Tips to maximize your credit card rewards

Jun 26, 2022

Tips to maximize your credit card rewards
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‘How can you get the most out of your credit card reward points?’ is a question that usually comes to a credit card user’s mind. Credit card rewards can be an excellent way to earn cash back, travel discounts, and other benefits. Credit card holders use sophisticated methods to get the most value out of each point and mile they earn to maximise their benefits. As a wise user, you must understand how to strategically utilize your credit cards to maximize the benefits of these reward schemes.

Knowing the ins and outs of your credit card’s rewards will help you maximise your rewards. But if you are unsure where to begin, here are a few methods to help you maximise your credit card rewards.


Make sure your reward structure matches your spending habits

Determine your spending patterns to choose and apply for the finest rewards credit card. To optimise your profits, you should fully understand what you spend your money on because different credit cards offer different rewards.

If you are into travelling, you might want to choose a credit card that offers extra points or cash back for travel spending. Or if you spend a lot on groceries and petrol, you should get a credit card with a larger earning potential in those areas. But if your purchasing patterns are diverse and you don't spend a lot in a particular category, a flat-rate cash back credit card may be right for you.


Sign up at the right time

Once you have decided on a card that meets your demands, you will need to know when to use it and when not to, as there is a right time to sign up for credit cards. Most credit card issuers offer a reward scheme that will run a limited-time promotion where the points for signing up are higher for specified months. Additionally, to boost their consumer base, they give appealing incentives to new customers as well.


Make the most of your sign-up bonus

Many credit cards offer substantial sign-up bonuses if you meet specific criteria after opening an account. Most card issuers require cardholders to spend a particular amount of money within the first few months after acquiring a card to be eligible for the sign-up bonus. To ensure you qualify, thoroughly read the bonus offer's terms and plan your spending accordingly. Furthermore, to avoid spending more than you can afford, the welcome bonus qualifying period is an excellent opportunity to make any major purchases you have been considering.


Make use of your card

It is good to have a credit card or two, but they're of no use if you only use them occasionally. To maximise the rewards of your credit card, you should use it frequently and preferably for all your expenditures.


Make use of the rewards

Credit cards come with multiple rewards in addition to the points you receive each time you use your card. These benefits might range from complimentary access to airport lounges to a free meal at a fine restaurant, depending on the type of your card.


Consider credit cards that work well together

Having multiple credit cards might also help you get the maximum rewards. You may use one card that provides you with bonus points when you buy groceries and another that gives you bonus rewards when you travel. But it is recommended to check out some of the credit cards that have their own rewards schemes, where you may be able to transfer rewards from one card to another, allowing you to combine them for greater redemptions.


You may learn more about how to maximize your credit card rewards as time goes by, and your earning ability and redemption preferences can shift. Do not be hesitant to reassess your credit card rewards approach from time to time to ensure that you are still optimising your rewards in the manner that makes the most sense to you. At BanqMart, ranging from cashback to travel rewards, you can find the best credit card for your requirements.

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