Increase Your Credit Card Reward Before the End of the Year
As the end of the year approaches, you plan your vacation trip, what gift to get for your cousin you only see once a year, and whether you can walk away by handing over the green bean casserole to Aunt Helen. All important tasks, but there is one more thing to add to your list: maximizing credit card rewards.
If you have an annualized bonus card, chances are you haven’t used all the “benefits” you pay for. But these benefits won’t last beyond January 1st, which means you should try to maximize them in the next two and a half months if you can.
Many of the biggest perks are travel-related: Chase Sapphire Reserve, for example, offers a $ 300 travel credit every year , and many cards will reimburse you for expenses you accumulate at the airport (including checked baggage fees) up to a certain amount in dollars. … If you have any travel ahead of you, it’s worth spending it or see if you can retroactively apply travel credits to a trip you took earlier this year.
Other cards, including cards from some airlines, offer benefits when a certain spending threshold is reached during the year. While they are often high, if you are close to it it is worth considering whether to do it before the end of the year (so as not to suggest you spend more to get your bonus – make sure it makes financial sense).
Try redeeming your rewards with cash and points for cashback or something like a gift card, writes US News and World Report, rather than merchandise. You will likely get a lower conversion rate on a site like Amazon than if you took cash. “However, redeeming points for merchandise is much better than doing nothing with the points.”
One privilege that doesn’t necessarily expire but can be useful on holidays is checking your bank card / online shopping portal. If you shop online anyway, you can get a better deal (and more cashback or points) by shopping through the portal. Maybe give Aunt Helen a new casserole – she’ll love it.