Wed, 01 Dec 2021

Strategies to Maximise Your Online Credit Card Rewards

16 Nov 2021, 19:33 GMT+10

From travelling costs and fine-dining bills to entertainment and daily expenses, a credit card offers you spending flexibility and freedom like no other. While it may be a convenient payment method, it's also a gateway to exclusive rewards, cashbacks and discounts.

Whether online or offline, every time you use your credit card, you have the opportunity to earn cash back or points that you can later redeem for shopping, food, gift cards, and much more. In short, if you spend more, you earn more.

So, here are some tips to help you take full advantage of your credit card rewards.

1. Cash-in Your Welcome Bonus

Many credit card providers offer you cash rewards as a welcome bonus once your card is issued. Usually, you need to spend a certain amount with their credit card within a few months of account opening to claim this sign-up bonus. The bonus amount varies based on the card type and your eligibility.

Welcome bonuses come with a qualifying period, which is a great time to make big purchases that you have been planning for a while. To ensure your eligibility, make sure you go through the fine print carefully.

2. Use Multiple Cards

To earn more reward points, it's wise to use multiple credit cards that offer high reward points on spending, preferably of different categories. Experiment with various combinations of credit cards as per your spending needs.

For example, you can consider using one card for grocery shopping and another for your travelling expenses. You can even make use of credit cards that allow discounts on shopping from a specific retailer.

So, set a budget according to your needs and try out the combination that suits you best.

3. Keep Track of Your Rewards

Did you have a discount offer on your next online order that you forgot about? Or a change in your reward points that you weren't aware of? If any of this happens, you might miss out on the opportunity to earn significant benefits. That's why it's essential to keep a regular check on your credit card reward points.

This way, you will be conscious of how many points you have accumulated across multiple cards. Additionally, continuous monitoring will allow you to utilise your cashback points in time before their expiry and learn about any new offers.

4. Look for Limited-Period Offers

Credit cards often come up with limited period offers with higher reward points, which spell higher-than-average discounts and cashbacks. Typically, such offers are targeted towards specific categories. For instance, some credit cards offer special cashback points on food delivery or discount on purchasing medicines. You can regularly check for merchant deals on your card to be aware of new offers and maximise cash benefits.

5. Pay the Bills in Full

While credit cards are convenient for everyday purchases, piling credit card bills can increase your debt burden. Since interest rates on credit cards are usually high, they can cut into your reward earnings. However, paying your bills on time and in full allows you to avoid interest charges. Therefore, it's smart to pay your dues each month on time to enjoy your rewards to the fullest.

The Bottom Line

Credit card points are a great way to earn rewards on your everyday expenses. To make the most of these rewards, start using your credit card instead of a debit card to rack up more reward points every time you spend. Moreover, always remember to spend according to your budget and avoid carrying a balance for better financial management.

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