not). Let’s take a look at how you can do that.
Maximise Your Rewards Points
Here are a few ways you can make the most of your actual rewards points:
- Look for rewards cards with introductory bonus point offers, like the ANZ Rewards Platinum credit card.
- Choose rewards cards that don’t cap the number of points you can earn.
- Opt for rewards programmes where your rewards points never expire (especially if you’re not traditionally a big spender — otherwise you may never earn enough to redeem them for rewards you want).
- Pay for everyday expenses using your rewards card, and pay them off in full each month. You can avoid interest with interest free days and get more points for things you had to pay for anyway. If you do this, just don’t use the card for financing as well or you might lose your interest free days.
Put Those Perks to Work for You
Rewards credit cards often cost you more as a consumer than low or no frills credit cards. That’s partly due to the perks rewards cards frequently offer (especially platinum cards). Yet many consumers don’t know all the perks that are available to them, or don’t use them for other reasons.
If you don’t take advantage of the ones relevant to you, you aren’t getting the most out of your card, and you’re left paying for things that go unused. If that’s the case, why not get a less expensive rewards card minus those perks?
Here are a few examples of perks you should consider taking advantage of:
- Free domestic or international travel insurance
- Concierge services
- Special discounts for cardholders with partner companies
- Purchase security insurance
- Extended warranty coverage
Not all perks will be of interest to all cardholders. But there’s bound to be something useful to you that would let you take even more advantage of your rewards credit cards. You pay for the privilege of using a rewards card. So why not enjoy all of the relevant privileges available to you?
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About the author
Roland has years of experience in the financial industry and is the founder of the Credit World group. He has overseen Credit World grow to become the number one reseller of retail banking products.
He is a regular contributor to this blog and and aims to help people make the most of their money and help the consumer find the best possible product. Roland dedicates his time writing finance articles to provide people with information they need. You can find him on Google+ & twitter