Today’s consumers are inundated with a wide array of options for rewards credit cards. While this (almost) guarantees that you can find the perfect one for you, it also requires some research on your part to ensure that you are applying for a good fit.
One of the most significant reasons why people use credit cards is because of the potential rewards that they can earn. Most of the time, these rewards can be obtained through the same day-to-day purchases that you would already be making.
Read on to learn how you can maximize your credit card rewards earnings.
1. Compare credit cards
Before you decide on a credit card, make sure to utilize a credit card comparison site to ensure that you are selecting the right one for your needs and lifestyle. Different credit cards are created for different people, so if you want to maximize your credit card rewards earnings, it is essential that you find a card that is suited for you. If you are a frequent traveler, then you probably want to find a credit card that offers cash back or travel rewards as these are features that you will most likely be able to maximize.
When you utilize a credit card comparison site, you will be able to instantly discern the similarities and differences between the features and benefits of potential credit cards for which you qualify. For example, in the UAE, credit cards have a range of monthly salary requirements from AED 5,000 to premium cards that necessitate a higher salary range.
2. Avoid high credit card fees
In order to maximize your credit card rewards earnings, you want to make sure you are avoiding high credit card fees. To do this, you need to make sure that you are prepared to use your credit card responsibly and pay off the bill each month – in full. If you pay your bill in full, on time, then you can avoid having to pay interest on each billing cycle.
If you are unable to pay off the bill in full one month, you still need to pay more than the minimum recommended amount. Otherwise, the credit card interest rates are going to increase significantly, and you are going to have to pay a lot more for your purchases. Keep in mind that late or missing payments can incur extra fees, such as penalties and late fees.
Also, take into account any annual fees, interest rates, balance transfer fees, and potential charges. All of these add up and need to be financed if you are going to receive any of the potential credit card rewards.
3. Consider flexible cards
Generally, travel and entertainment rewards cards are some of the most popular options (for obvious reasons). However, for some people, these cards can actually limit how rewards can be earned. What’s more, many of these credit cards place a cap on the number of rewards that you can collect. Therefore, it is highly recommended that you consider a flexible credit card.
Look for a credit card that permits you to earn cashback across a variety of categories that align with your purchasing habits. For example, the Citibank Cashback credit card includes all categories for earning cashback and offers excellent cashback on international purchases. Plus, unlike many other cards, this one has unlimited and automatic cashback. Other benefits include global airport lounge access, dining privileges and exclusive offers, travel inconvenience insurance, and supplementary cards.
4. Utilize digital tools
In this day and age, more and more banks offer digital tools that can significantly help you track your financial rewards, deals, and benefits. By opting for a credit card from a bank that provides online dashboards, you can efficiently see ways to maximize your rewards and the options for redeeming them. If you opt for a cash rewards card that has digital tools, then you can determine where you want to use your rewards.
What is more, if you are part of multiple rewards programs, then utilizing these digital tools can help you stay on top of it all. These digital tools grant you greater control over your finances. For example, you could choose an automatic redemption feature to make recurring contributions into your savings and investment accounts. This strategy helps you turn everyday spending into long-term financial success.
Final Thoughts
As there are so many credit cards available on the market, you must choose one that not only has the best offer, but also maximizes your credit card rewards earnings.
At SoulWallet, we pride ourselves in helping you find the best credit card for you. All that we require from you is that you tell us what you want, and then we will give you the options that you need. Together we make finding the right credit card easier, more convenient, and more rewarding.