Do you have a credit card that earns reward points with each purchase you make? If so, you know that these can buildup in a hurry. Of course, this does you no good unless you eventually make a decision on when to cash them in. The last thing you want to do is forget about your reward points and let them go to waste.
When you cash in your reward points is up to you. Some people do this as soon as they get enough for a “prize.” Others like to wait until they have enough points for something they really want. For instance, 5,000 points may get you a small gift card for a restaurant. But 50,000 points could be enough for a couple free nights at a great hotel. Do you have the willpower to hold onto your reward points until you have enough for something real good?
It is important to know if your reward program has any restrictions attached to it. For instance, do you have to use your points within a certain period of time? If so, make sure you don’t forget about this. If you do, you will lose your points without ever giving yourself a fair chance to use them.
What can I get for my reward points? Your credit card company should be able to supply you with a catalog and/or website that shows everything you can get and how many points it will cost.
So, when are you going to cash in your reward points? Make sure you are smart about this so you end up with something you really love.