Credit cards are a great way to earn rewards and enjoy perks while purchasing. But with so many options, choosing the best cards and capitalising on rewards can be a little tricky. That’s why we’ve compiled this guide on 6 ways to maximise your credit card rewards in 2023. From choosing the right credit card to understanding how to earn and redeem rewards, we’ve got you covered. Following these tips can get you the best rewards on your credit card and enjoy other benefits to the max in 2023.
How to maximise your credit card rewards?
Credit card rewards programs are designed to reward cardholders for using their credit cards whenever they make certain purchases. These programs typically offer rewards like points, miles, or cashback that can be redeemed for various items like travel, merchandise, access to exclusive deals and much more.
Here are six ways to maximise your credit card rewards
Choose the right credit card & use sign-up bonuses
The first step is choosing a credit card that aligns with your spending habits. Different credit cards offer different rewards, and it’s important to choose one that rewards you for the purchases you make most often. For example, if you spend a lot on groceries and dining out, you might choose a credit card that offers bonus points or cashback for those categories.
Not only this, you get sign-up offers in the form of cashback or vouchers. Do not forget to use them before their expiration.
Pay your full balance & take advantage of bonus categories
Paying your balance in full and on time each month is essential to maximise your credit card rewards. Otherwise, you may have to pay interest and fees that can offset any rewards you earn.
Many credit cards reward specific spending categories, such as gas, groceries, or travel. Be sure to understand the bonus categories for your credit card and use it accordingly.
Redeem your rewards wisely
Some credit card rewards are most valuable when redeemed for travel, while others may be more valuable for cashbacks or statement credits. Take some time to research the best redemption options for your credit card rewards to get the most out of them. Many credit cards offer 5x rewards on the top two categories of your purchases. Use them as and when required.
Keep an eye out for limited-time offers & consider a premium credit card
Credit card companies often offer limited-time and special offers that incentivise cardholders to spend more. Watch for these offers; they can be a great way to earn extra rewards.
If you’re a frequent traveller or spend a lot on luxury purchases, consider a premium credit card that offers additional benefits like airport lounge access and concierge services. These cards often come with higher annual fees, but the benefits can be well worth it if you use them frequently.
Take advantage of referral bonuses & remember about credit card benefits
Some credit cards offer referral bonuses when you refer friends or family members to the card. These bonuses can be a great way to earn extra rewards, so take advantage of them if you know someone who could benefit from the card.
Besides rewards programs, many credit cards offer additional benefits like travel insurance, extended warranties, and purchase protection. Be sure to take advantage of these benefits whenever possible to maximise the value of your card.
Don’t Let Rewards Expire & utilise merchant’s offers
Make sure to keep track of your rewards and their expiration dates. Some rewards programs have expiration dates or may require you to use your rewards within a certain timeframe. Don’t let your hard-earned rewards go to waste!
Many credit cards offer partner offers with merchants, where you can earn bonus rewards for shopping with those merchants. Check your card’s website or app for these offers and take advantage of them when they align with your shopping needs.
Maximising credit card reward points requires a strategic approach and effort. So, maximising your credit card rewards requires careful consideration of your spending habits and the rewards programs different cards offer. By choosing the right card, taking advantage of sign-up bonuses and bonus categories, redeeming rewards strategically, and utilising multiple cards and referral bonuses, you can earn more cashbacks or points on most of your purchases. In addition, by making the most of your credit card rewards, you can enjoy the benefits of earning valuable perks and making your money work so much better for you.