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If you are planning to maximise your reward points this year, it helps to know a few handy tips and tricks that can get you there. There are many ways in which you can kickstart or boost your reward points and these are 5 tips on how you can do this.
Get a card that comes with the perks
With so many cards that are available on the market, it is essential to find one that is suitable for the way you spend. This means comparing various features to find the one. If you are someone who loves to travel, a reward card that comes with sign-up bonuses can come in handy as you can get cards that go up to 100,000 bonus points. For shopping perks, you can consider taking a card that rewards you with a good point earn rate for every $1 spent. A card that also has a diverse way in which you can redeem points can also be useful.
Choose a car that partners with the right partners
There is no point in getting a credit card that comes with great offers that can only be used with partnered shops or airlines that you never use. Checking the cards features is vital as this can show you what is offered. Remember to also look up the terms of these features to avoid taking out a card that will be hard to meet when it comes to the spending requirements.
Assess your current card
If you already have a reward card, check if it is still carrying out the purpose of what you initially took it out for. This means looking beyond the perks of the card and looking at the fees and charges that come with it. An annual fee will always be attached to a rewards card, but it is important to look out for other fees such as the cash advance rate, foreign transaction fee, and an additional cardholder fee. Such fees can affect the cards affordability. Paying for a card that has limited features that are not worth the annual fee means that it is time to change your card.
Don’t be tempted to spend your points immediately
The sign-up bonus reward points and your ability to natural meet the spending requirements of your card can result in you collecting a sizeable amount of points. This takes time to do. Have a plan in place as to where you are planning on spending these points instead of using them as cash back all the time or at a rewards store. You can save your points to use towards a big-ticket item such as flight or putting away to use as part of reducing the amount you spend on shopping.
Family pool your points
Similar to carpooling, you can add other cardholders such as family members, spouse, or a close friend to the card to help you build points faster. Of course, this goes without saying that it is important to check if there is no additional cardholder fee that you have to pay. For example, the ANZ Frequent Flyer Black card includes a $69 for each additional cardholder.
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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.
The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.
