Swiped a Store Credit Card During the Holidays? Make This Important Move Now

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Store credit cards have drawbacks you should know about, including the way they handle rewards. Read on to learn more. [[{“value”:”

One of the benefits of using credit cards is racking up rewards on the purchases you make. If you buy $100 worth of clothing and pay with cash or swipe a debit card, you don’t get anything in return. If your credit card offers 1% cash back, that’s an extra $1 in your pocket. And in the course of a year, those various rewards could add up nicely.

Meanwhile, you may have racked up your fair share of reward points on your credit cards during the holiday season. But if you used a store credit card for some of your purchases, there’s an important move you ought to make now.

Check on your rewards’ expiration dates

Credit card rewards are pretty common. But most credit cards that offer rewards don’t impose an expiration date, says Experian. As long as your account remains open and in good standing, you can redeem your rewards when you see fit.

Store credit cards tend to work a bit differently. First of all, these credit cards are generally only accepted at the retailers they’re associated with, whereas with a regular credit card, you can swipe it at the gas pump, supermarket, or just about anywhere. But from a rewards perspective, it’s more common for rewards to have an expiration date if they’re associated with a store credit card account.

That’s why it’s important to look at the store credit card rewards you accumulated during the holidays and see how long you have to use them. If you get a 90-day window, you may be nearing the end of it now, depending on when you made your purchases.

How to make sure your store credit card rewards don’t go to waste

Store credit card rewards often come in the form of store dollars. You might, for example, get $5 in store credit per $100 spent.

So, let’s say you now have $20 in store credit card rewards that expire in early February, only you don’t have a particular item you need to purchase at the store in question. Rather than give up your $20, first, get creative.

Maybe the store sells kids’ clothing and you can’t find anything you think your children would like. If so, stock up on the boring stuff, like socks or underwear — things little ones could always use more of.

Another option? Let’s say you don’t want to give up $20 in rewards. In that case, buy a shirt you don’t want or need, hang onto it for a few weeks, and then take it back on the basis of it not fitting or being comfortable. From there, you may be able to get a store credit of sorts that you have more time to spend. Or you may get those rewards credited back to your credit card account with extra time to use them.

Store credit cards are notorious for charging exorbitant interest rates, which is why consumers are often advised to open them with caution. But another potential drawback you might encounter with a store credit card is having a limited amount of time to use your rewards. So if you did a lot of shopping on a store credit card during the holidays, mark your rewards’ expiration dates on your calendar — and do what you can to avoid giving those rewards up.

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