Top Tips for Getting the Most Out of Your Credit Card Rewards in 2024

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You can earn valuable rewards when you use rewards credit cards for everyday purchases. Here are a few ways to get more value from them this year. [[{“value”:”

Many people use credit cards to pay for everyday purchases. Instead of using any credit card, using a rewards credit card specifically is an excellent way to get rewarded for your spending. If you’re using these cards and need to decide how to use your credit card rewards, you’re in the right place. I’ll share a few tips to help you get the most out of your credit card rewards in 2024.

1. Keep track of your rewards

If you have multiple rewards credit cards in your wallet, make sure you track your rewards for each card. Knowing how many rewards you’ve earned from each card and your redemption options for each can help you better strategize how to get more value from your rewards. One easy and free way to keep track of your credit card rewards is to use Google Sheets to create a spreadsheet.

2. Get multiple cards from the same card issuer

Having more than one card from the same issuer can be beneficial. Why? By sticking to one credit card rewards program, you can get more from your rewards. You may reach your redemption goals sooner. Plus, some credit card issuers provide different redemption rates for each card. Some cardholders may get more value from their rewards by transferring them to the card that offers the best redemption value.

3. Avoid cash back or statement credit redemptions

Many rewards credit cards allow cardholders to redeem rewards for a statement credit to their credit card account. This may seem like a great way to use your rewards because it’s like earning cash back. But this may not be the most valuable redemption option if you have a rewards credit card with flexible redemption options.

For example, some travel credit cards allow cardholders to transfer rewards to select travel transfer partners. If this redemption is available, you may get more value from your rewards by transferring them to a hotel or airline rewards program instead. You can then use your rewards to book a flight or hotel room, making a future vacation more affordable.

Here’s an example: You have 100,000 points worth $1,000 in statement credit. But you could instead use your 100,000 points to book a round-trip business-class flight to Japan. If the cash price of that journey costs well over $1,000, consider redeeming your points for this flight instead of getting a statement credit. Doing this will result in you getting more value.

4. Don’t miss out on the chance to earn rewards

Make sure you make strategic decisions to earn as many rewards as possible. Paying for everything you can afford with a rewards credit card could help you boost your rewards faster. The more rewards you earn, the more options you’ll have when redeeming them. Be careful to only charge what you can afford to avoid credit card debt.

It’s also important to be strategic about which credit card you use. One example is using a dining rewards card to pay for dinner with friends. If you have a credit card that earns 3 points per $1 on dining purchases, you won’t want to pay for dinner with a 1% cash back credit card.

Make strategic moves to get more from your rewards

Credit card rewards can be a great tool to include in your personal finance strategy. But make sure you’re making choices that allow you to maximize the rewards you earn and get more value from your redemptions. The above tips could help you get more from your credit card rewards. Check out our list of the best rewards credit cards to find your next card.

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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.

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