Credit cards can be one of your tools to help you build credit and safely purchase items. But, rewards credit cards, including crypto credit card rewards, can give you some bonus perks just for using a particular card.
Here are three tips for receiving credit card rewards.
1) Right Card
Understand what perks each card can give you. If you have more than one card that offers rewards, study up on the best way to use that card. Sometimes you need to make the right purchases in order to maximize rewards.
One thing to always look at is the annual fee. Make sure that this fee is a good exchange for using that particular card.
Always be organized and plan before you use a card. Sometimes your reward is cash back. Figure out the cash back percentages and the maximum amount you can spend to achieve this goal. Places like SoFi also recommend this when evaluating crypto credit card rewards. According to SoFi, “Earn up to 3% cash back toward your financial goals when you apply and get approved for a credit card, and set up direct deposit through SoFi.”
2) Earn Bonuses
Many cards come with some hefty bonuses when you sign up. You usually have to spend a certain amount on the card in order to get a good amount of cash back. Know when you must make these purchases.
Always track your rewards. Some systems have an expiration date on those rewards. Know when that is and plan accordingly. Know what those points are worth, and make a goal.
Also, to maximize that bonus, pay your card in full every month. Otherwise, that cash bonus will be reduced with the monthly interest added to your bill. In addition, any sort of late payment could void a special bonus deal. Make sure you read all the fine print and adhere to all the rules. The point of getting a rewards card is to get something of value in return.
Credit cards have more bonuses attached to them. A lot of travel bonus cards offer travel-related perks. Some of those bonuses include using the airport lounge. Provisions for delayed or lost luggage, trip interruption or cancelation insurance. There can also be some car rental incentives and even hotel room upgrades.
Entertainment credit card rewards can include extended warranties and discounts at specific retailers.
3) Consider All Options
Always reevaluate your cards to see if you are getting the maximum rewards. If you find that you are in a rut, you may decide to find a card that is not specific to a particular brand. This can offer you the flexibility that you did not have before.
Don’t be afraid of asking for a retention bonus. If you want to reduce the number of cards you own, you may decide to stay with the one that will give you a retention bonus.
This will work like your opening bonus. You will be required to spend a certain amount of money during a specific period of time in order to get that bonus.
However, be sure that you still want to keep that card because by agreeing to the retention bonus, you have agreed to one more year with that credit card.
Credit card rewards can be a huge bonus when you pick out the card that fits your lifestyle and gives you the rewards that will help you realize your dreams.