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There are places to see and things to do when going on holiday, which means that you are likely to take your credit card along. Knowing how to maximise your reward opportunities during your downtime can help you save on costs such as travel expenses. But be careful not to be lost in the flurry of excitement that you end up swiping more than you can afford. Here is how you can make the most of a rewards card while on holiday.
Know what features your card has
Knowing what features your reward card comes with will help you know how to maximise it for your trip and will give you value for your money. If you find yourself having to spend outside of your budget just to access these points and features, then the card might not be for you. Check to see if your card comes with rewards for hotels, cash back, and travel benefits such as travel insurance that can come in handy.
Get a card with a strong point system
When looking for a credit card that suits the type of spender you are. To know if you are getting the best value for your money it is important that you check the value of the points on the card. The average rewards cards offer 1 point for every dollar spent, but there are cards that offer 2 points for every dollar spent. However, keep in mind that the stronger the point system is the more you will have to fork out on your annual car payments.
A card that fits avid foodies
If you know that you will be spending a lot of your time buying food, then getting a card that has rewards that match your love for food is essential. Check for a card that has rewards that are beneficial when you go to eat at a restaurant. However, it important to read the fine print to know which restaurant your reward card is affiliated with to maximise your points. Some cards do not reward you for eating at a restaurant that they are not affiliated with which can be a bummer if you are looking for a discount.
Get a 0% foreign transaction card
Swiping with your credit card can be convenient since there will be no need to carry cash around or convert currencies. But a normal credit card can attract a foreign transaction fee as high as 3% for every transaction you make abroad. Getting a 0% foreign transaction card can act as a buffer against such fees and help you stick to your budget. Your finances will be eternally grateful to you.
The ‘bonus point offer’ hunter
If your holiday season could be looming, or you simply want to be frugal about your next trip without coming back with any holiday debt then you would want to make the most of bonus point offers when you sign up. Comparing cards to get the best bonus point offers is ideal, but make sure to check the minimum spend that is required for you unlock these points.
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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.
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