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Credit card rewards programs offer people the opportunity to actually make money off of purchases. But responsible spenders should know there are several ways to maximize cash back, points or miles. This includes knowing where to look for special offers, how to earn extra points per dollar and when to charge a high-ticket item.
Keep in mind, these strategies only really work if you pay off balances in full each week since the annual percentage rates associated with rewards card tend to be on the high side. Having said that, if you’re not prone to carrying balances, check out these nine ways to earn extra credit card rewards.
Image: Iain Farrell
Many cash back credit cards feature revolving 5% categories that allow cardholders to net extra points on varying purchases throughout the course of the year. To maximize rewards, Scott Bilker, founder of DebtSmart.com, who happens to have 50 credit cards, suggests planning big purchases around the schedule posted on an issuer’s website.
“There’s always a matter of planning,” he says. For example, Citi Dividend Platinum Select cardholders would net the most points back on certain home improvement projects if they waited until Spring/Summer to make them. The issuer is featuring 5% cash back at Home Depot and on select home and garden furnishings through June 30.
Image: Jake Przespo
You can get a nice rewards point bonus if you get a friend to successfully sign up for one of your issuer’s credit cards. Discover, for example, awards $50 cash back or 5,000 miles to cardholders who successfully persuade friends to get a card via Facebook, Twitter or email. American Express also hands out bonus points for referred friends, but the actual amount varies depending on what card they sign up and are approved for.
Tip 3: Shop on your issuer’s website »
Image: Martin Fisch
Credit card bonus malls serve as huge earning enhancers for cardholders since the advertised points, miles or cash back being offered at participating retailers is added to what you’re already earning on the purchase through your card’s base rewards program. Oftentimes, you can also find exclusive coupon codes or discounts being paired with the extra rewards. For instance, Bank of America is currently combining eight extra bonus points per dollar spent at HSN.com through its WorldPoints mall with an online coupon code that will take $10 off the purchase.
Tip 4: Pair credit card rewards with a merchant loyalty program »
Image: Hryck.
Bilker was able to score several sets of free movie tickets by pairing a co-branded Regal Theaters credit card with the business’s own loyalty program. He would use certificates earned through his credit card rewards program to purchase gift cards, get loyalty points for the gift card purchase, than have the loyalty card swiped again when he showed up to put the gift card to use.
“Keep thinking of how you can stack the points to get more and more out of [the programs],” Bilker says. He suggests cardholders pay careful attention to what merchants or retailers their credit card issuer partners with to get a sense of where they might be able to get the best deals.
Image: Maegan Tintari
A great way to maximize rewards at the point of redemption is to exchange them for a merchant gift card since these cards are often loaded with more money than what you are being asked to redeem. Chase, for example, is currently running a deal with Pier One Imports that allows cardholders to exchange $40 in points for a $50 gift card on its Ultimate Rewards website. Discover offers similar deals on partner gift cards.
Tip 6: Use your card to pay for stuff you need to buy »
Image: Guy Montag
Some folks may shy away from charging monthly expenses like groceries, utility bills or insurance payments to their credit card, but, Bilker points out, it’s smart to “earn rewards on purchases you’re going to have to make anyway.” To ensure monthly purchases don’t get out of hand, you can pay the charges off at the end of the day or each week using a linked checking account.
Tip 7: Keep an eye on your (e)mail »
Image: Adib Roy
When it comes to credit card rewards, it can pay to look through the solicitations your issuer sends you in the mail. Bilker, for instance, was able to score $1,000 back on a home improvement project after taking advantage of a special promotion Citi advertised via snail mail. It’s also a good idea to keep an eye on your inbox since some issuers will email cardholders about limited time bonus offers.
“You’ve got to keep your eye on everything to know what’s going on,” Bilker says, adding you can always “call your issuer to see if any specials are coming up.”
Image: banspy
You may be able to get more points with a little help from your friends. Citi actually lets its cardholders share rewards points via Facebook that can be put towards a common goal, such as a family reunion or a group charitable donation.
Chase also lets customers with multiple accounts merge the points they earned on each card. While you won’t net any extra points for doing so, it can certainly help you purchase the merchandise, airfare or experience you’ve been working towards sooner than expected.
Image: Wavebreak Media
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