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5 Best Ways To Get Credit Card Rewards

Updated on September 8, 2010

5 Ways To Great Credit Card Rewards

5 Best Ways To Great Credit Card Rewards

Credit card reward points have soared over the past five years with the number of airline miles being sky-high at 14.2 trillion according to Affinion Loyalty Group, a marketing company that manages rewards programs. Consumers have found ways to earn bonuses from their credit card reward programs and here are some great tips that every credit card holder should consider when selecting a credit card with rewards.

1. Always get your rewards in cash. Transferring points into spending money is the way many card owners get their rewards because they know exactly how much they are receiving because lately, cash rewards have become complicated. For example, a 1% percent cash back might be applied towards gas purchases only for a given period of time whereas a 2% cash back might be applied for gas and groceries until the expired date of the card.

A hot commodity credit card worthy of producing the most lucrative cash back on purchases is the Blue Cash card offered by American Express. This card pays 1% on all purchases up to $6,500 and 5% after the $6,500 threshold is reached. Do the math at $6,501 and will pay out a $325 cash back reward. Not bad for a 5% pay back on purchases.

2. If you travel alot, consider getting a flexible travel card to rack up those travel points. Travel reward programs have become a problem because of blackout dates, tacked-on fees, and an inadequate supply of seat availability, making it hard to redeem rewards. Unless you're a loyal paying customer to one major airline or hotel, choose a travel card with the flexibility to earn points from multiple airlines and hotels. The more airlines and hotels partnered with your travel card, the more rewarding your travel points will be. Capital One's VentureOne Rewards Visa has no annual-fee and earns 1.25 miles for every dollar spent. Those points earned can be redeemed on any flight (no blackout dates), hotel, or car rental which is well worth it over any airline-specific travel card. To avoid losing travel rewards due to the cards expiration date or the issuer's change policy, redeem your travel rewards early and often.

3. Buy a gift card if you can't take cash as an option. Cashing in your points with retailers such as Best Buy, Target, Bath and Body Words, etc., limits your rewards choices and you get stuck with all the drawbacks of gift cards. If your only other choice is to swap points for merchandise from a card issuer's catalog, buy a gift card because you know the price you'll pay, and you're less likely to spend the money on something you don't really need. You can easily redeem small amounts of points like the Chase Sapphire card that rewards $25 for 2,500 points.

4. Get credit cards from stores you frequent. If you shop at, you should consider the Chase Rewards Visa that offers 1 to 2 points for every dollar spent on everyday purchases but 3 points for purchases with Amazon. Another perk is a $30 credit for signing up. Retailer or e-tailer credit cards can pay off big time!

5. Use points to reach financial goals. To make the most out of your rewards card, boost it ROI (return on investment) by signing up for a card that automatically deposits cash back into your savings or investment account, or into a 529 college fund. The Fidelity Rewards American Express Card comes with a 2 point cash back bonus for every dollar spent at a 1% rate. $2,500 equals 5,000 points which earns a $50 deposit into your Fidelity IRA or 529 account. Fidelity manages 529s for many states with the UNIQUE college investing plan available for residents of any state.


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