Using your credit card rewards - New York News

Using your credit card rewards

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NEW YORK (MYFOXNY) -

Cashing in your credit card points can be a great way to shop. You've earned them. But analysts say a lot of people don't use these rewards simply because they forget.

Lauren Lyons Cole, a personal finance contributor for thestreet.com, has some tips on how you can make sure to make the most of your rewards:

  • Don't miss a payment because that can ding your credit score and cancel rewards.
  • Don't close a credit card even if it doesn't have rewards because keeping the account open is good for your credit score.
  • Apply for a rewards card that has a huge sign-up bonus; check nerdwallet.com for deals.
  • If you aren't sure how to redeem your points, call the company and ask a rep to walk you through the redemption process.
  • Cash back cards can be good for people who spend a lot on groceries, gas, and restaurants.
  • Credit card companies are allowed to change rewards terms, which can devalue your points, so use your points sooner rather than later.
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