Tips To Maximize Benefits of High-Reward Credit Cards
Introduction
Earning credit card reward points is simple if
you know the tricks. Every credit card business will provide a reward program
scheme to differentiate itself from its rivals and, of course, attract more
customers. As a result, for every rupee that you spend, you will earn reward
points that can be redeemed against several exciting options.
Getting something for nothing is not harmful.
Remember that every credit card purchase contains a reward value. To make sure
that you can maximize the reward plan, here are some suggestions to make a note
of:
Apply at the appropriate time:
Learn when to use and when not to use the card
after you have selected it based on your needs. The majority of individuals
might not be aware that there is a good and a wrong time to apply for credit
cards that provide reward points.
Be aware that the majority of credit card
issuers (who provide a reward program) will publish a limited promotion period
when the points for signing up are higher for certain months. In order to
attract more clients, they excite them with attractive offers.
A missed opportunity to earn rewards might
cost you between Rs.10,000 to Rs. 15,000 if you apply for a reward credit card
at the wrong time of the year when there are no introductory offers going on. I
hope that is not what you want to happen. Of course, the only reason you’re
applying for a credit card is to gain those extra benefits. It is important to
wait and take advantage when it is appropriate. Basically, these offers occur
around the festive season. But this depends entirely on the issuer.
Choose a website that offers cashback.
Most credit card issuers operate online
shopping portals where customers can make purchases to earn additional rewards.
For example, HDFC bank has the SmartBuy portal, American Express has the
Rewards Multiplier portal, Axis Bank’s Grab deals portal, and many more.
Otherwise, you can shop from online stores that provide cashback/reward
options.
Even if credit card reward points will vary
from one buying website to another, analyzing them in advance could be quite
beneficial.
Regularly redeem your reward points.
A common mistake people make when using a credit card is saving reward points for a long time and then using them entirely at once. This usually occurs while using airline miles and hotel points. Therefore, over time, points will eventually become less valuable or expire even if you acquire a lot of them.
To conquer this, regularly check the reward
points you’ve earned with the card and try to use them regularly. Also, pay attention
to the expiration dates of the points, because nothing is worse than letting
your hard-earned points expire.
Pay more attention to Your Requirements.
Even though it might be very attractive to
sign up for credit cards that offer additional reward points for certain
expenditures, getting too many cards is not always a good idea. One common
misunderstanding is that a person has more chances to obtain points if they
have more credit cards. Yes, it’s true from a certain point, but managing every
card comes with risks and can be difficult.
Rather, having a card that delivers the most
useful reward points for purchases is preferred more. For example- “Food.”
Nowadays eating out is becoming more popular. If this is you, then look for a
credit card that offers a great return on purchases made at restaurants,
supermarkets, or both. Similarly, every individual can have different
requirements and the best thing you can do is to get a credit card accordingly
Conclusion
Eventually, selecting a credit card depends on
deciding your requirements. You need to consider a card that provides the
maximum rewards in your major spending categories and supports your future trip
desires.
Before applying for a credit card, it’s
important to know your credit score and any card issuer restrictions that can
affect your chances to be accepted or receive a welcome bonus before applying
for a credit card.
Read More: Why Do Credit Cards Have Expiration Dates?
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