10 tips for getting the most out of credit card rewards… thoughts?

Discussion / Conversation Forum
1

Here are 10 simple rules to follow if you’re into credit card rewards:

  1. Pay off your balance in full every time.

  2. Never miss a payment.

  3. Don’t cancel one card before opening a new one.

  4. Don’t cancel a card and lose your points or miles.

  5. Keep track of your rewards so they don’t expire.

  6. Don’t miss out on sign-up bonuses.

  7. Make the most of category bonuses.

  8. Don’t ignore cards with annual fees—they can still be worth it.

  9. Always try for retention bonuses.

  10. Avoid foreign transaction fees whenever you can.

What do you think? Anything else to add?

2

First rule: Always pay off the full statement balance.

3

Wendell said:
First rule: Always pay off the full statement balance.

Well, unless you’ve got a 0% interest promo and can stash the money somewhere else that earns more.

4

Wendell said:
First rule: Always pay off the full statement balance.

What if I’ve already paid off all my past statements?

5

Don’t forget: be cautious of advice that comes from places with affiliate links… just saying.

6

Pacey said:
Don’t forget: be cautious of advice that comes from places with affiliate links… just saying.

Exactly!

7

Don’t base point values only on luxury trips or international first-class flights.

8

Nevin said:
Don’t base point values only on luxury trips or international first-class flights.

Right? They always claim Amex points are worth 2 cents each, but good luck getting that value without jumping through a million hoops.

9

@Zem
Just book a last-minute red-eye to the middle of nowhere on a Wednesday. Easy.

10

Nevin said:
@Zem
Just book a last-minute red-eye to the middle of nowhere on a Wednesday. Easy.

To be fair… getting cheap cash flights can also mean flying at odd times too.

11

@Zem
The golden rule: pick two—location, price, or time.

12

LewisMark3 said:
@Zem
The golden rule: pick two—location, price, or time.

That applies to pretty much everything.

13

Nevin said:
Don’t base point values only on luxury trips or international first-class flights.

But that $100 airline credit feels like $200 to me, so I’ll just pretend it is.

14

Nevin said:
Don’t base point values only on luxury trips or international first-class flights.

It’s kind of funny linking to The Points Guy, lol.

15

I’d update #3: Don’t cancel a card until at least a year has passed or you’ve received a retention bonus.

16

Isn’t this just a plug for the article?

17

Griff said:
Isn’t this just a plug for the article?

No, I’m not connected to the article. I just wanted to share the info and give credit to the original source.

18

There’s a lot of bad credit advice here. For example, they say:

> Your credit utilization ratio is 30% of your score.

But that’s a myth. The full 30% is for the “Amounts Owed” category, which includes more than just utilization. Another example:

> Don’t cancel a no-fee card if you’ve had it for five years.

That’s also misleading. Even if you close an account, it stays on your credit report for 10 years, so your score isn’t immediately affected. The FICO benefit maxes out at 7.5 years anyway. In short, websites like these might be good for rewards info, but don’t trust them for credit score advice.

19

@Vincent
It’s hard to find any article that doesn’t spread some kind of credit myth.

20

Darwin said:
@Vincent
It’s hard to find any article that doesn’t spread some kind of credit myth.

Right! I don’t understand why some of my comments get upvoted and others with the same point get downvoted. It’s weird.