Things to Know About Your Credit Card Rewards Program

Do you have a rewards credit card? Do you understand the many terms and conditions that govern your card?

Even if you have been carrying your rewards credit card for many years, there’s a good chance you don’t fully understand the finer details associated with it.

Here are some of the many things you need to know:

• When or if your points expire. Some rewards credit cards don’t have an expiration date for reward points. Instead, you can hold onto these as long as you want. Others, however, have an expiration date, such as five years, attached to every point you earn. You need to know how your card works.
• How you earn points. Do you earn one point for every dollar you spend? Can you earn several points per dollar on certain purchases? Do “multiple point” categories change from month to month? These are the types of questions you need to answer.
• How do you cash in your points? It’s one thing to collect reward points, but another thing entirely to use them. If the time comes to cash in your points, you need to know the process for doing so. Most credit cards make this easy enough via an online system.
• What can you use your points for? This is one of the most exciting questions to address, as you get a better idea of how you can use your points. From travel to gift cards to cash, you probably have quite a few options.

These are not the only things you need to know about your credit card rewards program, but you’ll definitely want to collect more information regarding these details as soon as possible.

What else do you need to know about your rewards credit card? Have you recently contacted your credit card company to discuss something in particular? Share your personal guidance in the comment section below.