Monday, January 27, 2014

Saving Money by USING Credit Card Reward Points

Awhile back I wrote this post on saving money with credit cards by using their reward points. The catch to this is once you rack your points up, you have to remember to actually use them!

I had forgotten about an American Express card and when I went to close the card (wasn't used for over a year) I learned I had reward points! Talk about a nice surprise!

So, how do I typically use my rewards? I am glad you asked. The cashback is the easiest option but I have found that route doesn't always get you the best bang for your buck! 

You want to compare all your options and see where the best reward options are. For instance, with 20,000 points I may be able to get $20 cash or a $25 gift card. Look at products, too. Sometimes you can get a free trip, and/or household accessories. 

If I can get a household item for free that I am in need of, that is my first priority! When I got the news of the reward points that needed to be used, my mind instantly thought of our most recent need: bedding sheets! I dislike buying bed sheets because my husband and I keep buying ones that don't last very long! 

Bedding was not part of the rewards program but I could get a Macy's $100 gift card. So I did! With that gift card I purchased 2 sheet sets and a faucet cover (had to get something for little miss,too) for a whopping total of:  $1.15. Here's my proof:

Please take note that I still shopped for the best deals! I found a coupon code online, utilized free shipping with purchases over $89, and bought bed sheets that were already on sale!

For the future, I plan to make a list of all my cards that offer rewards, then I plan to check on my rewards and use one time per year.

How do you use your credit card rewards?

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