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A major advantage that comes with having your own credit card is the rewards programs. Credit card rewards come in three forms; namely: points, cash-backs, or miles. In this article, we're basically going to be discussing credit card points.
Credit card points can be redeemed for a number of things including travel, gift cards, discounts, and lots more! It is important that you choose the right credit card because different issuers offer different options when it comes to rewards. There are a number of ways to accumulate credit card points:
1) Monthly Spending:
Use your card as often as you can. Most credit cards offer a minimum of 1 point per $1 spent, but many offer more than that. By using your credit card more often, your points will add up. But one has to be sure not to go overboard with the spending, or they could end up in debt. Some credit cards offer more points on spending money on certain categories such as groceries, gas, and hotels. Others offer more points during certain times of the year. One has to be on the lookout for such opportunities and should be aware of the options offered by their credit card issuer.
2) Bonus Points on Reaching Milestones:
Certain achievements or milestones can earn you major bonus points. Some issuers offer you bonus points on the anniversary of the day that you got your credit card issued, or on spending a certain amount within a specific period of time.
3) Sign-up Bonus:
Some issuers offer you points on spending a certain amount within the first few months of getting the credit card. Others also offer bonus points on just signing up for one!
Another way to get points is to simply refer a friend to the bank. Many issuers offer this option. If that person gets approved, then you get bonus points for it.
5) Make Group Payments:
One good way to get extra credit card points is to be the one making the payments when with a certain group of people. One may pay for the entire group using their own credit card and have them pay back later. This is a good way to add points to your card, without having to spend extra. But make sure they do agree to it beforehand and pay you back afterwards.
6) Transfer to Partner Programs:
For certain credit cards, the value of your points increases on transferring the points to the bank’s partner programs such as airline or hotel loyalty programs.
7) Regular Bills:
When paying for your regular monthly bills, make sure you pay using your rewards credit card, and then be sure to pay it off on time from the cash in your checking account so it doesn’t affect your credit score. You’re going to have to pay your bills anyway, so why not use your credit card instead and reap the rewards offered by it?
8) Add Authorized User:
Another way to get credit card points is to add an authorized user. They make the purchases for themselves and your reward points add up. Some issuers even give bonuses for just adding an authorized user. You have to be sure when adding an authorized user that they are someone that you trust and they are eventually going to pay you back on time, because you are going to be the one who’s going to be responsible for paying back the bank for all the purchases made.
With all that being said, it is important to know that your points can expire. So make sure you redeem them before the expiration date. Another important thing to keep in mind is to use your card responsibly and not go into debt.