Credit card rewards programs are widely available and greatly beneficial to many users, but you may be wondering how to make them work for you and your financial habits. Make the most of your credit card reward points by engaging in the right reward program habits below:
Score More with Your Rewards
Our ScoreMore program helps you rack up the points that matter. Your points are redeemable for travel expenses, brand-name items, and much more. There are no limits on the points you can receive, they will never expire, and you can keep track of them online! Every Platinum Credit Card includes access to the ScoreMore plan, competitive fixed rates, and online account management. Best of all, you won’t ever have to pay an annual fee, a cash advance fee, or a balance transfer fee! Learn more about Financial One’s credit card options here.
Pay off the Balance
A big mistake that cardholders make is not paying the balance off every month. Many rewards cards are associated with higher interest rates. If you aren’t paying off the balance of the card, then you are negating the points you have been accumulating. Keep the balance paid off each month to benefit your credit score and to make the most out of those reward points.
Monitor Your Spending
Ever noticed how a 50% off sign at a retail store can make you spend money on an item that you didn’t really need in the first place? Buying items we don’t need and don’t budget for is a financial habit that many people fall into and causes overspending. Your rewards are not going to be too beneficial if you are struggling to stay on top of your bills. Don’t let the temptation of reward points send you spiraling into debt. Keep track of your spending with the best financial apps of 2016.
When to Redeem Points
Millions of rewards points go unused every single year. Many people forget to redeem points, don’t know how, or simply aren’t aware of how easy it is to use their points. Others simply wait too long hoping to accumulate a bigger offer. Depending on your program, rewards can expire or decrease in value. To get the most bang for your buck, redeem your points often.
Financial One Credit Union offers a reward card that’s safe and easy to use. Our rewards card offers competitive rates and zero fees on balance transfers. Enroll in the Financial One Credit Union ScoreMore program to earn even more reward points that you can use on brand-name items, travel expenses, and savings at your favorite stores.