There are many ways to redeem your credit card points. One of the favored options these days is online, which can be managed by logging into your account and then choosing a reward. What you can get out of this is based on the rate per point offered by the program. It is also only possible to do this if you have the minimum number of points required to make a trade. So you actually sell reward points back to the airline or credit card company, although this is considered a loss.
This is another option you can avail with accumulated points in your account. When you earn sufficient points, you can have them automatically send you a check. This is usually accompanied by a credit card statement in your mail.
Mailing a redemption form
This takes longer than the other methods of redeeming your points, and involves dealing with customer service first. If their lines are busy, you will have to wait and call later.
There are credit cards that allow you to pick and purchase from a catalog of items, which is the next best thing if you cannot sell rewards points back to them.
Tips on making the best use of your points
- Buy only what you need with the card, and not so that you will get more points for using it. You don’t want to end up carrying a high balance on your credit card because you got carried away. In such a scenario, rewards points will not seem very useful. Repayment will remain the primary concern, and this will overshadow the rewards benefits.
- Use the card for everyday purchases, because that offers a higher accrual rate for rewards. Things like groceries and gas are at the top of the list.
That is about it on the ways the credit card company lets you benefit from the points earned for making purchases. But there are other places you can sell rewards points and earn even more. You see more people turning to more appealing alternate such as mileage brokers.
Websites such as YYZ Miles let you sell rewards points to buyers, by finding ones ready to match your asking price. It is a worthwhile way to cash in your rewards this way if you will not be using them to good effect. Check out the offer page to sell rewards points, and furnish your details to get started.