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With a rewards credit card, you can make purchases and have the chance to obtain 2%-6% cash back on gas, groceries and other bills. The only way to come out ahead is if you’re not charged interest. Making sure to pay your bill in full every month and only spend what you can afford is crucial.
When you use your rewards credit card to make purchases, you typically receive rewards like cash back, points, or miles. The rewards are connected to your credit card account and can be redeemed through the credit card company. Although each bank has its own policies, there are two actions you can take to ensure that your rewards don’t expire that work for the majority of banks.
To begin with, ensure that you redeem your rewards on a regular basis. It’s not advisable to hoard points! The bank may have a specific number of months after you earn your rewards before they expire. Redeeming your points frequently not only ensures you don’t lose them, but also allows for regular vacations! Second, make sure to use your card frequently! A lot of banks will say that your points will expire if it has been inactive for too long. To keep your points active and prevent expiration, it’s necessary to make a purchase at least once every few months.
The bottom line is that if you worked hard to earn your rewards, they may have an expiration date, depending on the bank. Don’t waste them by letting them expire and go to waste! Make frequent use of the credit cards and redeem them regularly to keep them active and keep your rewards from expiring. Reward credit cards have a wide range of options to choose from, and we believe these are the best and most popular reward credit cards of June 2024, check them out!
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