One of the top reasons Filipinos enjoy using their credit card for shopping and other transactions is because doing so allows them to earn points for each peso spent. When accumulated, these points can then be used to access competitive rewards catalogs, where cardholders can redeem discount vouchers, gift cards, merchandise, air miles for travel, and more.
Some credit cards, like the Landers Cashback Everywhere Credit Card, a Maya credit card product, also focus on giving cardholders more value for each transaction through generous cashback rewards, which they can then use to save money in the long run. To someone who knows the ins and outs of their rewards program, a credit card will surely provide a more satisfying experience for each spend.
That being said, it can still be quite confusing for many cardholders—particularly new ones—to determine how to use their points optimally. In addition, failure to use these points within a long duration may lead to their expiration, which is a huge waste. Whether you’re a first-time cardholder or a long-time credit card user looking for ways to improve your rewards management, here are some tips that can help you out:
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1. Regularly Check Your Rewards Balance and Expiration Dates
Credit card points often come with expiration dates, which can vary depending on your credit card provider’s terms. Some providers may only let you keep your points for several years upon earning them, while others offer points that don’t necessarily expire but do require you to keep using your card so that the points can be redeemed.
Knowing that, make it a habit to check your rewards balance through your credit card provider’s mobile app or website. Keeping track of the expiration dates on your points also enables you to plan your redemptions strategically and avoid wasting valuable points.
2. Redeem Points for High-Value Rewards
Not all rewards have the same value. Rewards such as gift cards, travel bookings, or cashback offer better value compared to merchandise. Don’t be remiss in analyzing the value of your available rewards options so that you know what exactly your rewards program brings to the table. It’s by redeeming high-value rewards in particular that you’ll be able to use the majority of your points instead of letting them remain in your account, where they can potentially expire without you realizing it.
Consider your lifestyle and goals as well when choosing your rewards. For example, if you’re the type who enjoys frequently dining out with family and friends, then gift cards for restaurants will more likely hold a higher value for you compared to, say, a discount voucher for booking hotel accommodations.
3. Set Personal Reminders for Points Expiration
Use your phone’s calendar or notes app to create personal reminders about points expiration dates. Set these alerts a few weeks in advance to give yourself ample time to decide how to redeem your rewards effectively. You could also schedule periodic reminders to check your balance and assess if any points are nearing expiration, which will keep your rewards strategy proactive and organized.
4. Use Points for Everyday Necessities
Consider redeeming points for items you would typically spend money on, such as groceries, dining, or utilities. A practical approach like this one enables you to use your points efficiently, thus helping you offset routine expenses and reduce overall spending. In addition, this can also be the perfect solution if you’ve got points that are soon to expire, yet not enough to redeem larger rewards.
5. Take Advantage of Bonus Categories to Earn Points Faster
One of the best ways to earn credit card points faster is by taking advantage of bonus spending categories. Common categories include dining, travel, groceries, and foreign transactions. Depending on what bonus categories your credit card provider has set, you may be able to earn double or even triple points for spends made in those categories.
Some spending categories are also seasonal or offered within a limited period only. For example, your credit card provider may double points earned during the first two weeks of December to encourage their users to shop more. You can then plan your gift or Noche Buena shopping during that period so that you can earn more points and thus redeem rewards faster.
6. Use Points to Offset Annual Fees
There are also some credit card providers who’ll allow you to redeem points to cover your card’s annual fee. This is an excellent way to reduce out-of-pocket costs while also keeping your card active so that you can continue to use your hard-earned points for rewards. Better yet, getting a credit card that has no annual fee will eliminate this cost completely, allowing you to focus simply on earning points and rewards.
7. Subscribe to Exclusive Promotions and Offers from Your Card Program
Credit card issuers often run promotions that allow their users to earn extra points or showcase rotating rewards they can get. Stay updated on these offers by subscribing to newsletters, following your credit card provider’s social media pages, or regularly checking their app. Timing your spending or redemptions during promotional periods can significantly amplify the value of the rewards you get.
With the help of these strategies, you can make the most out of your rewards points while ensuring that you don’t miss out on valuable perks due to expired points or inefficient redemptions. Strive to stay proactive and organized when managing your reward points so that you can rely on your credit card as something that continuously adds value to your fulfillment of your financial goals and the kind of lifestyle you want to lead.
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