How To Manage Rewards From Multiple Credit Cards

Manage Rewards From Multiple Credit Cards

Some need help learning how to efficiently manage rewards from multiple credit cards. If you are already using more than one credit card and have signed up for rewards programs, now is a good time to reconsider the programs you’ve joined–are you using the rewards programs to their fullest?

Manage Rewards From Multiple Credit Cards

The first thing to do is to make a list–all your credit cards, and the rewards programs you’ve signed up for with them. How many of those cards are offering you duplicate rewards programs? As in, do all your cards have frequent flyer mile options as rewards for purchases? What features do your rewards programs have and how redundant are those programs across all your cards?

If you have duplicate rewards programs that aren’t adding up to much, try signing up for different perks for each card. The card you use the most could be your frequent flyer miles card. Another card for food and gas perks when making the appropriate purchases.

Perhaps you don’t want a bunch of scattered rewards. Some consumers prefer to use all cards toward one type of reward such as frequent flyer miles. If that’s you, review your cards and see whether it is possible to focus all your rewards toward one end.

Maybe your goals have more to do with getting discounts on everyday purchases like food and gas? Whatever the need, you will likely find an appropriate reward program for it.

Signing Up For Credit Cards Based On Perks

But don’t sign up for the best-looking offer without checking on a couple of very important issues. The freebies, frequent flyer miles, and cashback rewards you might get from a new credit card account might be subject to caps, restrictions, or blackout periods. Ask before you apply!

That frequent flyer program might look great, but if it has a bunch of blackout dates (when you cannot use the air miles) that cuts into your travel planning, what’s the use of those rewards?

Programs Change

Rewards programs change all the time. Some are much better than others, but one common feature of some “new and improved” rewards programs? They are aimed at new customers only rather than existing customers.

Signing up for new credit cards too often can hurt your credit, so it pays to be judicious about how and when you apply for a new card. And since you have to be choosy in this department anyway, it pays to consider the rewards programs at signup time and try to find an offer that is better for you than the rest.

And remember, there are often offers to consolidate your credit card debt from other cards and it might be tempting to give that a try. However, make sure you know what interest rates those balance transfers get charged. They may be higher than the interest rate for purchases and other transactions. Know before you commit.

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