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A lot of people can miss out on a good deal because they fail to understand its purpose and what it can do for them Having a rewards card in your wallet can be used to its fullest without letting it collect dust. If you already have one but have been wondering what you can do with your card here are a few handy tips that could float your boat.
Before you spend know how to gain
Reward points are only as good as the value point system it is on. Most reward cards offer a point for every dollar or two that is spent. However, some cards on the premium end of cards offer up to 3 points for every $1 spent. Gaining reward points might take time, but there are ways you can gain more points efficiently without breaking the bank in spending.
First, you will have to test the quality of your rewards that you are currently getting on your card according to its value per dollar spent. Finding a card that has uncapped points which means there will be no limit on points you earn for every dollar spent, can also make the card worthwhile. If you are not happy with what you getting it is never too late to compare and get a better card. You will then have to harness the power of targeted spending when you swipe every day.
These are items that will gain you points easily because you spend money on that item anyway. Knowledge is power. You will have to go online and research the terms and conditions of your card to understand how best to unlock the world of exclusive offers, discounts on flights, and complimentary travel that awaits you.
Pay for a flight with your rewards
Planning for a holiday consumes time and money. According to ASIC, 53% of Australians open a savings account to save towards a holiday with the average target being $11,234. Although the journey to your favourite holiday destination might be tedious, it is worth it once you get to kick off your shoes and relax at your favourite spot. But how would you like to do that for free? By collecting reward points on your rewards credit card you will be able to save enough to discount or even pay for your flight.
Book discount accommodation
The exclusive life you desire is sometimes hidden in the detail of the terms that come with your reward card. Most reward cards have partnered up with restaurants, airlines, and hotels to offer exclusive offers and discounts to their customers. Reward cards such as Velocity frequent flyer have partnered up with various lodges and hotels, and by using your card you can get a discount for booking at an affiliated accommodation spots.
What if the expiry date is upon you?
Some reward cards have an expiration date on their points, which can put a damper on your parade if you have only figured out what to do with your points when it is too late. However, if your points are not strong enough to get you a flight to your destination you can always spend it at a rewards store. If you have accumulated a copious amount of points but have no idea what to do with it you can always pass them on to a loved one or someone who could make good use of it.
Take your card on a night out
There are reward cards that are currently on the market that come with entertainment features that can be a saving grace when you need it the most. Some cards come reward you with a bottle of wine when you eat at an affiliated restaurant, or they offer you exclusive entertainment tickets at a discounted price before they get released to the public.
Knowing how you can gain points is without going out your usually spending limit is winning half of the challenge. The important part is reading the terms that come with gaining and spending points to avoid disappointment. It will also help you avoid spending in a way that will cause you to lose rather than save money.
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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.
